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Formfactor cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$64.6M in Q3 2026 · $181M over twelve months

Operating cash flow$104M
Capital spending−$39.6M
Free cash flow+$64.6M
Cash / net income1.4×
Cash conversion cycle85 days

Analysis

In Q3 2026, Formfactor generated $104M of operating cash flow and spent $39.6M on capital projects, leaving free cash flow of $64.6M.

Over the twelve months to Sep 26, 2026, operating cash flow was $257M; the largest uses were other investing ($111M), capital spending ($75.8M), taxes on employees’ shares ($39.4M); besides operations, cash came from shares issued ($11.1M), asset & business sales ($875K); the cash balance rose by $40.7M.

Operating cash flow was $104M against net income of $73.8M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: deferred revenue +$12.5M, inventory −$10.6M, depreciation & amortization +$9.3M.

Its cash conversion cycle was 85 days (receivables 50 + inventory 90 − payables 55).

Free cash flow

Formfactor: free cash flow by quarterFormfactor: free cash flow by quarter$28.2MQ4 2024$5.0MQ1 2025−$47.4MQ2 2025$19.5MQ3 2025$34.7MQ4 2025$29.8MQ1 2026$52.2MQ2 2026$64.6MQ3 2026
Operating cash flow less capital spending.
Formfactor: operating cash flow against capital spendingFormfactor: operating cash flow against capital spendingOperating cash flowCapital spending$35.9M$7.7MQ4 2024$23.5M$18.6MQ1 2025$18.9M$66.3MQ2 2025$27.0M$7.5MQ3 2025$46.0M$11.3MQ4 2025$45.0M$15.2MQ1 2026$61.8M$9.6MQ2 2026$104M$39.6MQ3 2026
Latest (Q3 2026): Operating cash flow $104M, Capital spending $39.6M.

Capital allocation, year by year

Formfactor: where the cash came from (up) and went (down), by fiscal yearFormfactor: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $139MFY2021: Net borrowing −$9.3MFY2021: Shares issued $10.7MFY2021: Capital spending −$66.5MFY2021: Buybacks −$24.0M$150MFY2021FY2022: Operating cash flow $132MFY2022: Net borrowing −$8.4MFY2022: Shares issued $10.5MFY2022: Capital spending −$65.3MFY2022: Acquisitions −$3.4MFY2022: Buybacks −$82.3M$142MFY2022FY2023: Operating cash flow $64.6MFY2023: Net borrowing −$1.0MFY2023: Shares issued $8.8MFY2023: Asset sales $102MFY2023: Capital spending −$56.0MFY2023: Buybacks −$19.8M$175MFY2023FY2024: Operating cash flow $118MFY2024: Net borrowing −$1.1MFY2024: Shares issued $9.7MFY2024: Asset sales $21.6MFY2024: Capital spending −$38.4MFY2024: Buybacks −$53.3M$149MFY2024FY2025: Operating cash flow $115MFY2025: Net borrowing −$1.1MFY2025: Shares issued $26.1MFY2025: Asset sales $103KFY2025: Capital spending −$104MFY2025: Acquisitions −$20.6MFY2025: Buybacks −$26.2M$142MFY2025
Over these 5 years operating cash flow totalled $569M; the largest uses were capital spending ($330M) and buybacks ($206M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$395M
Debt$12.2M
Net cash$383M
Due within a year$1.1M

Formfactor funds itself: free cash flow was $181M over the last twelve months, and $395M of cash and investments stands against $12.2M of debt ($1.1M due within a year, 346.2× covered by cash).

Formfactor: debt maturities by year (FY2025)Formfactor: debt maturities by year (FY2025)$1.1MYear 1$1.2MYear 2$1.2MYear 3$1.2MYear 4$1.3MYear 5$6.2MAfter year 5
Principal due in each year as disclosed in the annual report, against $395M of cash and investments now.

Where the cash came from and went

Formfactor: sources (+) and uses (−) of cash, Q3 2026Formfactor: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$104MCapital spending−$39.6MCash drawn (+) / kept (−)−$28.6MOther investing−$22.7MTaxes on employees’ shares−$19.6MShares issued$5.3MExchange rates$1.0MAsset & business sales$299KNet borrowing (+) / repaid (−)−$286K
Formfactor: sources (+) and uses (−) of cash, TTM to Q3 2026Formfactor: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$257MOther investing−$111MCapital spending−$75.8MCash drawn (+) / kept (−)−$40.7MTaxes on employees’ shares−$39.4MShares issued$11.1MExchange rates−$1.2MNet borrowing (+) / repaid (−)−$1.1MAsset & business sales$875K

From profit to cash

Formfactor: net income to operating cash flow, Q3 2026Formfactor: net income to operating cash flow, Q3 2026Net income$73.8MDepreciation & amortization$9.3MStock-based pay$8.8MDeferred taxes$2.4MReceivables$3.3MInventory−$10.6MPayables−$5.2MAccrued liabilities$4.3MDeferred revenue$12.5MPrepaid and other assets$512KOperating cash flow$104M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202650905585
Q2 202651844787
Q1 202652733392
Q4 202555803996
Q3 202556824494
Q2 202550824685
Q1 202554905490
Q4 202453814589

Every quarter

QuarterOperating cash flowCapital spendingBuybacksNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$104M−$39.6M—−$286K$5.3M−$28.6M$64.6M
Q2 2026$61.8M−$9.6M—−$283K—$13.3M$52.2M
Q1 2026$45.0M−$15.2M—−$281K$5.8M−$19.4M$29.8M
Q4 2025$46.0M−$11.3M—−$280K—−$5.9M$34.7M
Q3 2025$27.0M−$7.5M−$1.7M−$277K$4.5M−$30.2M$19.5M
Q2 2025$18.9M−$66.3M−$2.5M−$276K—$62.4M−$47.4M
Q1 2025$23.5M−$18.6M−$22.1M−$273K$21.6M$63.9M$5.0M
Q4 2024$35.9M−$7.7M−$16.1M−$272K—−$6.7M$28.2M

Formfactor: income statement and cash flow

Formfactor, Q3 2026: revenue $281M (+38% year over year), operating margin 29.1%. The chart follows the revenue to costs, profit and cash.

Formfactor: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.