INTEST CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTEST CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	40.2	66.8	78.6	60.7	53.8	84.9	117	123	131	114
Cost of revenue	19.8	32.1	39.2	31.4	29.7	43.7	63.4	66.3	75.3	64.9
Gross profit	20.4	34.7	39.4	29.2	24.1	41.2	53.4	57	55.4	48.9
Research and development	3.66	4.3	4.91	4.96	5.07	5.53	7.53	7.62	8.55	9.44
General and administrative	7.01	11.7	12.8	13	11.4	15.9	19.3	21.3	23.6	22.2
Operating expenses	16.2	31.1	34.2	26.7	25.3	32.8	42.7	46.5	52	52.6
Operating income	4.15	3.61	5.18	2.55	-1.22	8.46	10.7	10.4	3.39	-3.73
Interest expense						0.09	0.64	0.68	0.85	0.45
Other non-operating income	0.06	0.23	-0.14	0.06	-0.01	-0.06	0.06	1.29	0.91	0.95
Pre-tax income	4.21	3.84	5.04	2.6	-1.23	8.4	10.1	11	3.45	-3.22
Income tax	1.55	2.86	2.01	0.28	-0.34	1.12	1.68	1.71	0.56	-0.7
Net income	2.66	0.98	3.04	2.32	-0.9	7.28	8.46	9.34	2.89	-2.53
EBITDA	4.75	5.39	7.05	5.74	1.96	11.6	15.5	15.1	8.79	3.07
EPS, basic	0.26	0.09	0.29	0.22	-0.09	0.70	0.79	0.82	0.24	-0.21
EPS, diluted	0.26	0.09	0.29	0.22	-0.09	0.68	0.78	0.79	0.24	-0.21
Shares, basic (weighted)	10.3	10.3	10.3	10.4	10.3	10.5	10.7	11.5	12.2	12.2
Shares, diluted (weighted)	10.3	10.3	10.4	10.4	10.3	10.7	10.9	11.8	12.2	12.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	28.6	13.3	17.9	7.61	10.3	21.2	13.4	45.3	19.8	14.2
Short-term investments						0
Receivables	5.38	12.2	10.6	9.3	8.44	16.5	21.2	18.2	29.5	25.9
Inventory	3.68	4.97	6.52	7.18	7.48	12.9	22.6	20.1	26.8	31.6
Other current assets	0.34	0.58	0.68	0.81	0.78	1.48	1.7	2.25	2.65	3.11
Total current assets	38	31	35.6	24.9	27	52.1	60.1	85.8	78.8	78.6
Property, plant and equipment	0.94	1.54	2.72	2.42	2.35	2.69	3.13	3.19	4.46	4.78
Lease right-of-use assets				4.84	6.39	5.92	5.77	4.99	10.8	9.1
Goodwill	1.71	13.7	13.7	13.7	13.7	21.4	21.6	21.7	30.7	32.4
Intangible assets	0.88	16	14.9	12.4	12.4	21.6	18.6	16.6	26.4	24.9
Other non-current assets	0.03	0.03	0.03	0.03	0.03	0.04	0.57	1.01	1.07	0.79
Total assets	42.8	62.5	67.2	59.7	62	104	110	135	152	151
Accounts payable	1.37	2.03	1.79	1.98	2.42	4.28	7.39	5.52	7.99	11.2
Accrued liabilities	1.59	2.78	2.92	2.01	1.94	4.08	3.91	4.16	5.42	5.05
Deferred revenue	0.07	0.89	1.26	0.46	0.4	6.04	4.5	3.8	4.99	6.39
Short-term debt					0	4.1	4.1	4.1	7.49	6.06
Total current liabilities	5.06	14.4	21.4	8.36	8.86	25.1	26.9	24.3	31.9	35.8
Long-term debt					0	16	12	7.94	7.54	1.41
Lease liabilities				3.79	6.05	5.25	4.71	3.5	9.02	7.4
Other non-current liabilities				0.46	0.45	0.45	0.46	0.38	1.73	1.72
Total liabilities	5.06	23.2	24.3	14.9	17.3	49.1	45.1	38.5	52.5	47.7
Total debt					0	20.1	16.1	12	7.94	7.47
Paid-in capital	25.6	25.9	26.5	26.3	26.9	29.9	32	54.5	57.7	59.4
Retained earnings	11.7	12.6	15.7	18	17.1	24.4	32.9	42.2	45.1	42.6
Treasury stock	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.21	-0.9	-0.94	-0.96
Other comprehensive income	0.64	0.88	0.78	0.67	0.89	0.59	0.22	0.41	-2.14	2.46
Shareholders' equity	37.8	39.3	42.9	44.8	44.8	54.8	65	96.3	99.8	104
Total equity	37.8	39.3	42.9	44.8	44.8	54.8	65	96.3	99.8	104
Total liabilities and equity	42.8	62.5	67.2	59.7	62	104	110	135	152	151
Shares outstanding								12.2	12.4	12.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	2.66	0.98	3.04	2.32	-0.9	7.28	8.46	9.34	2.89	-2.53
Depreciation and amortization	0.6	1.78	1.87	3.19	3.17	3.15	4.73	4.68	5.39	6.8
Stock-based compensation	0.27	0.34	0.65	0.88	0.67	1.45	1.79	2.05	1.86	1.61
Deferred income tax	0.14	-1.63	0.08	-0.43	-0.34	-0.49	-1.74	-1.16	-0.82	-1.08
Change in receivables	-1.01	-2.98	1.41	1.24	0.89	-4.78	-4.89	2.99	-5.51	4.53
Change in inventory	-0.38	0.39	-1.85	-1.06	-0.72	-2.54	-10.6	2.03	4.9	-4.17
Change in payables	0.46	-0.76	-0.25	0.2	0.43	1.18	2.88	-1.81	-2.31	3.15
Cash from operations	4.29	7.24	11	-8.41	3.25	10.8	-1.39	16.2	3.82	7.32
Capital expenditures	-0.34	-0.75	-2.21	-0.62	-0.66	-0.99	-1.37	-1.29	-1.32	-1.63
Acquisitions		-22			0	-20.4	0	0	-18.7	0
Purchases of investments						0	-3.49	0
Cash from investing	-0.34	-22.7	-6.34	-0.62	-0.65	-21.4	-1.17	-1.29	-20.1	-1.63
Debt repaid									-7.69	-4.1
Stock issued						1.58	0	19.2	0	0.02
Share buybacks	-0.98	-0.06		-1.14	-0.07	0		0	-1.04	0
Cash from financing	-0.98	-0.06		-1.14	-0.07	21.7	-3.73	15.6	-8.64	-8.23
Exchange rate effect	-0.07	0.17	-0.05	-0.08
Net change in cash	2.9	-15.3	4.57	-10.2	2.67	10.9	-6.62	30.7	-25.4	-1.77
Free cash flow	3.95	6.5	8.75	-9.03	2.59	9.85	-2.75	14.9	2.5	5.68
Interest paid								0.69	0.88	0.46
Income taxes paid	0.64	3.47	2.86	0.54	0.05	1.32	3.92	3.24	3.07	0.19

