A Business at a Glance
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ADVANCED ENERGY INDUSTRIES INC
AEIS
$11.7B
Mkt Cap
$303.99
-3.54%
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a current P/E ratio of 79.2, compared to its historical median P/E of 26.5. The stock is currently considered Expensive based on its historical valuation range.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a 5-year average return on invested capital (ROIC) of 12.9%. This indicates solid capital allocation.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a market capitalization of $11.6B. It is classified as a large-cap stock.
Yes, ADVANCED ENERGY INDUSTRIES INC (AEIS) pays a dividend with a trailing twelve-month yield of 0.14%. The company also returns capital through share buybacks, with a buyback yield of 0.26%.
Based on historical P/E analysis, ADVANCED ENERGY INDUSTRIES INC (AEIS) appears expensive. The current P/E of 79.2 is 199% above its historical median of 26.5. The estimated fair value CAGR (P/E method) is -1.1%.
ADVANCED ENERGY INDUSTRIES INC (AEIS) operates in the Electronic Components, Nec industry, within the Technology sector.
Advanced Energy designs, manufactures, and services precision power conversion, measurement, and control solutions that transform raw electrical power into highly controllable, customizable power for complex equipment across global markets. The company operates as a single segment serving four primary end markets: Semiconductor Equipment, Data Center Computing, Industrial and Medical, and Telecom and Networking, selling through original equipment manufacturers, distributors, and end customers who select products based on power conversion efficiency, power density, low noise emission, and ability to meet unique application requirements. The business model is built on engineered power electronics products including plasma power solutions for semiconductor etch and deposition processes, high-voltage and system power products, and sensing and instrumentation solutions, complemented by a global service network providing repair, calibration, conversions, upgrades, and refurbishment services. Advanced Energy's competitive differentiation rests on technology leadership in next-generation plasma power platforms (eVoS, eVerest, and NavX), development speed, and operational execution, enabling the company to outgrow its served markets and gain share through design wins that ramp to volume production. The company is geographically diversified with manufacturing footprint consolidation underway, including closure of its last China facility and build-out of new capacity in Thailand, Philippines, Malaysia, and Mexico to support revenue-generating capacity expansion and improved manufacturing efficiency.
【Strong demand across all markets】 Management expects demand to remain robust across semiconductor equipment, data center computing, and industrial and medical markets through 2026 and into 2027, driven by megatrends including artificial intelligence, energy efficiency, and advanced semiconductor process node transitions. The company anticipates sequential revenue growth in the industrial and medical market over the coming quarters supported by improved market conditions, production ramps of key design wins, and new product adoption, while semiconductor demand is expected to accelerate in the second half of 2026 with leading-edge logic and memory capacity investments driving growth. Data center computing is projected to experience continued strong demand with new program ramps and high-power AI solutions driving customer adoption, though near-term supply chain constraints and downstream customer constraints may temporarily moderate growth. Management is executing on gross margin expansion through higher-volume production of new products, improved manufacturing efficiency from facility consolidation, and operational leverage, with confidence in achieving the long-term gross margin target of over 43% despite tariff headwinds and higher data center mix.
| Metric | Target | Period |
|---|---|---|
| Full-year revenue growth | low-to-mid 20s | FY2026 |
| Data Center revenue growth | mid-30s | FY2026 |
| Semiconductor revenue growth | over 30% in second half | 2H 2026 |
| CapEx | $170 million to $180 million | FY2026 |
| Free cash flow | at or above 2025 levels | FY2026 |
| Industrial and Medical revenue growth | low to mid 20% range | FY2026 |
| Revenue-generating capacity | over $2.5 billion | Exiting 2026 |
| Revenue-generating capacity | over $3.5 billion | Once Thailand fully built out |
Full-year revenue growth (FY2026): “For the full year 2026, we are raising our revenue growth target from the high teens to the low-to-mid 20s.”
