Yes, FORMATS is a Scrabble word!

Letter values in Scrabble US: F 4, O 1, R 1, M 3, A 1, T 1, S 1.

Is it a valid word?

FORMATS is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

the organization of information according to preset specifications (usually for computer processing)
the general appearance of a publication

set (printed matter) into a specific format
determine the arrangement of (data) for storage and display (in computer science)
divide (a disk) into marked sectors so that it may store data

Also: data format, data formatting.

Not playable in Scrabble US: INITIALISE.