The format factor comes from the diagonal length ratio between the frames resulting in 1,5-fold and 2,5-fold factors for full-frame and medium-format compared to Fuji X (APS-C).
That's the crop factor. Sensor size is distinct from focal length. My observations with the etup aren't restricted to the image size, although it is generally considered to be a good indicator.
I think you may also be making the mistake that effective focal length is based on a full-frame comparison as a baseline, not on the sensor or film size for which the lens was originally designed..