Cash generation is inconsistent, evidenced by a negative $3.4 million free cash flow in 2026Q1 and an OCF/NI ratio of -3.54x, indicating poor conversion of earnings into cash.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | -1.02M | 7.32M | 3.82M | 16.2M | -1.39M | 10.84M | 3.25M | -8.4M | 10.96M | 7.24M | 4.29M | 3.5M | 5.13M | 3.77M | 6.64M | 7.82M | 6.45M | -4.19M | -2.93M | -600K | 6.36M | 398K | 3.96M | -1.38M | 2.52M | 3.94M | -1.94M | 4.9M | 1.6M | 2.6M | 5.5M |
| Operating CF Margin % | - | 6.43% | 2.92% | 13.14% | -1.19% | 12.77% | 6.03% | -13.86% | 13.95% | 10.84% | 10.66% | 8.99% | 12.27% | 9.56% | 15.32% | 16.55% | 13.96% | -17.84% | -7.56% | -1.23% | 10.19% | 0.75% | 5.57% | -2.88% | 5.34% | 7.63% | -2.21% | 14.2% | 8.38% | 12.56% | 29.57% |
| Operating CF Growth % | -221.4% | 91.44% | -76.42% | 1266.52% | -112.81% | 233.81% | 138.64% | -176.69% | 51.34% | 68.89% | 22.58% | -31.8% | 36.05% | -43.27% | -15.06% | 21.31% | 253.84% | -42.88% | -389% | -109.44% | 1496.98% | -89.96% | 386.9% | -154.95% | -36.15% | 302.94% | -139.61% | 206.25% | -38.46% | -52.73% | - |
| Net Income | 591K | -2.53M | 2.89M | 9.34M | 8.46M | 7.28M | -895K | 2.32M | 3.04M | 975K | 2.66M | 1.86M | 3.44M | 3.08M | 2.16M | 9.86M | 7.25M | -4.84M | -9.13M | -6.74M | 2.87M | -3.62M | 1.27M | -5.45M | -283K | -11.33M | 6.38M | 4.1M | 1.9M | 4.3M | 4.6M |
| Depreciation & Amortization | 5.05M | 6.8M | 5.39M | 4.68M | 4.73M | 3.15M | 3.17M | 3.19M | 1.87M | 1.78M | 599K | 754K | 879K | 847K | 933K | 394K | 395K | 501K | 1.07M | 1.69M | 1.8M | 1.87M | 2.11M | 2.03M | 1.92M | 2.18M | 2.07M | 900K | 500K | 200K | 100K |
| Stock-Based Compensation | 1.19M | 1.61M | 1.86M | 2.05M | 1.79M | 1.45M | 671K | 884K | 653K | 344K | 269K | 119K | 134K | 128K | 113K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -1.23M | -1.03M | -1.51M | -1.16M | -1.66M | -489K | -341K | -426K | 83K | -1.63M | 135K | 168K | 318K | 307K | 443K | -2.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.44M | 540K | -72K | 124K | -100K | -100K | -200K | 0 |
| Other Non-Cash Items | 2.46M | 474K | 998K | 450K | 984K | 440K | 1.19M | -11.55M | 5.89M | 7.23M | 371K | 604K | 593K | 344K | 935K | 150K | 298K | 112K | 2.13M | 3.86M | 259K | 815K | 621K | 97K | 231K | 4.72M | 483K | -100K | 100K | 100K | 400K |
| Working Capital Changes | -8.29M | 1.99M | -5.81M | 838K | -15.7M | -987K | -547K | -2.83M | -572K | -1.46M | 256K | -8K | -234K | -933K | 2.06M | -299K | -1.5M | 38K | 3M | 592K | 1.43M | 1.33M | -32K | 505K | 110K | 8.44M | -11M | 100K | -800K | -1.8M | 400K |
| Change in Receivables | -7.8M | 4.53M | -5.5M | 2.99M | -4.89M | -4.78M | 887K | 1.24M | 1.41M | -2.98M | -1.01M | 570K | 610K | -233K | 1.87M | 24K | -866K | -1.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -2.96M | -4.17M | 4.9M | 2.03M | -10.63M | -2.54M | -717K | -1.06M | -1.85M | 388K | -384K | -113K | -893K | -416K | 948K | -406K | -437K | 1.13M | 1.17M | 1.19M | 113K | 3.06M | -1.98M | -229K | 640K | 4.97M | -4.6M | -1.3M | 0 | -400K | -100K |
| Change in Payables | 800K | 3.15M | -2.31M | -1.81M | 2.88M | 1.18M | 430K | 197K | -245K | -756K | 459K | -324K | 172K | 23K | -67K | -640K | -905K | 748K | -822K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.05M | -1.63M | -20.05M | -1.29M | -1.17M | -21.37M | -648K | -620K | -6.33M | -22.67M | -339K | -599K | -823K | -414K | -4.21M | -726K | -659K | -86K | -2.16M | -616K | -768K | -1.45M | -2.33M | -1.66M | -1.61M | -2.65M | -3.13M | -1.4M | -4.9M | -100K | -600K |
