Operating margins remain highly volatile, swinging from a positive 5.7% in 2024Q4 to a negative 10.8% in 2025Q1, reflecting the firm's high fixed-cost structure.
| 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 |
|---|
| Sales/Revenue | 121.07M | 113.83M | 130.69M | 123.3M | 116.83M | 84.88M | 53.82M | 60.66M | 78.56M | 66.8M | 40.23M | 38.89M | 41.8M | 39.43M | 43.38M | 47.27M | 46.2M | 23.5M | 38.79M | 48.7M | 62.35M | 53.36M | 71.21M | 48.03M | 47.13M | 51.63M | 87.65M | 34.5M | 19.1M | 20.7M | 18.6M |
| Revenue Growth % | -5.04% | -12.9% | 5.99% | 5.54% | 37.64% | 57.7% | -11.27% | -22.79% | 17.61% | 66.06% | 3.44% | -6.96% | 6.01% | -9.11% | -8.23% | 2.3% | 96.62% | -39.42% | -20.36% | -21.88% | 16.84% | -25.07% | 48.27% | 1.91% | -8.72% | -41.1% | 154.06% | 80.63% | -7.73% | 11.29% | - |
| Cost of Goods Sold | 67.8M | 64.91M | 75.27M | 66.32M | 63.39M | 43.65M | 29.72M | 31.43M | 39.16M | 32.11M | 19.85M | 20.19M | 21.33M | 20.41M | 24.32M | 24.37M | 24.06M | 15.69M | 25M | 29.92M | 35.95M | 33.63M | 42.42M | 29.18M | 28.89M | 38.92M | 46.02M | 14.7M | 7.9M | 7.6M | 6.7M |
| COGS % of Revenue | - | 57.02% | 57.59% | 53.79% | 54.26% | 51.43% | 55.22% | 51.82% | 49.85% | 48.07% | 49.34% | 51.92% | 51.04% | 51.77% | 56.06% | 51.57% | 52.07% | 66.75% | 64.46% | 61.44% | 57.67% | 63.03% | 59.57% | 60.75% | 61.3% | 75.38% | 52.5% | 42.61% | 41.36% | 36.71% | 36.02% |
| Gross Profit | 53.27M | 48.92M | 55.42M | 56.98M | 53.44M | 41.22M | 24.1M | 29.23M | 39.4M | 34.69M | 20.38M | 18.7M | 20.46M | 19.02M | 19.06M | 22.89M | 22.14M | 7.81M | 13.79M | 18.78M | 26.39M | 19.73M | 28.79M | 18.85M | 18.24M | 12.71M | 41.63M | 19.8M | 11.2M | 13.1M | 11.9M |
| Gross Margin % | 44% | 42.98% | 42.41% | 46.21% | 45.74% | 48.57% | 44.78% | 48.18% | 50.15% | 51.93% | 50.66% | 48.08% | 48.96% | 48.23% | 43.94% | 48.43% | 47.93% | 33.25% | 35.54% | 38.56% | 42.33% | 36.97% | 40.43% | 39.25% | 38.7% | 24.62% | 47.5% | 57.39% | 58.64% | 63.29% | 63.98% |
| Gross Profit Growth % | - | -11.73% | -2.73% | 6.62% | 29.63% | 71.03% | -17.52% | -25.83% | 13.58% | 70.23% | 8.98% | -8.62% | 7.61% | -0.23% | -16.75% | 3.38% | 183.44% | -43.32% | -26.6% | -28.84% | 33.8% | -31.48% | 52.74% | 3.34% | 43.49% | -69.47% | 110.25% | 76.79% | -14.5% | 10.08% | - |
| Operating Expenses | 53.16M | 52.65M | 52.03M | 46.54M | 42.72M | 32.77M | 25.32M | 26.68M | 27.32M | 24.1M | 16.23M | 16.14M | 15.55M | 15.05M | 15.75M | 15.31M | 14.79M | 12.2M | 21M | 25.63M | 22.85M | 11.92M | 26.5M | 22.68M | 20.05M | 27.4M | 27.63M | 13.5M | 8.6M | 6.9M | 6.3M |
| OpEx % of Revenue | - | 46.25% | 39.81% | 37.74% | 36.57% | 38.6% | 47.04% | 43.98% | 34.77% | 36.08% | 40.35% | 41.49% | 37.19% | 38.18% | 36.31% | 32.4% | 32.02% | 51.9% | 54.14% | 52.63% | 36.65% | 22.34% | 37.21% | 47.23% | 42.53% | 53.07% | 31.53% | 39.13% | 45.03% | 33.33% | 33.87% |
