inTest (INTT)
Market Price (7/22/2026): $14.59 | Market Cap: $178.8 MilSector: Information Technology | Industry: Semiconductor Materials & Equipment
inTest (INTT)
Market Price (7/22/2026): $14.59Market Cap: $178.8 MilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Artificial Intelligence. Themes include AI Chips, and Data Centers & Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -8.9%, 3Y Excs Rtn is -97% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/EPrice/Earnings or Price/(Net Income) is 300x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% Key risksINTT key risks include [1] its dependence on cyclical customer spending in key markets like semiconductors and automotive/EV, Show more. |
| Megatrend and thematic driversMegatrends include Artificial Intelligence. Themes include AI Chips, and Data Centers & Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -8.9%, 3Y Excs Rtn is -97% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 192x, P/EPrice/Earnings or Price/(Net Income) is 300x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.9% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.3%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.1% |
| Key risksINTT key risks include [1] its dependence on cyclical customer spending in key markets like semiconductors and automotive/EV, Show more. |
Qualitative Assessment
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inTest (INTT) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Raised Full-Year Guidance.
InTest reported robust fiscal Q1 2026 results on May 5, 2026, with adjusted earnings per share (EPS) of $0.16, significantly beating consensus estimates of $0.09 by 77.78%, and revenue of $33.9 million, surpassing expectations of $31.7 million. Despite an initial stock price decline post-earnings, the company's strong underlying performance, including 27.2% year-over-year revenue growth and a gross margin of 45.5%, combined with a raised full-year 2026 revenue guidance to between $130 million and $135 million, provided a strong fundamental basis for subsequent investor confidence and stock recovery.
2. Diversified Growth in Non-Semiconductor End Markets.
A key driver for the stock's positive trend was inTest's successful diversification and strong performance in non-semiconductor sectors. In fiscal Q1 2026, the company's revenue growth was significantly fueled by gains in defense/aerospace, life sciences, and automotive/EV markets, which collectively accounted for 69% of the quarter's revenue. This strategic shift into higher-growth and less volatile markets helped to mitigate risks associated with the semiconductor market and attracted investor interest.
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inTest (INTT) stock has gained about 5% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q1 2026 Financial Performance and Raised Full-Year Guidance.
InTest reported robust fiscal Q1 2026 results on May 5, 2026, with adjusted earnings per share (EPS) of $0.16, significantly beating consensus estimates of $0.09 by 77.78%, and revenue of $33.9 million, surpassing expectations of $31.7 million. Despite an initial stock price decline post-earnings, the company's strong underlying performance, including 27.2% year-over-year revenue growth and a gross margin of 45.5%, combined with a raised full-year 2026 revenue guidance to between $130 million and $135 million, provided a strong fundamental basis for subsequent investor confidence and stock recovery.
2. Diversified Growth in Non-Semiconductor End Markets.
A key driver for the stock's positive trend was inTest's successful diversification and strong performance in non-semiconductor sectors. In fiscal Q1 2026, the company's revenue growth was significantly fueled by gains in defense/aerospace, life sciences, and automotive/EV markets, which collectively accounted for 69% of the quarter's revenue. This strategic shift into higher-growth and less volatile markets helped to mitigate risks associated with the semiconductor market and attracted investor interest.
3. Inclusion in Russell 2000 and 3000 Indexes.
InTest's addition to the Russell 2000 and Russell 3000 Indexes, effective June 29, 2026, provided a notable boost to its stock performance. Inclusion in these widely recognized indexes typically increases a company's market visibility and can generate passive investment demand, as index-tracking funds and exchange-traded funds (ETFs) acquire shares to align with the revised benchmarks.
4. Favorable Analyst Sentiment and Price Targets.
The stock benefited from positive analyst sentiment, maintaining a "Moderate Buy" or "Buy" consensus rating. Analysts issued average 12-month price targets ranging from $18.00 to $19.33, representing an estimated upside potential of approximately 30-40% from its trading price during the period. This optimistic outlook from the investment community likely contributed to sustained investor interest and the stock's upward movement.
