Deep dive · NasdaqGS: FORM
FormFactor, Inc. stock analysis
Everything behind the call on FormFactor, Inc. 6 sections, ordered the way risk stacks up: survival first, quality and price in the middle, context last. The Beacon gives you the read. This is where you check the work.
The five reads
Why the reads disagreeread this before the sections
Event and Trend are pulling against each other and one side is clearly ahead. The net lands at +1 over 30d, a balanced reading on a dispersion of 0.27, which makes this a question of size rather than of direction.
Leans up · and why
earnings, sentiment vote up. 1 of 5 independent evidence families agree.
Leans down · and why
analyst moves, insider flow, risk flags vote down. 4 of 5 families lean the other way. The conflict that matters is Event against Trend.
What it changes
Size, not direction. dealers are long gamma, so their hedging absorbs moves rather than amplifying them; separately, the tail model puts a very bad day at −20.5%; and the binding position cap is 1.6% — the tail cap is the one that binds.
Global tapeOverseas lean-7.33%
FrankfurtFMF-14.65%⏱ZurichFMF0.00%⏱
Where else this company trades. A closed venue shows its last close, marked ⏱ — not a live price. Overseas lean is the average move across the 2 overseas venues listed above, excluding the home listing — a read on overnight sentiment rather than a signal.
The bottom linestart hereAs of 2026-09-18
Wall Street rating
Buy
+17% to the average target
50% buy · 50% hold · 0% sell
median target $139
median target $139
Chart pattern
Above both averages
The 50-day sits above the 200-day
50-day $110.67 · +7.0%
200-day $104.34 · +13.5%
200-day $104.34 · +13.5%
Earnings
In 40 days
28 Oct 2026 · options imply ±9.7%
beat 5–6 of the last 8
cohort P(beat) 64% · n=45,184
cohort P(beat) 64% · n=45,184
Valuation
33.5× forward
86th of its own five-year range
5yr median 42×
FCF yield 0.13%
FCF yield 0.13%
Dividend
0.00%
A rounding error against cash — this is a capital-gains position
Risk flags
2 on watch
5 checks run, 3 clear
beta 2.94 · vol 74% ann.
worst drawdown -48%
worst drawdown -48%
New to this? Every metric carries a plain-English read beside it, and an ⓘ next to a label opens the definition. Anything unfamiliar is also defined at the foot of the page under Glossary.
NasdaqGS · USDSemiconductor Equipment & Materials
$118.38+6.85 · +6.14%AH · vol 1.45M
52-week range↑ 240% off low · ↓ 26.1% off high
$34.80now $118.38$160.27
Quote Sep 18, 2026 · 3:28 PM ET
Tape 2026-09-17
Factors 2026-09-18
Tape 2026-09-17
Factors 2026-09-18
01Ratios · Jul 7, 2026NO SOLVENCY RISK
Survival & solvency
Altman-Z of 37.9 against a 3.0 safe threshold, interest covered 110×, and 3 of 5 forensic checks clear.
↳ Plain EnglishBefore anything else: can this company pay its bills? These blocks check the balance sheet, whether your slice of ownership is being diluted, and whether the accounting looks honest.
Bankruptcy risk (Altman-Z)
37.87SAFE ZONE
Distress<1.8
Grey1.8–3.0
Safe>3.0
Profitability, leverage and liquidity combined into one number. Above 3.0 is the safe band.
Balance sheetJul 7, 2026
Distance to default (Merton)COMFORTABLE
7.1σ
How many standard deviations of asset value sit between the company and its debt. Above 4σ is comfortable.
1-year default probabilityEDF-CALIBRATED
0.12%
Calibrated against how often companies at this distance actually defaulted, rather than assuming a normal distribution.
Piotroski F-scoreWATCH
F 4/9
Piotroski F-score 4 of 9. Nine pass/fail tests covering profitability, leverage and operating efficiency; seven or more is strong.
Solvency and liquidity ratios
Current ratioshort-term assets against short-term bills4.50×healthy >2
Debt / equityborrowings against shareholder capital0.03
Interest coverageoperating profit against the interest bill110×healthy >5
Leverage · long-term debt / equitythe borrowings that outlive a bad quarter0.01
Net cashcash on hand in excess of every borrowing$70.97M
Your ownership stake
Share-count growth vs peersLOW DILUTION
46th pctile
Where this name's share-count growth ranks among peers. Lower is less dilutive.
Buyback yieldGROSS
0.23%
Repurchases as a share of market value, before new issuance is netted off.
Stock-based comp / revenueIN LINE
4.9%
Stock comp is the dilution pressure a buyback has to outrun. We read up to 5% of revenue as modest and above 12% as heavy — our own reading band, not a measured peer statistic.
