olivLaw · US equity research
InTest Corporation INTT
Instruments For Meas & Testing of Electricity & Elec Signals · SIC 3825 · Vertical: Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825)
InTest Corporation is a global supplier of test and process technology solutions used in manufacturing, with its largest market in semiconductors but growing exposure to automotive/EV, defense and industrial customers. For the third quarter of 2026 the company expects record orders, estimated at 48 to 50 million USD, showing that back-end semiconductor demand has rebounded strongly.
At the close of 04 Nov 2026, InTest Corporation (INTT) stock was 14.00 USD (−4.63% on the day), with market capitalisation 175.9 m USD, P/E 335.2 on diluted EPS of 0.04 USD over the last 12 months, beta 1.35, 52-week range 7.18–18.90 USD. Latest reported quarter (Q1 2026): revenue of 33.9 m USD (+27.2% YoY), net income of 789.0 k USD, diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.2
- neutral
- Bollinger (20, 2)
- 12.40 – 15.90
- in the lower half of the band · %B 0.46 · band width 24.7%
- SMA 50 / 200
- 12.61 / 13.89
- mixed trend
- MACD (12, 26, 9)
- 0.49 / 0.55
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.9% | −1.1% | −5.8 pp | — |
| 3 months | −1.6% | −0.5% | −1.2 pp | — |
| 6 months | −19.6% | +4.4% | −24.0 pp | — |
| Year to date | +87.4% | +12.3% | +75.1 pp | — |
| 1 year | +61.8% | +13.5% | +48.3 pp | +47.7% |
| 3 years | +8.5% | +76.4% | −67.9 pp | +51.5% |
| 5 years | +6.7% | +63.7% | −57.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '23 | Q4 '23 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.9 m | 27.9 m | 36.6 m | 26.6 m | 28.1 m | 26.2 m | 32.8 m | 33.9 m |
| Cost of revenue | 16.5 m | 15.4 m | — | 15.6 m | 16.2 m | 15.2 m | 17.9 m | 18.5 m |
| Gross profit | 14.4 m | 12.4 m | 14.5 m | 11.1 m | 12.0 m | 11.0 m | 14.9 m | 15.4 m |
| Research & development | 1.8 m | 1.9 m | — | 2.4 m | 2.2 m | 2.3 m | 2.4 m | 2.6 m |
| Operating income | 2.5 m | 1.1 m | — | -2.9 m | -927.0 k | -1.2 m | 1.3 m | 954.0 k |
| Depreciation & amortisation | 515.0 k | 1.2 m | — | 1.7 m | 1.6 m ≈ | 1.7 m ≈ | 1.8 m | 1.6 m |
| Interest expense | 168.0 k | 153.0 k | — | 152.0 k | 119.0 k | 95.0 k | 84.0 k | 80.0 k |
| Pre-tax income | 2.7 m | 1.6 m | 1.8 m | -2.8 m | -583.0 k | -1.2 m | 1.4 m | 977.0 k |
| Income tax | 446.0 k | 111.0 k | 298.0 k | -460.0 k | -80.0 k | -289.0 k | 134.0 k | 188.0 k |
| Net income | 2.3 m | 1.5 m | 1.5 m | -2.3 m | -503.0 k | -938.0 k | 1.2 m | 789.0 k |
| Diluted EPS | 0.19 | 0.12 | 0.12 | -0.19 | -0.04 | -0.08 | 0.10 ≈ | 0.06 |
| Operating cash flow | 6.2 m ≈ | 4.7 m | — | 5.5 m | -688.0 k ≈ | 3.5 m ≈ | -1.0 m | -3.3 m |
| Capex | 274.0 k ≈ | 308.0 k | — | 229.0 k | 462.0 k | 407.0 k | 534.0 k | 644.0 k |
| Share repurchases | — | 0 | — | — | — | — | 0 | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 25-quarter history (min 12.1, median 20.4, max 326.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 78.6 m | 60.7 m | 53.8 m | 84.9 m | 116.8 m | 123.3 m | 130.7 m | 113.8 m |
