inTEST
inTEST's revenue fell 12.9% to $114 million in fiscal 2025. Its operating margin was −3.3%, down from 2.6% a year earlier. Free cash flow was $6 million, up 127.6%. The diluted share count fell 0.3%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
What inTEST does
inTEST supplies equipment for testing products and for heating and cooling processes used in manufacturing. Its customers are in semiconductors, automotive and electric vehicles, defense and aerospace, industrial, life sciences and safety and security. It is based in Mount Laurel, New Jersey, and makes products in the United States, Canada and Italy, with limited manufacturing in Malaysia that began in late 2025.
It runs six businesses grouped into three segments. Electronic Test includes inTEST EMS, Acculogic and Alfamation, and its products are used in the back end of chip manufacturing, including testing integrated circuits, and in automotive test. Environmental Technologies, made up of inTEST Thermal Solutions, sells temperature-testing products to industries such as automotive, defense, life sciences and semiconductors. Process Technologies includes Ambrell, which makes induction heating equipment, and Videology, which makes cameras.
The company grows partly by buying other companies. It bought Alfamation S.p.A. in 2024, which widened its global footprint and its automotive test business. It also wants to build up its service and repair business and add more sales channels outside the United States.
Its biggest risks, as it describes them
- Its sales swing with the semiconductor industry's cycles.
- It may not find acquisitions, or may struggle to manage the growth they bring.
- Suppliers may fail to meet requirements, and it may not be able to pass inflation on through higher prices.
- Environmental, health and safety rules bring compliance costs and liabilities.
- Material weaknesses in internal control could affect its reporting.
Income statement
From fiscal 2016 to 2024, earnings per share fell 1.0% a year and net income grew 0.9% a year, as new shares raised the share count by 18% and diluted each share's earnings. inTEST then lost money in fiscal 2025.
Returns on capital
Balance sheet
Five years at a glance
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 21 | 13 | 45 | 20 | 14 |
| Debt incl. finance leases | 20 | 16 | 12 | 8 | 8 |
| Net debt (negative means net cash) | −1 | 3 | −33 | −12 | −7 |
| Net debt to EBITDA | −0.1x | 0.2x | −2.2x | −1.4x | −2.2x |
| Debt to equity | 0.4x | 0.2x | 0.1x | 0.1x | 0.1x |
| Interest coverage | 95.0x | 16.9x | 15.4x | 4.0x | −8.3x |
| Current ratio | 2.1x | 2.2x | 3.5x | 2.5x | 2.2x |
| Quick ratio | 1.6x | 1.4x | 2.7x | 1.6x | 1.3x |
Cash flow
Projections
Project inTEST's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.
Insider trades
No officer, director or 10% owner of inTEST reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.
Indicators
Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.
| Indicator | FY23 | FY24 | FY25 |
|---|---|---|---|
| Piotroski F-score | 7 of 9 | 4 of 9 | 5 of 9 |
| Rule of 40 | 17.6% | 7.9% | −7.9% |
| Altman Z'' | 7.15 | 5.13 | 4.89 |
| Accruals ratio | −5.6% | −0.7% | −6.5% |
The nine F-score tests
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Fail |
