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inTEST
(NYSE MKT:INTT)
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Rating:51Neutral
Price Target:
$12.50
▼(-8.16% Downside)
Action:Reiterated
Date:07/31/26
The score is held back primarily by weak cash flow and near break-even profitability despite improving revenue and a strong balance sheet. Technicals add further pressure with the stock trading below key moving averages, and valuation is unfavorable due to an extremely high P/E. Corporate updates are mixed: higher revenue outlook is positive, but margin pressure and an internal-controls weakness temper confidence.
Positive Factors
Conservative balance sheet
Low leverage and a sizeable equity base give inTEST durable financial flexibility. With conservative debt levels the company can fund working capital, absorb cyclical semiconductor capex swings, pursue tuck-in M&A or investment without high interest burden, supporting stability.
Negative Factors
Weak cash generation
Negative operating and free cash flow erode the company's ability to self-fund R&D, capex, and working capital needs. Persisting FCF deficits increase reliance on external financing or equity, raising execution risk and constraining durable reinvestment and shareholder-return options.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage and a sizeable equity base give inTEST durable financial flexibility. With conservative debt levels the company can fund working capital, absorb cyclical semiconductor capex swings, pursue tuck-in M&A or investment without high interest burden, supporting stability.
Read all positive factors
inTEST (INTT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$155.17M
Dividend YieldN/A
Average Volume (3M)226.84K
Price to Earnings (P/E)266.2
Beta (1Y)1.17
Revenue Growth-5.04%
EPS GrowthN/A
CountryUS
Employees407
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.05
Shares Outstanding12,564,657
10 Day Avg. Volume167,726
30 Day Avg. Volume226,836
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)0.88
Price to Sales (P/S)0.80
P/FCF Ratio16.04
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.00Price Target Upside32.26% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.47
Revenue Forecast (FY)$133.90M
inTEST Business Overview & Revenue Model
Company Description
inTEST Corporation is a global provider of specialized equipment and services for manufacturing and testing processes across various industries, including automotive, defense/aerospace, industrial, life sciences, security, and semiconductor sector...
How the Company Makes Money
inTEST makes money primarily by selling specialized capital equipment and consumable/replaceable products used in semiconductor and electronics test and manufacturing. Key revenue streams typically include: (1) product revenue from thermal managem...
inTEST Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveys cautious optimism: a strong Q4 rebound with order momentum, expanding backlog, margin improvement, meaningful diversification away from semiconductors, and a constructive 2026 guide all point to recovery and improved profitability prospects. However, material 2025 year-over-year declines in revenue and profitability driven largely by semiconductor weakness, a modest semi recovery assumed in guidance, past covenant relief, and certain one-time items temper near-term visibility and present risks if macro or semiconductor demand does not strengthen as expected.Positive Updates
Strong Q4 Revenue Beat and Sequential Recovery
Q4 revenue of $32.8M, above guidance and the highest quarter of the year; Q4 revenue rose $6.6M or 25% sequentially from $26.2M in Q3 (including ~$2M of shipments slipped from Q3).
Negative Updates
Full-Year Profitability Decline
Full-year 2025 net loss of $2.5M; full-year adjusted EBITDA $4.0M (3.5% adjusted EBITDA margin) versus $10.8M and an 8.3% margin in 2024, indicating material year-over-year profitability deterioration.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Q4 Revenue Beat and Sequential Recovery
Q4 revenue of $32.8M, above guidance and the highest quarter of the year; Q4 revenue rose $6.6M or 25% sequentially from $26.2M in Q3 (including ~$2M of shipments slipped from Q3).
