inTEST Corporation (INTT) 10-Year Financial Performance & Capital Metrics

INTT • • Industrial / General

TechnologySemiconductorsSemiconductor Manufacturing EquipmentAssembly & Test Equipment

AboutinTEST 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.Show more

Revenue $131M +6.0%
EBITDA $9M -41.6%
Net Income $3M -69.1%
EPS (Diluted) 0.24 -69.6%
Gross Margin 42.41% -8.2%
EBITDA Margin 6.76% -44.9%
Operating Margin 2.6% -69.3%
Net Margin 2.21% -70.8%
ROE 2.95% -74.6%
ROIC 2.92% -73.4%
Debt/Equity 0.26 +43.9%
Interest Coverage 4.01 -73.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.6%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.08%

5Y16.59%

3Y15.47%

TTM-2.2%

Profit (Net Income) CAGR

10Y-1.72%

5Y4.48%

3Y-26.51%

TTM-205.25%

EPS CAGR

10Y-3.13%

5Y1.76%

3Y-29.33%

TTM-206.46%

ROCE

10Y Avg7.41%

5Y Avg7.49%

3Y Avg8.98%

Latest2.94%

Peer Comparison

Assembly & Test Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KLICKulicke and Soffa Industries, Inc.	3.1B	59.17	9999	-7.38%	0.03%	0.03%	3.11%	0.05
FORMFormFactor, Inc.	5.84B	75.28	84.58	15.16%	5.23%	3.93%	1.36%	0.04
TERTeradyne, Inc.	35.66B	227.70	68.58	5.36%	15.49%	16.31%	1.33%	0.03
INTTinTEST Corporation	108.86M	8.72	36.33	5.99%	-1.93%	-2.22%	2.29%	0.26
COHUCohu, Inc.	1.36B	29.14	-19.56	-36.86%	-17.22%	-8.8%		0.02
AEHRAehr Test Systems	812.54M	26.53	-204.08	-10.95%	-16.63%	-6.77%		0.09
TRTTrio-Tech International	56.21M	6.46	-672.92	-13.8%	0.64%	0.8%		0.05

