inTEST (INTT) AI Stock Analysis

• Market Cap: $116.97M
• Dividend Yield: N/A
• Average Volume (3M): 35.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.36
• Revenue Growth: -2.20%
• EPS Growth: -204.45%
• Country: US
• Employees: 393
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): -0.02
• Shares Outstanding: 12,483,433
• 10 Day Avg. Volume: 36,875
• 30 Day Avg. Volume: 35,792
• PEG Ratio: -0.51
• Price to Book (P/B): 1.05
• Price to Sales (P/S): 0.80
• P/FCF Ratio: 41.80
• Enterprise Value/Market Cap: 0.96
• Enterprise Value/Revenue: 0.95
• Enterprise Value/Gross Profit: 2.31
• Enterprise Value/Ebitda: 39.34
• 1Y Price Target: $10.00
• Price Target Upside: 3.41% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $9.00 ▼(-6.93% Downside)

The score is held back primarily by weak financial performance (declining revenue and losses) and a negative P/E that limits valuation support. Offsetting factors include constructive technical momentum and a cautiously improving near-term outlook from the earnings call, highlighted by strong orders/backlog and guidance for a Q4 revenue rebound with better gross margin.

Positive Factors

Order and backlog growth / market diversification

Sustained, sizable order intake and a growing backlog provide multi-quarter revenue visibility and indicate demand across diversified end markets (auto/EV, defense/aero, industrial). This reduces single-market exposure and supports durable revenue recovery as backlog converts to shipments.

Conservative leverage and liquidity

Low leverage and a meaningful cash/liquidity buffer give the company financial flexibility to invest in R&D, support larger customer programs, and absorb cyclical downturns without immediate refinancing pressure, supporting longer-term operational stability.

Stable gross margin profile

A persistent ~41% gross margin implies structural pricing power or product mix resilience in test and measurement equipment. When volumes rebound, this margin base can leverage fixed costs and materially improve operating profitability over multiple quarters.

Negative Factors

Revenue decline and persistent profitability shortfall

Falling revenue alongside negative operating and net margins limits free cash generation and long-term shareholder returns. Without sustained revenue growth or margin expansion, the company may struggle to turn positive earnings and deliver consistent returns to investors.

Weak operating cash conversion and FCF pressure

Declining FCF growth and low operating-cash-to-income conversion signal potential liquidity strain and less internal funding for capex or strategic initiatives. Prolonged cash conversion weakness can force reliance on external financing or slow investment in product development.

Operational execution risk from technical delays

Execution issues that delay shipments highlight risks scaling new capabilities (life sciences, semiconductor). Repeated technical setbacks can erode customer trust, delay revenue recognition, and reduce the effective conversion of strong orders/backlog into sustained top-line growth.

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

Financial performance is mixed: revenue declined (-3.32% TTM) and profitability remains negative (negative net profit and EBIT margins), offset by a stable gross margin (~41% TTM), low leverage (debt-to-equity 0.16), and modestly positive EBITDA margin (2.42% TTM). Cash flow shows pressure (FCF growth -6.40% TTM) but relatively good earnings-to-cash conversion (FCF to net income 0.88).

Income Statement

The income statement shows a decline in revenue with a negative revenue growth rate of -3.32% TTM, indicating a challenging market environment. The gross profit margin is relatively stable at 41.29% TTM, but the company is experiencing negative net profit and EBIT margins, reflecting operational inefficiencies and potential cost management issues. The EBITDA margin remains positive at 2.42% TTM, suggesting some level of operational cash flow generation.

Balance Sheet

The balance sheet indicates a moderate debt-to-equity ratio of 0.16 TTM, suggesting a conservative leverage position. However, the return on equity is negative at -2.25% TTM, highlighting challenges in generating returns for shareholders. The equity ratio is not explicitly calculated, but the company's equity position appears stable relative to its assets.

Cash Flow

The cash flow statement shows a decline in free cash flow growth of -6.40% TTM, indicating potential liquidity pressures. The operating cash flow to net income ratio is 0.34 TTM, suggesting that cash generation from operations is not fully supporting net income. However, the free cash flow to net income ratio is relatively strong at 0.88 TTM, indicating efficient conversion of earnings into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	117.61M	130.69M	123.30M	116.83M	84.88M	53.82M
Gross Profit	48.56M	55.42M	56.98M	53.44M	41.22M	24.10M
EBITDA	2.85M	9.74M	16.41M	15.51M	11.64M	3.24M
Net Income	-2.27M	2.89M	9.34M	8.46M	7.28M	-895.00K
Balance Sheet
Total Assets	148.28M	152.29M	134.83M	110.07M	103.91M	62.03M
Cash, Cash Equivalents and Short-Term Investments	21.10M	19.83M	45.26M	13.43M	21.20M	10.28M
Total Debt	18.84M	26.04M	17.46M	22.49M	26.72M	7.26M
Total Liabilities	46.41M	52.50M	38.55M	45.11M	49.08M	17.28M
Stockholders Equity	101.87M	99.79M	96.28M	64.96M	54.82M	44.75M
Cash Flow
Free Cash Flow	9.66M	2.50M	14.91M	-2.75M	9.85M	2.59M
Operating Cash Flow	10.92M	3.82M	16.20M	-1.39M	10.84M	3.25M
Investing Cash Flow	-1.26M	-20.05M	-1.29M	-1.17M	-21.37M	-648.00K
Financing Cash Flow	-7.32M	-8.64M	15.61M	-3.73M	21.73M	-74.00K

inTEST Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.67
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 9.67 is above the 20-day moving average (MA) of 8.79, above the 50-day MA of 8.08, and above the 200-day MA of 7.45, indicating a bullish trend. The MACD of 0.39 indicates Negative momentum. The RSI at 53.73 is Neutral, neither overbought nor oversold. The STOCH value of 74.12 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
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ASYS	57 Neutral	$254.07M	-8.29	-44.68%	―	-21.59%	-254.69%
INTT	56 Neutral	$116.97M	-51.96	-2.24%	―	-2.20%	-204.45%
COHU	53 Neutral	$1.37B	-19.00	-8.53%	―	-4.50%	-45.79%
MX	50 Neutral	$104.35M	-2.77	-8.46%	―	-7.79%	10.04%
AEHR	49 Neutral	$798.15M	-92.01	-6.97%	―	-3.23%	-122.16%
PXLW	49 Neutral	$39.15M	-1.29	―	―	-38.72%	16.01%