SBC / operating cash flowFLAT
33%
How much of the cash the business generates is being handed to employees as stock. The higher it runs, the more of a buyback is just offsetting it.
Diluted vs basic share gapTHIN OVERHANG
1.25%
Options and awards already granted, expressed as the gap between the diluted and basic counts.
Accounting forensicsSEC filings
Red-flag x-rayGRADE B
80 / 100
0 critical · 2 watch · 3 clear of 5 scored tests
Red-flag x-ray · every check, passes included
CheckStatusValueWhat it looks for
Bankruptcy distressCLEARZ 37.87Altman-Z in the Safe · fundamentals
Earnings manipulationCLEARM -2.39M-score in range · fundamentals
LeverageCLEARLTD/E 0.01long-term debt 0.01× equity · fundamentals
Profitability qualityWATCHF 4/9Piotroski F-score 4 of 9 · fundamentals
Filing forensicsWATCH1 flag1 filing red flag on the latest 10-K · forensic
5 checks, 3 clear and 2 watch. The passes are shown because a score built from five checks means something different from one built from three.
02Refreshed · Sep 18, 2026FAIR · 42/100
Business quality
7% net margin, 5% return on equity, +3% revenue growth, and capital earning 6% against a 15% cost.
↳ Plain EnglishMargins tell you how much of each sales dollar the company keeps. Return on capital tells you whether reinvesting that money creates value. Both are read against what the filings support, not against a target.
Quality score
42 / 100FAIR
Profitability, growth and balance strength scored separately, then blended.
ProfitabilityRefreshed · Sep 18, 2026
Net marginOF EVERY SALES DOLLAR
6.9%
The share of revenue that survives every cost and becomes profit.
Gross marginPRICING POWER
39.3%
What is left of a sales dollar before overhead — the clearest read on pricing power.
Operating marginAFTER RUNNING COSTS
7.7%
What survives the cost of running the whole business.
Return on equityPER $1 OF EQUITY
5.3%
Annual return on each dollar of shareholder equity.
ROIC − WACC spreadDESTROYS VALUE
-9.5pp
Earns 6% on invested capital that costs about 15%. A positive spread means every retained dollar compounds rather than leaks.
Incremental ROIC (3y)ON NEW CAPITAL
0.3%
The return on capital put to work over the last three years — a sharper read than the trailing average, because it prices the newest decisions.
Growth & relative strength
Trailing return by period
1 month-3.0%
3 months-25.4%
6 months+17.3%
Year to date+88.4%
1 year+251.1%
Revenue growth (YoY)GROWING
+2.8%
Revenue against the same period a year ago.
EPS growth (YoY)IN LINE
-22.5%
Earnings per share against a year ago. Running ahead of revenue means margins are widening.
12-1 momentumEX LAST MONTH
+289.8%
Return over the last year excluding the most recent month — the standard momentum factor, which drops the short-term reversal.
Relative-strength rankBOTTOM 21%
21 / 100
Where this name's 3-month return against the S&P 500 ranks across the market — a quarter's standing, not the year's.
Around earningsJul 29, 2026
P(beat next quarter)COHORT BASE RATE
64%
survivor-tilted universe (currently-listed names; large-cap-skewed coverage)
Beat rate · this nameBEAT 5–6 OF THE LAST 8
6 of 8
Its own record against consensus. 8 prints is a small sample, which is why the cohort rate above carries the probability.
Fell after a beatP(FELL | BEAT)
50%
A beat is not a plan: this share of them still closed lower on the day.
Typical earnings moveMEDIAN ABSOLUTE
±7.2%
Unsigned magnitudes from its own prints. Direction is not part of this read.
Reaction: beat vs missASYMMETRIC
+1.3% / -2.2%
The average day-one move after a beat and after a miss. A miss dropping the stock further than a beat lifts it is the asymmetry worth sizing for.
Sells the newsON THE PRINT
No
No habit of selling off on a good report in the measured window.
Dividends & income
Data unavailableThis company does not pay a dividend. There is no yield, payout ratio or ex-dividend date to show, and the return case rests entirely on capital gains.
Signal
Not an income position.
No dividend is declared, so nothing here contributes to total return except the price. That is a fact about the security, not a criticism of it.
Inventory ledger
Data unavailableNo inventory detail is tagged in this company's filings. The ledger needs the XBRL inventory components, which a business without physical goods does not report.
Segments & geography
Data unavailableRevenue by segment and region is not on file for this name, so product and geographic concentration are not shown.