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	38.89M	40.23M	66.8M	78.56M	60.66M	53.82M	84.88M	116.83M	123.3M	130.69M
Revenue Growth %	-0.07%	0.03%	0.66%	0.18%	-0.23%	-0.11%	0.58%	0.38%	0.06%	0.06%
Cost of Goods Sold+	20.19M	19.85M	32.11M	39.16M	31.43M	29.72M	43.65M	63.39M	66.32M	75.27M
COGS % of Revenue	0.52%	0.49%	0.48%	0.5%	0.52%	0.55%	0.51%	0.54%	0.54%	0.58%
Gross Profit+	18.7M	20.38M	34.69M	39.4M	29.23M	24.1M	41.22M	53.44M	56.98M	55.42M
Gross Margin %	0.48%	0.51%	0.52%	0.5%	0.48%	0.45%	0.49%	0.46%	0.46%	0.42%
Gross Profit Growth %	-0.09%	0.09%	0.7%	0.14%	-0.26%	-0.18%	0.71%	0.3%	0.07%	-0.03%
Operating Expenses+	16.14M	16.23M	24.1M	27.32M	26.68M	25.32M	32.77M	42.72M	46.54M	52.03M
OpEx % of Revenue	0.41%	0.4%	0.36%	0.35%	0.44%	0.47%	0.39%	0.37%	0.38%	0.4%
Selling, General & Admin	12.2M	12.57M	19.8M	22.41M	21.71M	18.97M	26.95M	35.19M	38.92M	43.48M
SG&A % of Revenue	0.31%	0.31%	0.3%	0.29%	0.36%	0.35%	0.32%	0.3%	0.32%	0.33%
Research & Development	3.94M	3.66M	4.3M	4.91M	4.96M	5.07M	5.53M	7.53M	7.62M	8.55M
R&D % of Revenue	0.1%	0.09%	0.06%	0.06%	0.08%	0.09%	0.07%	0.06%	0.06%	0.07%
Other Operating Expenses	21K	61K	227K	-137K	55K	1.28M	286K	0	0	0
Operating Income+	2.56M	4.15M	3.61M	5.18M	-644K	-1.22M	8.46M	10.72M	10.44M	3.39M
Operating Margin %	0.07%	0.1%	0.05%	0.07%	-0.01%	-0.02%	0.1%	0.09%	0.08%	0.03%
Operating Income Growth %	-0.48%	0.62%	-0.13%	0.43%	-1.12%	-0.89%	7.95%	0.27%	-0.03%	-0.67%
EBITDA+	3.32M	4.75M	5.39M	7.05M	2.55M	1.96M	11.6M	15.46M	15.12M	8.84M
EBITDA Margin %	0.09%	0.12%	0.08%	0.09%	0.04%	0.04%	0.14%	0.13%	0.12%	0.07%
EBITDA Growth %	-0.43%	0.43%	0.14%	0.31%	-0.64%	-0.23%	4.93%	0.33%	-0.02%	-0.42%
D&A (Non-Cash Add-back)	754K	599K	1.78M	1.87M	3.19M	3.17M	3.15M	4.73M	4.68M	5.44M
EBIT	2.56M	4.15M	10.59M	12.08M	2.79M	68K	8.49M	10.78M	11.73M	4.3M
Net Interest Income+	0	0	0	0	0	0	-89K	-635K	-679K	-846K
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	137K	0	0	89K	635K	679K	846K
Other Income/Expense	21K	61K	227K	-137K	55K	-14K	-57K	-576K	609K	60K
Pretax Income+	2.58M	4.21M	3.84M	5.04M	2.6M	-1.23M	8.4M	10.14M	11.05M	3.45M
Pretax Margin %	0.07%	0.1%	0.06%	0.06%	0.04%	-0.02%	0.1%	0.09%	0.09%	0.03%
Income Tax+	722K	1.55M	2.86M	2.01M	282K	-336K	1.12M	1.68M	1.71M	563K
Effective Tax Rate %	0.72%	0.63%	0.25%	0.6%	0.89%	0.73%	0.87%	0.83%	0.85%	0.84%
Net Income+	1.86M	2.66M	975K	3.04M	2.32M	-895K	7.28M	8.46M	9.34M	2.89M
Net Margin %	0.05%	0.07%	0.01%	0.04%	0.04%	-0.02%	0.09%	0.07%	0.08%	0.02%
Net Income Growth %	-0.46%	0.43%	-0.63%	2.11%	-0.24%	-1.39%	9.14%	0.16%	0.1%	-0.69%
Net Income (Continuing)	1.86M	2.66M	975K	3.04M	2.32M	-895K	7.28M	8.46M	9.34M	2.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.18	0.26	0.09	0.29	0.22	-0.09	0.68	0.78	0.79	0.24
EPS Growth %	-0.45%	0.44%	-0.65%	2.22%	-0.24%	-1.4%	8.79%	0.15%	0.01%	-0.7%
EPS (Basic)	0.18	0.26	0.09	0.29	0.22	-0.09	0.70	0.79	0.82	0.24
Diluted Shares Outstanding	10.49M	10.33M	10.34M	10.38M	10.39M	10.26M	10.73M	10.86M	11.78M	12.24M
Basic Shares Outstanding	10.47M	10.31M	10.28M	10.35M	10.37M	10.26M	10.46M	10.67M	11.46M	12.15M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	34.82M	38.01M	31M	35.62M	24.89M	26.96M	52.08M	60.05M	85.78M	78.81M