| Revenue YoY | +17.6% | −22.8% | −11.3% | +57.7% | +37.6% | +5.5% | +6.0% | −12.9% |
| Net income | 3.0 m | 2.3 m | -895.0 k | 7.3 m | 8.5 m | 9.3 m | 2.9 m | -2.5 m |
| Net income YoY | +211.5% | −23.5% | −138.5% | unavailable | +16.2% | +10.4% | −69.1% | −187.4% |
| Diluted EPS | 0.29 | 0.22 | -0.09 | 0.68 | 0.78 | 0.79 | 0.24 | -0.21 |
| Diluted EPS YoY | +222.2% | −24.1% | −140.9% | unavailable | +14.7% | +1.3% | −69.6% | −187.5% |
| net % | 3.9% | 3.8% | -1.7% | 8.6% | 7.2% | 7.6% | 2.2% | -2.2% |
| Free cash flow | 8.7 m | -9.0 m | 2.6 m | 9.8 m | -2.8 m | 14.9 m | 2.5 m | 5.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 14.2 m USD
- Financial debt
- 7.5 m USD
- Net debt
- -6.7 m USD
- Equity
- 103.6 m USD
- Total assets
- 151.3 m USD
- Debt / equity
- 0.07x
- Current ratio
- 2.20x
- ROE
- -2.5%
- ROA
- -1.7%
- FCF margin
- 5.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 53.8 m | 84.9 m | 116.8 m | 123.3 m | 130.7 m | 113.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Cost of revenue | 29.7 m | 43.7 m | 63.4 m | 66.3 m | 75.3 m | 64.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Gross profit | 24.1 m | 41.2 m | 53.4 m | 57.0 m | 55.4 m | 48.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Research & development | 5.1 m | 5.5 m | 7.5 m | 7.6 m | 8.5 m | 9.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Operating income | -1.2 m | 8.5 m | 10.7 m | 10.4 m | 3.4 m | -3.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Depreciation & amortisation | 3.2 m | 3.1 m | 4.7 m | 4.7 m | 5.4 m | 6.8 m | SEC (XBRL)· 12 Mar 2026verified |
| EBITDA | 2.0 m ≈ | 11.6 m ≈ | 15.5 m ≈ | 15.1 m ≈ | 8.8 m ≈ | 3.1 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Interest expense | — | 89.0 k | 635.0 k | 679.0 k | 846.0 k | 450.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Pre-tax income | -1.2 m | 8.4 m | 10.1 m | 11.0 m | 3.5 m | -3.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Income tax | -336.0 k | 1.1 m | 1.7 m | 1.7 m | 563.0 k | -695.0 k | SEC (XBRL)· 12 Mar 2026verified |
| Net income | -895.0 k | 7.3 m | 8.5 m | 9.3 m | 2.9 m | -2.5 m | SEC (XBRL)· 12 Mar 2026verified |
| Diluted EPS | -0.09 | 0.68 | 0.78 | 0.79 | 0.24 | -0.21 | SEC (XBRL)· 12 Mar 2026verified |
| Weighted average diluted shares | 10.3 m | 10.7 m | 10.9 m | 11.8 m | 12.2 m | 12.2 m | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.3 m | 21.2 m | 13.4 m | 45.3 m | 19.8 m | 14.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Receivables | 8.4 m | 16.5 m | 21.2 m | 18.2 m | 29.5 m | 25.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Inventories | 7.5 m | 12.9 m | 22.6 m | 20.1 m | 26.8 m | 31.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Current assets | 27.0 m | 52.1 m | 60.1 m | 85.8 m | 78.8 m | 78.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Property, plant & equipment, net | 2.4 m | 2.7 m | 3.1 m | 3.2 m | 4.5 m | 4.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Goodwill | 13.7 m | 21.4 m | 21.6 m | 21.7 m | 30.7 m | 32.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Intangibles (excl. goodwill) | 12.4 m | 21.6 m | 18.6 m | 16.6 m | 26.4 m | 24.9 m | SEC (XBRL)· 12 Mar 2026verified |