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Stock Movement Drivers
Fundamental Drivers
The 6.0% change in INTT stock from 3/31/2026 to 7/21/2026 was primarily driven by a 6.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.65 | 14.47 | 6.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 114 | 121 | 6.4% |
| P/S Multiple | 1.5 | 1.5 | 0.0% |
| Shares Outstanding (Mil) | 12 | 12 | -0.3% |
| Cumulative Contribution | 6.0% |
Market Drivers
3/31/2026 to 7/21/2026| Return | Correlation | |
|---|---|---|
| INTT | 6.0% | |
| Market (SPY) | 15.1% | 55.1% |
| Sector (XLK) | 36.0% | 58.3% |
Fundamental Drivers
The 93.7% change in INTT stock from 12/31/2025 to 7/21/2026 was primarily driven by a 88.9% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.47 | 14.47 | 93.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 118 | 121 | 2.9% |
| P/S Multiple | 0.8 | 1.5 | 88.9% |
| Shares Outstanding (Mil) | 12 | 12 | -0.4% |
| Cumulative Contribution | 93.7% |
Market Drivers
12/31/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| INTT | 93.7% | |
| Market (SPY) | 10.0% | 42.0% |
| Sector (XLK) | 25.7% | 49.2% |
Fundamental Drivers
The 98.8% change in INTT stock from 6/30/2025 to 7/21/2026 was primarily driven by a 110.6% change in the company's P/S Multiple.| (LTM values as of) | 6302025 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.28 | 14.47 | 98.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 128 | 121 | -5.0% |
| P/S Multiple | 0.7 | 1.5 | 110.6% |
| Shares Outstanding (Mil) | 12 | 12 | -0.6% |
| Cumulative Contribution | 98.8% |
Market Drivers
6/30/2025 to 7/21/2026| Return | Correlation | |
|---|---|---|
| INTT | 98.8% | |
| Market (SPY) | 22.1% | 37.7% |
| Sector (XLK) | 43.4% | 43.2% |
Fundamental Drivers
The -44.9% change in INTT stock from 6/30/2023 to 7/21/2026 was primarily driven by a -94.3% change in the company's Net Income Margin (%).| (LTM values as of) | 6302023 | 7212026 | Change |
|---|---|---|---|
| Stock Price ($) | 26.26 | 14.47 | -44.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 125 | 121 | -2.9% |
| Net Income Margin (%) | 8.6% | 0.5% | -94.3% |
| P/E Multiple | 26.4 | 300.0 | 1036.7% |
| Shares Outstanding (Mil) | 11 | 12 | -12.2% |
| Cumulative Contribution | -44.9% |
Market Drivers
6/30/2023 to 7/21/2026| Return | Correlation | |
|---|---|---|
| INTT | -44.9% | |
| Market (SPY) | 74.8% | 35.8% |
| Sector (XLK) | 111.9% | 38.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INTT Return | 96% | -19% | 32% | -37% | -13% | 81% | 108% |
| Peers Return | 61% | -34% | 59% | 5% | 66% | 79% | 426% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| INTT Win Rate | 58% | 42% | 58% | 42% | 42% | 71% | |
| Peers Win Rate | 67% | 40% | 65% | 50% | 60% | 71% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| INTT Max Drawdown | -42% | -53% | -56% | -54% | -40% | -29% | |
| Peers Max Drawdown | -21% | -52% | -20% | -36% | -36% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMAT, LRCX, KLAC, TER, Q.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/21/2026 (YTD)
How Low Can It Go
| Event | INTT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.7% | -18.8% |
| % Gain to Breakeven | 40.2% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -42.6% | -7.8% |
| % Gain to Breakeven | 74.2% | 8.5% |
| Time to Breakeven | 564 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.7% | -24.5% |
| % Gain to Breakeven | 106.9% | 32.4% |
| Time to Breakeven | 190 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.5% | -33.7% |
| % Gain to Breakeven | 159.8% | 50.9% |
| Time to Breakeven | 279 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.5% | -19.2% |
| % Gain to Breakeven | 43.9% | 23.8% |
| Time to Breakeven | 772 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -13.5% | -12.2% |
| % Gain to Breakeven | 15.6% | 13.9% |
| Time to Breakeven | 12 days | 62 days |
In The Past
inTest's stock fell -28.7% during the 2025 US Tariff Shock. Such a loss loss requires a 40.2% gain to breakeven.