Cash & Short-Term Investments	25.71M	28.61M	13.29M	17.86M	7.61M	10.28M	21.2M	13.43M	45.26M	19.83M
Cash Only	25.71M	28.61M	13.29M	17.86M	7.61M	10.28M	21.2M	13.43M	45.26M	19.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	4.39M	5.38M	12.17M	10.56M	9.3M	8.44M	16.54M	21.21M	18.18M	29.5M
Days Sales Outstanding	41.25	48.79	66.47	49.08	55.94	57.2	71.11	66.28	53.8	82.38
Inventory	3.52M	3.68M	4.97M	6.52M	7.18M	7.48M	12.86M	22.57M	20.09M	26.84M
Days Inventory Outstanding	63.63	67.6	56.45	60.77	83.39	91.82	107.55	129.93	110.56	130.15
Other Current Assets	559K	0	0	0	0	0	0	1.14M	2.25M	2.65M
Total Non-Current Assets+	5.16M	4.84M	31.49M	31.57M	34.82M	35.07M	51.83M	50.02M	49.05M	73.48M
Property, Plant & Equipment	1.11M	944K	1.54M	2.72M	7.26M	8.74M	8.61M	8.9M	8.18M	15.22M
Fixed Asset Turnover	34.97x	42.61x	43.35x	28.92x	8.35x	6.16x	9.86x	13.12x	15.08x	8.58x
Goodwill	1.71M	1.71M	13.74M	13.74M	13.74M	13.74M	21.45M	21.61M	21.73M	30.74M
Intangible Assets	1.1M	875K	16.01M	14.91M	13.65M	12.42M	21.63M	18.56M	16.6M	26.38M
Long-Term Investments	-3.5M	-3.69M	-815K	-632K	0	0	0	0	0	0
Other Non-Current Assets	4.05M	3.89M	201K	200K	166K	170K	139K	669K	1.11M	1.06M
Total Assets+	39.98M	42.84M	62.49M	67.19M	59.72M	62.03M	103.91M	110.07M	134.83M	152.29M
Asset Turnover	0.97x	0.94x	1.07x	1.17x	1.02x	0.87x	0.82x	1.06x	0.91x	0.86x
Asset Growth %	0.03%	0.07%	0.46%	0.08%	-0.11%	0.04%	0.68%	0.06%	0.22%	0.13%
Total Current Liabilities+	4.06M	5.06M	14.42M	21.42M	8.36M	8.86M	25.07M	26.87M	24.3M	31.95M
Accounts Payable	909K	1.37M	2.03M	1.79M	1.98M	2.42M	4.28M	7.39M	5.52M	7.99M
Days Payables Outstanding	16.43	25.16	23.1	16.66	23.04	29.77	35.79	42.58	30.38	38.75
Short-Term Debt	0	0	0	0	0	0	4.1M	4.1M	4.1M	7.49M
Deferred Revenue (Current)	173K	74K	886K	1000K	456K	396K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.49M	1.45M	7.52M	14.75M	163K	162K	553K	3.83M	669K	3.98M
Current Ratio	8.58x	7.52x	2.15x	1.66x	2.98x	3.04x	2.08x	2.23x	3.53x	2.47x
Quick Ratio	7.71x	6.79x	1.81x	1.36x	2.12x	2.20x	1.56x	1.40x	2.70x	1.63x
Cash Conversion Cycle	88.45	91.23	99.83	93.19	116.29	119.25	142.87	153.64	133.97	173.77
Total Non-Current Liabilities+	1.08M	1.44M	8.79M	2.89M	6.52M	8.42M	24.01M	18.24M	14.25M	20.55M
Long-Term Debt	0	0	0	0	0	0	16M	12.04M	7.94M	7.54M
Capital Lease Obligations	0	0	0	0	3.79M	6.05M	5.25M	4.71M	3.5M	9.02M
Deferred Tax Liabilities	0	0	2.61M	2.69M	2.26M	1.92M	1.38M	0	0	0
Other Non-Current Liabilities	0	0	6.18M	200K	463K	450K	1.38M	1.49M	1.48M	2.56M
Total Liabilities	4.06M	5.06M	23.2M	24.31M	14.88M	17.28M	49.08M	45.11M	38.55M	52.5M
Total Debt+	0	0	0	0	5.1M	7.26M	26.72M	22.49M	17.46M	26.04M
Net Debt	-25.71M	-28.61M	-13.29M	-17.86M	-2.52M	-3.01M	5.52M	9.06M	-27.8M	6.21M
Debt / Equity	-	-	-	-	0.11x	0.16x	0.49x	0.35x	0.18x	0.26x
Debt / EBITDA	-	-	-	-	2.00x	3.71x	2.30x	1.46x	1.15x	2.95x
Net Debt / EBITDA	-7.75x	-6.03x	-2.47x	-2.53x	-0.99x	-1.54x	0.48x	0.59x	-1.84x	0.70x
Interest Coverage	-	-	-	37.81x	-	-	95.04x	16.88x	15.37x	4.01x
Total Equity+	35.92M	37.79M	39.29M	42.88M	44.83M	44.75M	54.82M	64.96M	96.28M	99.79M
Equity Growth %	0.05%	0.05%	0.04%	0.09%	0.05%	-0%	0.23%	0.18%	0.48%	0.04%