| Cash from operations is positive | Pass | Pass | Pass |
| Return on assets rose | Pass | Fail | Fail |
| Cash from operations exceeds net income | Pass | Pass | Pass |
| Debt fell relative to assets | Pass | Pass | Pass |
| Current ratio rose | Pass | Fail | Fail |
| Share count didn't rise | Fail | Fail | Pass |
| Gross margin rose | Pass | Fail | Pass |
| Revenue rose relative to assets | Fail | Fail | Fail |
| F-score | 7 of 9 | 4 of 9 | 5 of 9 |
Compare
Put inTEST side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| inTEST | FY25 | −12.9% | −3.3% | 5.0% | −3.2% | −2.2x | 5 | |
| AXT | FY25 | −11.1% | −24.9% | −21.3% | — | — | — | Compare |
| Amtech Systems | FY25 | −21.6% | −35.9% | 8.7% | −41.7% | — | 2 | Compare |
| PDF Solutions | FY25 | 22.0% | 2.7% | −3.9% | 1.4% | 2.5x | 4 | Compare |
| Aehr Test Systems | FY26 | −15.2% | −28.3% | −10.8% | −11.1% | — | 2 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 40 | 67 | 79 | 61 | 54 | 85 | 117 | 123 | 131 | 114 |
| Revenue growth | 3.4% | 66.1% | 17.6% | −22.8% | −11.3% | 57.7% | 37.6% | 5.5% | 6.0% | −12.9% |
| Gross profit | 20 | 35 | 39 | 29 | 24 | 41 | 53 | 57 | 55 | 49 |
| Research and development | 4 | 4 | 5 | 5 | 5 | 6 | 8 | 8 | 8 | 9 |
| Operating income | 4 | 4 | 5 | 2 | −1 | 8 | 11 | 10 | 3 | −4 |
| Net income | 3 | 1 | 3 | 2 | −1 | 7 | 8 | 9 | 3 | −2 |
| Diluted EPS (US$) | 0.26 | 0.09 | 0.29 | 0.22 | −0.09 | 0.68 | 0.78 | 0.79 | 0.24 | −0.21 |
| Diluted shares (millions) | 10 | 10 | 10 | 10 | 10 | 11 | 11 | 12 | 12 | 12 |
| Cash flow | ||||||||||
| Cash from operations | 4 | 7 | 11 | −8 | 3 | 11 | −1 | 16 | 4 | 7 |
| Capital expenditure | 0 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Free cash flow | 4 | 6 | 9 | −9 | 3 | 10 | −3 | 15 | 2 | 6 |
| Dividends paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share buybacks | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 |
| Acquisitions | 0 | 22 | 0 | 0 | 0 | 20 | 0 | 0 | 19 | 0 |
| Stock-based compensation | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 2 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 29 | 13 | 18 | 8 | 10 | 21 | 13 | 45 | 20 | 14 |
| Debt incl. finance leases | — | — | — | — | 0 | 20 | 16 | 12 | 8 | 8 |
| Total assets | 43 | 62 | 67 | 60 | 62 | 104 | 110 | 135 | 152 | 151 |
| Total liabilities | 5 | 23 | 24 | 15 | 17 | 49 | 45 | 38 | 52 | 48 |
| Shareholders' equity | 38 | 39 | 43 | 45 | 45 | 55 | 65 | 96 | 100 | 104 |
| Margins and ratios | ||||||||||
| Gross margin | 50.7% | 51.9% | 50.1% | 48.2% | 44.8% | 48.6% | 45.7% | 46.2% | 42.4% | 43.0% |
| Operating margin | 10.3% | 5.4% | 6.6% | 4.2% | −2.3% | 10.0% | 9.2% | 8.5% | 2.6% | −3.3% |
| Net margin | 6.6% | 1.5% | 3.9% | 3.8% | −1.7% | 8.6% | 7.2% | 7.6% | 2.2% | −2.2% |
| Free cash flow margin | 9.8% | 9.7% | 11.1% | −14.9% | 4.8% | 11.6% | −2.4% | 12.1% | 1.9% | 5.0% |
| Rule of 40 (growth + FCF margin) | 13.3% | 75.8% | 28.7% | −37.7% | −6.5% | 69.3% | 35.3% | 17.6% | 7.9% | −7.9% |
| Return on capital | — | — | — | — | — | 16.6% | 14.7% | 13.5% | 3.8% | −3.2% |
| Return on equity | 7.2% | 2.5% | 7.4% | 5.3% | −2.0% | 14.6% | 14.1% | 11.6% | 3.0% | −2.5% |
| Return on assets | 6.4% | 1.9% | 4.7% | 3.7% | −1.5% | 8.8% | 7.9% | 7.6% | 2.0% | −1.7% |
| Net debt to EBITDA | — | — | — | — | −5.2x | −0.1x | 0.2x | −2.2x | −1.4x | −2.2x |