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Asset Allocation
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| Event | INTT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -28.7% | -18.8% |
| % Gain to Breakeven | 40.2% | 23.1% |
| Time to Breakeven | 65 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -42.6% | -7.8% |
| % Gain to Breakeven | 74.2% | 8.5% |
| Time to Breakeven | 564 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -51.7% | -24.5% |
| % Gain to Breakeven | 106.9% | 32.4% |
| Time to Breakeven | 190 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -61.5% | -33.7% |
| % Gain to Breakeven | 159.8% | 50.9% |
| Time to Breakeven | 279 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -30.5% | -19.2% |
| % Gain to Breakeven | 43.9% | 23.8% |
| Time to Breakeven | 772 days | 105 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -26.2% | -6.8% |
| % Gain to Breakeven | 35.4% | 7.3% |
| Time to Breakeven | 363 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.4% | -17.9% |
| % Gain to Breakeven | 52.5% | 21.8% |
| Time to Breakeven | 122 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -94.8% | -53.4% |
| % Gain to Breakeven | 1825.5% | 114.4% |
| Time to Breakeven | 407 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -37.0% | -8.6% |
| % Gain to Breakeven | 58.7% | 9.5% |
| Time to Breakeven | 2512 days | 47 days |
In The Past
inTest's stock fell -28.7% during the 2025 US Tariff Shock. Such a loss loss requires a 40.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About inTest (INTT)
inTest Corporation (INTT) supplies critical test and process solutions across a variety of manufacturing and testing environments. The company's products are essential for quality control and performance validation in industries such as automotive, defense/aerospace, industrial, life sciences, security, and especially semiconductors. Essentially, inTest helps its clients ensure that their components and systems function correctly under specific conditions.
The company operates through two primary segments. The Thermal Products segment provides sophisticated temperature management tools, including ThermoStream products for precise temperature control, thermal chambers, and ultra-cold storage solutions like biomedical freezers. It also offers induction heating systems and digital imaging solutions, serving a broad range of applications. The Electromechanical Semiconductor Products (EMS) segment is specialized for the semiconductor industry, offering manipulators to accurately position test heads, docking hardware for reliable electrical connections, and advanced scorpion flying probe test systems. These EMS solutions are crucial for the back-end production testing of semiconductor wafers and integrated circuits.
inTest's diverse customer base includes semiconductor manufacturers, third-party foundries, test and assembly providers, and original equipment manufacturers (OEMs). By providing specialized equipment for thermal conditioning, precise component handling, and electrical testing, inTest enables these customers to maintain high standards of quality and reliability in their complex manufacturing and testing processes, supporting the development of advanced technology across numerous critical sectors.
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- The Brooks Automation for specialized thermal and electromechanical testing solutions.
- The Applied Materials for semiconductor testing and thermal management equipment.
- A more industrial, integrated Keysight Technologies, building precision thermal and robotic test equipment.
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- ThermoStream products: Stand-alone temperature management tools used in semiconductor and electronic test applications.
- Thermal Chambers: Environmental chambers utilized for testing various products.
- Thermal Platforms: Platforms specifically designed for precise temperature conditioning.
- Thermonics temperature conditioning products: Systems that provide tempered gas or fluid for conditioning applications.
- Ultra-cold storage solutions: Biomedical freezers, refrigerators, and mobile units offering ultra-cold storage capabilities.
- EKOHEAT and EASYHEAT induction heating systems: Systems used for efficient induction heating processes.
- Digital streaming and image capturing solutions: Technologies enabling the streaming and capture of digital images.
- Manipulators (in2, Cobal, LS series): Devices that hold and reposition test heads for use with probers or handlers.
- Docking hardware products: Components designed to protect interface contacts and ensure precise alignment between test heads and test equipment.
- Tester interfaces: Systems providing electrical connections between a tester and wafer prober or integrated circuit handler.
- Scorpion flying probe test systems: Robotics-based electronic test equipment for circuit board testing.
- Application support services: Support provided for robotics-based electronic test equipment.
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Major Customers of inTest (INTT)
Based on the provided background, inTest primarily sells its products and solutions to other companies (business-to-business). The major customers are identified by the following categories of companies:
- Semiconductor manufacturers
- Third-party foundries
- Test and assembly providers
- Original equipment manufacturers (OEMs)
The provided background information describes these customer categories but does not specify individual customer company names or their public symbols.
