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what it is
It sells the hot, cold, mechanical, and electrical gear chip makers use to see whether semiconductors fail under stress.
how it gets paid
Last year Intest made $114M in revenue. thermal systems was the main engine at $60M, or 53% of sales.
why growth slowed
Revenue fell 12.9% last year. $81M matters because one quarter of revenue now equals 71% of the last reported annual revenue base of $114M.
what just happened
The quarter was loud: $81M in revenue, but EPS fell to -$0.31.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
3.1% return on capital — nothing to write home about
-$0.21 fy2025 eps est
$2B fy2026 rev est
xvary composite: 48/100 — below average
What they do
It sells the hot, cold, mechanical, and electrical gear chip makers use to see whether semiconductors fail under stress.
This is a niche tools business. If your chip only fails when it gets very hot or very cold, you need precise gear, not vibes. The proof is the 42.0% gross margin from the latest report. Gross margin → money left after making the product → so what: customers pay up for accuracy, even if inTEST only turned that into a 6.7% operating margin.
How they make money
$114M
annual revenue · their business grew -12.9% last year
thermal systems
$60M
precision thermal platforms
$18M
mechanical handlers
$15M
electrical interfaces
$21M
The products that matter
temperature management systems
Thermal Solutions
$~80M · ~70% of revenue
this is the core semiconductor-exposed business, accounting for roughly $80M of the company’s $114M revenue base. when chip customers spend, this is where you feel it first.
core revenue driver
mechanical and electrical test equipment
Test & Process Solutions
$~34M · ~30% of revenue
this business contributes about $34M of revenue and gives Intest exposure beyond pure semiconductor demand. it matters because the company needs more than one end market if it wants to smooth out the cycle.
diversification attempt
Key numbers
$81M
quarterly revenue
That is the latest quarter's sales, and it is huge relative to a roughly $175M market cap. You are paying about 2.2 times one quarter of revenue.
42.0%
gross margin
Gross margin → money left after building the product → so what: customers still pay for inTEST's tools even in a shaky year.
6.7%
operating margin
Operating margin → profit after running the business → so what: the products are decent, but the company keeps too little of each sales dollar.
3.1%
return on capital
Return on capital → profit earned on money invested → so what: management is not turning assets into strong returns yet.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $10M (6% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for INTT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter was loud: $81M in revenue, but EPS fell to -$0.31.
Revenue jumped 209% vs. prior year in the latest quarter, while gross margin came in at 42.0%. The quiet part out loud: sales surged, but shareholders still got a loss.
$81M
revenue
-$0.31
eps
42.0%
gross margin
the number that mattered
$81M matters because one quarter of revenue now equals 71% of the last reported annual revenue base of $114M, which tells you the business mix is moving fast.
source: company earnings report, 2026
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What could go wrong
the top risk is missing the $125M–$130M FY2026 revenue rebound after falling to $114M.
med
the rebound never arrives
Revenue fell 13.0% last year to $114M. Management now needs roughly 10%–14% growth to reach $125M–$130M in FY2026.
If that growth misses, the stock stops being a turnaround story and starts looking like a cyclical supplier with shrinking demand.
med
margin gives back the gains
Q4 gross margin reached 45.4%, and management is targeting 45% for FY2026. That leaves little room for slippage if volumes or mix worsen.
A weaker margin profile would make -$0.21 EPS harder to repair and reduce the case for paying ~1.3x–1.4x target revenue today.
med
volatility outruns fundamentals
The stock sits at $13.60 inside a $5–$15 52-week range, and price stability is just 10 / 100. Small-cap sentiment can swing faster than quarterly execution.
That exposes you to sharp drawdowns even if the long-term thesis stays alive on paper.
Between the $114M current revenue base, the $125M–$130M target, and the 45% margin requirement, almost the entire bull case depends on one thing: execution showing up quickly.
source: institutional data · regulatory filings · risk analysis
Pay attention to
the number that mattered
gross margin holding around 45%
Q4 came in at 45.4%, and management’s full-year target is 45%. If that level slips, the earnings repair story gets much harder.
next few quarters
progress toward $125M–$130M revenue
The company needs roughly 10%–14% growth from the current $114M base. You want to see that show up in orders and revenue, not just targets.
balance sheet
whether C++ strength stays merely mediocre
Long-term debt is only $10M, but the balance-sheet grade is still C++. In a small-cap equipment name, “not broken” is not the same as “strong.”
price behavior
volatility near the top of the range
At $13.60, the stock is much closer to the $15 high than the $5 low. With price stability at 10 / 100, sentiment can outrun operating progress.
Analyst rankings
earnings predictability
30 / 100
Low predictability means quarterly results can swing around. In human-speak, analysts do not trust this business to print steady numbers yet.
risk rank
2
This score reads safer than 80% of stocks on that measure, but it sits beside a C++ balance sheet and 10 / 100 price stability. Welcome to small-cap nuance.
source: institutional data
Institutional activity
institutional ownership data for INTT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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