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inTEST
(INTT)
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Rating:58Neutral
Price Target:
$15.50
▲(40.27% Upside)
Action:Reiterated
Date:10/06/26
INTT scores as a balanced/neutral setup: financial stability is supported by low leverage and returning revenue growth, but near-breakeven margins and uneven cash-flow quality constrain the score. Technicals are positive but overbought, while valuation is a clear headwind given the very high P/E. The earnings call adds support via raised revenue guidance and strong order momentum, tempered by mix-driven margin pressure and internal-control remediation needs.
Positive Factors
Semiconductor demand and product relevance
Strengthening semiconductor demand provides a durable market tailwind for inTEST, while newer chillers and advanced manipulators broaden its exposure to rising power and testing requirements. This combination can support future growth as customers expand capacity for AI-related infrastructure.
Negative Factors
Thin profitability and mix-driven margin pressure
Near-breakeven profitability leaves limited room for operational setbacks, cost increases, or weaker demand. The lower-margin Alfamation mix shows that revenue growth may not translate proportionally into earnings, making sustained margin recovery important to the business outlook.
Read all positive and negative factors
Positive Factors
Negative Factors
Semiconductor demand and product relevance
Strengthening semiconductor demand provides a durable market tailwind for inTEST, while newer chillers and advanced manipulators broaden its exposure to rising power and testing requirements. This combination can support future growth as customers expand capacity for AI-related infrastructure.
Read all positive factors
inTEST (INTT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$186.62M
Dividend Yield3.31%
Average Volume (3M)120.76K
Price to Earnings (P/E)114.0
Beta (1Y)1.09
Revenue Growth5.44%
EPS GrowthN/A
CountryUS
Employees396
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.13
Shares Outstanding12,825,786
10 Day Avg. Volume136,093
30 Day Avg. Volume120,760
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 Cap1.19
Enterprise Value/Revenue1.73
Enterprise Value/Gross Profit4.04
Enterprise Value/Ebitda26.19
Forecast
1Y Price Target
$19.00Price Target Upside71.95% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.44
Revenue Forecast (FY)$138.33M
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 test and measurement equipment and related systems to customers—most notably in the semiconductor ecosystem—through its operating business units. Revenue is generated mainly from (a) product sales of capital...
inTEST Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call portrayed solid top-line momentum with meaningful YoY revenue growth, strengthened semi order intake, improved adjusted EBITDA and a strong liquidity position—all underpinning a raised full-year revenue outlook. However, near-term margin pressure due to revenue mix (lower-margin Alfamation Auto/EV work), modest GAAP profitability, sequential softness in certain end markets, and a disclosed material weakness in internal controls present tangible execution and quality-of-earnings concerns. On balance, the positive commercial momentum, guidance raise, and cash generation outweigh the challenges, though margin recovery and remediation of controls are key items to monitor.Positive Updates
Revenue Growth and Sequential Momentum
Q2 revenue of $35.3M, up 26% year-over-year (from $28.1M) and up 4% sequentially from Q1 ($33.9M). This marks the third consecutive quarter of sequential revenue growth and the second consecutive quarter of YoY growth above 25%.
Negative Updates
Gross Margin Pressure from Mix Shift
Q2 gross margin was ~40.5%, down 280 basis points sequentially and down 210 basis points year-over-year, driven by a mix shift toward high-revenue, lower-margin Auto/EV Alfamation shipments and a shortfall of higher-contribution revenue that shifted to Q3.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Growth and Sequential Momentum
Q2 revenue of $35.3M, up 26% year-over-year (from $28.1M) and up 4% sequentially from Q1 ($33.9M). This marks the third consecutive quarter of sequential revenue growth and the second consecutive quarter of YoY growth above 25%.