Pattern reliability · platform-wide cohortSnapshot · Sep 18, 2026
Sideways
HorizonHigherMedianObservations
10d47%0.0%1,473,236
21d49%0.0%691,862
63d51%+0.2%218,831
slope -0.03 over 40 bars
Long legged doji
HorizonHigherMedianObservations
10d48%0.0%171,393
21d49%0.0%80,724
63d49%-0.3%25,610
indecision, long shadows
Harami cross
HorizonHigherMedianObservations
10d46%0.0%233,027
21d47%0.0%109,493
63d47%-0.3%34,440
doji inside prior body
Bear flag · leans bearish
HorizonHigherMedianObservations
10d43%0.0%63,606
21d44%0.0%29,733
63d45%-0.6%9,313
sharp drop then weak bounce — continuation
Rounding bottom · leans bullish
HorizonHigherMedianObservations
10d46%-0.4%129,044
21d44%-1.7%60,293
63d40%-6.7%19,146
gradual U-shaped base
Gap up · leans bullish
HorizonHigherMedianObservations
10d43%-1.0%179,739
21d43%-2.0%84,391
63d42%-4.5%26,470
opened 3.3% above prior close
Bollinger squeeze
HorizonHigherMedianObservations
10d43%0.0%757,951
21d45%0.0%355,725
63d47%0.0%112,112
bands at a multi-month tight — breakout pending
0386TH OF ITS 5-YEAR RANGE
Price & timing
Price $118.38, 33.5× forward earnings, RSI 52, and dealers long gamma.
↳ Plain EnglishA multiple is what the market charges for a dollar of this company's earnings, cash or revenue; the trend and the options tape say what the price is doing around it. Together they are the timing picture, not the quality one.
Trend
Above 50 & 2003 OF 3 AVERAGES
50-day $110.67 · 200-day $104.34. Price above both is the structural definition of an uptrend.
The setup right now
Price · 504 sessions2024-09-13 → 2026-09-17
price50-day200-daylevel
How to read this
Up 6.14% on the session.
Follow the solid line: each point is a session close. Compare it to the 50-day average — while price stays above it the short-term trend is up, and a drop below is the first structural warning.
The dashed levels are the strikes the options chain is most committed to. They are the same numbers the gamma block states; nothing here is drawn that no section derives.
Momentum (RSI-14)COOL
52
030 oversold70 hot100
Where momentum sits on a 0–100 scale. Above 70 is overbought, below 30 oversold; the middle says the move has room either way.
Typical day (ATR-14)±5.4%
$6.45
The average true range — how far this stock moves on an ordinary day. It sets the scale a stop has to clear.
MACDABOVE SIGNAL
+1.17
The short-term trend against its own signal line. The sign is the read; the size is not a target.
Bollinger position97% OF RANGE
Upper band
Where price sits inside its own volatility band. The edges are where a move is stretched, not where it reverses.
20-day VWAPPRICE ABOVE
$106.65
The volume-weighted average of the last month. Price above it means recent buyers are, on average, in profit.
Chandelier exitLONG INTACT
$110.22
A volatility-based trailing stop, set a few average ranges below the recent high.
28 Oct 2026 · in 40 daysNext earningsThe next scheduled catalyst. The forward guide usually moves the tape more than the printed number. Date as the vendor last stated it on 28 Aug; companies confirm about three weeks ahead, so it can still move.
2026-09-25 · in 7 daysConsumer SentimentA scheduled macro release. It moves this stock independently of anything the company does.
Setup & oddsNightly
Direction oddsnext 12m
45 / 54cohort n=3,948
A lean, not a forecast. These are the cohort's odds — comparable names over the window — not this stock's own history.
Pullback riskoverstretch read
Elevated1.20× segment rate · n=12,125
Historically, mid names in this tape state saw a ≥10% pullback within 63 trading days in 95% of cases (n=12,125).
Overstretchvs the 20-day mean
0.8σ
How many standard deviations price sits from its 20-day mean. Beyond 2σ is genuinely stretched; inside it is ordinary.
Bottom zoneif it breaks down
$101 – $1113 supports
Where prior demand appeared: S1 at $109.63, Sma 200 at $104.34, Pivot low at $104.02.
Slide scorefalling-knife check
0 / 100Neutral
A composite of consecutive down days, gap risk and volume expansion. Low means any decline is orderly.
Signal
The odds lean, the stretch qualifies it.
Historically, names tripping 2 validated red flags finished lower 12 months later in 54% of cases (n=3,948) — a survivor-biased floor, not a forecast.
Valuation
Earnings yield vs cashBELOW CASH
-3.63pp
Cash pays more than the earnings yield today, so what you are buying is future growth rather than a current return.
Net cash per shareCASH BACKING
$0.91
Cash less every borrowing, per share. It is the part of the price that is not a claim on future profits.