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Richard N. Grant, Jr. President and Chief Executive Officer
Richard N. Grant, Jr. was appointed as President and Chief Executive Officer of inTEST Corporation in August 2020. He is the first externally hired CEO for the company, with the intention of driving change. Prior to joining inTEST, Mr. Grant served as Senior Vice President, Americas Region Measurement & Analytics, at ABB Ltd from June 2017 to August 2020. Before ABB, he held the position of Corporate Vice President and General Manager of the Materials Analysis Division at AMETEK Inc., an electronic instrument and electromechanical manufacturer, from April 2013 until June 2017. He also served as an Operating Officer of AMETEK Inc. and a Board Member of SEIKO EG&G CO. LTD., a joint venture. Earlier in his career, from March 1997 to April 2013, Mr. Grant worked at Emerson Electric in various leadership capacities, including Vice President/General Manager of the Temperature Business unit of Rosemont Measurement and Vice President Strategic Planning for Emerson Process Management. He has a passion for strategic acquisition and partnerships, a focus he maintained at Emerson and AMETEK.
Duncan Gilmour Chief Financial Officer, Treasurer and Secretary
Duncan Gilmour was appointed as Chief Financial Officer, Treasurer, and Secretary of inTEST Corporation in June 2021. Prior to his role at inTEST, Mr. Gilmour served as Americas Region Controller of the Process Automation Measurement and Analytics Division of ABB, Inc. from June 2017 to June 2021. Before his time at ABB, Inc., he was the Finance Director of Enterprise Support for Tyco International, Corporate, from December 2014 to May 2017. Earlier in his career, Mr. Gilmour worked at Coopers & Lybrand (now PricewaterhouseCoopers LLP), where he held positions including Audit Manager, Senior Associate, Supervisor, and Audit Associate from 1993 to 2004.
Joseph McManus Division President for Electronic Test
Joseph McManus joined inTEST in February 2021 as Vice President and General Manager of EMS, and was subsequently promoted to Division President, Electronic Test, in January 2022. Before joining inTEST, Mr. McManus served as Vice President of Sales for CECO Environmental in the Fluid Handling division from November 2016 to September 2020. Prior to CECO, he spent 20 years at Akrion, a semiconductor capital equipment supplier, from February 1996 to November 2016, where his roles included Vice President-Sales and Marketing and Global Product Manager.
Richard B. Rogoff President of Environmental Technologies Division
Richard B. Rogoff joined inTEST in October 2021 as Vice President, Corporate Development, and was promoted to Division President, Environmental Technologies, in June 2025. Most recently, he operated a consulting business, providing M&A and strategy advisory services to various clients, including inTEST. He previously spent seven years with Onto Innovation Inc., a semiconductor capital equipment supplier.
Michael F. Goodrich President of Process Technologies Division
Michael F. Goodrich joined inTEST in January 2024 as President, Process Technologies Division. Before joining inTEST, Mr. Goodrich was the Vice President of Operations at Vixar Inc., a subsidiary of asm OSRAM. Prior to that, he served as President of GBS, LLC, where he offered strategic and process improvement advisory services to technology and manufacturing businesses. Mr. Goodrich spent over two decades of his career at Rudolph Technologies, where he advanced through various roles of increasing responsibility.
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Key Risks to inTest (INTT)
- Dependence on the Semiconductor Industry: A substantial portion of inTest's business, across both its Thermal Products and Electromechanical Semiconductor Products segments, is directed towards the semiconductor market. This industry is characterized by cyclical demand, rapid technological changes, and significant fluctuations in capital expenditures by semiconductor manufacturers, third-party foundries, and test and assembly providers. Any downturn or slowdown in the semiconductor industry, or a shift in technology that reduces the demand for inTest's specialized testing and process solutions, could materially and adversely impact the company's revenue and profitability.
- Technological Obsolescence and Innovation Requirements: As a provider of test and process solutions for industries such as semiconductors, automotive, defense/aerospace, and life sciences, inTest operates in environments where technology evolves rapidly. The company's continued success relies on its ability to anticipate and adapt to these advancements by developing and enhancing its product offerings, including its manipulators, docking hardware, tester interfaces, thermal management tools, and induction heating systems. Failure to innovate, keep pace with new industry standards, or meet evolving customer requirements could lead to its products becoming obsolete, resulting in a loss of market share and competitive disadvantage.
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inTest Corporation (INTT) participates in several addressable markets for its diverse product and service offerings, including semiconductor test equipment, thermal management solutions, ultra-cold storage solutions, and induction heating systems.
Semiconductor Test Equipment Market
- The global semiconductor test equipment market was valued at USD 7.65 billion in 2025 and is projected to grow to USD 14.38 billion by 2034.
- Another estimate places the global semiconductor test equipment market size at USD 15.06 billion in 2025, with a projected increase to USD 21.59 billion by 2031.
