inTEST (INTT) AI Stock Analysis

• Market Cap: $180.69M
• Dividend Yield: N/A
• Average Volume (3M): 35.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• Revenue Growth: -2.20%
• EPS Growth: -204.45%
• Country: US
• Employees: 393
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.16
• Shares Outstanding: 12,495,544
• 10 Day Avg. Volume: 36,875
• 30 Day Avg. Volume: 35,792
• PEG Ratio: 0.19
• Price to Book (P/B): 0.88
• Price to Sales (P/S): 0.80
• P/FCF Ratio: 16.04
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 1.57
• Enterprise Value/Gross Profit: 3.65
• Enterprise Value/Ebitda: 57.97
• 1Y Price Target: $16.50
• Price Target Upside: 14.11% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.3
• Revenue Forecast (FY): $124.93M

• Rating: 64 Neutral
• Price Target: $15.50 ▲(7.19% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is driven primarily by mixed financial performance (losses and weaker TTM trends offset by a strong balance sheet and still-positive cash flow). Technicals are supportive but overbought, while the latest earnings call improves the outlook with constructive 2026 guidance and stronger backlog. Valuation is a drag due to the negative P/E and no dividend support.

Positive Factors

Strong liquidity & low leverage

A large liquidity cushion and modest absolute debt provide durable financial flexibility. This reduces refinancing and insolvency risk through industry cycles, funds R&D and product rollout without immediate capital raises, and supports the company’s ability to execute Vision 2030 and absorb multi-quarter semiconductor weakness.

Positive operating and free cash flow

Sustained positive operating and free cash flow, even amid a loss, indicates the core business generates cash and can self-fund working capital, modest capex, and service debt. This cash convertibility underpins long-term resilience and provides runway to invest in product development and market diversification.

Diversification and new product traction

Meaningful shift toward non‑semiconductor end markets and accelerating new-product sales reduce cyclic semiconductor reliance. Broader end-market exposure plus higher-margin new product uptake supports more stable revenue streams and margin expansion prospects over multiple quarters as product penetration continues.

Negative Factors

Return to losses and weakened profitability

The move back to net losses and compressed margins reflects structural pressure on returns and operating leverage. Sustained weaker profitability limits reinvestment capacity, depresses ROE, and raises the bar for future margin recovery; prolonged weakness could impair ability to fund growth initiatives without external capital.

Revenue decline and semiconductor sensitivity

A large portion of revenue contraction stems from semiconductor cyclicality, highlighting demand volatility risk. Continued sensitivity to semi end markets can produce lumpy shipments and forecasting uncertainty, delaying consistent top‑line recovery and making multi‑period planning and margin stability more difficult.

Past covenant waiver and compliance risk

Reliance on a covenant waiver signals prior covenant pressure and tighter financing flexibility. Until covenants are fully restored, the company faces constrained strategic optionality and elevated refinancing risk; failure to sustain profitability and cash flow could force costly concessions or restrict growth investments.

inTEST Business Overview & Revenue Model

Company Description

inTEST Corporation supplies test and process solutions for use in manufacturing and testing in automotive, defense/aerospace, industrial, life sciences, security, and semiconductor markets worldwide. The company operates through two segments, Thermal Products (Thermal) and Electromechanical Semiconductor Products (EMS). The Thermal segment offers ThermoStream products that are used in the semi market as a stand-alone temperature management tool, or in various electronic test applications; Thermal Chambers; Thermal Platforms; Thermonics temperature conditioning products that provide tempered gas or fluid; ultra-cold storage solutions, including biomedical freezers, refrigerators, and mobile storage solutions; EKOHEAT and EASYHEAT induction heating systems; and digital streaming and image capturing solutions. The EMS segment provides in2, Cobal, and LS series manipulators that hold various test heads and enable an operator to reposition a test head for alternate use with various probers or handlers on a test floor; and docking hardware products, which protect the interface contacts and ensure proper repeatable and precise alignment between the test head's interface board and the prober's probing assembly or the handler's test socket. This segment also offers tester interfaces that provide electrical connections between the tester and the wafer prober or integrated circuit (IC) handler; and scorpion flying probe test systems, which designs and manufactures robotics-based electronic test equipment, as well as provides application support services. Its products are used in production testing of wafers and specialized packaged ICs in back-end testing by semiconductor manufacturers. The company markets and sells its products to semiconductor manufacturers, third-party foundries, test and assembly providers, and original equipment manufacturers. inTEST Corporation was incorporated in 1981 and is headquartered in Mount Laurel, New Jersey.

