# inTest (INTT.US)

Canonical: https://gigainvestors.com/s/INTT

Analysis as of: 2026-10-16T07:29:22.256Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.03 per share; close as of 2026-10-15.

Estimated value: low $13.23 per share, central $14.84 per share, high $16.97 per share. Buy at or below the central value $14.84 per share. Valuation as of 2026-10-16T07:29:22.256Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 1.24×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.05×

- FY2018: 0.07×

- FY2019: -0.01×

- FY2020: -0.02×

- FY2021: 0.10×

- FY2022: 0.09×

- FY2023: 0.08×

- FY2024: 0.03×

- FY2025: -0.03×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.9%

- ROIC, second-lowest year: -3.4%

- Typical minus recent gross margin: 3.2 pp

- Typical gross margin (annual median): 46.0%

- Recent gross margin (lower of latest and 3-year median): 42.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 9.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 9.9%

- FY2018: 11.5%

- FY2019: -2.0%

- FY2020: -3.4%

- FY2021: 18.8%

- FY2022: 17.1%

- FY2023: 18.9%

- FY2024: 3.8%

- FY2025: -4.0%

- LTM to Jun 2026: 3.1%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.71×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $44M

- Net income, five-year total: $25M

- Return on incremental invested capital: -31.9%

- Working capital / revenue, annual change: 2.2 pp

- Working capital / revenue, change between three-year averages: 14.3 pp

- Working capital / revenue, final three-year average: 34.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.30×

- FY2022: 1.40×

- FY2023: 1.36×

- FY2024: 2.43×

- FY2025: -1.04×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.5% vs 3.8%

- Per-share earnings: 0.18 to 0.24 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: 3.5%

- Market cap gain: $46M

- Cumulative retained earnings: $31M

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: 3.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.6%

- Per-share value change: $0.06

- Per-share value, starting three-year median: $0.18

- Per-share value, ending three-year median: $0.24

- Buybacks concentrated in cheaper years (correlation): 0.17

- Average buyback yield: 0.7%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $63M

- Cumulative net income, 10 years: $34M

- ROIC, first three-year median: 11.5%

- ROIC, last three-year median: 3.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.26

- FY2017: $0.09

- FY2018: $0.29

- FY2019: $0.22

- FY2020: -$0.09

- FY2021: $0.68

- FY2022: $0.78

- FY2023: $0.79

- FY2024: $0.24

- FY2025: -$0.21

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -6.5%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 22.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.55×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: -10.0%

- FY2018: -11.8%

- FY2019: 18.0%

- FY2020: -6.7%

- FY2021: -3.4%

- FY2022: 8.9%

- FY2023: -5.1%

- FY2024: -0.6%

- FY2025: -6.5%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 50% since Jun 2023 · sales +12.7%

Story as of 2026-10-16T09:58:57.459Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.9% a year for ten years

### Sales · FY2025–2026

sales +12.7%; source https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm; observed 2026-03-12.

- FY2017: $67M 

- FY2018: $79M 

- FY2019: $61M 

- FY2020: $54M 

- FY2021: $85M 

- FY2022: $117M 

- FY2023: $123M 

- FY2024: $131M 

- FY2025: $114M 

- FY2026: $128M 

### Gross margin · FY2026

gross margin 42.7%; source https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm; observed 2026-03-12.

- FY2017: 51.9% 

- FY2018: 50.2% 

- FY2019: 48.2% 

- FY2020: 44.8% 

- FY2021: 48.6% 

- FY2022: 45.7% 

- FY2023: 46.2% 

- FY2024: 42.4% 

- FY2025: 43.0% 

- FY2026: 42.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 113.8 million.

