inTEST (INTT) AI Stock Analysis

• Market Cap: $145.43M
• Dividend Yield: N/A
• Average Volume (3M): 35.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.33
• 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: 12,483,433
• 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: 1.01
• Enterprise Value/Revenue: 1.29
• Enterprise Value/Gross Profit: 3.00
• Enterprise Value/Ebitda: 47.69
• 1Y Price Target: $10.00
• Price Target Upside: -14.16% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 0.3
• Revenue Forecast (FY): $124.93M

• Rating: 65 Neutral
• Price Target: $12.50 ▲(7.30% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is driven by mixed financial performance (losses and weaker free cash flow offset by a strong balance sheet and positive cash generation) and a constructive earnings outlook with improving margins and backlog. Technicals are supportive but overbought, while valuation is constrained by negative earnings and no indicated dividend support.

Positive Factors

Conservative Balance Sheet

A modest debt-to-equity (~0.18 TTM) and sizable equity position give inTEST durable financial flexibility. This conservative capital structure supports funding product development, working capital and strategic initiatives through cycles without immediate reliance on dilutive financing.

Positive Cash Generation

inTEST generates positive operating and free cash flow despite a TTM net loss, and free cash flow is close in magnitude to net income. Sustained positive cash generation underpins debt reduction, modest capex, and working capital needs, improving resilience over the medium term.

Diversification & Backlog Visibility

Meaningful revenue diversification (≈80% non-semiconductor in Q4), accelerating new-product traction, and a growing backlog ($53.9M, +36% YoY) provide multi-quarter to multi-year revenue visibility and reduce reliance on a single cyclical market, supporting more stable medium-term growth.

Negative Factors

Profitability Deterioration

A return to net loss and a sharp EBITDA margin contraction materially weaken earnings quality and return metrics. Sustained profitability erosion makes it harder to fund growth internally and undermines long-term shareholder returns unless margin recovery and scale gains are achieved.

Revenue Decline & Semi Exposure

A sizable revenue decline driven largely by semiconductor weakness highlights cyclicality and end-market sensitivity. Until non-semiconductor diversification and new-product adoption scale sufficiently, aggregate revenue remains exposed to uneven demand in semiconductors and broader capital-spending cycles.

Past Covenant Pressure

Reliance on a loan waiver and conditional covenant compliance indicates past financial strain and creates execution risk. If operational improvement lags, access to committed facilities or covenant compliance could constrain liquidity and strategic choices over the medium term.

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 generates revenue through the sale of its core products and services, which include test and measurement equipment, temperature management systems, and automated test solutions. The company earns income from both direct sales and through long-term contracts with semiconductor manufacturers and electronics companies. Key revenue streams include product sales, service agreements, and maintenance contracts. Additionally, inTEST may benefit from partnerships with other technology firms, which can enhance its product offerings and expand its market reach, further contributing to its earnings.

inTEST Financial Statement Overview

Summary

Mixed fundamentals: profitability deteriorated TTM with revenue contraction and a return to losses (weak income statement), but the balance sheet is conservatively levered and cash flow remains positive despite a sharp free-cash-flow decline versus the prior year.

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: 11.65
• 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 11.65 is above the 20-day moving average (MA) of 10.06, above the 50-day MA of 8.89, and above the 200-day MA of 7.78, indicating a bullish trend. The MACD of 0.45 indicates Negative momentum. The RSI at 72.28 is Negative, neither overbought nor oversold. The STOCH value of 70.86 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	65 Neutral	$145.43M	-56.01	-2.24%	―	-2.20%	-204.45%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ASYS	56 Neutral	$188.00M	―	-44.72%	―	-21.59%	-254.69%
COHU	55 Neutral	$1.42B	-18.99	-9.04%	―	-4.50%	-45.79%
AEHR	54 Neutral	$1.15B	-126.67	-6.97%	―	-3.23%	-122.16%
MX	50 Neutral	$98.95M	-2.65	-8.46%	―	-7.79%	10.04%
PXLW	49 Neutral	$39.96M	-1.35	―	―	-38.72%	16.01%