| Total assets | 62.0 m | 103.9 m | 110.1 m | 134.8 m | 152.3 m | 151.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Accounts payable | 2.4 m | 4.3 m | 7.4 m | 5.5 m | 8.0 m | 11.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Short-term debt | 0 | 4.1 m | 4.1 m | 4.1 m | 7.5 m | 6.1 m | SEC (XBRL)· 12 Mar 2026verified |
| Long-term debt | 0 | 16.0 m | 12.0 m | 7.9 m | 7.5 m | 1.4 m | SEC (XBRL)· 12 Mar 2026verified |
| Current liabilities | 8.9 m | 25.1 m | 26.9 m | 24.3 m | 31.9 m | 35.8 m | SEC (XBRL)· 12 Mar 2026verified |
| Total liabilities | 17.3 m | 49.1 m | 45.1 m | 38.5 m | 52.5 m | 47.7 m | SEC (XBRL)· 12 Mar 2026verified |
| Equity | 44.8 m † | 54.8 m † | 65.0 m † | 96.3 m † | 99.8 m † | 103.6 m † | SEC (XBRL)· 12 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 3.2 m | 10.8 m | -1.4 m | 16.2 m | 3.8 m | 7.3 m | SEC (XBRL)· 12 Mar 2026verified |
| Capex | 658.0 k | 994.0 k | 1.4 m | 1.3 m | 1.3 m | 1.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Free cash flow | 2.6 m ≈ | 9.8 m ≈ | -2.8 m ≈ | 14.9 m ≈ | 2.5 m ≈ | 5.7 m ≈ | SEC (XBRL)· 12 Mar 2026derived |
| Investing cash flow | -648.0 k | -21.4 m | -1.2 m | -1.3 m | -20.1 m | -1.6 m | SEC (XBRL)· 12 Mar 2026verified |
| Financing cash flow | -74.0 k | 21.7 m | -3.7 m | 15.6 m | -8.6 m | -8.2 m | SEC (XBRL)· 12 Mar 2026verified |
| Share repurchases | 74.0 k | 0 | — | 0 | 1.0 m | 0 | SEC (XBRL)· 12 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 25 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 175.9 m USD
Key indicators
Coverage and freshness
Score by group
- Valuation12
- Returns0
- Quality17
- Balance sheet70
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 1.07 – 12.37 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA10.00 – 12.37 (Mid 12.06)5 companies used · median multiple 21.6x · quartiles 17.8x – 22.2xALNT, ITRI, TER, TRNS, VLTO
- Peers: P/E1.07 – 1.28 (Mid 1.21)4 companies used · median multiple 28.9x · quartiles 25.7x – 30.7xALNT, ITRI, TER, VLTO
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 25/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 0.1% | 17 (vs peers) | 12% |
| Net margin · Quality | 0.5% | 33 (vs peers) | 7% |
| FCF conversion · Quality | -606.1% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | -0.9% | 0 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.6x | 100 (vs peers) | 12% |
| Interest coverage · Balance sheet | 0.3x | 0 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 2.2x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 335.2x | 0 (vs peers) | 12% |
| EV/EBITDA · Valuation | 25.2x | 33 (vs peers) | 12% |
| FCF yield · Valuation | -2.0% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality17/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation12/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
inTest Corporation (INTT). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 113.8 m USD in 2025; YoY growth -12.9%; net margin 0.5%; ROE 0.6%; net debt/EBITDA -0.6x.
