FormFactor vs Photronics
Photronics reported revenue of $849 million in fiscal 2025, about the same as FormFactor's $785 million in fiscal 2025. FormFactor's revenue grew 2.8% in its latest year, and Photronics' fell 2.0%. FormFactor had an operating margin of 7.3%, against 24.5% at Photronics. Free cash flow was $12 million at FormFactor and $60 million at Photronics. Their fiscal years end in different months (December 27 and October 31), so the periods don't line up exactly.
Side by side
| FormFactor | Photronics | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 27, 2025 | FY2025, Oct 31, 2025 |
| Revenue | $785M | $849M |
| Revenue growth | 2.8% | −2.0% |
| Revenue growth a year, last 5 years | 2.5% | 6.9% |
| Gross margin | 39.3% | 35.3% |
| Operating margin | 7.3% | 24.5% |
| Net margin | 6.9% | 16.1% |
| Free cash flow | $12M | $60M |
| Free cash flow margin | 1.5% | 7.0% |
| Return on capital | 6.8% | 19.1% |
| Net debt to EBITDA | −2.7x | −2.1x |
| Dividends and buybacks | $26M | $97M |
| Change in diluted share count | −0.2% | −4.0% |
| Last close | $81.12 | $27.36 |
| P/E at the last close | 37.0× | 9.7× |
| Insider trades, last 12 months | sold $22.1 million | sold $23.9 million |
| Piotroski F-score | 5 of 9 | 6 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
FormFactorPhotronics
Operating margin
Percent of revenue
FormFactorPhotronics
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
FormFactorPhotronics
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the FormFactor and Photronics pages.