theorise vs formulate

theorise and formulate both are verbs.

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

As verbs, formulate is a hyponym of theorise; that is, formulate is a word with a more specific, narrower meaning than theorise:

Other hyponyms of theorise include construct, reconstruct, retrace, develop, explicate.

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