inTEST Corporation
Orin's own judgment of how firmly the evidence points one way — not the chance the price goes up.
INTT's cyclical turnaround is confirmed by three consecutive quarters of accelerating revenue growth—Q1 2026 revenue of $33.9M grew 27.2% y/y and Q2 2026 revenue of $35.3M grew 25.5% y/y—following a difficult FY2025 that saw revenue decline 12.9% and a $2.5M net loss.
The October 5, 2026 pre-announcement of record Q3 2026 orders and revenue at the high end of guidance for both Q3 and full-year 2026 directly refutes the August Seeking Alpha concern about rolling over backlog, and the P/S of 1.29x (70.3% below the peer median of 4.33x) and EV/EBITDA of 18.6x (26.4% below the peer median of 25.3x) leave meaningful room for multiple expansion as earnings recover. The stock at $12.85 has reclaimed its 50-day MA of $12.28, though it remains below the 200-day MA of $13.54, and the trailing P/E of 100.7x overstates the valuation risk since it captures the depressed FY2025 earnings that the recent quarters are clearly moving past.
What could go wrong
- Cyclical demand reversal. INTT's end markets are highly cyclical; FY2025's 12.9% revenue decline and operating loss of $3.7M demonstrate how quickly conditions can deteriorate despite a seemingly strong order book.
- Trailing P/E optics. The P/E of 100.7x is 178.8% above the peer median of 36.1x, which could deter investors who screen on trailing earnings despite the forward improvement implied by recent quarters.
- Minimal institutional sponsorship. Smart money score is just 0.00 as of the quarter ended 30 Jun with only 26 funds holding the stock, limiting buying power and liquidity support.
- Margin compression risk. Gross margin compressed from 46.2% in FY2023 to 43.0% in FY2025, and operating margin turned negative at -3.3%; if revenue growth does not translate into operating leverage, profitability could lag again.
What would change my mind
Where this comes from: Q2 2026 results · Q1 2026 results · FY25 fundamentals · news, 5 Oct. Orin's read on INTT; not advice.
How has the share price moved?
Up 78.7% over twelve months, from $8.59 on 27 Oct 2025 to $15.35 at the Tue 27 Oct 2026 close. Its highest close in that time was $18.90 on 14 May 2026; the last close is 18.8% below it.
- Green line: the closing price each trading day.
- Grey line: the average closing price over the last 50 trading days.
- Dashed amber line: the same over the last 200 trading days — a slower, smoother line.
- Bars along the bottom: shares traded each day — green when it closed higher than the day before, rose when lower (the most, 1.8M, on 26 Jun 2026).
- Flags: the company's filings, on the day they were made (a 10-Q is the quarterly report and a 10-K the annual report; an 8-K reports a major event).
On file
All INTT filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| BlackRock | $17.0M | 0.0% |
| Vanguard Capital Management | $9.3M | 0.0% |
| Two Sigma Investments | $5.2M | 0.0% |
| Geode Capital Management | $5.1M | 0.0% |
| Vanguard Portfolio Management | $3.5M | 0.0% |
| Citadel Advisors | $2.6M | 0.0% |
| State Street | $2.5M | 0.0% |
| Northern Trust | $1.8M | 0.0% |
| Vanguard Fiduciary Trust | $1.6M | 0.0% |
| Bank of New York Mellon | $1.4M | 0.0% |
28 of the 815 filers we track · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 93 Form 4 filings; open-market trades net $25K. Of the 50 on hand, 0 were open-market purchases and 3 sales — the rest are grants, option exercises and tax withholding.
Ask Orin about INTT
Orin answers questions about INTT from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →How is it priced, against its own past and its sector?
Priced at 96.4× its last 12 months of profit (Thu 5 Nov close) — higher than in all 4 of its last 5 fiscal years with a P/E (middle 17.4×); the typical Technology company on the AMEX is at 14.5×.
| Measure | Now | Its usual | Sector |
|---|---|---|---|
| P/E | 96.4×above usual | 17.4× | 14.5× |
| P/S | 1.23×above usual | 0.94× | — |
| EV/EBITDA | 17.8×above usual | 11.4× | — |
| P/B | 1.4×below usual | 1.6× | — |
- "Its usual" is the middle of its own last 5 fiscal years.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
P/S: the company's total market value divided by one year of revenue. Used when there is no profit to measure.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
P/B: the share price divided by the book value per share — what the company owns minus what it owes, as its accounts record it. When book value is tiny, P/B swings wildly and says little.