How the Company Makes Money

inTEST makes money primarily by selling physical test and measurement products and associated supporting services to industrial and technology customers, with a significant emphasis on semiconductor testing workflows. Key revenue streams generally include: (1) Product sales of test hardware and subsystems used in semiconductor test environments (e.g., interfaces, handling/positioning, and other elements that support automated test setups). (2) Product sales of thermal management and temperature conditioning equipment used to heat/cool devices during characterization, validation, and production test, where controlled temperature is required to meet test specifications. (3) Aftermarket and services revenue tied to its installed base, which may include spare parts, repairs, calibration/maintenance, and other customer support activities connected to deployed equipment. The company’s earnings are influenced by customer capital spending and activity levels in semiconductor test and related electronics markets; specific material partnerships, customer concentration details, or segment-level revenue splits are null.

inTEST Financial Statement Overview

Summary

Mixed fundamentals: profitability weakened materially with TTM revenue down and a return to losses, but the balance sheet is conservatively levered and operating/free cash flow remain positive despite a sharp TTM free-cash-flow decline.

Income Statement

Profitability has weakened materially versus prior years. TTM (Trailing-Twelve-Months) revenue declined (-3.2%) and the company moved back to losses (negative net margin and negative operating margin), following solid profitability in 2023–2024. Gross margin remains healthy (~41% TTM) but is down from the mid-to-high 40% range earlier in the period, indicating some pressure on pricing and/or costs. Overall, earnings quality looks cyclical and currently in a downswing despite still-strong gross profit generation.

Balance Sheet

The balance sheet is a relative strength. Leverage is modest with low debt versus equity (debt-to-equity ~0.18 TTM), and equity is sizable relative to total assets. However, returns have turned negative TTM (negative return on equity) due to the earnings decline, which is the key weakness. In sum: financially stable capital structure, but near-term profitability is not supporting returns.

Cash Flow

Cash generation is positive in TTM (Trailing-Twelve-Months), with operating cash flow and free cash flow both solidly positive, which helps offset the current net loss. That said, free cash flow fell sharply versus the prior year (down ~41% TTM), pointing to weaker underlying cash momentum. Cash conversion vs. earnings is supportive (free cash flow is close in magnitude to net income despite a loss), but the recent step-down in free cash flow is a notable risk if the downturn persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	113.83M	130.69M	123.30M	116.83M	84.88M
Gross Profit	48.92M	55.42M	56.98M	53.44M	41.22M
EBITDA	4.02M	9.74M	16.41M	15.51M	11.64M
Net Income	-2.53M	2.89M	9.34M	8.46M	7.28M
Balance Sheet
Total Assets	151.31M	152.29M	134.83M	110.07M	103.91M
Cash, Cash Equivalents and Short-Term Investments	14.22M	19.83M	45.26M	13.43M	21.20M
Total Debt	15.56M	26.04M	17.46M	22.49M	26.72M
Total Liabilities	47.69M	52.50M	38.55M	45.11M	49.08M
Stockholders Equity	103.62M	99.79M	96.28M	64.96M	54.82M
Cash Flow
Free Cash Flow	5.68M	2.50M	14.91M	-2.75M	9.85M
Operating Cash Flow	7.32M	3.82M	16.20M	-1.39M	10.84M
Investing Cash Flow	-1.63M	-20.05M	-1.29M	-1.17M	-21.37M
Financing Cash Flow	-8.22M	-8.64M	15.61M	-3.73M	21.73M

inTEST Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 14.46
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INTT, the sentiment is Positive. The current price of 14.46 is above the 20-day moving average (MA) of 12.27, above the 50-day MA of 10.38, and above the 200-day MA of 8.23, indicating a bullish trend. The MACD of 1.27 indicates Negative momentum. The RSI at 76.23 is Negative, neither overbought nor oversold. The STOCH value of 74.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INTT.

inTEST Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INTT	64 Neutral	$180.69M	-36.08	-2.24%	―	-2.20%	-204.45%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ASYS	56 Neutral	$162.94M	417.23	-58.96%	―	-21.59%	-254.69%
COHU	55 Neutral	$1.35B	-14.78	-9.07%	―	-4.50%	-45.79%
AEHR	54 Neutral	$1.14B	-53.42	-7.08%	―	-3.23%	-122.16%
MX	49 Neutral	$106.41M	-3.11	-11.40%	―	-7.79%	10.04%
PXLW	48 Neutral	$38.42M	-4.25	39.55%	―	-38.72%	16.01%

inTEST Corporate Events

inTEST keeps 2026 executive salaries, boosts incentive focus

On March 4, 2026, inTEST Corporation’s board Compensation Committee decided to keep 2026 base salaries for President and CEO Richard N. Grant, Jr. and CFO Duncan Gilmour unchanged at their 2025 levels of $428,915 and $282,500, respectively, while setting short-term bonus targets at 85% and 65% of salary tied to 2026 performance. The Committee also approved long-term incentive packages valued at $600,000 for the CEO and $250,000 for the CFO, split evenly among time-vested stock, performance-vested stock, and stock options linked to enterprise value through year-end 2028, reinforcing pay-for-performance alignment and potentially influencing executive focus on long-term enterprise value growth.

The most recent analyst rating on (INTT) stock is a Hold with a $14.00 price target. To see the full list of analyst forecasts on inTEST stock, see the INTT Stock Forecast page.