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Side-by-side financial comparison of FORMFACTOR INC (FORM) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
FORMFACTOR INC is the larger business by last-quarter revenue ($215.2M vs $210.4M, roughly 1.0× PHOTRONICS INC). PHOTRONICS INC runs the higher net margin — 10.9% vs 10.8%, a 0.1% gap on every dollar of revenue. On growth, FORMFACTOR INC posted the faster year-over-year revenue change (13.6% vs -5.5%). FORMFACTOR INC produced more free cash flow last quarter ($34.7M vs $25.2M). Over the past eight quarters, FORMFACTOR INC's revenue compounded faster (12.9% CAGR vs -3.8%).
Formfactor, Inc. is a provider of test and measurement technologies for integrated circuits, with its headquarters in Livermore, California. It provides semiconductor companies with products to improve device performance and provide test and measurement technologies for integrated circuits.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
FORM vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $215.2M | $210.4M |
| Net Profit | $23.2M | $22.9M |
| Gross Margin | 42.2% | 33.7% |
| Operating Margin | 10.9% | 22.9% |
| Net Margin | 10.8% | 10.9% |
| Revenue YoY | 13.6% | -5.5% |
| Net Profit YoY | 139.2% | -32.4% |
| EPS (diluted) | $0.29 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $215.2M | — | ||
| Q3 25 | $202.7M | $210.4M | ||
| Q2 25 | $195.8M | $211.0M | ||
| Q1 25 | $171.4M | $212.1M | ||
| Q4 24 | $189.5M | $222.6M | ||
| Q3 24 | $207.9M | $211.0M | ||
| Q2 24 | $197.5M | $217.0M | ||
| Q1 24 | $168.7M | $216.3M |
| Q4 25 | $23.2M | — | ||
| Q3 25 | $15.7M | $22.9M | ||
| Q2 25 | $9.1M | $8.9M | ||
| Q1 25 | $6.4M | $42.9M | ||
| Q4 24 | $9.7M | $33.9M | ||
| Q3 24 | $18.7M | $34.4M | ||
| Q2 24 | $19.4M | $36.3M | ||
| Q1 24 | $21.8M | $26.2M |
| Q4 25 | 42.2% | — | ||
| Q3 25 | 39.8% | 33.7% | ||
| Q2 25 | 37.3% | 36.9% | ||
| Q1 25 | 37.7% | 35.6% | ||
| Q4 24 | 38.8% | 37.0% | ||
| Q3 24 | 40.7% | 35.6% | ||
| Q2 24 | 44.0% | 36.5% | ||
| Q1 24 | 37.2% | 36.6% |
| Q4 25 | 10.9% | — | ||
| Q3 25 | 8.9% | 22.9% | ||
| Q2 25 | 6.3% | 26.4% | ||
| Q1 25 | 1.9% | 24.6% | ||
| Q4 24 | 4.1% | 25.1% | ||
| Q3 24 | 8.6% | 24.7% | ||
| Q2 24 | 9.0% | 25.8% | ||
| Q1 24 | 12.6% | 26.6% |
| Q4 25 | 10.8% | — | ||
| Q3 25 | 7.7% | 10.9% | ||
| Q2 25 | 4.6% | 4.2% | ||
| Q1 25 | 3.7% | 20.2% | ||
| Q4 24 | 5.1% | 15.2% | ||
| Q3 24 | 9.0% | 16.3% | ||
| Q2 24 | 9.8% | 16.7% | ||
| Q1 24 | 12.9% | 12.1% |
| Q4 25 | $0.29 | — | ||
| Q3 25 | $0.20 | $0.39 | ||
| Q2 25 | $0.12 | $0.15 | ||
| Q1 25 | $0.08 | $0.68 | ||
| Q4 24 | $0.12 | $0.54 | ||
| Q3 24 | $0.24 | $0.55 | ||
| Q2 24 | $0.25 | $0.58 | ||
| Q1 24 | $0.28 | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $103.3M | $575.8M |
| Total DebtLower is stronger | $12.2M | $16.0K |