Read all positive updates
Company Guidance
Management introduced Q3 guidance and reiterated a raised full‑year outlook: for Q3 they project revenue of $33.0M–$35.0M, gross margin of ~44%, operating expenses of $13.8M–$14.2M and amortization of $0.5M; for the full year they now expect revenue of $135M–$140M (midpoint ≈21% growth vs 2025’s $113.8M), gross margin of ~43%, operating expenses of $55M–$57M, amortization of $2.6M, interest expense of ≈$0.3M, an effective tax rate of ~18% and capital expenditures of 1%–2% of revenue; the guidance excludes potential acquisitions and restructuring costs and assumes macroeconomic conditions remain unchanged.inTEST Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
74
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 128.26M | 113.83M | 130.69M | 123.30M | 116.83M | 84.88M |
| Gross Profit | 54.82M | 48.92M | 55.42M | 56.98M | 53.44M | 41.22M |
| EBITDA | 8.45M | 4.02M | 9.69M | 16.41M | 15.51M | 11.64M |
| Net Income | 1.57M | -2.53M | 2.89M | 9.34M | 8.46M | 7.28M |
Balance Sheet | ||||||
| Total Assets | 149.10M | 151.31M | 152.29M | 134.83M | 110.07M | 103.91M |
| Cash, Cash Equivalents and Short-Term Investments | 22.10M | 14.22M | 19.83M | 45.26M | 13.43M | 21.20M |
| Total Debt | 14.79M | 16.97M | 26.04M | 17.46M | 22.49M | 26.72M |
| Total Liabilities | 41.41M | 47.69M | 52.50M | 38.55M | 45.11M | 49.08M |
| Stockholders Equity | 107.70M | 103.62M | 99.79M | 96.28M | 64.96M | 54.82M |
Cash Flow | ||||||
| Free Cash Flow | 3.48M | 5.68M | 2.50M | 14.91M | -2.75M | 9.85M |
| Operating Cash Flow | 5.47M | 7.32M | 3.82M | 16.20M | -1.39M | 10.84M |
| Investing Cash Flow | -1.99M | -1.63M | -20.05M | -1.29M | -1.17M | -21.37M |
| Financing Cash Flow | -335.00K | -8.22M | -8.64M | 15.61M | -3.73M | 21.73M |
inTEST Technical Analysis
Positive
11.05
Price Trends
12.29
Positive
14.14
Positive
13.39
Positive
Market Momentum
0.71
Negative
68.55
Neutral
78.14
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 11.05 is below the 20-day moving average (MA) of 12.15, below the 50-day MA of 12.29, and below the 200-day MA of 13.39, indicating a bullish trend. The MACD of 0.71 indicates Negative momentum. The RSI at 68.55 is Neutral, neither overbought nor oversold. The STOCH value of 78.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for INTT.
inTEST Risk Analysis
inTEST disclosed 31 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 |
|---|---|---|---|---|---|---|---|
63 Neutral | $3.23B | -82.05 | -4.91% | 1.11% | 32.66% | 55.60% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $2.76B | -368.00 | -4.66% | ― | -15.21% | -81.50% | |
59 Neutral | $35.93M | 0.55 | 434.73% | ― | ― | ― | |
58 Neutral | $186.62M | 114.03 | 1.50% | 3.31% | 5.44% | ― | |
57 Neutral | $288.01M | 60.23 | 4.95% | ― | -2.35% | ― | |
49 Neutral | $118.69M | -3.71 | -12.72% | ― | -18.29% | 8.69% |
* Technology Sector Average
INTT
inTEST
14.55
6.40
78.53%
AEHR
Aehr Test Systems
84.64
59.12
231.66%
ASYS
Amtech Systems
16.45
7.16
77.17%
COHU
Cohu
68.19
46.91
220.44%
MX
MagnaChip
3.12
0.07
2.30%
PXLW
Pixelworks
5.94
-9.29
-61.00%
inTEST Corporate Events
Business Operations and StrategyPrivate Placements and Financing
inTEST Extends Term Loan Facility, Boosting Financial Flexibility
Positive
Aug 17, 2026
On August 14, 2026, inTEST Corporation further amended its long‑standing Loan and Security Agreement with MT Bank, entering into an Eighth Amendment that extends the period during which the company may draw advances under its term loan facil...
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 ...
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.