Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical passes the values gate
Price119.31 USD
Fair value93.43
Ethical score70.0/100
Our investment reviews on this name
2026-08-29Read Markup131.67-9.4% to today
2026-07-02Read Distribution139.21-14.3% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
FormFactor Inc holds its Markup at $119.31. The statistical read favours the sellers, held for 5 days.
As held on the ledger · 2026-09-21
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 5 days
Price at the screen
$119.31
Valuation
82.28 trailing · 34.33 forward price to earnings
Values screen
PASS· score 70.0
Beta
1.24
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
2.64%
Below 33%
Interest-bearing debt is just 2.6% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
14.04%
Below 33%
Cash held in interest-bearing accounts and securities is 14.0% of assets, under the one-third limit.
Pass
Receivables
18.68%
Below 49%
Money owed to the company is 18.7% of assets, under the 49% limit.
Pass
Revenue purity
1.36%
Below 5%
Only 1.4% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
FormFactor clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 3%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. The price runs 21.7% above the base estimate.
Third-party analyst targets: 8 covering, consensus Buy. The average target sits +32% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Probe Card Maker Priced for a Boom That May Not Last
Every chip that powers your phone or car must be tested before it ships, and FormFactor builds the delicate probe cards that do that checking. Demand surges when semiconductor plants expand, then vanishes when cycles turn. The company is posting 32% revenue growth and clearing an ethical screen, yet none of that changes the fact that shares sit 15% above our fair value at a 37.8 times forward multiple.
We pass. A weak moat, 7% ROE and 8% profit margins leave little room for error in a business whose fortunes track capital spending by chipmakers. The low single-digit return on equity already signals thin pricing power, and paying a premium multiple on peak-cycle earnings simply compounds the problem.
The real risk is the classic cyclical trap. When equipment orders slow, both revenue and the multiple can fall together, turning what looks like growth into a sharp drawdown. Even with a consensus buy rating from nine analysts, the numbers show a business valued for perfection it has not yet delivered. Analysis, not advice.
The risks · The things to watch: it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FORM trades on NASDAQ. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markup$119.31-9.4%Entry 6
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 9.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 66% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 228%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (9 analysts) rates it buy, with a mean price target of $145. Insiders have been net sellers over the past quarter. Since the last review it its composite score eased.
2026-08-29Markup · changed$131.67+24.7%Entry 5
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 24.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 66% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 228%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (9 analysts) rates it buy, with a mean price target of $145.
2026-07-30Distribution$105.57-24.2%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 24.2% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 66% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 228%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (9 analysts) rates it buy, with a mean price target of $145.
2026-07-18Distribution$139.21+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is holding around 66% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 228%. Our forward projection puts the odds of a 10% gain over the next month near 37%. The street (9 analysts) rates it buy, with a mean price target of $145.
2026-07-03Distribution$139.21+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$139.21Entry 1
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