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $11.57 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	44.0%	Gross profit / revenue.
Operating margin	0.1%	Operating income / revenue.
EBITDA margin	3.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	0.4%	Pre-tax income / revenue.
Net margin	0.5%	Net income / revenue.
FCF margin	-3.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-1.3%	Cash from operations / revenue.
Effective tax rate	-8.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	0.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	0.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	7.9%	Research and development expense / revenue.
Stock-based pay / revenue	1.2%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-12.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	16.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-2.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-209.8%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-65.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-41.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-187.4%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-187.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	91.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	17.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	127.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	17.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	16.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-0.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	4.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.22x	Current assets / current liabilities.
Quick ratio	1.20x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.36x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.08x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	5.7%	Total debt / total assets.
Liabilities / assets	30.7%	Total liabilities / total assets.
Net debt	-$4.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-1.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.29x	Operating income / interest expense.
Working capital	$43.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	37.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$48.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	24.4x	Revenue / average property, plant and equipment.
Inventory turnover	2.23x	Cost of revenue / average inventory.
Days inventory	164 days	365 x average inventory / cost of revenue.
Receivables turnover	4.02x	Revenue / average receivables.
Days sales outstanding	91 days	365 x average receivables / revenue.
Days payables	48 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	207 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-606.1%	Free cash flow / net income, when net income is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$9.75	Revenue / diluted weighted shares.
FCF per share	-$0.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.12	Cash from operations / diluted weighted shares.
Book value per share	$8.33	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.86	Tangible book value / shares outstanding.
Cash per share	$1.03	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$148.4M	Share price x shares outstanding.
Enterprise value	$144.1M	Market cap + total debt - cash - short-term investments.
P/E	251x	Market cap / net income. Only when net income is positive.
P/S	1.23x	Market cap / revenue.
P/B	1.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	3.06x	Market cap / tangible book value, when positive.
EV/Sales	1.19x	Enterprise value / revenue.
EV/EBIT	1,310x	Enterprise value / operating income, when both are positive.
EV/EBITDA	34.6x	Enterprise value / EBITDA, when both are positive.
FCF yield	-2.4%	Free cash flow / market cap.
Earnings yield	0.4%	Net income / market cap (the inverse of P/E).

What was INTEST CORP's revenue in fiscal 2025?

INTEST CORP reported revenue of $113.8M for fiscal 2025, 12.9% lower than the year before.

Was INTEST CORP profitable in fiscal 2025?

No. It reported a net loss of $2.5M.

How much free cash flow did INTEST CORP generate in fiscal 2025?

Cash from operations of $7.3M minus capital expenditures of $1.6M left free cash flow of $5.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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