| Stockholders' EquityBook value | $1.0B | $1.1B |
| Total Assets | $1.2B | $1.8B |
| Debt / EquityLower = less leverage | 0.01× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $103.3M | — | ||
| Q3 25 | $266.0M | $575.8M | ||
| Q2 25 | $249.3M | $558.4M | ||
| Q1 25 | $299.0M | $642.2M | ||
| Q4 24 | $360.0M | $640.7M | ||
| Q3 24 | $354.5M | $606.4M | ||
| Q2 24 | $357.6M | $559.9M | ||
| Q1 24 | $349.2M | $521.5M |
| Q4 25 | $12.2M | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | — | $19.0K | ||
| Q1 25 | — | $21.0K | ||
| Q4 24 | $13.3M | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $990.0M | $1.1B | ||
| Q1 25 | $965.9M | $1.1B | ||
| Q4 24 | $947.8M | $1.1B | ||
| Q3 24 | $955.0M | $1.1B | ||
| Q2 24 | $947.9M | $1.0B | ||
| Q1 24 | $923.8M | $1.0B |
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.2B | $1.6B | ||
| Q1 24 | $1.1B | $1.6B |
| Q4 25 | 0.01× | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | 0.01× | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 0.00× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $46.0M | $50.1M |
| Free Cash FlowOCF − Capex | $34.7M | $25.2M |
| FCF MarginFCF / Revenue | 16.1% | 12.0% |
| Capex IntensityCapex / Revenue | 5.3% | 11.8% |
| Cash ConversionOCF / Net Profit | 1.98× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $11.7M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $46.0M | — | ||
| Q3 25 | $27.0M | $50.1M | ||
| Q2 25 | $18.9M | $31.5M | ||
| Q1 25 | $23.5M | $78.5M | ||
| Q4 24 | $35.9M | $68.4M | ||
| Q3 24 | $26.7M | $75.1M | ||
| Q2 24 | $21.9M | $76.5M | ||
| Q1 24 | $33.0M | $41.5M |
| Q4 25 | $34.7M | — | ||
| Q3 25 | $19.5M | $25.2M | ||
| Q2 25 | $-47.4M | $-29.1M | ||
| Q1 25 | $5.0M | $43.3M | ||
| Q4 24 | $28.3M | $25.2M | ||
| Q3 24 | $17.8M | $50.7M | ||
| Q2 24 | $13.5M | $56.5M | ||
| Q1 24 | $19.6M | $-1.8M |
| Q4 25 | 16.1% | — | ||
| Q3 25 | 9.6% | 12.0% | ||
| Q2 25 | -24.2% | -13.8% | ||
| Q1 25 | 2.9% | 20.4% | ||
| Q4 24 | 14.9% | 11.3% | ||
| Q3 24 | 8.6% | 24.0% | ||
| Q2 24 | 6.8% | 26.0% | ||
| Q1 24 | 11.6% | -0.8% |
| Q4 25 | 5.3% | — | ||
| Q3 25 | 3.7% | 11.8% | ||
| Q2 25 | 33.8% | 28.7% | ||
| Q1 25 | 10.8% | 16.6% | ||
| Q4 24 | 4.0% | 19.4% | ||
| Q3 24 | 4.3% | 11.6% | ||
| Q2 24 | 4.3% | 9.2% | ||
| Q1 24 | 8.0% | 20.0% |
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.72× | 2.19× | ||
| Q2 25 | 2.08× | 3.55× | ||
| Q1 25 | 3.68× | 1.83× | ||
| Q4 24 | 3.70× | 2.02× | ||
| Q3 24 | 1.43× | 2.18× | ||
| Q2 24 | 1.13× | 2.11× | ||
| Q1 24 | 1.52× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FORM
| Foundry Logic Product Group | $92.2M | 43% |
| DRAM Product Group | $73.3M | 34% |
| Systems Product Group | $42.3M | 20% |
| Flash Product Group | $7.4M | 3% |
| Transferred Over Time | $1.8M | 1% |
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