Read all positive updates
Company Guidance
Management guided Q1 2026 revenue of $31–33M with gross margin of ~44%, operating expenses of $13.3–13.7M and $0.8M of amortization; for full-year 2026 they forecast $125–130M revenue (≈12% growth at the midpoint vs $113.8M in 2025), ~45% gross margin, operating expenses of $53–55M, $2.6M of amortization, approximately $300k of interest expense, an ~18% effective tax rate, and capex of 1–2% of revenue. The guidance assumes no material tariff or geopolitical impact, does not rely on a meaningful semiconductor rebound, expects Q1 margin to be below Q4 due to product/customer mix with higher amortization in H1, anticipates returning to loan‑covenant compliance by midyear, and reflects the company’s strong liquidity position (≈$18.1M cash, ~$58M total liquidity), $7.5M debt outstanding and full access to a $30M delayed‑draw facility plus a $10M revolver.inTEST Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
74
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 121.07M | 113.83M | 130.69M | 123.30M | 116.83M | 84.88M |
| Gross Profit | 52.49M | 48.92M | 55.42M | 56.98M | 53.44M | 41.22M |
| EBITDA | 6.18M | 4.02M | 9.74M | 16.41M | 15.51M | 11.64M |
| Net Income | 591.00K | -2.53M | 2.89M | 9.34M | 8.46M | 7.28M |
Balance Sheet | ||||||
| Total Assets | 150.77M | 151.31M | 152.29M | 134.83M | 110.07M | 103.91M |
| Cash, Cash Equivalents and Short-Term Investments | 12.87M | 14.22M | 19.83M | 45.26M | 13.43M | 21.20M |
| Total Debt | 17.52M | 16.97M | 26.04M | 17.46M | 22.49M | 26.72M |
| Total Liabilities | 46.30M | 47.69M | 52.50M | 38.55M | 45.11M | 49.08M |
| Stockholders Equity | 104.47M | 103.62M | 99.79M | 96.28M | 64.96M | 54.82M |
Cash Flow | ||||||
| Free Cash Flow | -3.58M | 5.68M | 2.50M | 14.91M | -2.75M | 9.85M |
| Operating Cash Flow | -1.53M | 7.32M | 3.82M | 16.20M | -1.39M | 10.84M |
| Investing Cash Flow | -2.05M | -1.63M | -20.05M | -1.29M | -1.17M | -21.37M |
| Financing Cash Flow | -3.15M | -8.22M | -8.64M | 15.61M | -3.73M | 21.73M |
inTEST Technical Analysis
Neutral
13.61
Price Trends
15.74
Negative
15.89
Negative
12.38
Positive
Market Momentum
-0.81
Negative
50.25
Neutral
56.31
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For INTT, the sentiment is Neutral. The current price of 13.61 is below the 20-day moving average (MA) of 13.84, below the 50-day MA of 15.74, and above the 200-day MA of 12.38, indicating a neutral trend. The MACD of -0.81 indicates Negative momentum. The RSI at 50.25 is Neutral, neither overbought nor oversold. The STOCH value of 56.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for INTT.
inTEST Risk Analysis
inTEST disclosed 30 risk factors in its most recent earnings report. inTEST reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
inTEST Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $2.61B | -347.74 | -4.66% | ― | -15.21% | -81.50% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $268.21M | 89.97 | 3.70% | ― | -13.20% | ― | |
58 Neutral | $38.24M | 0.60 | -2573.87% | ― | -38.72% | 16.01% | |
56 Neutral | $2.26B | -57.74 | -4.87% | ― | 32.66% | 55.60% | |
51 Neutral | $155.17M | 266.16 | 0.57% | ― | -5.04% | ― | |
46 Neutral | $118.99M | -3.88 | -12.72% | ― | -18.37% | 8.69% |
* Technology Sector Average
INTT
inTEST
14.37
7.44
107.36%
AEHR
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109.89
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494.64%
ASYS
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17.44
12.93
286.70%
COHU
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52.84
34.37
186.09%
MX
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3.67
0.84
29.68%
PXLW
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6.24
-3.91
-38.55%
inTEST Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
inTEST Raises 2026 Revenue Outlook Amid Margin Pressures
Negative
Jul 31, 2026
On July 31, 2026, InTest reported preliminary results for the quarter ended June 30, 2026, estimating revenue at about $35 million, ahead of earlier guidance, with gross margin near 40% and operating expenses around $13.9 million. Stronger demand ...
Executive/Board ChangesShareholder Meetings
inTEST Shareholders Approve Directors and Governance Proposals
Positive
Jun 18, 2026
At its June 17, 2026 annual meeting, InTest Corporation’s shareholders elected five director nominees, including Steven J. Abrams and Richard Rogoff, to serve until the next annual meeting, with all candidates receiving strong majorities of ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
inTEST Extends Loan Agreement Amid Strong Q1 Growth
Positive
May 5, 2026
On May 4, 2026, inTEST further amended its loan and security agreement with MT Bank, extending the term loan advance period to August 28, 2026 and removing inTEST Silicon Valley Corporation as a guarantor, which modestly adjusts its capital struct...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.