Intevac (IVAC) AI Stock Analysis

• Market Cap: $108.54M
• Dividend Yield: 1.25%
• Average Volume (3M): 469.79K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.10
• Revenue Growth: 21.48%
• EPS Growth: -217.54%
• Country: US
• Employees: 106
• Sector: Industrials
• Sector Strength: 66
• Industry: Aerospace & Defense
• EPS (TTM): -1.49
• Shares Outstanding: 23,232,000
• 10 Day Avg. Volume: 220,850
• 30 Day Avg. Volume: 469,788
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): 1.71
• Price to Cash Flow (P/CF): 3.60
• P/FCF Ratio: 3.60
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 1

Intevac's overall score reflects significant challenges with profitability and cash flow, weighing heavily on the stock's performance. While technical indicators suggest some positive momentum, the negative P/E ratio and liquidity concerns underscore the need for operational improvements. The modest dividend yield offers limited support to the valuation.

Positive Factors

Acquisition

Seagate's acquisition of Intevac in an all-cash transaction valued at $119 million represents a significant strategic investment.

Financial Performance

Intevac posted a smaller than expected loss for the September quarter, with sales surpassing investor expectations by $17 million.

Negative Factors

Product Development

The qualification of a TRIO tool was unsuccessful, leading Intevac to scale down its TRIO efforts.

Profit Margins

GAAP gross margins for Intevac fell to 24.8%, a significant decline from 38.2% reported in the June quarter.

Intevac Business Overview & Revenue Model

Company Description

Intevac, Inc. (IVAC) is a technology company primarily engaged in the design and manufacture of advanced thin-film processing systems and high-productivity process equipment. The company's core sectors include the hard disk drive (HDD) industry and the emerging market for protective coatings and materials. Intevac also provides high-performance imaging sensors and cameras for the defense industry, leveraging its expertise in sensor design and manufacturing.

How the Company Makes Money

Intevac generates revenue through the sale of its thin-film processing systems and equipment to manufacturers in the hard disk drive industry, which require high-precision technology for coating magnetic disks. Additionally, the company earns income from its imaging systems division by selling high-performance sensors and cameras primarily for military applications. Intevac's revenue streams are supplemented by service agreements, maintenance contracts, and spare parts sales, which provide ongoing support and operational longevity for its installed systems. Strategic partnerships and collaborations in both its core sectors and emerging markets also contribute to its financial performance.

Intevac Financial Statement Overview

Summary

Intevac's financial position highlights a company in transition, grappling with profitability and cash flow issues despite maintaining a reasonable equity base and manageable debt levels. The firm needs to focus on improving operational efficiency and stabilizing revenue growth to enhance financial health.

Income Statement

Intevac's revenue has been volatile, decreasing from 2019 to 2021 before a slight recovery in 2023 and 2024. The company has consistently reported negative net income and EBIT, indicating ongoing profitability challenges. Despite a recent increase in revenue, the net profit margin remains negative due to high operating losses.

Balance Sheet

Intevac maintains a solid equity base with a moderate debt-to-equity ratio, indicating lower leverage. However, continuous losses have eroded stockholders' equity over time. The equity ratio remains healthy, suggesting asset stability, but the company's declining net income affects return on equity.

Cash Flow

The company faces challenges with cash flow generation, evidenced by inconsistent free cash flow and operating cash flow to net income ratios. Although free cash flow turned positive in 2024, historical negative cash flows indicate operational inefficiencies and potential liquidity concerns.

Breakdown
Dec 2024	Dec 2023	Dec 2022	Mar 2022	Mar 2021
Income Statement		Total Revenue
63.98M	52.66M	35.76M	38.52M	97.82M
	Gross Profit
2.53M	20.23M	15.09M	7.07M	40.55M
	EBIT
-40.89M	-13.24M	-16.51M	-22.48M	-925.00K
	EBITDA
-28.51M	-11.71M	-13.94M	-19.03M	-5.40M
	Net Income Common Stockholders
-39.80M	-12.19M	-16.75M	-23.06M	1.06M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
67.21M	68.85M	94.44M	112.95M	44.18M
	Total Assets
109.72M	156.51M	173.06M	157.77M	127.24M
	Total Debt
6.80M	7.98M	4.82M	6.79M	9.66M
	Net Debt
-38.31M	-43.46M	-89.62M	-106.16M	-34.52M
	Total Liabilities
31.65M	40.99M	49.61M	23.75M	25.68M
	Stockholders Equity
78.07M	115.52M	123.45M	134.01M	101.56M
Cash Flow		Free Cash Flow
5.62M	-40.50M	-9.35M	-920.00K	6.24M
	Operating Cash Flow
7.92M	-35.07M	-7.43M	278.00K	8.85M
	Investing Cash Flow
-14.65M	18.28M	-28.42M	71.20M	-599.00K
	Financing Cash Flow
432.00K	-624.00K	2.36M	1.90M	1.10M

Intevac Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 4.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Negative
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IVAC, the sentiment is Positive. The current price of 4 is above the 20-day moving average (MA) of 3.99, above the 50-day MA of 3.78, and above the 200-day MA of 3.46, indicating a bullish trend. The MACD of 0.05 indicates Positive momentum. The RSI at 70.35 is Negative, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IVAC.

Intevac Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLAB	75 Outperform	$1.12B	7.50	13.70%	―	-3.85%	5.95%
ONTO	73 Outperform	$5.62B	28.32	11.01%	―	21.01%	65.27%
MKSI	72 Outperform	$4.30B	22.67	7.93%	1.38%	-0.99%	―
VECO	70 Neutral	$1.04B	14.60	10.43%	―	7.63%	―
Sector *	62 Neutral	$4.17B	11.26	5.46%	215.76%	4.12%	-8.54%
ASYS	57 Neutral	$51.15M	43.03	1.46%	―	-13.71%	―
IVAC	51 Neutral	$108.54M	―	-42.25%	1.25%	21.48%	-217.54%

Intevac Corporate Events

Intevac Completes Merger and Plans Nasdaq Delisting

On March 31, 2025, Intevac completed a merger, becoming an indirect wholly owned subsidiary of its Parent company, without requiring a stockholder vote. Following the merger, Intevac requested the Nasdaq to halt trading, suspend, and delist its common stock, and plans to terminate its registration and reporting obligations with the SEC.