inTest Corporation reports 108% EBITDA decline in 2020 and 11.3% Revenue decline
03/05/2021 • About inTest Corporation (
$INTT) • By InTwits
inTest Corporation reported FY2020 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is quite volatile: -1.1% in FY2020, 11.9% in FY2019, 9.0% in FY2018, 8.1% in FY2017, 11.8% in FY2016.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
InTest Corporation's Revenue dropped on 11.3%. Annual revenue decline showed slowdown in FY20Q4 - revenue increased on 9.3%. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 13.0 pp from 11.9% to -1.1% in FY2020.
Gross Margin decreased on 3.4 pp from 48.2% to 44.8% in FY2020. Gross Margin stuck to a declining trend at -1.5 pp per annum in FY2016-FY2020. SG&A as a % of Revenue decreased slightly on 0.56 pp from 35.8% to 35.2% in FY2020.
Net Income margin decreased on 5.5 pp from 3.8% to -1.7% in FY2020.
Management team
inTest Corporation's CEO is Hugh T Regan Jr. Hugh T Regan Jr has 7 months tenure with the company. inTest Corporation's CFO Hugh T Regan Jr has spent 21 years with the company.
Financial and operational results
inTest Corporation ($INTT) key annual financial indicators| mln. $ | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 40.227 | 66.801 | 78.563 | 60.660 | 53.823 | -11.3% |
| Gross Profit | 20.378 | 34.690 | 39.401 | 29.225 | 24.104 | -17.5% |
| SG&A | 12.572 | 19.802 | 22.412 | 21.712 | 18.966 | -12.6% |
| EBITDA | 4.745 | 5.390 | 7.051 | 7.218 | -0.587 | -108.1% |
| Net Income | 2.658 | 0.975 | 3.037 | 2.322 | -0.895 | -138.5% |
Balance Sheet
|
|---|
| Cash | 28.611 | 13.290 | 17.861 | 7.612 | 10.277 | 35.0% |
| Short Term Debt | 0.000 | 0.000 | 0.000 | 1.302 | | |
| Long Term Debt | 0.000 | 0.000 | 0.000 | 3.794 | | |
Cash flow
|
|---|
| Capex | 0.339 | 0.745 | 2.212 | 0.620 | | |
Ratios
|
|---|
| Revenue growth | 3.4% | 66.1% | 17.6% | -22.8% | -11.3% | |
| EBITDA growth | 43.1% | 13.6% | 30.8% | 2.4% | -108.1% | |
|
|---|
| Gross Margin | 50.7% | 51.9% | 50.2% | 48.2% | 44.8% | -3.4% |
| EBITDA Margin | 11.8% | 8.1% | 9.0% | 11.9% | -1.1% | -13.0% |
| SG&A, % of revenue | 31.3% | 29.6% | 28.5% | 35.8% | 35.2% | -0.6% |
| Net Income Margin | 6.6% | 1.5% | 3.9% | 3.8% | -1.7% | -5.5% |
| CAPEX, % of revenue | 0.8% | 1.1% | 2.8% | 1.0% | | |
|
|---|
| ROIC | 11.1% | 9.1% | 12.3% | 5.9% | | |
| ROE | 7.2% | 2.5% | 7.4% | 5.3% | -2.0% | -7.3% |
| Net Debt/EBITDA | -6.0x | -2.5x | -2.5x | -0.3x | |
inTest Corporation ($INTT) key quoterly financial indicators
| mln. $ | FY20Q1 | FY20Q2 | FY20Q3 | FY20Q4 | | YoY change |
|---|
P&L
|
|---|
| Revenue | 11 | 13 | 14 | 15 | | -37.8% | -7.5% | -1.3% | 9.3% |
| EBITDA | -0 | 1 | 2 | -0 | | -107.9% | 176.6% | -1.5% | -119.0% |
| Net Income | -1 | 0 | 0 | -0 | | -200.4% | - | -29.2% | -152.5% |
Balance Sheet
|
|---|
| Cash | 7 | 7 | 9 | 10 | | -10.7% | -2.2% | 18.0% | 35.0% |
Ratios
|
|---|
| Gross Margin | 43.3% | 45.7% | 44.7% | 45.2% | | -5.6% | -1.1% | -4.6% | -2.3% |
| EBITDA Margin | -1.6% | 10.4% | 11.2% | -2.2% | | -14.0% | 6.9% | -0.0% | -14.9% |
| Net Income Margin | -10.2% | 1.3% | 3.2% | -2.6% | | -16.5% | 2.6% | -1.3% | -7.9% |
Peers in Semiconductor Equipment
