FormFactor
FORM · Semiconductor Materials & Equipment
$98.51
3.7%Teradyne
TER · Semiconductor Materials & Equipment
$308.85
0.0%The short version
- Teradyne is the larger business, with $3.2B of revenue in fiscal 2025 against $785M for FormFactor, about 4.1 times as much.
- Teradyne grew revenue faster (13.1%, against 2.8%).
- Teradyne kept more of each dollar of sales as operating profit (20.4% operating margin, against 7.3% operating margin).
- Teradyne turned more of its sales into free cash flow (14.1% FCF margin, against 1.5% FCF margin).
- Teradyne earned a higher return on the capital invested in it (23.0%, against 6.8%).
- Investors pay more for each dollar of Teradyne’s earnings: a P/E of 89.0x against 67.5x for FormFactor.
| Latest fiscal year | FORM · FY25 | TER · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.8B | $49.3B |
| Revenue | $785M | $3.2B |
| Free cash flow | $11.7M | $450M |
| Net income | $54.4M | $554M |
| Growth | ||
| Revenue growth | 2.8% | 13.1% |
| 5-year growth | 2.5% | 0.4% |
| Share count change | −0.2% | −2.2% |
| Profitability | ||
| Gross margin | 39.3% | 58.2% |
| Operating margin | 7.3% | 20.4% |
| Net margin | 6.9% | 17.4% |
| FCF margin | 1.5% | 14.1% |
| Return on capital | 6.8% | 23.0% |
| Return on equity | 5.5% | 19.7% |
| Balance sheet | ||
| Net debt | −$263M | −$93.8M |
| Net debt / EBITDA | −2.7x | −0.1x |
| Dividends and buybacks | $26.2M | $778M |
| Valuation & quality | ||
| P/E | 67.5x | 89.0x |
| Piotroski F-score | 5 | 5 |
FY16
FORM $384M
TER $1.8B
FY17
FORM $548M
TER $2.1B
FY18
FORM $530M
TER $2.1B
FY19
FORM $590M
TER $2.3B
FY20
FORM $694M
TER $3.1B
FY21
FORM $770M
TER $3.7B
FY22
FORM $748M
TER $3.2B
FY23
FORM $663M
TER $2.7B
FY24
FORM $764M
TER $2.8B
FY25
FORM $785M
TER $3.2B
FORM
TER
FY16
FORM −12.5%
TER −3.6%
FY17
FORM 8.4%
TER 24.6%
FY18
FORM 6.8%
TER 22.6%
FY19
FORM 8.4%
TER 24.1%
FY20
FORM 12.1%
TER 29.7%
FY21
FORM 12.7%
TER 32.4%
FY22
FORM 7.3%
TER 26.4%
FY23
FORM 12.5%
TER 18.7%
FY24
FORM 8.5%
TER 21.1%
FY25
FORM 7.3%
TER 20.4%
FORM
TER
FY16
FORM $5.9M
TER $370M
FY17
FORM $68.6M
TER $521M
FY18
FORM $48.8M
TER $363M
FY19
FORM $100M
TER $444M
FY20
FORM $113M
TER $684M
FY21
FORM $72.9M
TER $966M
FY22
FORM $66.5M
TER $415M
FY23
FORM $8.6M
TER $426M
FY24
FORM $79.1M
TER $474M
FY25
FORM $11.7M
TER $450M
FORM
TER
FY16
FORM —
TER −2.8%
FY17
FORM 10.4%
TER 14.0%
FY18
FORM 7.9%
TER 31.9%
FY19
FORM 7.9%
TER 47.4%
FY20
FORM 15.4%
TER 57.6%
FY21
FORM 15.4%
TER 64.5%
FY22
FORM 8.4%
TER 44.3%
FY23
FORM 12.9%
TER 25.1%
FY24
FORM 9.5%
TER 26.6%
FY25
FORM 6.8%
TER 23.0%
FORM
TER
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.