| Capital Expenditures | -2.05M | -1.63M | -1.32M | -1.29M | -1.36M | -994K | -658K | -620K | -2.21M | -745K | -339K | -599K | -831K | -424K | -431K | -780K | -659K | -86K | -400K | -682K | -809K | -1.45M | -2.33M | -1.66M | -1.02M | -2.38M | -4.05M | -1.4M | -4.9M | -100K | -600K |
| CapEx % of Revenue | 1.69% | 1.43% | 1.01% | 1.05% | 1.17% | 1.17% | 1.22% | 1.02% | 2.82% | 1.12% | 0.84% | 1.54% | 1.99% | 1.08% | 0.99% | 1.65% | 1.43% | 0.37% | 1.03% | 1.4% | 1.3% | 2.71% | 3.27% | 3.45% | 2.16% | 4.61% | 4.62% | 4.06% | 25.65% | 0.48% | 3.23% |
| Acquisitions | 0 | 0 | -18.73M | 0 | -179K | -20.38M | 0 | 0 | -4.12M | -21.96M | 0 | 0 | 0 | 0 | -3.8M | 0 | 0 | 0 | -1.76M | 0 | 0 | 0 | 0 | 0 | -580K | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 371K | 0 | 10K | 0 | -4.12M | 36K | 0 | 0 | 8K | 10K | 19K | 54K | 0 | 0 | 0 | 66K | 41K | 0 | 0 | 0 | -15K | -277K | 921K | 0 | 0 | 0 | 0 |
| Cash from Financing | -3.67M | -8.22M | -8.64M | 15.61M | -3.73M | 21.73M | -74K | -1.14M | 788K | -62K | -978K | -155K | 0 | 30K | -834K | 30K | -1.52M | -9K | -6K | 9K | 145K | 842K | 814K | 53K | -255K | 357K | -1.12M | 0 | -200K | 5.9M | -3.2M |
| Debt Issued (Net) | -5.22M | -8.35M | -7.84M | -4.1M | -3.96M | 20.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.52M | -9K | -6K | -8K | -24K | -106K | -93K | -86K | -271K | -65K | -1.5M | -1.94M | -591K | -200K | 200K |
| Equity Issued (Net) | 548K | 129K | -759K | 19.24M | 0 | 0 | -74K | -1.14M | 0 | -62K | -978K | -155K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 17K | 169K | 94K | 0 | 139K | 38K | 59K | 227K | 0 | 0 | 11.7M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -834K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.5M | -3.3M |
| Share Repurchases | -113K | -17K | -1.04M | 0 | 0 | 0 | -74K | -1.14M | 0 | -62K | -978K | -155K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -41K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1M | 0 | -41K | 465K | 225K | 1.63M | 0 | 0 | -788K | 0 | 0 | 0 | 0 | 30K | 0 | 30K | 0 | 0 | 0 | 0 | 0 | 854K | 907K | 0 | -22K | 363K | 153K | 139K | 125K | -100K | -100K |
| Net Change in Cash | -6.36M | -1.77M | -25.43M | 30.68M | -6.62M | 10.92M | 2.67M | -10.25M | 4.57M | -15.32M | 2.9M | 2.58M | 4.11M | 3.44M | 1.62M | 7.06M | 4.25M | -4.49M | -5.08M | -959K | 5.88M | -391K | 2.57M | -3.03M | 864K | 1.6M | -6.37M | 3.5M | -3.5M | 8.3M | 1.7M |
| Free Cash Flow | -3.06M | 5.68M | 2.5M | 14.91M | -2.75M | 9.85M | 2.59M | -9.03M | 8.75M | 6.5M | 3.95M | 2.9M | 4.3M | 3.35M | 6.21M | 7.04M | 5.79M | -4.28M | -3.33M | -1.28M | 5.55M | -1.05M | 1.64M | -3.04M | 1.5M | 1.56M | -5.99M | 3.5M | -3.3M | 2.5M | 4.9M |
| FCF Margin % | -2.53% | 4.99% | 1.91% | 12.09% | -2.36% | 11.6% | 4.81% | -14.88% | 11.13% | 9.73% | 9.82% | 7.45% | 10.28% | 8.49% | 14.33% | 14.9% | 12.53% | -18.2% | -8.6% | -2.63% | 8.9% | -1.97% | 2.3% | -6.33% | 3.18% | 3.02% | -6.84% | 10.14% | -17.28% | 12.08% | 26.34% |
| FCF Growth % | -150.48% | 127.59% | -83.26% | 641.47% | -127.97% | 280.23% | 128.7% | -203.17% | 34.65% | 64.52% | 36.22% | -32.55% | 28.45% | -46.15% | -11.77% | 21.64% | 235.34% | -28.31% | -160.06% | -123.11% | 628.29% | -164.06% | 153.93% | -302.74% | -3.97% | 126.06% | -271.17% | 206.06% | -232% | -48.98% | - |
| FCF per Share | -0.25 | 0.47 | 0.20 | 1.27 | -0.25 | 0.92 | 0.25 | -0.87 | 0.84 | 0.63 | 0.38 | 0.28 | 0.41 | 0.32 | 0.60 | 0.68 | 0.57 | -0.43 | -0.35 | -0.14 | 0.60 | -0.12 | 0.19 | -0.36 | 0.18 | 0.19 | -0.71 | 0.42 | -0.53 | 0.49 | 0.88 |
