FormFactor Inc operates at the critical juncture of semiconductor testing with highly customized probe cards and systems that cater to an evolving semiconductor landscape. While the company’s operating income and net income declined in 2025, strong operating cash flow and significant capital investments highlight a strategic focus on capacity expansion and innovation. Customer concentration remains a key risk factor, with top clients accounting for a substantial portion of revenues. The absence of dividends but continued share repurchases at moderated levels underscores management’s emphasis on reinvestment to sustain technological leadership and support growth in emerging segments like quantum computing.