Below you can find inTest Corporation benchmarking vs. other companies in Semiconductor Equipment industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | - | 44.0% | 8.7% | -31.0% | 218.5% |
| DAQO New Energy Corp. ($DQ) | - | 41.1% | -6.7% | 16.0% | 93.0% |
| Advanced Energy Industries, Inc. ($AEIS) | - | 38.7% | 7.1% | 9.7% | 79.5% |
| Ichor Holdings ($ICHR) | - | 61.7% | 25.6% | -24.6% | 47.3% |
| ACM Research, Inc. ($ACMR) | - | 33.4% | 104.5% | 44.1% | 45.7% |
| |
|---|
| Median (27 companies) | 5.0% | 24.2% | 14.0% | -0.2% | 16.9% |
|---|
| inTest Corporation ($INTT) | - | 66.1% | 17.6% | -22.8% | -11.3% |
Top companies by Gross margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | 99.8% | 98.3% | 96.7% | 97.0% | 91.2% |
| PDF Solutions, Inc. ($PDFS) | 58.6% | 53.4% | 50.1% | 60.9% | 58.2% |
| Teradyne, Inc. ($TER) | 54.7% | 57.2% | 58.1% | 58.4% | 57.2% |
| Nova Measuring Instruments Ltd. ($NVMI) | 45.9% | 59.1% | 57.8% | 54.2% | 56.8% |
| Kulicke and Soffa Industries, Inc. ($KLIC) | 45.7% | 47.2% | 46.1% | 47.1% | 47.8% |
| |
|---|
| Median (27 companies) | 37.3% | 43.2% | 40.2% | 40.3% | 42.4% |
|---|
| inTest Corporation ($INTT) | 50.7% | 51.9% | 50.2% | 48.2% | 44.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Xperi Corporation ($XPER) | 47.6% | 23.4% | 34.3% | 16.4% | 40.8% |
| DAQO New Energy Corp. ($DQ) | 43.3% | 49.1% | 36.1% | 27.1% | 38.0% |
| Teradyne, Inc. ($TER) | 3.4% | 29.6% | 27.9% | 30.3% | 33.8% |
| Cabot Microelectronics Corporation ($CCMP) | 23.4% | 27.2% | 31.5% | 20.1% | 31.6% |
| Entegris, Inc. ($ENTG) | 21.7% | 25.6% | 27.1% | 24.7% | 29.3% |
| |
|---|
| Median (25 companies) | 11.7% | 16.2% | 16.6% | 12.9% | 15.9% |
|---|
| inTest Corporation ($INTT) | 11.8% | 8.1% | 9.0% | 11.9% | -1.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| DAQO New Energy Corp. ($DQ) | 29.5% | 19.8% | 47.4% | 79.7% | 17.5% |
| Photronics, Inc. ($PLAB) | 10.4% | 20.4% | 17.3% | 32.4% | 11.6% |
| Cabot Microelectronics Corporation ($CCMP) | 4.1% | 4.2% | 3.6% | 5.4% | 11.3% |
| Amkor Technology, Inc. ($AMKR) | 16.5% | 13.1% | 12.7% | 11.7% | 10.9% |
| ACM Research, Inc. ($ACMR) | 2.9% | 1.8% | 2.5% | 0.9% | 9.5% |
| |
|---|
| Median (25 companies) | 2.6% | 3.2% | 3.0% | 3.4% | 3.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Teradyne, Inc. ($TER) | -2.9% | 23.8% | 22.6% | 29.2% | 40.3% |
| DAQO New Energy Corp. ($DQ) | 12.7% | 23.2% | 12.2% | 5.6% | 18.5% |
| Entegris, Inc. ($ENTG) | 10.3% | 14.7% | 15.4% | 11.3% | 16.4% |
| Advanced Energy Industries, Inc. ($AEIS) | 41.2% | 45.7% | 31.3% | 6.9% | 15.5% |
| Ultra Clean Holdings, Inc. ($UCTT) | 7.8% | 27.5% | 10.5% | 4.1% | 14.8% |
| |
|---|
| Median (27 companies) | 6.9% | 13.1% | 11.2% | 5.5% | 10.3% |
|---|
| inTest Corporation ($INTT) | 11.1% | 9.1% | 12.3% | 5.9% | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Veeco Instruments Inc. ($VECO) | - | - | - | 577.2x | 3.4x |
| Cohu, Inc. ($COHU) | -6.0x | -2.7x | - | 10.1x | 2.9x |
| Xperi Corporation ($XPER) | 4.2x | 5.0x | 2.6x | 6.1x | 2.1x |
| Cabot Microelectronics Corporation ($CCMP) | -1.3x | -1.8x | -1.9x | 3.6x | 2.0x |
| Entegris, Inc. ($ENTG) | 0.7x | 0.1x | 1.1x | 1.6x | 1.0x |
| |
|---|
| Median (24 companies) | -1.2x | -0.7x | -1.0x | -0.4x | -0.3x |
|---|