| FCF Conversion (FCF/Net Income) | -5.18x | -2.89x | 1.32x | 1.73x | -0.16x | 1.49x | -3.63x | -3.62x | 3.61x | 7.43x | 1.61x | 1.88x | 1.49x | 1.23x | 3.08x | 0.79x | 0.89x | 0.87x | 0.32x | 0.09x | 2.21x | -0.11x | 3.12x | 0.25x | -8.89x | -0.35x | -0.30x | 1.20x | 0.84x | 0.60x | 1.20x |
| Interest Paid | 124K | 0 | 881K | 688K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8K | 1K | 76K | 74K | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 113K | 0 | 3.07M | 3.24M | 3.92M | 1.32M | 54K | 535K | 2.85M | 3.47M | 635K | 792K | 1.21M | 623K | 379K | 269K | 135K | 130K | 172K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical Cash Flow Volatility
As reported in recent financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios frequently swinging into negative territory, such as the -3.54x observed in 2026Q1, suggesting that reported earnings often fail to translate into actual cash generation.
The persistent divergence between net income and operating cash flow indicates that accruals and working capital swings are significantly distorting the company's reported profitability. Investors should monitor this disconnect, as it suggests that the firm's earnings quality is currently insufficient to support sustained operational self-sufficiency.
Based on the company's quarterly filings, free cash flow margins have demonstrated extreme volatility, ranging from a high of 19.9% in 2025Q1 to a low of -15.9% in 2024Q2, reflecting a business model that struggles to maintain consistent cash conversion during periods of revenue contraction.
The inability to maintain positive free cash flow during cyclical troughs highlights the company's high operating leverage and sensitivity to semiconductor capital expenditure cycles. This trajectory suggests that the firm remains vulnerable to cash burn whenever revenue growth stalls or reverses.
According to recent SEC filings, working capital changes have become a primary driver of cash flow volatility, evidenced by a significant $5.8 million outflow in 2026Q1, which directly undermined the company's ability to maintain positive operating cash flow during the most recent reporting period.
The sharp fluctuations in working capital suggest that inventory management and collection cycles are not yet optimized for the current demand environment. This volatility appears to be a structural headwind that periodically masks the underlying cash-generating potential of the core business.
As indicated by the provided data, the company has utilized limited cash for share repurchases and acquisitions, such as the $18.9 million acquisition outflow in 2024Q1, despite the inconsistent nature of its internal cash generation, which warrants further investigation into the sustainability of this deployment strategy.
While the company maintains a clean balance sheet, the decision to deploy cash for acquisitions during periods of volatile operating cash flow may limit the firm's financial flexibility. Investors should monitor whether these capital allocations provide sufficient returns to offset the risks associated with the company's cyclical cash profile.
Quick answers to the most common questions about buying INTT stock.
inTEST Corporation (INTT) generated $7.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
inTEST Corporation (INTT) generated $5.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
inTEST Corporation (INTT) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, inTEST Corporation (INTT) spent $0.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.