The estimated value range is 5.54–6.82 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 6.63 USD, the price of 14.00 USD leaves a potential of -52.6% (value / price − 1) and a margin of safety of -111.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 25/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: -0.6x
- Current ratio: 2.2x
What contradicts it
- ROIC: 0.1%
- FCF conversion: -606.1%
- Revenue CAGR 3Y: -0.9%
- Interest coverage: 0.3x
- P/E (TTM): 335.2x
- FCF yield: -2.0%
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Instruments For Meas & Testing of Electricity & Elec Signals (SIC 3825) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TERTeradyne, Inc. | 39.2 bn | 28.8 | 42.9% | 27.5% | +13.1% | +38% / +172% |
| VLTOVeralto Corporation | 28.5 bn | 28.9 | 33.0% | 17.3% | +6.0% | +16% / +51% |
| ITRIItron, Inc. | 4.5 bn | 16.4 | 16.5% | 12.1% | −3.0% | +3% / +51% |
| COHUCohu, Inc. | 2.1 bn | — | -2.8% | -4.0% | +12.7% | +81% / +39% |
| AEHRAehr Test Systems | 2.0 bn | — | -4.2% | -14.3% | −15.2% | +165% / +165% |
| ALNTAllient Inc | 1.4 bn | 35.8 | 12.1% | 6.2% | +4.6% | +48% / +205% |
| TRNSTranscat, Inc. | 1.0 bn | 226.7 | 1.5% | 1.3% | +19.2% | +91% / +10% |
| FEIMFrequency Electronics, Inc. | 693.5 m | 243.8 | 3.0% | 3.7% | −9.4% | +115% / +523% |
| INTTinTest Corporation | 175.9 m | 335.2 | 0.6% | 0.5% | −12.9% | +62% / +9% |
| DAIOData I | 25.2 m | — | -61.2% | -50.1% | −1.2% | −16% / −16% |
1- and 3-year price returns: for INTT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.82 Total return -37% · Per year -37% | 15.63 Total return 12% · Per year 12% | 23.60 Total return 69% · Per year 69% |
| 3 years | 7.66 Total return -45% · Per year -18% | 15.36 Total return 10% · Per year 3% | 25.59 Total return 83% · Per year 22% |
| 5 years | 6.65 Total return -52% · Per year -14% | 15.10 Total return 8% · Per year 2% | 27.75 Total return 98% · Per year 15% |
- Exit P/E± 3.84
- Net margin± 2.69
- Annual revenue growth± 2.33
- Annual dilution± 0.23
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
InTest Corporation is a global supplier of test and process technology solutions used in manufacturing, with its largest market in semiconductors but growing exposure to automotive/EV, defense and industrial customers. For the third quarter of 2026 the company expects record orders, estimated at 48 to 50 million USD 3, showing that back-end semiconductor demand has rebounded strongly.
SWOT
Strengths
- A diversified portfolio of test and process products, with customers across several industries and a global presence.
- Broad compatibility with multiple types of ATE equipment, which eases changeovers and can lower testing costs for customers.
- Rising orders in the third quarter of 2026 and a stronger order book carried into the rest of the year.
Weaknesses
- Continued heavy dependence on the semiconductor market, with demand cycles that are hard to predict.
- Exposure to sole-source suppliers for certain critical components.
- The company has identified material weaknesses in internal control over financial reporting.
Opportunities
- Expanding sales in automotive/EV, defense and industrial markets, which the company says are less cyclical than Semi.
- Developing new products linked to electrification, power management and rising complexity in semiconductor components.
- Acquiring complementary businesses, which could broaden the product range and geographic reach.
Threats
- Geopolitical tensions and trade policies could raise costs and disrupt supply.
- Competitive price pressure in the semiconductor market could limit margins.
- A cut in capital spending by semiconductor customers could quickly reduce orders.
Risks
- Cyclicality of the semiconductor markethigh
Revenue depends on capital spending by chip makers, which can fall sharply during oversupply periods.
- Acquisition strategymedium
Acquisitions can be hard to integrate, may bring unexpected costs and could dilute existing shareholders if financed with equity.
- Sole suppliers and regional conflictshigh
Reliance on a sole capacitor supplier in a conflict region, and on a sanctioned supplier in Belarus, could delay deliveries.
- Internal controlsmedium
The company has acknowledged material weaknesses in internal control over financial reporting, and remediation is ongoing.
- Trade and tariff policymedium
Changes in global trade policy could raise material costs and affect demand for the company's products.
Investment thesis
What would need to be true (bull case)
- If back-end semiconductor demand holds and diversification into automotive, defense and industrial markets progresses, the company could grow revenue and margins in the coming years.
- Newer products such as high-power chillers and advanced manipulators could support order growth as customers invest in power conversion.