| Selling, General & Admin | 38.99M | 39.01M | 43.48M | 38.92M | 35.19M | 26.95M | 18.97M | 21.71M | 22.41M | 19.8M | 12.57M | 12.2M | 11.97M | 11.37M | 11.86M | 12.07M | 11.75M | 9.78M | 15.94M | 16.73M | 17.41M | 16.77M | 19.52M | 16.28M | 14.38M | 16.66M | 18.98M | 9.4M | 6.2M | 5M | 4.3M |
| SG&A % of Revenue | - | 34.27% | 33.27% | 31.57% | 30.12% | 31.75% | 35.24% | 35.79% | 28.53% | 29.64% | 31.25% | 31.37% | 28.63% | 28.84% | 27.33% | 25.55% | 25.43% | 41.61% | 41.09% | 34.35% | 27.93% | 31.44% | 27.42% | 33.9% | 30.51% | 32.26% | 21.66% | 27.25% | 32.46% | 24.15% | 23.12% |
| Research & Development | 9.58M | 9.44M | 8.55M | 7.62M | 7.53M | 5.53M | 5.07M | 4.96M | 4.91M | 4.3M | 3.66M | 3.94M | 3.58M | 3.68M | 3.9M | 3.24M | 3.04M | 2.42M | 5.06M | 5.52M | 5.44M | 5.94M | 6.97M | 6.4M | 5.67M | 6.13M | 6.58M | 3.2M | 1.9M | 1.7M | 1.9M |
| R&D % of Revenue | - | 8.29% | 6.54% | 6.18% | 6.44% | 6.52% | 9.42% | 8.18% | 6.25% | 6.44% | 9.1% | 10.12% | 8.57% | 9.34% | 8.98% | 6.85% | 6.59% | 10.29% | 13.05% | 11.33% | 8.72% | 11.13% | 9.79% | 13.33% | 12.03% | 11.88% | 7.5% | 9.28% | 9.95% | 8.21% | 10.22% |
| Other Operating Expenses | 3.96M | 4.2M | 0 | 0 | 0 | 286K | 1.28M | 55K | -137K | 227K | 61K | 21K | -7K | 46K | 57K | 72K | 0 | 0 | 0 | 3.38M | 0 | -10.8M | 0 | 0 | 0 | 4.61M | 2.07M | 900K | 500K | 200K | 100K |
| Operating Income | 854K | -3.73M | 3.39M | 10.44M | 10.72M | 8.46M | -1.22M | -644K | 5.18M | 3.61M | 4.15M | 2.56M | 4.92M | 3.96M | 3M | 7.58M | 7.35M | -5.05M | -9.44M | -6.85M | 3.52M | -3.56M | 1.67M | -3.83M | -1.81M | -14.69M | 14M | 6.3M | 2.6M | 6.2M | 5.6M |
| Operating Margin % | 0.71% | -3.27% | 2.6% | 8.47% | 9.18% | 9.97% | -2.26% | -1.06% | 6.59% | 5.41% | 10.31% | 6.59% | 11.76% | 10.05% | 6.91% | 16.03% | 15.91% | -21.47% | -24.34% | -14.07% | 5.65% | -6.68% | 2.34% | -7.98% | -3.83% | -28.45% | 15.97% | 18.26% | 13.61% | 29.95% | 30.11% |
| Operating Income Growth % | - | -209.75% | -67.49% | -2.63% | 26.74% | 795.07% | -88.98% | -112.43% | 43.45% | -12.9% | 61.83% | -47.88% | 24.08% | 32.24% | -60.46% | 3.1% | 245.66% | 46.55% | -37.75% | -294.69% | 198.82% | -313.81% | 143.45% | -112.29% | 87.71% | -204.95% | 122.16% | 142.31% | -58.06% | 10.71% | - |
| EBITDA | 6.12M | 3.07M | 8.84M | 15.12M | 15.46M | 11.6M | 1.96M | 2.55M | 7.05M | 5.39M | 4.75M | 3.32M | 5.79M | 4.81M | 3.93M | 7.97M | 7.75M | -4.54M | -8.37M | -5.16M | 5.32M | -1.69M | 3.77M | -1.81M | 111K | -12.51M | 16.07M | 7.2M | 3.1M | 6.4M | 5.7M |
| EBITDA Margin % | 5.05% | 2.7% | 6.76% | 12.26% | 13.23% | 13.67% | 3.64% | 4.2% | 8.97% | 8.07% | 11.8% | 8.53% | 13.87% | 12.2% | 9.06% | 16.87% | 16.76% | -19.34% | -21.57% | -10.6% | 8.53% | -3.17% | 5.3% | -3.76% | 0.24% | -24.23% | 18.33% | 20.87% | 16.23% | 30.92% | 30.65% |