Book Value per Share	3.42	3.66	3.80	4.13	4.31	4.36	5.11	5.98	8.17	8.15
Total Shareholders' Equity	35.92M	37.79M	39.29M	42.88M	44.83M	44.75M	54.82M	64.96M	96.28M	99.79M
Common Stock	105K	104K	104K	105K	104K	106K	109K	111K	122K	124K
Retained Earnings	9.01M	11.67M	12.65M	15.68M	18M	17.11M	24.39M	32.85M	42.2M	45.09M
Treasury Stock	-204K	-204K	-204K	-204K	-204K	-204K	-204K	-214K	-901K	-942K
Accumulated OCI	725K	639K	882K	783K	673K	889K	594K	218K	414K	-2.14M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	3.5M	4.29M	7.24M	10.96M	-8.4M	3.25M	10.84M	-1.39M	16.2M	3.82M
Operating CF Margin %	0.09%	0.11%	0.11%	0.14%	-0.14%	0.06%	0.13%	-0.01%	0.13%	0.03%
Operating CF Growth %	-0.32%	0.23%	0.69%	0.51%	-1.77%	1.39%	2.34%	-1.13%	12.67%	-0.76%
Net Income	1.86M	2.66M	975K	3.04M	2.32M	-895K	7.28M	8.46M	9.34M	2.89M
Depreciation & Amortization	754K	599K	1.78M	1.87M	3.19M	3.17M	3.15M	4.73M	4.68M	5.39M
Stock-Based Compensation	119K	269K	344K	653K	884K	671K	1.45M	1.79M	2.05M	1.86M
Deferred Taxes	168K	135K	-1.63M	83K	-426K	-341K	-489K	-1.66M	-1.16M	-1.51M
Other Non-Cash Items	604K	371K	7.23M	5.89M	-11.55M	1.19M	440K	984K	450K	998K
Working Capital Changes	-8K	256K	-1.46M	-572K	-2.83M	-547K	-987K	-15.7M	838K	-5.81M
Change in Receivables	570K	-1.01M	-2.98M	1.41M	1.24M	887K	-4.78M	-4.89M	2.99M	-5.5M
Change in Inventory	-113K	-384K	388K	-1.85M	-1.06M	-717K	-2.54M	-10.63M	2.03M	4.9M
Change in Payables	-324K	459K	-756K	-245K	197K	430K	1.18M	2.88M	-1.81M	-2.31M
Cash from Investing+	-599K	-339K	-22.67M	-6.33M	-620K	-648K	-21.37M	-1.17M	-1.29M	-20.05M
Capital Expenditures	-599K	-339K	-745K	-2.21M	-620K	-658K	-994K	-1.36M	-1.29M	-1.32M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.03%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	36K	-4.12M	0	10K	0	371K	0	0
Cash from Financing+	-155K	-978K	-62K	788K	-1.14M	-74K	21.73M	-3.73M	15.61M	-8.64M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-788K	0	0	1.63M	225K	465K	-41K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	2.9M	3.95M	6.5M	8.75M	-9.03M	2.59M	9.85M	-2.75M	14.91M	2.5M
FCF Margin %	0.07%	0.1%	0.1%	0.11%	-0.15%	0.05%	0.12%	-0.02%	0.12%	0.02%
FCF Growth %	-0.33%	0.36%	0.65%	0.35%	-2.03%	1.29%	2.8%	-1.28%	6.41%	-0.83%
FCF per Share	0.28	0.38	0.63	0.84	-0.87	0.25	0.92	-0.25	1.27	0.20
FCF Conversion (FCF/Net Income)	1.88x	1.61x	7.43x	3.61x	-3.62x	-3.63x	1.49x	-0.16x	1.73x	1.32x
Interest Paid	0	0	0	0	0	0	0	0	688K	881K
Taxes Paid	792K	635K	3.47M	2.85M	535K	54K	1.32M	3.92M	3.24M	3.07M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	5.29%	7.21%	2.53%	7.39%	5.29%	-2%	14.63%	14.13%	11.59%	2.95%
Return on Invested Capital (ROIC)	17.91%	32.07%	15.4%	15.23%	-1.43%	-2.17%	12.43%	11.97%	10.99%	2.92%
Gross Margin	48.08%	50.66%	51.93%	50.15%	48.18%	44.78%	48.57%	45.74%	46.21%	42.41%
Net Margin	4.79%	6.61%	1.46%	3.87%	3.83%	-1.66%	8.58%	7.24%	7.58%	2.21%
Debt / Equity	-	-	-	-	0.11x	0.16x	0.49x	0.35x	0.18x	0.26x
Interest Coverage	-	-	-	37.81x	-	-	95.04x	16.88x	15.37x	4.01x
FCF Conversion	1.88x	1.61x	7.43x	3.61x	-3.62x	-3.63x	1.49x	-0.16x	1.73x	1.32x
Revenue Growth	-6.96%	3.44%	66.06%	17.61%	-22.79%	-11.27%	57.7%	37.64%	5.54%	5.99%