What do the analysts who cover it publish?
Few analysts publish on it: one firm rated it in the last 18 months. Every 12-month price target on file is $17 (the low and the high are the same, so it may be a single analyst's) — 11% above the Tue 27 Oct close price. With so few, it is not a consensus; it is their published opinion, not Orin's.
$17
$17 – $17 · +11% against the last close
- 1 buy or overweight
- 0 hold
- 0 underweight or sell
Price target: the share price an analyst publishes for about 12 months ahead. It is the opinion of the firm that wrote it; the average is across the firms that cover the company.
Overweight / underweight: analysts' rating words: overweight means the firm expects the stock to do better than the others it covers, underweight worse. Their words, not Orin's.
How is it priced next to the companies it is compared to?
Priced at 96.4× its last 12 months of profit; the middle P/E of the 7 companies it is compared to that made a profit is 44.2×.
| Company | Market value | P/E | EV/EBITDA | Gross margin | Net margin | ROE |
|---|---|---|---|---|---|---|
| INTTinTEST Corporation | $158M | 96.4× | 17.8× | 42.7% | 1.2% | 2% |
| ACLSAxcelis Technologies, Inc. | $3B | 26.5× | 19.4× | 42.8% | 11.7% | 10% |
| AEHRAehr Test Systems | $2B | lost money | n/m | 34.7% | −14.0% | −5% |
| ASYSAmtech Systems, Inc. | $235M | 49.2× | 19.9× | 46.9% | 4.2% | 5% |
| CAMTCamtek Ltd. | $4B | 31.9× | 34.0× | 50.0% | 24.6% | 19% |
| COHUCohu, Inc. | $2B | lost money | 118× | 39.2% | −7.4% | −5% |
| KLICKulicke and Soffa Industries, Inc. | $4B | 35.4× | 23.5× | 48.2% | 12.2% | 14% |
| TERTeradyne, Inc. | $51B | 44.2× | 33.1× | 59.2% | 25.8% | 38% |
| UCTTUltra Clean Holdings, Inc. | $2B | 88.8× | 17.4× | 16.1% | 1.1% | 4% |
| VECOVeeco Instruments Inc. | $2B | 78.6× | 39.8× | 37.4% | 3.6% | 3% |
- AEHR, COHU: lost money over the last 12 months, so no P/E.
- AEHR: EV/EBITDA is not meaningful (n/m) — its cash exceeds its market value plus debt, or the business lost money before depreciation.
- The list of companies is the data vendor's choice, so it can include a company a person would not have picked.
Market value: the share price times the number of shares — what the whole company is priced at.
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
EV/EBITDA: the price of the whole company (its shares plus its debt, minus its cash) divided by one year of operating profit before interest, tax and write-downs.
Gross margin: the share of each $1 of sales left after the direct cost of making what was sold.
Net margin: the share of each $1 of sales kept as profit after every cost. Below zero, the company lost money.
ROE: return on equity: one year of profit as a share of the shareholders' money in the business (its book value).
Is it priced high or low compared with its own past?
Priced at 96.4× its last 12 months of profit (Thu 5 Nov close). It has no full fiscal year on file since its history starts, so there is nothing of its own to compare with.
- Now96.4×
P/E: the share price divided by one year of profit per share — roughly how many years of today's profit the price pays for. A company that loses money has no P/E.
Fiscal year (FY): the company's own 12-month accounting year, which need not match the calendar year.
How has its sector been priced?
Technology companies on the AMEX were priced at a typical 14.5× their yearly profit (Tue 27 Oct close).
- Now14.5×
- Each year is the middle of that calendar year's daily sector P/E; "Now" is the Tue 27 Oct close figure, the same one in the table above.
Sector P/E: the middle P/E of the companies in the same sector on the same stock exchange, as the data vendor works it out each day.
What does a cash-flow model say a share is worth?
A standard cash-flow model puts it at $8 a share — 48% below the $15.06 price it was computed against (27 Oct).
| Model | Value a share | Against the price then |
|---|---|---|
| Standard | $8 | 48% below $15.06 |
| Levered | $8 | 50% below $15.06 |
Discounted cash flow: a model's estimate of what the company is worth today, from the cash it is forecast to make in future years. Small changes in the forecast move it a lot, and it says little about a company that loses money.
Standard / levered: two versions of the cash-flow model: the standard one counts the cash before the company pays its lenders, the levered one after.