Multiples
Forward P/Eearnings expected over the next 12 months33.5×5yr median 42×
Trailing P/Eearnings already reported80.2×86th of its 5yr range
PEG ratioP/E divided by growth; near 1 reads fair for the growth0.78
Price / salesprice against revenue, before any of it becomes profit11.5×5yr median 4.2×
Price / bookprice against the accounting value of the assets8.8×
EV / EBITDAthe multiple an acquirer would pay83.7×
EV / free cash flowenterprise value against the cash the business throws off766.2×
FCF yieldfree cash flow per dollar of market value0.13%
7 of the 8 priced multiples above sit in the richer half of its band. Each priced multiple is read against this stock's own history where a five-year range is on file, so the question is whether today is dear for this name rather than for the market. The multiples are computed separately from the quote above and are not re-priced as it moves, so they can lag it.
Price horizon & timingSep 17, 2026
Entryzone of pivot low + S1 + sma 200
$110.97Approach
Where the composer's entry sits, on its own stated basis.
Target52-week high
$160.27$159–$162
A zone, not a price. It is where the composer expects supply, not a forecast.
Stop2× ATR below entry
$98.08risk $12.90/sh
The level that says the setup is wrong, on the basis named beside it.
Risk / rewardtarget vs stop
3.82:1
Reward against risk on the composer's own levels.
Measure from a price$
To the 50-day
-6.5%
short-term trend line · $110.67
To the 200-day
-11.9%
primary trend line · $104.34
To the put wall
-36.6%
heaviest put open interest · $75.00
To the call wall
+1.4%
heaviest call open interest · $120.00
To the composer's target
+35.4%
52-week high · set Sep 17, 2026 · $160.27
To the composer's stop
-17.2%
2× ATR below entry · set Sep 17, 2026 · $98.08
To the 52-week high
+35.4%
highest print of the past year · $160.27
To the 52-week low
-70.6%
lowest print of the past year · $34.80
Options-implied week ±9.7%
$106.96 – $129.80
what the chain prices for the week
A typical day (ATR)
$111.93 – $124.83
±$6.45 average true range
Type any price to re-measure every distance from it. Each row is a level this page already states somewhere else, so nothing here is a new number — and none of it is a recommendation to trade at that price.
Signal
The levels line up.
Entry $110.97 · stop $98.08 · target $160.27, a 3.82:1 ratio. The composer flagged: elevated distress, fair-value reference.
Gamma mapChain · Sep 18, 2026
Signal
Long gamma — moves get absorbed.
Dealers hedge against the move, which damps volatility around the current strikes. It makes the tape quieter without saying anything about which way it goes.
Options tapeFront expiry 2026-09-18 · Chain · Sep 18, 2026
Max pain-1.4%
$110.00
The strike where most open options expire worthless. Price often drifts toward it into expiry.
Put / call ratio (OI)CALL-HEAVY
0.86
54% calls
46% puts
Open interest in puts against calls. Heavy call interest often caps how far price can run before expiry.
Put / call ratio (volume)TODAY'S FLOW
1.95
Today's traded flow rather than the standing position. It moves faster and means less.
Expected move (1-week)≈ $10.76
±9.7%
What the chain prices for the week. A range the market is charging for, not a forecast.
Largest open interest · front expiry
StrikeTypeOpen interest
$75.00PUT2,200
$120.00CALL1,089
$150.00CALL1,034
$135.00CALL916
$130.00CALL731
$90.00PUT596
Large call interest above the price acts as a magnet and a ceiling; large put interest below is a floor of hedges. The biggest strike is the level the market is most committed to defending into the next expiry.
Open interest by strikeexpires 2026-09-18CallsPutsMax pain $110.00
1k
$150.00
0180
$145.00
0103
$140.00
0916
$135.00
0731
$130.00
0156
$125.00
01k
$120.00
270190
$115.00
430562
$110.00
169157
$105.00
245221
$100.00
38951
$95.00
30311
$90.00
59612
$85.00
1943
$80.00
780
$75.00
2k
The shaded row is the strike nearest the price. Heavy call interest above acts as a ceiling; heavy put interest below is a floor of hedges.
↑ 52-week high$160.27+43.7%The highest print of the past year.Old highs draw profit-taking on the first attempt.
↑ Call wall$120.00+7.6%Heaviest call open interest on the front expiry.Acts as a ceiling into expiry; a close above usually needs a catalyst.
◇ Max pain$110.00-1.4%Where most open options expire worthless.Price often drifts toward it into the close of the expiry week.
↓ 50-day average$110.67-0.8%The line the short-term trend is measured against.A close beneath it is the first structural warning.
↓ Put wall$75.00-32.8%Heaviest put open interest — a floor of hedges.Dealer buying tends to build as price approaches.
0413F quarterly · Form 4 dailyNET SIGNAL +1
Ownership & flow
Institutions hold 95%, short interest is 3.82% of float, and 7 analysts average $139.
