FORM $114.95 — bullish above $117.12, bearish below $112.94

Line in the sand

The line for FormFactor is $117.12 — Friday's session high (2026-09-11) and the intraday high of a wide 4-handle bar. Break-and-hold above $117.12 opens $120 as the next round-number, with a full re-test of the $128–$130 pocket from the Q2 earnings beat window (early August). Loss of Friday's session low at $112.94 puts $110 back in play — the pre-Q2 congestion floor and the psychological handle that structured August.

Technical structure

Full weekly + daily bar histories were unavailable from the Tradier feed this session for FORM beyond the last two days (Sept 10 = $112.12 close on $110 low / $115.81 high, Sept 11 = $114.95 close on $112.94 low / $117.12 high), so the technical read is scoped to session structure. Friday closed +2.5% on the day, printed a wide 4-handle range, and closed above the mid-range — a bullish reversal candle relative to Thursday's failed test of $115.81.

Range shape: overlapping sessions (both bar's low ≈ prior day's mid) argue absorption at the $110–$113 pocket. The two-day sequence is a higher low, higher close pattern with volume declining from 1.2M to 0.87M — a lower-volume rebound. Bull/bear inflection line is $117.12 close basis, and $110 remains the deeper structural floor.

FORM is the picks-and-shovels play in this basket — its exposure to quantum comes through cryogenic probe stations and probe cards for quantum processor devices, which is a small but growing slice of its Systems segment.

Fundamentals

• Revenue TTM: $882.9M (+18% YoY)
• Gross margin: 42.1% — the only positive-margin, positive-cashflow name in the basket
• Operating income TTM: +$104.8M (profitable)
• Cash + ST investments: $349.0M (as of 2026-06-27)
• Quarterly cash from ops: +$106.8M (positive)
• Runway: N/A (cash-flow positive)
• Diluted shares: 78M
• Source: latest 10-Q filed for period ending 2026-06-27 (SEC EDGAR)

Valuation

• Market cap: $114.95 × 78.12M = $8.98B
• P/Sales TTM: 10.2×
• EV/Sales: ~9.8× (cash-adjusted)
• Peer median P/S (pure-play basket ex-FORM): ~436×
• Position vs peers: far below — FORM prices like a mature semiconductor supplier because that's what it is. Compared to IONQ at ~68×, FORM offers positive earnings and cash flow at a fraction of the sales multiple. The quantum exposure is optionality on top of an already-working test-equipment business

Catalysts

• Next earnings: ~Oct 29, 2026 (Q3, based on prior-year cadence) — see FormFactor investor relations
• Recent Q2 2026: record revenue of $258.2M (+32% YoY), non-GAAP EPS of $0.82 (32% beat), all-time record revenue, gross profit, and EPS — Q2 2026 recap
• Surpassed $1B annual revenue run-rate; gross margin >50% for the quarter — Simply Wall St coverage
• Expanded Keystone Microtech partnership in Taiwan for next-gen AI/HPC probe card manufacturing scale — Q2 recap
• Cryogenic and quantum test system demand remains healthy across silicon photonics and co-packaged optics customers — FORM press releases

Key Level Map

Not financial advice. Analysis only.