FormFactor(FORM) Stock Deep Analysis — An AI Narrative-Priced Cyclical: Why Faster Growth Still Fails to Lift ROIC Above WACC
The market prices FORM as a unique HBM probe-card winner, but the core tension is that growth is coming from lower-margin DRAM/HBM while profits still depend on a shrinking high-margin F&L business. This looks more like a cyclical stock inflated by AI narrative than a structurally high-return asset.