- Source: https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm (filed 2026-03-12); FY2025: revenue 113825000; grossProfit 48920000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); INTT.US: inTEST Corporation provides test and process technology solutions for use in Semi, Auto/Electric Vehicle, Defense/Aerospace, Industrial, Life Sciences, Safety/Security, and other markets in the United States and internationally. The company operates through three segments: Electronic Test, Environmental Technologies, and Process Technologies. The Electronic Test segment offers Cobal, and LS series manipulators that hold various test heads and enable an operator to reposition a test head for use with several probers 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. This segment also provides tester interfaces that offer electrical connections between the tester and the wafer prober or IC handler; scorpion flying probe test systems that designs and manufactures robotics-based electronic test equipment and application support services; and BRiZ automated test and programming services, as well as functional test platform, touch display tester, wafer-level optical component tester, and specialty test modules. The Environmental Technologies segment provides 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 offer tempered gas or fluid; and ultra-cold storage solutions, including biomedical freezers, refrigerators, and mobile storage solutions. The Process Technologies segment offers EKOHEAT and EASYHEAT induction heating systems; and digital streaming and image capturing solutions. 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.

### Why customers stay

Margins ranged from 42.4% to 46.2% during 2023–25; it earns 6.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: grossProfit / revenue = 46.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: grossProfit / revenue = 42.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm (filed 2026-03-12); FY2025: grossProfit / revenue = 43%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); 10-year return on capital observations [[2017,0.09947658402203857],[2018,0.11502459688439465],[2019,-0.020093004356757486],[2020,-0.03433433326190986],[2021,0.1884986398928532],[2022,0.17060787220461393],[2023,0.18878542265844964],[2024,0.03774721578114848],[2025,-0.03975829550367488],[2026,0.0313376987839102]]; median 0.06861189990159353. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 10 years; bought back USD 17000 of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2016: growth capex 0; upkeep 339000; owner earnings 2918000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2017: growth capex 0; upkeep 745000; owner earnings 2009000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2018: growth capex 329456.1793618507; upkeep 1882543.8206381493; owner earnings 3025456.179361851. Growth capex / owner earnings = 0.10889471201375714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2019: growth capex 0; upkeep 620000; owner earnings 4895000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2020: growth capex 0; upkeep 658000; owner earnings 1621000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2021: growth capex 0; upkeep 994000; owner earnings 9434000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2022: growth capex 0; upkeep 1365000; owner earnings 11830000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2023: growth capex 0; upkeep 1291000; owner earnings 12734000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); FY2024: growth capex 0; upkeep 1324000; owner earnings 7011000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm (filed 2026-03-12); FY2025: growth capex 0; upkeep 1632000; owner earnings 2637000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,971000],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm (filed 2026-03-12); FY2025: cash repurchases 17000 USD.

### Are managers owners

Insiders own 9.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); INTT.US SharesStats.PercentInsiders = 9.693999999999999 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 0.9% yearly over ten years; actual growth was 1.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-12); Ten-year compound average after fade. Initial solved rate -0.02605037907650716. Price 13.03; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.19211288919298292 → FY2025 0.21607097747249068. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $4.05 per share