- The semiconductor automated test equipment (ATE) segment, a component of the broader market, was estimated at USD 5.46 billion globally in 2024 and is expected to reach USD 8.35 billion by 2032, growing at a CAGR of 5.45% from 2025.
- North America is projected to lead the global semiconductor automated test equipment market, holding a 56.90% share in 2024.
Thermal Management Market
- The global thermal management technologies market was valued at USD 14.10 billion in 2023 and is expected to grow to USD 37.35 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 10.23%.
- More specifically, the global industrial thermal management market was valued at USD 9.1 billion in 2024 and is anticipated to reach USD 20.2 billion by 2035 from USD 9.8 billion in 2025, with a CAGR of 7.5%.
- North America was the largest revenue-generating market for thermal management technologies in 2023.
Ultra-Cold Storage Solutions Market
- The global cold storage market size was estimated at USD 185.75 billion in 2025 and is projected to reach USD 474.21 billion by 2033, growing at a CAGR of 11.8% from 2026.
- North America led the global cold storage market, accounting for a 33.6% revenue share in 2025.
Induction Heating Systems Market
- The global induction heating system market was estimated at USD 2.3 billion in 2025 and is projected to grow to USD 4.1 billion by 2035, at a CAGR of 6.2%.
- The U.S. market for induction heating systems dominated North America with approximately a 72% share in 2025, generating USD 371.4 million in revenue.
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inTest Corporation (INTT) is expected to drive future revenue growth over the next 2-3 years through several key strategies, including continued diversification into non-semiconductor markets, strategic acquisitions and the integration of new businesses, the introduction of innovative new products, and ongoing geographic expansion.
Here are the key drivers:
- Diversification into Non-Semiconductor Markets: inTest is actively expanding its presence in industrial, life sciences, defense/aerospace, and automotive/EV markets. This diversification strategy has been highlighted as effective in mitigating the impact of semiconductor market weakness, with nearly 80% of Q4 2025 revenue derived from these non-semi sectors. Management expects continued growth from these markets.
- Strategic Acquisitions and Integration: The company's growth strategy heavily relies on strategic acquisitions, such as the March 2024 purchase of Alfamation S.p.A., which significantly boosted its presence in the automotive/EV and life sciences sectors and expanded its European footprint. Acquisitions like Alfamation and Acculogic are already contributing to top-line growth and expanding inTest's capabilities in areas like EV battery testing and circuit board validation. InTest's Vision 2030 includes a goal of $50 million to $60 million in acquired revenue, plus an additional $10 million to $20 million from future acquisitions.
- New Product Development and Innovation: A core component of inTest's Vision 2030 strategy is to derive 25% of its total revenue from new products developed and launched within the preceding five years. The company is focused on innovation, including the development of advanced solutions like the Hover Sense Non-Contact Probe Testing technology for EV battery testing and next-generation induction heating systems. The integration of AI capabilities into products to enhance diagnostics and optimize performance is also underway.
- Geographic Expansion: inTest is actively pursuing expansion into new geographical territories and strengthening its global distribution networks. The acquisition of Alfamation expanded its reach within Europe. Additionally, the company is progressing with the build-out of a new facility in Malaysia, aiming to enhance its position in Southeast Asia. These efforts are designed to broaden market reach and create resilient diversification.
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Share Repurchases
- On November 20, 2023, inTEST's Board of Directors authorized a share repurchase plan of up to $10 million.
Share Issuance
- In 2024, inTEST issued 187,432 shares of its common stock, valued at $2.1 million, as part of the consideration for the acquisition of Alfamation S.p.A.
- The company reported the issuance of unvested shares of restricted stock awards amounting to $1.04 million in 2025 and $1.58 million in 2024.
Outbound Investments
- In 2024, inTEST acquired Alfamation S.p.A. for approximately €20 million, which included €18 million in cash (approximately $19.7 million) and 187,432 shares of inTEST common stock (valued at $2.1 million). This acquisition aimed to expand its automotive test capabilities and enter the consumer electronics market.
- The company's Vision 2030 strategy includes the pursuit of acquisitions for inorganic growth opportunities.
Capital Expenditures
- Capital expenditures were $0.5 million in the fourth quarter of 2025.
- For the full year 2026, capital expenditures are estimated to be approximately 1% to 2% of the projected revenue, which is between $125 million and $130 million.
