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FORM
FormFactor, Inc. · Technology - Semiconductor Test Equipment
$108.80
-11.97% this month
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PLAB
Photronics, Inc. · Technology - Semiconductor Materials
$31.36
+8.66% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
FORM
2
PLAB
2
Comparison scoreboard
MIXED SETUPAI Score
FORM ✓62.8
PLAB 41.9
1Y Return
FORM ✓+276.08%
PLAB +58.46%
Fwd P/E
FORM 31.31
PLAB ✓15.52
Target Up.
FORM +27.41%
PLAB ✓+34.99%
Op. Margin
FORM N/A
PLAB N/A
Metrics last refreshed: 8/4/2026
Quick take
FORM vs PLAB Stock Comparison: AI Score, Valuation, Performance and Upside
FORM (FormFactor) and PLAB (Photronics) are both small-cap semiconductor materials and equipment companies serving essential roles in chip manufacturing — FormFactor's wafer probe cards for electrical testing and Photronics' photomasks for lithographic patterning. Both are cyclical businesses tied to semiconductor manufacturing volumes and leading-edge node development.
FORM vs PLAB compares two essential small-cap semiconductor manufacturing suppliers — FormFactor's probe test infrastructure versus Photronics' photomask lithography templates, both riding leading-edge chip manufacturing technology investments.
Live analysis · updated 8/4/2026
FORM and PLAB are closely matched — they split the tracked metrics evenly. FORM has delivered stronger 1-year price return (+276.08% vs +58.46%), though PLAB has the better forward P/E setup (15.52x vs 31.31x for FORM). Analyst consensus implies meaningfully more upside for PLAB (+34.99%) than for FORM (+27.41%).
Normalized 1Y performance
FORM
PLAB
Recent returns
FORM
PLAB
Analyst price targets & sentiment
FORM · 8 analysts
STRONG BUYHOLDSTRONG SELL
Buy (2.0/5.0)
Price target range
analyst low$64.00
analyst high$175.00
analyst mean$138.63
current price$108.80
+27.4% upside to analyst mean
PLAB · 3 analysts
Price target range
analyst low$41.00
analyst high$44.00
analyst mean$42.33
current price$31.36
+35.0% upside to analyst mean
Who should consider this stock?
FORM may suit investors who:
- →Want small-cap semiconductor test equipment exposure through the dominant wafer probe card supplier to leading memory and logic chipmakers
- →See advanced packaging growth (2.5D, 3D stacking) as driving demand for more sophisticated and valuable probe card solutions
- →Value FormFactor's non-discretionary position in every semiconductor test workflow as a resilient demand characteristic
PLAB may suit investors who:
- →Want small-cap semiconductor materials exposure through photomask manufacturing across leading-edge and mature node chipmakers
- →See EUV adoption and advanced node transition as increasing photomask value and pricing per design layer
- →Value Photronics' geographic diversification and essential role in every chip manufacturing process
Performance & AI score
| Metric | FORM | PLAB |
|---|---|---|
| AI score | 62.8 | 41.9 |
| AI rank | #94 | #885 |
| Latest close | $108.80 | $31.36 |
| 1M return | -11.97% | +8.66% |
| 6M return | +54.35% | -9.29% |
| 1Y return | +276.08% | +58.46% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | FORM | PLAB |
|---|---|---|
| 1Y ago | $37.13K (+271.3%) started 2025-08-04 | $15.71K (+57.1%) started 2025-08-04 |
| 5Y ago | $28.74K (+187.4%) started 2021-08-03 | $23.21K (+132.1%) started 2021-08-03 |
| 10Y ago | $103.03K (+930.3%) started 2016-08-03 | $32.4K (+224.0%) started 2016-08-03 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | FORM | PLAB |
|---|---|---|
| Market cap | $8.48B | $1.85B |
| Trailing P/E | 73.02 | 11.57 |
| Forward P/E | 31.31 | 15.52 |
| Price/Sales | 9.40 | 2.15 |
| EV/Revenue | 9.06 | 1.94 |
| Analyst target | $138.63 | $42.33 |
| Target upside | +27.41% | +34.99% |
Growth, profitability & risk
| Metric | FORM | PLAB |
|---|---|---|
| Revenue growth | 31.90% | -0.50% |
| Earnings growth | 502.50% | 270.50% |
| EPS growth | +502.50% | +270.50% |
| FCF margin | +12.59% | +4.53% |
| Operating margin | N/A | N/A |
| Profit margin | 12.80% | 18.47% |
| ROIC proxy | 10.99% | 13.24% |
| Return on equity | 10.99% | 13.24% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 1.25 | 1.37 |