↳ Plain EnglishWho is buying and selling, and what they had to disclose. Institutions file 13F 45 days after quarter end, executives file Form 4 within two days, and Congress discloses under the STOCK Act with a 30–45 day legal lag. Every one of those is a look backwards.
Net signal
+1BALANCED · 30d
2 bull / 3 bear factors. The points sum to the net beside the label; nothing here is weighted after the fact.
The QTick signalNightly
Analyst moves90D · TIMING
-1
2 price-target cuts in 90d
Earnings4 QUARTERS · TIMING
+3
latest EPS beat by 34%
Insider flow120D · TIMING
-1
net insider selling ($7,836,101 across 26 sells) in 120d
Sentiment1–30D · TIMING
+1
7d sentiment elevated (100/100)
Risk flagsDAILY · CONTEXT
-1
expensive valuation (bottom-quintile earnings yield)
Signal
2 bull / 3 bear factors
Independent factors scored and netted to +1 over 30d, a balanced reading. 5 of 9 factors carried a direction; the others scored zero and do not vote. The signal describes where the data leans, not what to do about it.
Cross-category readSep 18, 2026
Signal
4 of 5 families lean down.
Descriptive only — a decorrelated read of where the evidence agrees and conflicts, not a forecast and not advice. Patterns are condition lists, not outcome predictions, and are not yet validated to the proof bar. Dispersion of 0.27 means the disagreement is real but not a split decision.
Wall Street7 covering firms
Consensus rating7 ANALYSTS
Buy
50% buy · 50% hold · 0% sell, as a share of the 7 covering firms.
Median price target+17%
$139
$64now $118$175
A $64–$175 spread across the panel. A twelve-month view, and a wide spread means real disagreement rather than a consensus.
Forward EPS estimateCONSENSUS
$3.48
What the panel expects the company to earn per share.
Recent analyst moves · last 90 days
FirmTargetDirectionRank
TD Cowen$100↓47/100
Evercore ISI Group$150↓48/100
Upgrades, downgrades and target changes from covering firms. A cluster of moves in one direction matters more than any single target; the rank is the firm's own credibility score, or a dash below the scoring floor.
Who owns it13F quarterly · Form 4 daily
Institutional ownershipINSTITUTIONALLY HELD
94.6%
The share held by 13F filers. It describes last quarter's positioning, not today's — filings land up to 45 days after quarter end.
Insider ownershipOFFICERS & DIRECTORS
0.8%
The share held by the people running the company.
Short interest (float)LIGHT
3.82%
Rising — shares short changed +19.1% over 30 days. There is no short base to squeeze here.
Free float99% OF SHARES
77.35M
Shares actually available to trade, excluding insider and restricted holdings.
Dollar volume (ADV)90th PCTILE
$166.69M/day
At this depth, position size is not a constraint for a retail account.
Borrow feeData unavailableWe do not license securities-lending data, so the annualized cost of borrowing shares to short is not something we can show. Short interest and days-to-cover above are the closest read we can source.
Insider filings · Form 4
InsiderTradeAmountPlanTraded
SLESSOR MIKE · Director, CEOSell$817,098—16 Sep
SLESSOR MIKE · Director, CEOSell$910,920—16 Sep
SLESSOR MIKE · Director, CEOSell$105,800—16 Sep
STEVEN-WAISS KELLEY · DirectorSell$201,810—03 Sep
SLESSOR MIKE · Director, CEOSell$428,432—14 Aug
SLESSOR MIKE · Director, CEOSell$319,483—14 Aug
Executives must file within two business days. Sales on pre-set 10b5-1 plans are scheduled months ahead and carry little signal; tax withholding, exercises and awards are compensation mechanics, not trades; the open-market lines are the ones to read.
The story · news & sentimentRolling window
Why it moved todayNEWS
+6.14%
FORM rose +6.14% in after-hours trading, amid recent coverage: “FormFactor (FORM) CEO Mike Slessor Sells 17,510 Shares as Stock Trades Well Above GF Value - GuruFocus” (GuruFocus).
News tone · 7-day—
100 / 100
Headline polarity over the window, scored from news articles. Above 60 leans positive, below 40 negative. Colour, not a signal.