Revenue by Segment

	2021	2022	2023	2024
Thermal Process	26.26M	38.57M	44.91M	33.78M
Thermal Process Growth	-	46.89%	16.44%	-24.78%
Semiconductor Production Test Products	31.82M	28.53M	30.23M	24.08M
Semiconductor Production Test Products Growth	-	-10.36%	5.98%	-20.34%
Thermal Testing Products	19.16M	22.25M	21.34M	17.82M
Thermal Testing Products Growth	-	16.13%	-4.05%	-16.50%
Service and Other Products	7.64M	10.57M	10.74M	14.63M
Service and Other Products Growth	-	38.35%	1.67%	36.24%
Flying Probe and In-circuit Testers	-	7.41M	6.98M	9.34M
Flying Probe and In-circuit Testers Growth	-	-	-5.84%	33.79%
Video Imaging	-	9.5M	9.09M	7.64M
Video Imaging Growth	-	-	-4.35%	-15.88%

Revenue by Geography

	2021	2022	2023	2024
Non-US	58.08M	67.73M	78.08M	76.98M
Non-US Growth	-	16.63%	15.28%	-1.41%
UNITED STATES	26.8M	49.1M	45.22M	53.71M
UNITED STATES Growth	-	83.18%	-7.89%	18.77%

Frequently Asked Questions

Valuation & Price

inTEST Corporation (INTT) has a price-to-earnings (P/E) ratio of 36.3x. This suggests investors expect higher future growth.

Growth & Financials

inTEST Corporation (INTT) reported $117.6M in revenue for fiscal year 2024. This represents a 149% increase from $47.3M in 2011.

inTEST Corporation (INTT) grew revenue by 6.0% over the past year. This is steady growth.

inTEST Corporation (INTT) reported a net loss of $2.3M for fiscal year 2024.

Dividend & Returns

inTEST Corporation (INTT) has a return on equity (ROE) of 2.9%. This is below average, suggesting room for improvement.

inTEST Corporation (INTT) generated $9.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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