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Abstract Single point incremental forming (SPIF) is a flexible manufacturing process that has applications in industries ranging from biomedical to automotive. In addition to rapid prototyping, which requires easy adaptations in geometry or material for design changes, control of the final part properties is desired. One strategy that can be implemented is stress superposition, which is the application of additional stresses during an existing manufacturing process. Tensile and compressive stresses applied during SPIF showed significant effects on the resulting microstructure in stainless steel 304 truncated square pyramids. Specifically, the amount of martensitic transformation was increased through stress superposed incremental forming. Finite element analyses with advanced material modeling supported that the stress triaxiality had a larger effect than the Lode angle parameter on the phase transformation that occurred during deformation. By controlling the amount of tensile and compressive stresses superposed during incremental forming, the microstructure of the final component can be manipulated based on the intended application and desired final part properties.