INTEST CORP
INTTdata completeness 100%16 fiscal years on fileINTEST CORP earns about 7% on invested capital, below its ~9% cost of capital, but has diluted owners by 14% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.18 and $28.33 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $84.9M1 | $116.8M2 | $123.3M3 | $130.7M4 | $113.8M4 |
| Net income | $7.28M5 | $8.46M6 | $9.34M7 | $2.89M8 | −$2.53M8 |
| Operating cash flow | $10.8M9 | −$1.39M10 | $16.2M11 | $3.82M12 | $7.32M12 |
| Capital expenditure | $994,00013 | $1.37M14 | $1.29M15 | $1.32M16 | $1.63M16 |
| Free cash flow (derived) | $9.85M9 | −$2.75M10 | $14.9M11 | $2.5M12 | $5.68M12 |
| Total debt | $40.2M17 | $32.3M18 | $24.1M19 | $23M20 | $7.47M20 |
| Cash & equivalents | $21.2M21 | $13.4M22 | $45.3M23 | $19.8M24 | $14.2M24 |
| Diluted shares | 10.7M | 10.9M | 11.8M | 12.2M | 12.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $84.91 of net worth that earned you −$2.07 and generated $4.66 of cash last year, against $6.12 of debt.
It earned about 7% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 14% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 81% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $6.18 and $28.33 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$5.68M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$5.68M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$7.28M
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $7.21 |
| Base | 20.0% | $15.73 |
| Bull | 20.0% | $15.73 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0001437749-23-007539 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001437749-24-009626 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001437749-25-007520 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001036262-26-000012 (CashAndCashEquivalentsAtCarryingValue)