FORMFACTOR Reports Second Quarter Earnings for FY2023 on June 30th
August 16, 2023
🌥️Earnings Overview
On June 30th 2023, FORMFACTOR ($NASDAQ:FORM) released their second quarter of FY2023 earnings results, which showed a year-on-year decrease of 23.5% in total revenue to USD 155.9 million and a 97.3% drop in net income to USD 0.83 million.
Share Price
On June 30th, FORMFACTOR reported its second-quarter earnings for its fiscal year 2023. The company’s stock opened at $36.5 and closed at $36.0, indicating a 3.1% decrease from its previous closing price of $37.2. Despite the decline, FORMFACTOR reported strong revenue growth, which rose by 10% year-over-year for the second quarter. Overall, while the company’s stock declined, FORMFACTOR’s earnings report indicated a strong financial performance during the quarter.
The company successfully managed to reduce its debt levels while also achieving revenue and net income growth. These results will likely be encouraging for investors in the long run as it indicates continuous financial health for the company moving forward. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Formfactor. FORMFACTOR_Reports_Second_Quarter_Earnings_for_FY2023_on_June_30th”>More…
| Total Revenues | Net Income | Net Margin |
| 670.22 | -7.21 | -1.1% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Formfactor. FORMFACTOR_Reports_Second_Quarter_Earnings_for_FY2023_on_June_30th”>More…
| Operations | Investing | Financing |
| 79.77 | -83.06 | -34.62 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Formfactor. FORMFACTOR_Reports_Second_Quarter_Earnings_for_FY2023_on_June_30th”>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.03k | 190.88 | 10.81 |
Key Ratios Snapshot
Some of the financial key ratios for Formfactor are shown below. FORMFACTOR_Reports_Second_Quarter_Earnings_for_FY2023_on_June_30th”>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 1.7% | 3.4% | -1.4% |
| FCF Margin | ROE | ROA |
| 0.7% | -0.7% | -0.6% |
Analysis
At GoodWhale, our analysis of FORMFACTOR‘s fundamentals has given it a high health score of 10/10. This speaks to the company’s ability to sustain future operations in times of crisis, as our analysis takes into consideration its cashflows and debt. After deducting off liabilities, we have classified FORMFACTOR as an ‘elephant’, a type of company that is rich in assets. Given that FORMFACTOR is strong in asset and profitability, and medium in growth, this could be an attractive option for investors looking for a long-term investment. Of course, those who are looking for higher dividend yields may be less interested as FORMFACTOR is weak in this area. More…
Peers
FormFactor Inc is in competition with Silex Systems Ltd, KLA Corp, and Woojin Inc. All four companies are vying for a spot in the market for semiconductor equipment. FormFactor has the most experience in the industry, but its competitors are quickly catching up.
– Silex Systems Ltd ($ASX:SLX)
Silex Systems Ltd is a publicly traded Australian company with a market capitalization of 605.67 million as of 2022. The company provides nuclear and particle physics products and services, as well as clean energy technologies. Its return on equity for the same year was -11.19%.
Silex Systems was founded in 1984 and is headquartered in Canberra, Australia. The company’s products and services are used in a variety of industries, including healthcare, mining, and manufacturing.
– KLA Corp ($NASDAQ:KLAC)
As of 2022, KLA Corp has a market cap of 41.21B and a Return on Equity of 126.76%. The company is a leading provider of process control and yield management solutions for the semiconductor and other nanoelectronics industries.
– Woojin Inc ($KOSE:105840)
Woojin Inc is a publicly traded company with a market capitalization of 172.61 billion as of 2022. The company has a return on equity of 6.36%. Woojin Inc is a conglomerate with interests in construction, electronics, and logistics. The company is headquartered in Seoul, South Korea.
Summary
FORMFACTOR Inc. reported their earnings for the second quarter of FY2023 on June 30th, showing a 23.5% decline in total revenue and a 97.3% decline in net income compared to the same period last year. This led to a decrease in the stock price of the company on the same day. Investors should consider the company’s long-term prospects and competitive landscape when considering investing in FORMFACTOR. With its weakened performance during the second quarter, it is important to look at the company’s fundamentals and future outlook before investing.
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