| EBITDA Growth % | 3.1% | -65.25% | -41.56% | -2.15% | 33.19% | 492.95% | -23.22% | -63.85% | 30.82% | 13.59% | 43.09% | -42.78% | 20.5% | 22.4% | -50.71% | 2.93% | 270.41% | 45.68% | -62.09% | -197.07% | 414.86% | -144.78% | 308.74% | -1727.93% | 100.89% | -177.83% | 123.19% | 132.26% | -51.56% | 12.28% | - |
| D&A (Non-Cash Add-back) | 5.26M | 6.8M | 5.44M | 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 |
| EBIT | 819K | -2.77M | 4.3M | 11.73M | 10.78M | 8.49M | 68K | 2.79M | 12.08M | 10.59M | 4.15M | 2.56M | 4.92M | 3.96M | 3.31M | 7.58M | 7.46M | -4.82M | -9.06M | -6.85M | 3.54M | -2.94M | 2.45M | -3.83M | -1.81M | -14.69M | 14M | 7.33M | 2.08M | 6.2M | 5.6M |
| Net Interest Income | -378K | -450K | -846K | -679K | -635K | -89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9K | -52K | -28K | 276K | 418K | 350K | 174K | 76K | 48K | 70K | 182K | 462K | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13K | 12K | 44K | 297K | 420K | 355K | 189K | 89K | 67K | 110K | 213K | 493K | 0 | 0 | 0 | 0 |
| Interest Expense | 378K | 450K | 846K | 679K | 635K | 89K | 0 | 0 | 137K | 0 | 0 | 0 | 7K | 0 | 0 | 4K | 64K | 72K | 21K | 2K | 5K | 15K | 13K | 19K | 40K | 31K | 31K | 0 | 0 | 0 | 0 |
| Other Income/Expense | -310K | 503K | 60K | 609K | -576K | -57K | -14K | 55K | -137K | 227K | 61K | 21K | -7K | 46K | 57K | 81K | 50K | 151K | 360K | 392K | 470K | 124K | -77K | 224K | 143K | 551K | -2.42M | 1.26M | -361K | 200K | -100K |
| Pretax Income | 544K | -3.22M | 3.45M | 11.05M | 10.14M | 8.4M | -1.23M | 2.6M | 5.04M | 3.84M | 4.21M | 2.58M | 4.91M | 4.01M | 3.05M | 7.66M | 7.4M | -4.89M | -9.08M | -6.46M | 3.99M | -3.38M | 1.67M | -3.61M | -1.66M | -14.14M | 11.58M | 6.7M | 3M | 6.4M | 5.5M |
| Pretax Margin % | 0.45% | -2.83% | 2.64% | 8.96% | 8.68% | 9.9% | -2.29% | 4.29% | 6.42% | 5.75% | 10.46% | 6.64% | 11.75% | 10.17% | 7.04% | 16.2% | 16.02% | -20.83% | -23.41% | -13.27% | 6.4% | -6.34% | 2.34% | -7.52% | -3.53% | -27.38% | 13.21% | 19.42% | 15.71% | 30.92% | 29.57% |
| Income Tax | -47K | -695K | 563K | 1.71M | 1.68M | 1.12M | -336K | 282K | 2.01M | 2.86M | 1.55M | 722K | 1.47M | 931K | 897K | -2.2M | 148K | -52K | 53K | 278K | 1.12M | 236K | 398K | 1.84M | -1.38M | -2.81M | 5.2M | 2.6M | 1.1M | 2.1M | 900K |
| Effective Tax Rate % | -8.64% | 21.57% | 16.3% | 15.44% | 16.6% | 13.32% | 27.29% | 10.83% | 39.78% | 74.6% | 36.82% | 27.95% | 29.94% | 23.23% | 29.38% | -28.78% | 2% | 1.06% | -0.58% | -4.3% | 28.05% | -6.97% | 23.86% | -51% | 82.98% | 19.87% | 44.91% | 38.81% | 36.67% | 32.81% | 16.36% |
| 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 |
| Net Margin % | 0.49% | -2.22% | 2.21% | 7.58% | 7.24% | 8.58% | -1.66% | 3.83% | 3.87% | 1.46% | 6.61% | 4.79% | 8.23% | 7.8% | 4.97% | 20.87% | 15.7% | -20.61% | -23.54% | -13.84% | 4.6% | -6.78% | 1.78% | -11.35% | -0.6% | -21.94% | 7.28% | 11.88% | 9.95% | 20.77% | 24.73% |
