FormFactor (FORM) Up 7.5% Since Last Earnings Report: Can It Continue?

FormFactor (FORM) shares have risen 7.5% since its last earnings report, outperforming the S&P 500, with consensus estimates increasing by 11.66% over the past month. While FormFactor holds a Zacks Rank #3 (Hold), indicating an expected in-line return, peer Amkor Technology (AMKR) has also gained 7.1% recently but carries a Zacks Rank #5 (Strong Sell) due to downward earnings revisions and a projected 40.7% year-over-year EPS decline for the current quarter.

Analysis

FormFactor (FORM) has demonstrated notable strength following its last earnings report, with its shares appreciating 7.5% over the past month, thereby outperforming the S&P 500. This share price movement is accompanied by a significant 11.66% upward revision in the consensus earnings estimate for the company during the same period. Despite these positive indicators, FormFactor currently holds a Zacks Rank #3 (Hold), suggesting expectations for an in-line return relative to the market in the coming months. The company's diagnostic VGM Scores highlight this mixed outlook: a strong Growth Score of 'A' is contrasted by a lagging Momentum Score of 'F' and a neutral Value Score of 'C', resulting in an overall VGM Score of 'C'. Within the Zacks Electronics - Semiconductors industry, peer company Amkor Technology (AMKR) also saw a 7.1% share price gain over the past month. However, Amkor's fundamental picture appears weaker; it reported a 3.2% year-over-year decline in revenues to $1.32 billion and a drop in EPS to $0.09 from $0.24 in its quarter ended March 2025. Furthermore, Amkor is projected to experience a 40.7% year-over-year decrease in EPS for the current quarter, and its consensus estimate has remained unchanged over the last 30 days, leading to a Zacks Rank #5 (Strong Sell), even though it possesses a VGM Score of 'A'.

Key Decisions for Investors

• Investors should consider FormFactor's recent 7.5% share price increase and the positive 11.66% consensus estimate revision, while also noting its Zacks Rank #3 (Hold) and disparate VGM scores (Growth 'A', Momentum 'F') which temper outright bullishness.
• Extreme caution is warranted for Amkor Technology; despite its recent 7.1% share price appreciation, its Zacks Rank #5 (Strong Sell), significant projected EPS decline of 40.7% YoY for the current quarter, and past negative revenue and EPS growth present substantial red flags.
• Monitor FormFactor's next earnings release closely to ascertain if the upward estimate revisions translate into sustained operational outperformance, and remain aware of the divergent fundamental outlooks within the semiconductor sector as exemplified by FORM and AMKR.