Newswire · 49 stories
WhenHeadlineSourceTone
17h agoFormFactor (FORM) CEO Mike Slessor Sells 17,510 Shares as Stock Trades Well Above GF Value - GuruFocusGuruFocusnot scored
18h agoInsider Selling: FormFactor (NASDAQ:FORM) CEO Sells $1,833,822.30 in Stock - MarketBeatMarketBeatnot scored
20h agoFormFactor (NASDAQ: FORM) CEO sells 17,510 shares under preset plan - Stock TitanStock Titannot scored
ThuBank of America Corp DE Purchases New Shares in FormFactor, Inc. $FORM - MarketBeatMarketBeatnot scored
WedFormFactor Inc (FORM) Shares Surge 3.1% -- What GF Score of 70 T - GuruFocusGuruFocusnot scored
WedAfter $2.1M in stock sales, FormFactor (NASDAQ: FORM) insider plans more - Stock TitanStock Titannot scored
TueFormFactor: The Small Contacts Behind A Much Larger Earnings Opportunity (NASDAQ:FORM) - Seeking AlphaSeeking Alphanot scored
TueFormFactor (FORM) Stock May Be Fully Priced After Its 235% Run - simplywall.stsimplywall.stnot scored
Coverage published around the move, newest first. Nothing here measures causation — only the why-it-moved card above is matched to the tape by timestamp.
CongressSTOCK Act · 30–45d lag
Signal
Net buying.
2 of 3 disclosures are buys and 1 is a sale. Lawmakers disclose on a 30–45 day legal lag, so this describes what was done weeks ago, not what is being done now.
0510 graded callsHIGH VOLATILITY
Risk & track record
Beta 2.94, 74% annual volatility, a -48% worst drawdown, and 3 of 8 risk surfaces clear.
↳ Plain EnglishWhat owning it does to a portfolio, what the model votes against, and how often our own calls have been right. Every call is graded when it resolves, and the ones still open stay visible.
A very bad day (EVT)
−20.5%1-IN-200 DAY
Fitted to the tail of the return distribution rather than assuming a bell curve. Size the position so a day like this is survivable.
What it does to a portfolio5-year window
Beyond the tail (ES)1-IN-1,000 DAY
−49.7%
The average loss on a 1-in-1,000 day or worse — deeper in the tail than the 1-in-200 figure above and further than the measured history reaches, so it reads as the scale of a crash, not a forecast of one.
Tail understatementHEAVY TAIL
1.4×
A normal-curve estimate understates this name's worst days by about 1.4×, so volatility alone is the wrong risk measure for it.
Max drawdownWORST FALL
-47.8%
The deepest peak-to-trough fall in the measured window. Only hold a position you can watch do this.
Beta (vs the market)AMPLIFIES
2.94
Moves about 2.9× the market over the past year.
Annualized volatilityELEVATED
74%
How far it swings over a year, from its own realized returns.
Tactical phaseNIGHTLY READ
Neutral
Selling pressure0
Buying pressure26
Overheat17
State: neutral — No dominant short-horizon pressure in the tape.
What votes againstNightly
LowAnalyst moves2 price-target cuts in 90d90d · -1
LowInsider flownet insider selling ($7,836,101 across 26 sells) in 120d120d · -1
LowRisk flagsexpensive valuation (bottom-quintile earnings yield)Daily · -1
Signal
3 of 9 factors vote against.
Ranked by the size of each factor's own point contribution to the net signal — these are the model's stated reasons, not a written bear case. Each one is scored from the source named beside it.
Failure modes · by company type
Data unavailableFailure modes are routed per company type, and only the bank-run and crypto-treasury rulebooks are validated so far. This name routes as growth, so there is no cohort-specific checklist to run. A generic list would read as analysis without being any.
The risk case · why not to buy8 surfaces · nightly
Suggested position capmax defensible size
1.6%tail cap binds
max defensible size 1.6% - tail binds
Avoid score6-month distress
19.3%2.1× its cohort · most-traded mega-caps
Observational 6-month large-drawdown risk ranking — not a forecast, not alpha. Historical distress rate for this most-traded mega-caps segment: 9.3%. This name reads 2.1× that base rate.
LowDistress screenThe distress model did not score this name in the latest run, so this surface is unmeasured rather than clear.Not scored
MedPosition size, not conviction, is the binding constrainthalf-Kelly 12.4% · tail cap 1.6% · category cap 54.6%. The tail cap binds, so 1.6% is the number (n=109,931). We show which one binds rather than the friendliest.Sizing
LowLottery-ticket behaviourIts best 21-day return sits at 7.4% against a 10.8% cohort 90th-percentile threshold — below the line where forward returns have historically turned negative.Behaviour
LowCash runwayNon-burner: catastrophe rate 6.1% (n=297414).Solvency
MedPost-earnings driftMove already priced: after jumps this large, measured drift edge is zero.Timing
LowDividend riskNot scored for this name.Not scored
LowRestatement historyFiling history is not deep enough to check for restatements.Not scored
LowCrowded shortNot in a warn state: the crowded-short model only publishes when short interest and thin liquidity coincide, and neither condition is met here.Not scored
Signal
3 of 8 surfaces clear.
8 surfaces checked, 3 clear. The binding constraint is position size — the tail cap is the one that binds. Each row states which surface it is and what it measured; a surface that could not be scored says so rather than counting as clear.