| Net Income Growth % | 691% | -187.41% | -69.05% | 10.41% | 16.17% | 913.74% | -138.54% | -23.54% | 211.49% | -63.32% | 42.83% | -45.89% | 11.76% | 42.72% | -78.14% | 36% | 249.74% | 46.97% | -35.52% | -334.73% | 179.31% | -385.04% | 123.3% | -1826.15% | 97.5% | -277.6% | 55.59% | 115.79% | -55.81% | -6.52% | - |
| Net Income (Continuing) | 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 | 6.13M | 1.06M | 4.3M | 4.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K |
| EPS (Diluted) | 0.05 | -0.21 | 0.24 | 0.79 | 0.78 | 0.68 | -0.09 | 0.22 | 0.29 | 0.09 | 0.26 | 0.18 | 0.33 | 0.30 | 0.21 | 0.96 | 0.72 | -0.49 | -0.96 | -0.73 | 0.31 | -0.41 | 0.14 | -0.65 | -0.03 | -1.37 | 0.75 | 0.74 | 0.31 | 0.73 | 0.83 |
| EPS Growth % | 513.64% | -187.5% | -69.62% | 1.28% | 14.71% | 878.92% | -139.68% | -24.14% | 222.22% | -65.38% | 44.44% | -45.45% | 10% | 42.86% | -78.13% | 33.33% | 246.94% | 48.96% | -31.51% | -335.48% | 175.61% | -392.86% | 121.54% | -1846.11% | 97.56% | -282.67% | 1.35% | 138.71% | -57.53% | -12.05% | - |
| EPS (Basic) | - | -0.21 | 0.24 | 0.82 | 0.79 | 0.70 | -0.09 | 0.22 | 0.29 | 0.09 | 0.26 | 0.18 | 0.33 | 0.30 | 0.21 | 0.97 | 0.72 | -0.49 | -0.96 | -0.73 | 0.32 | -0.41 | 0.15 | -0.65 | -0.03 | -1.37 | 0.78 | 0.76 | 0.31 | 0.74 | 0.83 |
| Diluted Shares Outstanding | 12.42M | 12.2M | 12.24M | 11.78M | 10.86M | 10.73M | 10.26M | 10.39M | 10.38M | 10.34M | 10.33M | 10.49M | 10.47M | 10.42M | 10.35M | 10.29M | 10.14M | 9.98M | 9.47M | 9.21M | 9.19M | 8.81M | 8.8M | 8.33M | 8.47M | 8.28M | 8.47M | 8.29M | 6.19M | 5.09M | 5.54M |
| Basic Shares Outstanding | 12.25M | 12.2M | 12.15M | 11.46M | 10.67M | 10.46M | 10.26M | 10.37M | 10.35M | 10.28M | 10.31M | 10.47M | 10.43M | 10.36M | 10.27M | 10.15M | 10.02M | 9.98M | 9.47M | 9.21M | 9.05M | 8.81M | 8.48M | 8.33M | 8.32M | 8.28M | 8.2M | 8.08M | 6.17M | 5.07M | 5.54M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 38.68% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 127.91% | 71.74% |
Cyclical Revenue Volatility
As indicated by the provided quarterly data, inTEST experienced significant revenue volatility, ranging from a 39.9% expansion in 2024Q4 to a 17.2% contraction in 2025Q2, highlighting the company's sensitivity to the capital expenditure cycles inherent in the semiconductor manufacturing and testing equipment industry.
The revenue trajectory appears highly dependent on project-based demand, which lacks the smoothing effect of recurring software or service revenue. Investors should monitor whether the recent 27.2% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the trough observed in mid-2025.
Based on the reported financial statements, gross margins have fluctuated between 39.7% and 46.3%, suggesting that the company's specialized product mix provides some pricing power, yet remains vulnerable to the input cost pressures and manufacturing inefficiencies that typically accompany lower production volumes during cyclical downturns.