- Strategic acquisitions could extend the company into new markets, and the integration of Alfamation shows its ability to use such deals.
What would break the thesis
- If semiconductor investment slows, orders could fall quickly, as they did in the earlier contraction periods of 2023 and 2024.
- If geopolitical tensions disrupt supply chains, costs could rise and shipments could be delayed, weighing on results.
- If the internal control weaknesses are not fully remediated, investor confidence and the quality of reporting could suffer.
What to watch
- Full third-quarter results and confirmation of the revenue guidanceQ3 2026
- Development of orders and backlog against the estimates releasedQ4 2026
- Progress on remediating the material weaknesses in internal controlnext 10-K
- Pace of revenue growth from non-Semi markets and progress toward the VISION 2030 goals2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
InTest Corporation, headquartered in Mount Laurel, New Jersey, trades on the NYSE American under the symbol INTT 1. The company operates six businesses grouped into three operating segments: Electronic Test, Environmental Technologies and Process Technologies 1. Its products include automated test equipment for semiconductors, thermal and temperature systems, induction heating and video imaging systems 1.
The company manufactures in the United States, Canada and Italy, and began limited manufacturing in Malaysia in the fourth quarter of 2025 1. Marketing and support are conducted from facilities in several countries, including Germany, Singapore and the U.K. 1. Its VISION 2030 strategy focuses on diversifying markets and growing through innovation and acquisitions 1.
The 2024 acquisition of Alfamation S.p.A. expanded the company's global footprint, deepened its automotive test capabilities and created exposure to the consumer electronics market 1. The company describes this acquisition as part of its strategy of inorganic growth 1.
Segments
Electronic Test
The Electronic Test segment includes semiconductor test equipment, flying probe and in-circuit testers, as well as Alfamation products for automotive/EV 12.
Market context
The semiconductor market remains the company's largest, but its share has declined: revenue from other markets represented 68% of the total in fiscal 2025 1. The company says the Semi market is highly cyclical and demand can vary significantly from quarter to quarter 13.
The company describes the automotive/EV, defense and industrial markets as generally less cyclical than Semi, although it acknowledges limited market penetration in many of them 1. It expects investment in expanded semiconductor capacity to support demand in the second half of 2026 3.
Trends
- Investment in new semiconductor fabstailwind
Billions of dollars in new fabrication facilities, along with AI and data center demand, could support demand for the company's test equipment 13.
- Cyclicality of the Semi marketheadwind
The semiconductor sector is known for expansion periods followed by contraction, which can cause large swings in the company's orders and revenue 1.
- Rising defense spendingtailwind
Higher defense spending in the United States and Europe could generate additional demand for the company's solutions in the Defense/Aerospace segment 1.
- Trade tensions and supply chainsmixed
Trade policies, tariffs and regional conflicts could raise material costs and delay shipments, although the company has diversified suppliers and increased inventory 1.
Competitive position
The supplied sources do not name the company's competitors. The company only notes that its products compete with solutions from other suppliers and that the degree of competition affects margins 1.
The company stresses that it can defend its position through compatibility with many types of ATE equipment and customized solutions, while acknowledging competitive price pressure in the Semi market 1.
- Unnamed ATE equipment suppliers
The sources do not name specific rivals, only refer to other suppliers of similar products in the markets served.
- Thermal and temperature control system makers
Competition comes from suppliers of thermal chambers and temperature control systems, not identified in the sources.
- Induction heating suppliers
Other suppliers operate in induction heating, and the company notes its reliance on a sole-source capacitor supplier.
- Industrial imaging equipment makers
Video imaging competes with other camera and capture system makers, unnamed in the supplied sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report05 Oct 2026Results of operations · Financial statements and exhibits
- Current report17 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report31 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report18 Jun 2026Shareholder vote
- Quarterly report11 May 2026
- Current report05 May 2026Material agreement · Results of operations · Creation of a direct financial obligation · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Current report10 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / InTest Corporation · 12 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / InTest Corporation · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / InTest Corporation · 05 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.