QM · rank #6 · 2026-09-10
FORM
NASDAQ · $8.90B (USD)
The exact numbers the algorithm saw.
| Momentum 12-1 Return from 12 months ago to 1 month ago. | +328.87% |
|---|---|
| ROE TTM Return on equity, trailing 12 months. | +11.0% |
| Profit margin Net profit margin, trailing 12 months. | +12.8% |
| Market cap (USD) Size filter: > $500M required. | $8.90B |
| Anchor (recent) Close on 2026-08-11 | $121.07 |
| Anchor (far) Close on 2025-08-11 | $28.23 |
The AI research card
Independent qualitative review of each pick before the order is placed. On the rare day the research service is unavailable, the paper book trades on the quant ranking alone and no card appears here.
Summary
FormFactor is a semiconductor test equipment company specializing in probe cards and test systems used for wafer-level testing across advanced process nodes, with growing exposure to AI and high-performance computing demand.
Rationale
Three consecutive quarterly revenue records, 31.9% YoY revenue growth, expanding non-GAAP gross margins (53.3%), and a 10.99% ROE collectively validate the quality-momentum signal as structurally grounded in real AI-driven demand for wafer-level testing rather than pure sentiment rotation.
Material risks
- 1Non-recurring tariff refunds inflated Q2 results, meaning the reported margin and earnings beat partially overstates the run-rate quality of earnings, which could compress future non-GAAP metrics and disappoint momentum chasers on the next print.
- 2FormFactor discloses no formal long-term contracts or named backlog, leaving revenue highly exposed to semiconductor capex cycle turns — a customer spending pause tied to AI infrastructure digestion could sharply reverse the momentum signal.
AI verdict council
Each pick is reviewed independently by 3 models before any order. 3 of 3 voted to proceed.