The inability to maintain consistent gross margins above the 45% threshold during periods of revenue contraction implies that fixed manufacturing costs weigh heavily on the bottom line. This suggests that the company may struggle to protect profitability without a more standardized product offering or improved operational scale.
According to the income statement data, the company's operating margin swung from a positive 5.7% in 2024Q4 to a negative 10.8% in 2025Q1, demonstrating that the firm's high fixed-cost structure significantly amplifies the impact of revenue declines on overall operating profitability.
The rapid transition into negative operating territory suggests that the current SG&A and R&D expense base is not sufficiently flexible to adjust to sudden drops in demand. This operating leverage warrants further investigation into whether management can implement more variable cost structures to mitigate future cyclical risks.
As reported in the financial filings, stock-based compensation remains a consistent line item, frequently exceeding $350,000 per quarter, which serves to dilute the quality of reported net income and complicates the assessment of true operational profitability during periods of negative earnings.
The presence of recurring stock-based compensation during quarters where the company reports net losses suggests a disconnect between executive compensation and short-term operational performance. Investors should monitor these non-cash expenses as they continue to impact the bottom line regardless of the company's current cyclical position.
While management emphasizes diversification into life sciences and industrial markets, the data suggests that the company's financial performance remains tethered to semiconductor capital expenditure, raising concerns that the purported hedge against cyclicality may be less effective than the current investment narrative implies.
The persistent sensitivity to semiconductor-related revenue suggests that the diversification efforts have not yet reached the critical mass required to decouple the firm from its core industry. This raises the risk that the company may remain a high-beta play on semiconductor equipment spending rather than a stable industrial manufacturer.
Quick answers to the most common questions about buying INTT stock.
For fiscal year 2025, inTEST Corporation (INTT) reported total revenue of $113.8M. This represents a 512.0% increase compared to $18.6M in 1996.
inTEST Corporation (INTT) reported a net loss of $2.5M for the fiscal year ending 2025.
inTEST Corporation (INTT) reported an operating income of $-3.7M, resulting in an operating profit margin of -3.3%. This margin reflects the operational efficiency of the business before interest and taxes.
inTEST Corporation (INTT) generated $48.9M in gross profit for the year, representing a gross profit margin of 43.0%. This demonstrates the company's core pricing power and production efficiency.