A Business at a Glance
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AEHR TEST SYSTEMS
AEHR
$2.3B
Mkt Cap
$76.32
-13.77%
AEHR TEST SYSTEMS (AEHR) has a current P/E ratio of 81.2, compared to its historical median P/E of 57.1. The stock is currently considered Expensive based on its historical valuation range.
AEHR TEST SYSTEMS (AEHR) has a 5-year average return on invested capital (ROIC) of 26.4%. This indicates strong capital allocation and a potential competitive advantage.
AEHR TEST SYSTEMS (AEHR) has a market capitalization of $2.4B. It is classified as a mid-cap stock.
AEHR TEST SYSTEMS (AEHR) does not currently pay a regular dividend.
Based on historical P/E analysis, AEHR TEST SYSTEMS (AEHR) appears expensive. The current P/E of 81.2 is 42% above its historical median of 57.1. The estimated fair value CAGR (P/E method) is 103.1%.
AEHR TEST SYSTEMS (AEHR) operates in the Instruments For Meas & Testing Of Electricity & Elec Signals industry, within the Technology sector.
AEHR TEST SYSTEMS (AEHR) reported annual revenue of $59 million in its most recent fiscal year, based on SEC EDGAR filings.
Aehr Test Systems, Inc. (“Aehr Test,” “Aehr,” or “we”) was incorporated in the state of California on May 25, 1977 and is headquartered in Fremont, California. We are a leading provider of test solutions for testing, burning-in, and stabilizing semiconductor devices in wafer level, singulated die, and package part form, and have installed thousands of systems worldwide. Mission critical applications are driving increased quality, reliability, safety, and security needs of semiconductors. The applications include artificial intelligent (“AI”) compute data centers, electric vehicles, electric vehicle charging infrastructure, solar and wind power, data and telecommunications infrastructure, and solid-state memory storage. The trend is driving additional test requirements, incremental capacity needs, and new opportunities for Aehr Test products and solutions.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 59M | 66M | 65M | 51M | 17M |
| Net Income | 0 | -3.9M | 33M | 15M | 9.4M | -2.0M |
| EPS | $0.00 | $-0.13 | $1.12 | $0.50 | $0.34 | $-0.09 |
| Free Cash Flow | 0 | -12M | 1.0M | 8.6M | 1.1M | -2.9M |
| ROIC | - | -3.3% | 35.4% | 56.4% | 58.6% | -15.3% |
| Gross Margin | - | 40.6% | 49.1% | 50.4% | 46.6% | 36.3% |
| Debt/Equity | 0.00 | 0.21 | 0.15 | 0.30 | 0.00 | 0.15 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | -5.7M | 10M | 13M | 7.8M | -4.2M |
| Operating Margin | 0.0% | -9.6% | 15.2% | 20.6% | 15.3% | -25.2% |
| ROE | 0.0% | -3.3% | 35.4% | 23.0% | 30.3% | -15.9% |
| Shares Outstanding | 31M | 30M | 30M | 29M | 28M | 23M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 20M | 10M | 15M | 19M | 30M | 21M | 22M | 17M | 51M | 65M | 66M | 59M | 0 |
| Gross Margin | 51.9% | 38.3% | 35.5% | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | N/A |
| R&D | 3.4M | 4.1M | 4.3M | 4.7M | 4.2M | 4.2M | 3.4M | 3.7M | 5.8M | 7.1M | 8.7M | 10M | 10M |