- 2016-11: $4.40 per share

- 2016-12: $4.60 per share

- 2017-01: $4.70 per share

- 2017-02: $4.95 per share

- 2017-03: $6.40 per share

- 2017-04: $6.95 per share

- 2017-05: $8.30 per share

- 2017-06: $6.65 per share

- 2017-07: $8.70 per share

- 2017-08: $7.55 per share

- 2017-09: $8.30 per share

- 2017-10: $8.60 per share

- 2017-11: $8.70 per share

- 2017-12: $8.65 per share

- 2018-01: $8.85 per share

- 2018-02: $7.70 per share

- 2018-03: $6.65 per share

- 2018-04: $7.20 per share

- 2018-05: $7.45 per share

- 2018-06: $7.30 per share

- 2018-07: $7.25 per share

- 2018-08: $8.75 per share

- 2018-09: $7.75 per share

- 2018-10: $7.35 per share

- 2018-11: $6.95 per share

- 2018-12: $6.13 per share

- 2019-01: $7.36 per share

- 2019-02: $7.25 per share

- 2019-03: $6.72 per share

- 2019-04: $6.62 per share

- 2019-05: $5.02 per share

- 2019-06: $4.81 per share

- 2019-07: $4.53 per share

- 2019-08: $4.20 per share

- 2019-09: $4.65 per share

- 2019-10: $4.80 per share

- 2019-11: $5.78 per share

- 2019-12: $5.95 per share

- 2020-01: $5.41 per share

- 2020-02: $5.04 per share

- 2020-03: $2.66 per share

- 2020-04: $3.52 per share

- 2020-05: $3.18 per share

- 2020-06: $3.37 per share

- 2020-07: $4.67 per share

- 2020-08: $4.92 per share

- 2020-09: $4.50 per share

- 2020-10: $4.66 per share

- 2020-11: $5.40 per share

- 2020-12: $6.49 per share

- 2021-01: $7.65 per share

- 2021-02: $8.55 per share

- 2021-03: $11.81 per share

- 2021-04: $12.13 per share

- 2021-05: $14.08 per share

- 2021-06: $16.77 per share

- 2021-07: $14.31 per share

- 2021-08: $12.60 per share

- 2021-09: $11.48 per share

- 2021-10: $11.07 per share

- 2021-11: $14.23 per share

- 2021-12: $12.72 per share

- 2022-01: $10.65 per share

- 2022-02: $11.11 per share

- 2022-03: $10.73 per share

- 2022-04: $7.93 per share

- 2022-05: $7.50 per share

- 2022-06: $6.82 per share

- 2022-07: $8.48 per share

- 2022-08: $8.88 per share

- 2022-09: $7.63 per share

- 2022-10: $8.10 per share

- 2022-11: $11.35 per share

- 2022-12: $10.30 per share

- 2023-01: $13.00 per share

- 2023-02: $14.88 per share

- 2023-03: $20.74 per share

- 2023-04: $19.00 per share

- 2023-05: $20.60 per share

- 2023-06: $26.26 per share

- 2023-07: $21.16 per share

- 2023-08: $17.52 per share

- 2023-09: $15.17 per share

- 2023-10: $12.93 per share

- 2023-11: $13.07 per share

- 2023-12: $13.60 per share

- 2024-01: $11.93 per share

- 2024-02: $11.68 per share

- 2024-03: $13.25 per share

- 2024-04: $11.27 per share

- 2024-05: $9.96 per share

- 2024-06: $9.88 per share

- 2024-07: $10.80 per share

- 2024-08: $7.16 per share

- 2024-09: $7.30 per share

- 2024-10: $7.17 per share

- 2024-11: $7.58 per share

- 2024-12: $8.59 per share

- 2025-01: $9.15 per share

- 2025-02: $8.35 per share

- 2025-03: $6.99 per share

- 2025-04: $6.20 per share

- 2025-05: $6.05 per share

- 2025-06: $7.28 per share

- 2025-07: $6.99 per share

- 2025-08: $7.00 per share

- 2025-09: $7.81 per share

- 2025-10: $8.48 per share

- 2025-11: $8.06 per share

- 2025-12: $7.47 per share

- 2026-01: $9.15 per share

- 2026-02: $11.65 per share

- 2026-03: $13.65 per share

- 2026-04: $18.69 per share

- 2026-05: $16.84 per share

- 2026-06: $18.17 per share

- 2026-07: $12.35 per share

- 2026-08: $10.80 per share

- 2026-09: $11.83 per share

- 2026-10: $13.03 per share

## Annual estimated value (USD per share)

- FY2016: low $5.78 per share, central $6.20 per share, high $6.77 per share

- FY2017: low $6.40 per share, central $7.27 per share, high $8.26 per share

- FY2018: low $6.24 per share, central $7.38 per share, high $8.35 per share

- FY2019: low $4.34 per share, central $5.41 per share, high $6.21 per share

- FY2020: low $3.11 per share, central $3.41 per share, high $3.82 per share

- FY2021: low $5.15 per share, central $5.61 per share, high $6.22 per share

- FY2022: low $11.83 per share, central $15.11 per share, high $17.50 per share

- FY2023: low $17.39 per share, central $22.36 per share, high $25.58 per share

- FY2024: low $13.23 per share, central $14.85 per share, high $17.02 per share

- FY2025: low $11.30 per share, central $12.72 per share, high $14.62 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1036262/000103626226000012/intt-20251231.htm); period 2025-12-31, filed 2026-03-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.