Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
FormFactor, Inc. is a U.S.-based technology company specializing in semiconductor test and measurement solutions. The company operates within the semiconductor equipment and services industry, providing critical products used to test integrated circuits during wafer fabrication and device validation. Its offerings support semiconductor manufacturers and foundries in ensuring performance, yield, and reliability as chips increase in complexity and scale.
The company’s primary revenue drivers are probe cards, probe stations, and cryogenic test and measurement systems, which are essential for wafer-level testing across logic, memory, and advanced packaging applications. FormFactor serves leading semiconductor manufacturers, foundries, and integrated device manufacturers (IDMs) globally, with a strong position in advanced logic, DRAM, and emerging high-performance computing and artificial intelligence applications. Founded in 1993, FormFactor evolved from a niche probe card supplier into a diversified provider of wafer-level test solutions, expanding through organic development and strategic acquisitions to address advanced nodes and specialized testing environments.
Business Operations
FormFactor generates revenue through the design, manufacture, and sale of Probe Cards, Systems, and related services. The Probe Cards segment represents the largest portion of revenue and includes advanced wafer probe cards used in the electrical testing of semiconductor wafers during manufacturing. The Systems segment includes wafer probe stations, cryogenic systems, and analytical solutions used for device characterization, reliability testing, and failure analysis.
The company operates globally, with manufacturing, research, and support facilities in North America, Asia, and Europe. FormFactor controls proprietary probe technologies, vertical integration in manufacturing, and specialized cryogenic testing capabilities. Its operations include wholly owned subsidiaries such as Cascade Microtech, which significantly expanded its systems and measurement portfolio. The company maintains long-term relationships with major semiconductor customers and collaborates closely with foundries and equipment partners to align with advanced process technologies.
Strategic Position & Investments
FormFactor’s strategic direction focuses on supporting advanced semiconductor nodes, heterogeneous integration, and high-bandwidth, high-power devices. Growth initiatives emphasize next-generation probe card technologies, advanced packaging test solutions, and expanded cryogenic and millimeter-wave measurement capabilities to address AI, data center, and quantum computing requirements.
Major strategic investments include the acquisition of Cascade Microtech, which strengthened FormFactor’s position in probe stations and precision measurement systems. The company continues to invest in R&D for emerging test challenges, including chiplets, 3D integration, and extreme-temperature testing. FormFactor does not operate as a holding company for unrelated investments; instead, it concentrates capital deployment on technologies directly aligned with semiconductor test and measurement markets.
Geographic Footprint
FormFactor is headquartered in Livermore, California, and maintains a significant operational presence across Asia-Pacific, North America, and Europe. Asia, particularly Taiwan, South Korea, China, and Japan, represents a substantial portion of revenue due to the concentration of leading semiconductor foundries and memory manufacturers.
The company supports customers through engineering, manufacturing, and service locations across multiple continents, enabling close collaboration with regional semiconductor ecosystems. Its international footprint allows FormFactor to participate directly in global semiconductor investment cycles and to support customers at advanced and mature technology nodes worldwide.
Leadership & Governance
FormFactor was founded by Igor Khandros, who continues to influence the company’s technical and strategic direction. The leadership team emphasizes engineering-driven innovation, disciplined capital allocation, and close customer collaboration to maintain competitiveness in rapidly evolving semiconductor markets.
Key executives include:
- Mike Slessor – President and Chief Executive Officer
- Igor Khandros – Founder and Chief Technology Officer
- Michael Ludwig – Chief Financial Officer
- Steve Mikkelsen – Executive Vice President, Probe Card Business Unit
- Adam Erickson – Executive Vice President, Systems Business Unit
The company operates under a governance framework aligned with U.S. public company standards, with oversight from an independent board of directors and transparency through regular disclosures, including SEC filings such as annual and quarterly reports.