Who should skip it
Skip it if any of these is you
You can't sit through -48%
That is this name's deepest measured fall, on 74% annualized volatility. A drawdown of that size is normal here, not exceptional.
You want income
A 0.00% yield is a rounding error against cash. This is a capital-gains position.
You're already heavy in this market
A 2.94 beta means you would be stacking the same bet rather than spreading it.
You'd be buying into earnings
A report lands in 40 days, and the chain prices ±9.7% for the week.
You'd size it like a core holding
The binding cap is 1.6% of a portfolio. Above that the tail stops being survivable.
Our track record10 resolved
Track recordBUILDING IN THE OPEN
26 logged
26 calls logged on this name, 10 resolved so far. Calls are logged the moment they are made, so the open ones are public before anyone knows how they turn out, and a hit-rate is not published until enough of them resolve.
Calls on FORMTHIS NAME
26
This name's own call count. Too few have resolved to publish a rate over them, so none is shown rather than a rate over 10.
0610-K disclosed linksSEMICONDUCTOR EQUIPMENT & MATERIALS
The wider context
5 mapped peers, 4 connections.
↳ Plain EnglishCompanies do not trade alone. This is the peer set, the supply chain that has to deliver, and the macro variables that move the stock regardless of company news.
Rate sensitivity
+79.4% per +1ppSECTOR
This is the SECTOR prior, not a measurement of this name — the regression did not clear its own bar. The verdict beside it (headwind) comes from the prior too, so the two agree by construction rather than by evidence.
Versus peersLatest session
Peer set · 5 names
SymbolRelationshipPriceSession
8035.TPeer$52,200.00+2.41%
ASMLFPeer$1,654.30+2.19%
ASMLPeer$1,677.78+2.95%
LRCXPeer$288.11+6.98%
AMATPeer$444.62+6.52%
The mapped peer set and how each traded in the latest session. A peer moving with this name says the move is the sector's; one moving against it says the move is this company's.
Time machineHistory from 2023-06-01
Signal
3 of 4 backward windows are positive.
Look-back returns describe what happened, not what is likely. They are here to set the scale a future move would be measured on.
Macro driversRolling window
Next macro catalystIN 7 DAYS
Consumer Sentiment
2026-09-25. A scheduled release that moves this stock independently of anything the company does.
Events · what moves this stockSep 18, 2026
Core PCE (the Fed's gauge) is due in 12 days.
Core PCE (the Fed's gauge)Usually hurts when inflation runs hotter than expectedHotter inflation means higher interest rates for longer, and that hits fast-growing tech companies hardest because most of their value sits in profits years away.
Typical for the Technology sector
On the day +0.4% · A week later +1.5% · Two weeks later +4.4% · Rose on 21 of 39 report days
Across the last 39 Core PCE (the Fed's gauge) reports since Jun 28, 2023, FORM moved +0.4% on average on the day and was 4.4% higher two weeks later. The S&P 500 moved +0.2% on those days.
FOMC decisionUsually hurts when the Fed sounds more hawkish than expected
Higher rates for longer hit tech hardest, because so much of its value is profits years away.
Typical for the Technology sector
On the day -1.8% · A week later +0.7% · Two weeks later +3.4% · Rose on 16 of 39 report days
Across the last 39 FOMC decision reports since Jul 1, 2023, FORM moved -1.8% on average on the day and was 3.4% higher two weeks later. The S&P 500 moved -0.1% on those days.
PCE inflation is due in 12 days.
PCE inflationUsually hurts when inflation runs hotter than expectedHotter inflation means higher interest rates for longer, and that hits fast-growing tech companies hardest because most of their value sits in profits years away.
Typical for the Technology sector
On the day +0.4% · A week later +1.5% · Two weeks later +4.4% · Rose on 21 of 39 report days
Across the last 39 PCE inflation reports since Jun 28, 2023, FORM moved +0.4% on average on the day and was 4.4% higher two weeks later. The S&P 500 moved +0.2% on those days.
Core inflation (core CPI)Usually hurts when inflation runs hotter than expected
Hotter inflation means higher interest rates for longer, and that hits fast-growing tech companies hardest because most of their value sits in profits years away.
Typical for the Technology sector
On the day +0.5% · A week later +1.7% · Two weeks later +0.9% · Rose on 21 of 38 report days
Across the last 38 Core inflation (core CPI) reports since Jun 12, 2023, FORM moved +0.5% on average on the day and was 0.9% higher two weeks later. The S&P 500 moved +0.3% on those days.
Inflation (CPI)Usually hurts when inflation runs hotter than expected
Hotter inflation means higher interest rates for longer, and that hits fast-growing tech companies hardest because most of their value sits in profits years away.