- InTest invested $9.4 million in 2025 and $8.5 million in 2024 in engineering and product development.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| inTest Earnings Notes | 12/16/2025 | |
| How Low Can inTest Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 269.78 |
| Mkt Cap | 171.7 |
| Rev LTM | 9,024 |
| Op Inc LTM | 3,257 |
| FCF LTM | 2,454 |
| FCF 3Y Avg | 3,534 |
| CFO LTM | 2,801 |
| CFO 3Y Avg | 3,862 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.1% |
| Rev Chg 3Y Avg | 7.5% |
| Rev Chg Q | 20.7% |
| QoQ Delta Rev Chg LTM | 4.8% |
| Op Inc Chg LTM | 29.1% |
| Op Inc Chg 3Y Avg | 13.7% |
| Op Mgn LTM | 28.7% |
| Op Mgn 3Y Avg | 29.6% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 25.9% |
| CFO/Rev 3Y Avg | 27.9% |
| FCF/Rev LTM | 18.3% |
| FCF/Rev 3Y Avg | 21.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Test | 56 | 64 | 41 | 40 | |
| Environmental Technologies | 29 | 29 | 31 | 30 | |
| Process Technologies | 28 | 38 | 51 | 46 | |
| Corporate & Other | 0 | 0 | |||
| Electromechanical Semiconductor("EMS") | 33 | ||||
| Thermal | 52 | ||||
| Total | 114 | 131 | 123 | 117 | 85 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Test | 7 | 9 | 10 | 10 | |
| Environmental Technologies | 2 | 2 | 3 | 4 | |
| Process Technologies | 0 | 5 | 10 | 8 | |
| Corporate & Other | -13 | -12 | -4 | ||
| Acquired intangible amortization | -2 | -3 | |||
| Corporate expenses | -10 | -9 | |||
| Electromechanical Semiconductor("EMS") | 9 | ||||
| Thermal | 3 | ||||
| Total | -4 | 3 | 10 | 11 | 8 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Electromechanical Semiconductor("EMS") | 8 | -1 | 2 | 5 | 5 |
| Thermal | 2 | 0 | 2 | -0 | -2 |
| Corporate & Other | -3 | -0 | -1 | -1 | -2 |
| Total | 7 | -1 | 2 | 3 | 1 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electronic Test | 76 | 76 | 33 | 31 | 26 |
| Process Technologies | 48 | 51 | 57 | 57 | 52 |
| Environmental Technologies | 23 | 21 | 17 | 18 | 15 |
| Corporate & Other | 5 | 5 | 29 | 4 | 10 |
| Total | 151 | 152 | 135 | 110 | 104 |
Price Behavior
| Market Price | $14.47 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 06/17/1997 | |
| Distance from 52W High | -23.4% | |
| 50 Days | 200 Days | |
| DMA Price | $16.48 | $12.09 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -12.2% | 19.7% |
| 3M | 1YR | |
| Volatility | 84.8% | 66.4% |
| Downside Capture | 580.54 | 207.16 |
| Upside Capture | 382.45 | 244.77 |
| Correlation (SPY) | 59.0% | 38.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 4.13 | 3.58 | 3.15 | 2.20 | 1.91 | 1.34 |
| Up Beta | 1.32 | 2.02 | 2.10 | 2.27 | 2.22 | 1.05 |
| Down Beta | 3.39 | 2.54 | 3.27 | 1.59 | 1.67 | 1.52 |
| Up Capture | 756% | 467% | 443% | 555% | 419% | 182% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 18 | 31 | 67 | 128 | 370 |
| Down Capture | 380% | 400% | 350% | 143% | 132% | 110% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 23 | 32 | 57 | 119 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTT | |
|---|---|---|---|---|
| INTT | 98.2% | 66.2% | 1.30 | - |
| Sector ETF (XLK) | 39.3% | 24.7% | 1.29 | 43.5% |
| Equity (SPY) | 20.3% | 12.6% | 1.19 | 38.5% |
| Gold (GLD) | 21.6% | 28.1% | 0.69 | 23.6% |
| Commodities (DBC) | 31.4% | 19.1% | 1.30 | 2.5% |
| Real Estate (VNQ) | 15.0% | 14.0% | 0.76 | 0.3% |
