Quality Investor

InTest Corporation

Rank #195Decline

INTT · NYSE · Technology

InTest Corporation (INTT) — Rank #195 by gross profitability (GP/assets 0.32) · ROE -2.4% · Piotroski F-Score 5 / 9.

As-of 2026-09-28 · CIK 0001036262 · all metrics point-in-time as of the filing date.

About

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.

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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.

Industry
Semiconductor Equipment & Materials
Sector
Technology
State
DE
Filer Category
Accelerated filerSmaller reporting company
Fiscal Year End
December 31
Website
intest.com

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

385

Industry

Semiconductor Equipment & Materials

Exchange

NYSE

Signal Flags

2 red
Revenue declining YoYRevenue contracted year over year
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.32
Return on equity
-2.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.44
Current ratio
2.22×
Net cash
$4.33M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
1.4%

Growth

1/2 pass
Revenue growth
-12.9%
Piotroski F-Score
5 / 9
Share dilution
-0.3%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

2 of 5 thresholds not computable from filed data.

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.32

Primary signal (Novy-Marx).

2nd of 5 SIC 3825 peers

Return on equity

-2.4%

Gross margin

43.0%

2nd of 5 SIC 3825 peers

Revenue growth (YoY)

-12.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-0.9%

Revenue CAGR (5Y)

16.2%

Earnings CAGR (3Y)

—

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.44

1st of 5 SIC 3825 peers (best = lowest)

Current ratio

2.22×

4th of 5 SIC 3825 peers

Quick ratio

1.20×

Net cash

$4.33M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 16 years of history

Weak
2008-2009 (GFC)
N/AN/A
2020 (COVID)
-11.3%Significant decline
Worst year on record(any fiscal year, not recession-limited)
-22.8%Significant decline

Cash-flow health

Free cash flow

$5.68M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

3.25

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.4%

Stock-based comp intensity.

Piotroski F-Score

F-Score

5 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Decline
Hypergrowth
Value