| SG&A | 6.3M | 6.5M | 7.0M | 7.1M | 7.3M | 7.7M | 7.5M | 6.6M | 10M | 12M | 14M | 18M | 18M |
| EBIT | 497K | -6.7M | -6.2M | -4.9M | 915K | -5.0M | -2.8M | -4.2M | 7.8M | 13M | 10M | -5.7M | 0 |
| Op. Margin | 2.5% | -66.8% | -42.4% | -26.1% | 3.1% | -23.7% | -12.4% | -25.2% | 15.3% | 20.6% | 15.2% | -9.6% | 0.0% |
| Net Income | 422K | -6.6M | -6.8M | -5.7M | 528K | -5.2M | -2.8M | -2.0M | 9.4M | 15M | 33M | -3.9M | 0 |
| Net Margin | 2.1% | -66.4% | -46.8% | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | 0.0% |
| Non-Recurring | -41K | 0 | 2K | 0 | 0 | 1.9M | 1.9M | 176K | 1.0M | 0 | 0 | 1.4M | 1.4M |
| Returns on Capital | |||||||||||||
| ROIC | 8.6% | -186.7% | -76.9% | -40.1% | 127.3% | -30.1% | -18.3% | -15.3% | 58.6% | 56.4% | 35.4% | -3.3% | N/A |
| ROE | 7.0% | -114.4% | -351.1% | -70.2% | 2.9% | -30.1% | -19.0% | -15.9% | 30.3% | 23.0% | 35.4% | -3.3% | 0.0% |
| ROA | 3.6% | -49.1% | -54.5% | -27.6% | 1.7% | -20.0% | -13.4% | -9.6% | 22.5% | 18.1% | 29.3% | -2.8% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -607K | -2.3M | -6.3M | -4.5M | -1.4M | -5.6M | -2.0M | -2.7M | 1.5M | 10M | 1.8M | -7.4M | 0 |
| Free Cash Flow | -946K | -2.4M | -7.2M | -5.0M | -1.9M | -5.8M | -2.2M | -2.9M | 1.1M | 8.6M | 1.0M | -12M | 0 |
| Owner Earnings | -1.6M | -3.4M | -7.5M | -5.8M | -2.8M | -7.0M | -3.3M | -4.1M | -1.9M | 6.8M | -1.4M | -18M | -11M |
| CapEx | 339K | 118K | 919K | 477K | 572K | 173K | 163K | 227K | 416K | 1.4M | 749K | 5.0M | 0 |
| Maint. CapEx | 141K | 135K | 203K | 271K | 417K | 431K | 384K | 328K | 356K | 450K | 657K | 5.5M | 5.5M |
| Growth CapEx | 198K | 0 | 716K | 206K | 155K | 0 | 0 | 0 | 60K | 912K | 92K | 0 | 0 |
| D&A | 141K | 135K | 203K | 271K | 417K | 431K | 384K | 328K | 356K | 450K | 657K | 5.5M | 5.5M |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 27.6% | 13.6% | 42.7% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 829K | 997K | 1.0M | 999K | 996K | 905K | 910K | 1.1M | 3.0M | 2.7M | 2.5M | 5.2M | 5.2M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 6.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.0M | -1.7M | 7.0M | -27M | -18M | -5.4M | -3.8M | -2.9M | -31M | N/A | N/A | N/A | 0 |
| Cash & Equiv. | 1.8M | 5.5M | 939K | 18M | 17M | 5.4M | 5.4M | 4.6M | 31M | 30M | 49M | 25M | N/A |
| Long-Term Debt | 0 | 3.8M | 6.0M | 6.1M | 0 | 0 | 1.0M | 0 | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.11 | 0.83 | -11.33 | 0.36 | 0.32 | 0.00 | 0.12 | 0.15 | 0.00 | 0.30 | 0.15 | 0.21 | 0.00 |
| Interest Coverage | 19.1 | -51.5 | -10.2 | -7.3 | 2.3 | -19.8 | -276.5 | -90.9 | 600.0 | 10.7 | 4.2 | -4.1 | -4.1 |
| Equity | 7.0M | 4.6M | -703K | 17M | 19M | 15M | 14M | 11M | 51M | 76M | 112M | 123M | 0 |
| Total Assets | 12M | 15M | 10M | 31M | 31M | 21M | 21M | 22M | 62M | 98M | 128M | 149M | 0 |
| Total Liabilities | 5.2M | 10M | 11M | 14M | 12M | 5.9M | 6.5M | 10M | 11M | 23M | 16M | 26M | 26M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 11M | 9.8M |
| Retained Earnings | -48M | -54M | -61M | -67M | -66M | -71M | -74M | -76M | -67M | -52M | -19M | -23M | -23M |