| Bitcoin (BTCUSD) | -44.6% | 42.9% | -1.25 | 11.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTT | |
|---|---|---|---|---|
| INTT | -1.1% | 59.1% | 0.22 | - |
| Sector ETF (XLK) | 19.8% | 25.6% | 0.69 | 38.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.58 | 37.1% |
| Gold (GLD) | 17.3% | 18.4% | 0.76 | 14.5% |
| Commodities (DBC) | 8.9% | 19.5% | 0.35 | 11.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 20.2% |
| Bitcoin (BTCUSD) | 14.9% | 53.4% | 0.46 | 20.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTT | |
|---|---|---|---|---|
| INTT | 14.5% | 57.2% | 0.47 | - |
| Sector ETF (XLK) | 24.6% | 24.8% | 0.90 | 30.9% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 30.8% |
| Gold (GLD) | 11.2% | 16.1% | 0.57 | 8.5% |
| Commodities (DBC) | 7.2% | 17.9% | 0.32 | 11.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 19.0% |
| Bitcoin (BTCUSD) | 58.7% | 66.2% | 0.99 | 11.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -11.9% | -5.3% | -10.2% |
| 2/27/2026 | 16.6% | 32.3% | 40.4% |
| 11/5/2025 | -3.5% | -6.6% | -9.0% |
| 8/6/2025 | 0.0% | 2.5% | 2.7% |
| 5/2/2025 | -4.2% | 3.1% | 1.4% |
| 3/7/2025 | -4.1% | -3.1% | -27.1% |
| 11/1/2024 | 4.3% | 10.9% | 5.6% |
| 8/2/2024 | -22.7% | -31.5% | -28.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 14 | 13 | 12 |
| Median Positive | 4.2% | 8.7% | 14.4% |
| Median Negative | -4.1% | -6.6% | -9.3% |
| Max Positive | 16.6% | 32.3% | 40.9% |
| Max Negative | -22.7% | -31.5% | -28.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/5/2026 | -11.9% | -5.3% | -10.2% |
| 2/27/2026 | 16.6% | 32.3% | 40.4% |
| 11/5/2025 | -3.5% | -6.6% | -9.0% |
| 8/6/2025 | 0.0% | 2.5% | 2.7% |
| 5/2/2025 | -4.2% | 3.1% | 1.4% |
| 3/7/2025 | -4.1% | -3.1% | -27.1% |
| 11/1/2024 | 4.3% | 10.9% | 5.6% |
| 8/2/2024 | -22.7% | -31.5% | -28.7% |
| 5/6/2024 | -7.7% | -15.7% | -17.7% |
| 2/29/2024 | 4.1% | -2.4% | 14.0% |
| 11/3/2023 | -3.7% | -7.8% | 0.0% |
| 8/4/2023 | -10.0% | -15.4% | -14.8% |
| 5/5/2023 | 5.4% | 4.0% | 24.8% |
| 3/3/2023 | -3.1% | 11.7% | 40.9% |
| 11/4/2022 | -3.9% | -1.4% | 17.0% |
| 8/4/2022 | 9.5% | 17.9% | -2.4% |
| 5/6/2022 | -6.4% | -17.5% | -9.7% |
| 3/4/2022 | -9.1% | -15.8% | -4.8% |
| 11/9/2021 | -2.7% | 7.5% | -6.2% |
| 8/11/2021 | 5.8% | 10.1% | 14.8% |
| 5/11/2021 | -1.6% | 3.7% | 18.9% |
| 3/9/2021 | 4.0% | -0.6% | 2.9% |
| 11/12/2020 | 0.7% | -0.2% | -6.1% |
| 8/11/2020 | 1.5% | 8.7% | -4.0% |
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 12 |
| # Negative | 14 | 13 | 12 |
| Median Positive | 4.2% | 8.7% | 14.4% |
| Median Negative | -4.1% | -6.6% | -9.3% |
| Max Positive | 16.6% | 32.3% | 40.9% |
| Max Negative | -22.7% | -31.5% | -28.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/13/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/27/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 03/22/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 03/23/2022 | 10-K |
| 09/30/2021 | 11/12/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/23/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/12/2020 | 10-Q |
| 03/31/2020 | 05/13/2020 | 10-Q |
| 12/31/2019 | 03/23/2020 | 10-K |
| 09/30/2019 | 11/13/2019 | 10-Q |
| 06/30/2019 | 08/13/2019 | 10-Q |
Recent Forward Guidance
Updated 7/12/2026Latest: Q1 2026 Earnings Reported 5/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 32.00 Mil | 33.00 Mil | 34.00 Mil | 3.1% | Higher New | Guidance: 32.00 Mil for Q1 2026 | |