| Debt/equity | 2.69 | 0.23 |
| Current ratio | 4.08 | 5.05 |
| Quick ratio | 3.05 | 4.50 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
FORM max drawdown47.82%
PLAB max drawdown49.87%
FORM max wkly drop30.23%
PLAB max wkly drop39.99%
5Y risk snapshot
FORM max drawdown62.75%
PLAB max drawdown50.62%
FORM max wkly drop30.43%
PLAB max wkly drop39.99%
10Y risk snapshot
FORM max drawdown64.42%
PLAB max drawdown50.62%
FORM max wkly drop30.43%
PLAB max wkly drop39.99%
Performance metrics by period
| Period | Metric | FORM | PLAB |
|---|---|---|---|
| 1Y | Growth | +271.33% | +57.11% |
| CAGR | +273.01% | +57.36% | |
| Sharpe ratio | 1.95 | 0.91 | |
| Max drawdown | 47.82% | 49.87% | |
| Max daily drop | 16.00% | 36.42% | |
| Max wkly drop | 30.23% | 39.99% | |
| 5Y | Growth | +187.37% | +132.12% |
| CAGR | +23.51% | +18.35% | |
| Sharpe ratio | 0.58 | 0.50 | |
| Max drawdown | 62.75% | 50.62% | |
| Max daily drop | 24.13% | 36.42% | |
| Max wkly drop | 30.43% | 39.99% | |
| 10Y | Growth | +930.30% | +223.97% |
| CAGR | +26.27% | +12.48% | |
| Sharpe ratio | 0.62 | 0.40 | |
| Max drawdown | 64.42% | 50.62% | |
| Max daily drop | 24.13% | 36.42% | |
| Max wkly drop | 30.43% | 39.99% |
Business comparison
| Category | FORM | PLAB |
|---|---|---|
| Company | FormFactor, Inc. | Photronics, Inc. |
| Sector | Technology - Semiconductor Test Equipment | Technology - Semiconductor Materials |
| Industry | N/A | N/A |
| Core business | FormFactor designs and manufactures probe cards — precision test accessories used during wafer-level semiconductor testing to make electrical contact with chips while still on the silicon wafer — enabling testing of memory chips, logic chips, and advanced packaging interconnects before dicing. | Photronics manufactures photomasks — glass plates with precise patterns of circuit elements that serve as templates for lithographic printing of circuit patterns onto semiconductor wafers — supplying photomasks to chipmakers worldwide. |
| Investor focus | Investors track FormFactor's probe card revenue across memory and logic segments, advanced packaging probe demand, and the correlation to semiconductor capital equipment spending cycles particularly in DRAM and NAND memory. | Investors track Photronics' IC and FPD (flat panel display) photomask revenues, high-end mask (EUV-compatible, advanced node) penetration and pricing, and geographic revenue mix from leading semiconductor hubs. |
FORM strengths
- →Dominant probe card market position with strong customer relationships at leading memory makers (Samsung, SK Hynix, Micron) and logic foundries
- →Advanced packaging probe cards for 2.5D/3D chip stacking are a growing high-value segment as chipmakers move to multi-die interconnect architectures
- →Probe card consumption is non-discretionary for semiconductor testing — chipmakers must test every die, making probe cards essential throughout the manufacturing process
PLAB strengths
- →Photomasks are essential for every semiconductor manufacturing step — no chip can be made without photomasks, making them non-discretionary manufacturing inputs
- →Leading-edge photomasks for EUV and advanced nodes earn significantly higher prices than older-generation masks as technical complexity increases
- →Geographic diversification across U.S., Europe, Asia, and Taiwan reduces single-country concentration risk
Risks to watch — FORM
- →Memory semiconductor cycles heavily influence FormFactor — DRAM and NAND spending on new capacity and probe cards is very cyclical
- →Probe card pricing faces competition as customers develop alternatives and Japanese competitors (Micronics Japan) compete for market share
- →Advanced packaging complexity increases probe card technical requirements and development cost
Risks to watch — PLAB
- →Photomask market is sensitive to semiconductor fab utilization rates — when production slows, mask orders decline as fewer new designs are started
- →EUV mask infrastructure requires massive capital investment in specialized equipment and clean room facilities
- →Competition from Dai Nippon Printing (DNP) and Toppan in the large-scale photomask market
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