Kevin J. Brewer, Director of FormFactor (FORM 3.48%), reported a direct open-market sale of 3,000 shares for a transaction value of ~$289,000 on Feb. 11, 2026, according to a SEC Form 4 filing.
Transaction summary
| Metric | Value |
|---|---|
| Shares sold (direct) | 3,000 |
| Transaction value | $289K |
| Post-transaction shares (direct) | 8,105 |
| Post-transaction value (direct ownership) | $779K |
Transaction value based on SEC Form 4 reported price ($96.20); post-transaction value based on Feb. 11, 2026 market close ($96.07).
Key questions
- What proportion of Kevin J. Brewer's holdings was impacted by this transaction?
The sale represented 27.01% of his direct common stock holdings, leaving 8,105 shares directly owned following the transaction. - How does this transaction compare to Mr. Brewer's historical activity?
This is the only open-market sale disclosed by Mr. Brewer in the past two years, with prior filings limited to administrative events and no previous open-market dispositions reported in this period. - Were there any indirect entities or derivative securities involved?
No; all shares sold were held and disposed directly by Mr. Brewer, with no indirect holdings or derivative exercises associated with this transaction. - What is the market context for this transaction?
FormFactor shares delivered a 174.6% total return over the past year as of Feb. 11, 2026, providing a constructive backdrop for liquidity events from insiders with substantial appreciation in underlying value.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2/11/26) | $96.20 |
| Market capitalization | $7.50 billion |
| Revenue (TTM) | $785 million |
| 1-year price change | 163% |
* 1-year performance calculated using Feb. 11, 2026 as the reference date.
Company snapshot
- FormFactor offers probe cards, analytical probes, probe stations, metrology systems, thermal systems, and cryogenic systems, with probe cards as a primary revenue driver.
- It generates revenue by designing, manufacturing, and selling semiconductor testing and measurement equipment, as well as providing related services and support.
- The company serves semiconductor manufacturers, foundries, fabless companies, scientific institutions, and research organizations globally.
FormFactor is a leading provider of advanced testing and measurement solutions for the semiconductor industry, operating at scale with over 2,200 employees and a global customer base. The company leverages deep engineering expertise to deliver high-precision products essential for chip development and manufacturing. Its diversified product portfolio and strong presence in key technology markets provide a competitive edge in serving complex and evolving semiconductor testing needs.
What this transaction means for investors
The sale of 3,000 shares by FormFactor Board of Directors member Kevin J. Brewer is not a cause for concern. He still owned over 8,000 shares after the transaction, signaling he is not in a rush to sell his holdings.
The timing of his sale makes sense given the dramatic rise of FormFactor shares, which hit a 52-week high of $100.01 on Feb. 13, just two days after Mr. Brewer’s sale.
FormFactor’s soaring stock is thanks to the rise of artificial intelligence. The advanced technology needed to power AI has led to strong demand for the company’s testing solutions.
In FormFactor’s fiscal fourth quarter ended Dec. 27, sales rose 14% year over year to $215.2 million. This helped the company achieve record revenue of $785 million for the year.
FormFactor expects revenue growth to extend into its fiscal first quarter with sales of $225 million, a significant increase over the prior year’s $171.4 million.
This success has led to a high share price valuation with its price-to-earnings ratio exceeding 100. Consequently, now is a good time to sell, but not to purchase shares. Wait for the stock price to drop before deciding to buy.
