formulate vs theorize

formulate and theorize both are verbs.

Word	Noun	Adjective	Verb	Adverb
formulate	No	No	Yes	No
theorize	No	No	Yes	No

As verbs, theorize is a hypernym of formulate; that is, theorize is a word with a broader meaning than formulate:

Other hypernyms of formulate include conjecture, hypothecate, hypothesise, hypothesize, speculate, suppose, theorise.

formulate (verb)	theorize (verb)
put into words or an expression	to believe especially on uncertain or tentative grounds
elaborate, as of theories and hypotheses	form or construct theories
come up with (an idea, plan, explanation, theory, or principle) after a mental effort	construct a theory about
prepare according to a formula