Typical for the Technology sector
On the day +0.5% · A week later +1.7% · Two weeks later +0.9% · Rose on 21 of 38 report days
Across the last 38 Inflation (CPI) reports since Jun 12, 2023, FORM moved +0.5% on average on the day and was 0.9% higher two weeks later. The S&P 500 moved +0.3% on those days.
Initial jobless claimsUsually helps when more people file for benefits than expected
Rising joblessness pushes the Fed toward lower rates, which lifts growth-priced tech.
Typical for the Technology sector
On the day +0.2% · A week later +1.0% · Two weeks later +2.0% · Rose on 80 of 169 report days
Across the last 169 Initial jobless claims reports since Jun 8, 2023, FORM moved +0.2% on average on the day and was 2.0% higher two weeks later. The S&P 500 moved 0.0% on those days.
Producer prices (PPI)Usually hurts when producer prices run hotter than expected
Hotter inflation means higher interest rates for longer, and that hits fast-growing tech companies hardest because most of their value sits in profits years away.
Typical for the Technology sector
On the day +0.5% · A week later +1.6% · Two weeks later +1.0% · Rose on 21 of 39 report days
Across the last 39 Producer prices (PPI) reports since Jun 12, 2023, FORM moved +0.5% on average on the day and was 1.0% higher two weeks later. The S&P 500 moved +0.3% on those days.
Job openings (JOLTS) is due in 11 days.
Job openings (JOLTS)Usually hurts when job openings come in higher than expectedStrong hiring tells the Fed it can keep rates high, which weighs on growth-priced tech.
Typical for the Technology sector
On the day +0.5% · A week later +3.5% · Two weeks later +4.4% · Rose on 20 of 38 report days
Across the last 38 Job openings (JOLTS) reports since Jul 5, 2023, FORM moved +0.5% on average on the day and was 4.4% higher two weeks later. The S&P 500 moved 0.0% on those days.
Customer momentumSep 18, 2026
Customer momentumMID
-3.1%
The dependency-weighted trailing return of the customers this company discloses a revenue dependence on. Their tape leads its orders.
Lead-lag gapBEHIND CUSTOMERS
-21.1%
This company's own move less its customers' weighted move. A wide gap in either direction usually closes.
Disclosed customer dependencies
CustomerRevenue weightWindow returnLast filed
TSM10.7%-3.1%2023-05-09 · stale
Weights are as disclosed in the filings, so they describe the last reported period rather than today. Historical, point-in-time backtest of a cross-sectional screen (135 months, 2013-2026), gross of trading costs. The equal-weighted base effect is marginal (t 1.84); statistical significance relies on the dependency weighting (t 2.02). Validated on monthly rebalancing; served daily on the same 21-bar horizon. This is a research screen describing a group-level historical spread - not a forecast of any individual stock's return.
Connections4 links · 2 confirmed
Direct connections · 4 edges
CompanyRelationSessionProvenance
INTC · Customercustomer-0.28%Rumored · manual
TSM · Customercustomer+0.70%Rumored · manual
000660.KS · Suppliersupplier+6.42%Confirmed · 10K
MU · Suppliersupplier+3.93%Confirmed · 10Q
2 of 4 edges are named in a filing; the rest come from reporting we have not matched to one yet, and are labelled as such.
Glossary · every term on this page
Survival
Altman Z
Bankruptcy-risk score. Above 3.0 is the safe band.
Piotroski F
Nine pass/fail health tests; 7 or more is strong.
Beneish M
Accrual and growth pattern screen. Clear below −2.22, watch to −1.78, elevated above; a year of very fast revenue growth lifts it by construction.
Merton DTD
Standard deviations of asset value between the company and its debt.
EDF
Default frequency calibrated on what actually happened to similar names.
Price & tape
RSI-14
Momentum gauge 0–100. Above 70 is overbought, below 30 oversold.
ATR
Average true range — the size of a typical day.
VWAP
20-day volume-weighted average price — the average paid over the last month; the page shows no intraday VWAP.
Supertrend
A trend-following stop line. A close through it flips the read.
Chandelier
A trailing stop set a few average ranges below the recent high.
Options & flow
Gamma / GEX
Dealer hedging pressure. Negative gamma amplifies moves both ways.
Call / put wall
The strikes with the heaviest open interest; they act as ceiling and floor.
Max pain
The strike where most options expire worthless.
13F · Form 4
Institutional filings, 45 days after quarter end. Insider trades, within two days.
Scoring
Composite signal
Independent factors scored and netted into one number.
Hit-rate
Share of past calls that resolved in the direction stated.
Brier score
Calibration measure. Lower means stated probabilities track reality.
HHI
Concentration 0–10,000. Above 2,500 means one segment carries the company.
EVT
Fits the tail rather than assuming a bell curve, so bad days are not understated.