| Working Capital | 6.6M | 7.8M | 4.1M | 21M | 18M | 15M | 14M | 10M | 49M | 73M | 87M | 73M | 73M |
| Current Assets | 12M | 14M | 8.7M | 29M | 29M | 20M | 18M | 19M | 60M | 89M | 98M | 89M | 89M |
| Current Liabilities | 5.1M | 6.5M | 4.7M | 7.9M | 11M | 5.5M | 3.9M | 9.1M | 11M | 16M | 11M | 16M | 16M |
| Per Share Data | |||||||||||||
| EPS | 0.04 | -0.55 | -0.52 | -0.35 | 0.02 | -0.23 | -0.12 | -0.09 | 0.34 | 0.50 | 1.12 | -0.13 | 0.00 |
| Owner EPS | -0.15 | -0.28 | -0.57 | -0.36 | -0.10 | -0.31 | -0.14 | -0.18 | -0.07 | 0.23 | -0.05 | -0.60 | -0.34 |
| Book Value | 0.67 | 0.38 | -0.05 | 1.04 | 0.73 | 0.68 | 0.60 | 0.51 | 1.83 | 2.60 | 3.77 | 4.09 | 0.00 |
| Cash Flow/Share | -0.06 | -0.19 | -0.48 | -0.28 | -0.05 | -0.25 | -0.09 | -0.12 | 0.05 | 0.34 | 0.06 | -0.25 | 0.17 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 10.6M | 12.1M | 13.0M | 16.2M | 26.4M | 22.8M | 23.4M | 22.5M | 27.8M | 29.1M | 29.6M | 30.1M | 31.5M |
| Valuation | |||||||||||||
| P/E Ratio | 67.8 | N/A | N/A | N/A | 72.0 | N/A | N/A | N/A | 58.5 | 55.8 | 14.7 | N/A | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 506.5 | 93.8 | 485.4 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | 36.5 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 4.1 | 4.8 | N/A | 2.6 | 2.0 | 2.9 | 4.1 | 43.6 | 10.8 | 10.7 | 4.4 | 5.3 | N/A |
| Price/Sales | 1.4 | 2.7 | 1.7 | 3.1 | 2.1 | 1.7 | 1.9 | 10.5 | 7.7 | 15.7 | 6.3 | 8.5 | N/A |
| FCF Yield | -3.3% | -10.9% | -23.5% | -11.4% | -5.1% | -12.8% | -3.8% | -0.6% | 0.2% | 1.1% | 0.2% | -1.9% | N/A |
| Market Cap | 29M | 22M | 31M | 44M | 38M | 46M | 57M | 499M | 553M | 812M | 489M | 645M | 2.4B |
| Avg. Price | 2.53 | 2.27 | 1.91 | 3.67 | 2.34 | 1.57 | 1.79 | 7.73 | 14.11 | 35.01 | 14.03 | 16.71 | 76.32 |
| Year-End Price | 2.71 | 1.80 | 2.35 | 2.70 | 1.44 | 2.00 | 2.46 | 22.16 | 19.90 | 27.88 | 16.51 | 21.46 | 76.32 |
AEHR TEST SYSTEMS passes 4 of 9 quality checks, suggesting mixed fundamentals.
AEHR TEST SYSTEMS trades at 81.2x trailing earnings, compared to its 15-year median P/E of 57.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 26.4% with a gross margin of 44.6%. At current prices, the estimated annualized return to fair value is +56.3%.
AEHR TEST SYSTEMS (AEHR) has a net profit margin of -6.6%. The company is currently unprofitable.
AEHR TEST SYSTEMS (AEHR) generated $-12 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AEHR TEST SYSTEMS (AEHR) has a debt-to-equity ratio of 0.21. This indicates a conservatively financed balance sheet.
AEHR TEST SYSTEMS (AEHR) reported earnings per share (EPS) of $-0.13 in its most recent fiscal year.
AEHR TEST SYSTEMS (AEHR) has a return on equity (ROE) of -3.3%. A negative ROE may indicate losses or negative equity.
AEHR TEST SYSTEMS (AEHR) has a 5-year average gross margin of 44.6%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for AEHR TEST SYSTEMS (AEHR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AEHR TEST SYSTEMS (AEHR) has a book value per share of $4.09, based on its most recent annual SEC filing.