| Q2 2026 Operating Margin | 45.0% | 1.0% | Higher New | Guidance: 44.0% for Q1 2026 | |||
| Q2 2026 Operating Expenses | 13.80 Mil | 14.00 Mil | 14.20 Mil | 3.7% | Higher New | Guidance: 13.50 Mil for Q1 2026 | |
| 2026 Revenue | 130.00 Mil | 132.50 Mil | 135.00 Mil | 3.9% | Raised | Guidance: 127.50 Mil for 2026 | |
| 2026 Operating Margin | 45.0% | 0 | Affirmed | Guidance: 45.0% for 2026 | |||
| 2026 Operating Expenses | 55.00 Mil | 56.00 Mil | 57.00 Mil | 3.7% | Higher New | Guidance: 54.00 Mil for 2026 | |
| 2026 Amortization Expense | 2.60 Mil | 0 | Affirmed | Guidance: 2.60 Mil for 2026 | |||
| 2026 Interest Expense | 0.30 Mil | 0 | Affirmed | Guidance: 0.30 Mil for 2026 | |||
| 2026 Effective Tax Rate | 18.0% | 0 | Affirmed | Guidance: 18.0% for 2026 | |||
| 2026 Capital Expenditures | 0.01 | 0.01 | 0.02 | 0 | Affirmed | Guidance: 0.01 for 2026 | |
Prior: Q4 2025 Earnings Reported 2/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 31.00 Mil | 32.00 Mil | 33.00 Mil | 3.2% | Higher New | Guidance: 31.00 Mil for Q4 2025 | |
| Q1 2026 Gross Margin | 44.0% | 1.0% | Higher New | Guidance: 43.0% for Q4 2025 | |||
| Q1 2026 Operating Expenses | 13.30 Mil | 13.50 Mil | 13.70 Mil | 8.0% | Higher New | Guidance: 12.50 Mil for Q4 2025 | |
| Q1 2026 Amortization Expense | 0.80 Mil | ||||||
| 2026 Revenue | 125.00 Mil | 127.50 Mil | 130.00 Mil | ||||
| 2026 Gross Margin | 45.0% | ||||||
| 2026 Operating Expenses | 53.00 Mil | 54.00 Mil | 55.00 Mil | ||||
| 2026 Amortization Expense | 2.60 Mil | ||||||
| 2026 Interest Expense | 0.30 Mil | ||||||
| 2026 Effective Tax Rate | 18.0% | ||||||
| 2026 Capital Expenditures | 0.01 | 0.01 | 0.02 | ||||
Q3 2025 Earnings Reported 11/5/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Revenue | 30.00 Mil | 31.00 Mil | 32.00 Mil | 6.9% | Higher New | Guidance: 29.00 Mil for Q3 2025 | |
| Q4 2025 Gross Margin | 43.0% | ||||||
| Q4 2025 Operating Expenses | 12.30 Mil | 12.50 Mil | 12.70 Mil | -2.7% | Lower New | Guidance: 12.85 Mil for Q3 2025 | |
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grant, Richard N JR | President & CEO | Direct | Sell | 3182026 | 14.28 | 1,636 | 23,360 | 3,037,572 | Form |
| 2 | Grant, Richard N JR | President & CEO | Direct | Sell | 3112026 | 14.16 | 1,397 | 19,787 | 2,644,712 | Form |
| 3 | Grant, Richard N JR | President & CEO | Direct | Sell | 3112026 | 13.33 | 1,097 | 14,619 | 2,506,855 | Form |
| 4 | Maginnis, Gerald J | Direct | Buy | 11192025 | 7.44 | 6,000 | 44,640 | 625,384 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Grant, Richard N JR | President & CEO | Direct | Sell | 3182026 | 14.28 | 1,636 | 23,360 | 3,037,572 | Form |
| 2 | Grant, Richard N JR | President & CEO | Direct | Sell | 3112026 | 14.16 | 1,397 | 19,787 | 2,644,712 | Form |
| 3 | Grant, Richard N JR | President & CEO | Direct | Sell | 3112026 | 13.33 | 1,097 | 14,619 | 2,506,855 | Form |
| 4 | Maginnis, Gerald J | Direct | Buy | 11192025 | 7.44 | 6,000 | 44,640 | 625,384 | Form |
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductor Materials & Equipment Resources |
| SEMI |
| Semiconductor Digest |
| Semiconductor Today |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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