Overall FORM gets a fundamental rating of 5 out of 10. We evaluated FORM against 113 industry peers in the Semiconductors & Semiconductor Equipment industry. FORM is in great health and has no worries on liquidiy or solvency at all, but the profibility rating is only average. While showing a medium growth rate, FORM is valued expensive at the moment.

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1. Profitability

2. Health

3. Growth

4. Valuation

5. Dividend

1. Profitability

1.1 Basic Checks

FORM had positive earnings in the past year.
FORM had a positive operating cash flow in the past year.
In the past 5 years FORM has always been profitable.
In the past 5 years FORM always reported a positive cash flow from operatings.

1.2 Ratios

FORM's Return On Assets of 3.40% is in line compared to the rest of the industry. FORM outperforms 59.29% of its industry peers.
FORM has a Return On Equity (4.05%) which is in line with its industry peers.
FORM's Return On Invested Capital of 3.56% is in line compared to the rest of the industry. FORM outperforms 57.52% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FORM is significantly below the industry average of 10.79%.

		Industry Rank	Sector Rank
ROA	3.4%
ROE	4.05%
ROIC	3.56%

ROA(3y)6.18%

ROA(5y)6.98%

ROE(3y)7.56%

ROE(5y)8.7%

ROIC(3y)4.12%

ROIC(5y)6.44%

1.3 Margins

FORM has a Profit Margin (5.38%) which is comparable to the rest of the industry.
FORM's Profit Margin has improved in the last couple of years.
FORM has a Operating Margin (5.58%) which is in line with its industry peers.
In the last couple of years the Operating Margin of FORM has declined.
Looking at the Gross Margin, with a value of 38.41%, FORM is in line with its industry, outperforming 41.59% of the companies in the same industry.
In the last couple of years the Gross Margin of FORM has remained more or less at the same level.

		Industry Rank	Sector Rank
OM	5.58%
PM (TTM)	5.38%
GM	38.41%

OM growth 3Y-24.15%

OM growth 5Y-7.25%

PM growth 3Y-5.78%

PM growth 5Y6.46%

GM growth 3Y-1.62%

GM growth 5Y0.02%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FORM is destroying value.
The number of shares outstanding for FORM has been reduced compared to 1 year ago.
FORM has more shares outstanding than it did 5 years ago.
The debt/assets ratio for FORM has been reduced compared to a year ago.

2.2 Solvency

FORM has an Altman-Z score of 18.80. This indicates that FORM is financially healthy and has little risk of bankruptcy at the moment.
The Altman-Z score of FORM (18.80) is better than 85.84% of its industry peers.
The Debt to FCF ratio of FORM is 2.05, which is a good value as it means it would take FORM, 2.05 years of fcf income to pay off all of its debts.
FORM's Debt to FCF ratio of 2.05 is fine compared to the rest of the industry. FORM outperforms 68.14% of its industry peers.
A Debt/Equity ratio of 0.01 indicates that FORM is not too dependend on debt financing.
FORM's Debt to Equity ratio of 0.01 is fine compared to the rest of the industry. FORM outperforms 69.91% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.01
Debt/FCF	2.05
Altman-Z	18.8

ROIC/WACC0.32

WACC10.95%

2.3 Liquidity

A Current Ratio of 4.30 indicates that FORM has no problem at all paying its short term obligations.
FORM's Current ratio of 4.30 is fine compared to the rest of the industry. FORM outperforms 63.72% of its industry peers.
FORM has a Quick Ratio of 3.46. This indicates that FORM is financially healthy and has no problem in meeting its short term obligations.
With a decent Quick ratio value of 3.46, FORM is doing good in the industry, outperforming 66.37% of the companies in the same industry.

		Industry Rank	Sector Rank
Current Ratio	4.3
Quick Ratio	3.46

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WACC

Debt/Equity

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Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 1.85% over the past year.
Measured over the past 5 years, FORM shows a small growth in Earnings Per Share. The EPS has been growing by 2.03% on average per year.
Looking at the last year, FORM shows a small growth in Revenue. The Revenue has grown by 2.29% in the last year.
The Revenue has been growing slightly by 5.31% on average over the past years.

EPS 1Y (TTM)1.85%

EPS 3Y-10.05%

EPS 5Y2.03%

EPS Q2Q%-5.71%

Revenue 1Y (TTM)2.29%

Revenue growth 3Y-0.26%

Revenue growth 5Y5.31%

Sales Q2Q%-2.52%

3.2 Future

The Earnings Per Share is expected to grow by 20.80% on average over the next years. This is a very strong growth
Based on estimates for the next years, FORM will show a small growth in Revenue. The Revenue will grow by 7.97% on average per year.

EPS Next Y4.15%

EPS Next 2Y18.94%

EPS Next 3Y18.49%

EPS Next 5Y20.8%

Revenue Next Year1.8%

Revenue Next 2Y6.23%

Revenue Next 3Y6.47%

Revenue Next 5Y7.97%

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 66.66, which means the current valuation is very expensive for FORM.
FORM's Price/Earnings is on the same level as the industry average.
FORM is valuated expensively when we compare the Price/Earnings ratio to 28.39, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 45.07 indicates a quite expensive valuation of FORM.
The rest of the industry has a similar Price/Forward Earnings ratio as FORM.
The average S&P500 Price/Forward Earnings ratio is at 25.72. FORM is valued rather expensively when compared to this.

		Industry Rank	Sector Rank
PE	66.66
Fwd PE	45.07

4.2 Price Multiples

FORM's Enterprise Value to EBITDA is on the same level as the industry average.
The rest of the industry has a similar Price/Free Cash Flow ratio as FORM.

		Industry Rank	Sector Rank
P/FCF	935.26
EV/EBITDA	65.67

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
A more expensive valuation may be justified as FORM's earnings are expected to grow with 18.49% in the coming years.