InTest Corporation (INTT)

Stock Price: $14.47 • 10/7/26

InTest Corporation (INTT) supplies thermal, mechanical and electronic test systems to semiconductor manufacturers and other industrial customers.

Semiconductor test spending is picking up as chipmakers expand capacity, and InTest now estimates record third-quarter orders of $48 million to $50 million, led by back-end semiconductor equipment. Estimated backlog rose to $58 million to $60 million from $45.4 million in June, while second-quarter revenue grew 25.5% year over year to $35.3 million. Management plans to present on October 13 and report final third-quarter results on November 6.

At approximately $186 million in basic market value, the stock trades at approximately 1.35x the midpoint of InTest's $135 million to $140 million fiscal 2026 sales guidance, with $22.1 million cash against $6.2 million funded debt at June 30. The November report could draw attention if preliminary orders become profitable shipments, but shares have risen approximately 18% since before the announcement, chip-equipment spending is cyclical, and an inventory-control weakness remains unresolved.

Opinion: This appears to be a potentially undervalued semiconductor-test equipment play with near-term in-play potential if estimated order strength converts into profitable sales in the November report.