Data Center revenue growth (FY2026): “In Data Center, despite a moderating Q2, we expect sequential growth in the second half and are raising our full year revenue growth outlook from over 30% to the mid-30s.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.9B | 1.8B | 1.5B | 1.7B | 1.8B | 1.5B |
| Net Income | 191M | 148M | 54M | 128M | 200M | 135M |
| EPS | $5.04 | $3.84 | $1.43 | $3.40 | $5.29 | $3.51 |
| Free Cash Flow | 68M | 126M | 74M | 148M | 125M | 111M |
| ROIC | 10.4% | 10.4% | 3.4% | 10.8% | 21.5% | 18.5% |
| Gross Margin | 38.2% | 37.7% | 35.7% | 35.8% | 36.6% | 36.6% |
| Debt/Equity | 0.82 | 0.91 | 0.56 | 0.89 | 0.45 | 0.58 |
| Dividends/Share | $0.41 | $0.40 | $0.41 | $0.40 | $0.40 | $0.40 |
| Operating Income | 206M | 168M | 37M | 114M | 233M | 152M |
| Operating Margin | 10.8% | 9.3% | 2.5% | 6.9% | 12.6% | 10.4% |
| ROE | 13.8% | 11.6% | 4.6% | 11.6% | 20.6% | 16.0% |
| Shares Outstanding | 38M | 39M | 38M | 38M | 38M | 38M |
| Metric | 2020 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 367M | 415M | 484M | 671M | 719M | 789M | 1.4B | 1.5B | 1.8B | 1.7B | 1.5B | 1.8B | 1.9B |
| Gross Margin | 51.2% | 52.3% | 52.3% | 53.1% | 50.9% | 40.0% | 38.3% | 36.6% | 36.6% | 35.8% | 35.7% | 37.7% | 38.2% |
| R&D | 37M | 40M | 44M | 58M | 76M | 102M | 144M | 162M | 191M | 202M | 212M | 232M | 241M |
| SG&A | 59M | 66M | 78M | 93M | 108M | 143M | 189M | 192M | 218M | 221M | 225M | 242M | 246M |
| EBIT | 86M | 107M | 127M | 201M | 172M | 54M | 176M | 152M | 233M | 114M | 37M | 168M | 206M |
| Op. Margin | 23.4% | 25.7% | 26.2% | 29.9% | 23.9% | 6.9% | 12.4% | 10.4% | 12.6% | 6.9% | 2.5% | 9.3% | 10.8% |
| Net Income | 47M | -158M | 127M | 138M | 147M | 65M | 135M | 135M | 200M | 128M | 54M | 148M | 191M |
| Net Margin | 12.8% | -38.2% | 26.3% | 20.5% | 20.5% | 8.2% | 9.5% | 9.3% | 10.8% | 7.7% | 3.7% | 8.2% | 10.0% |
| Non-Recurring | 33M | 1.2M | -319K | -122K | 3.8M | 20M | 12M | 8.0M | 18M | 26M | 58M | 19M | 7.7M |
| Returns on Capital | |||||||||||||
| ROIC | 20.1% | 40.0% | 125.7% | 125.6% | 80.2% | 8.9% | 21.0% | 18.5% | 21.5% | 10.8% | 3.4% | 10.4% | 10.4% |
| ROE | 10.0% | -42.9% | 38.9% | 30.2% | 26.1% | 10.1% | 18.1% | 16.0% | 20.6% | 11.6% | 4.6% | 11.6% | 13.8% |
| ROA | 7.0% | -27.6% | 24.7% | 21.1% | 19.0% | 5.5% | 8.5% | 7.8% | 10.5% | 5.6% | 2.3% | 6.2% | 7.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 77M | 105M | 119M | 183M | 151M | 48M | 201M | 140M | 184M | 209M | 131M | 233M | 198M |
| Free Cash Flow | 74M | 101M | 112M | 174M | 131M | 23M | 165M | 111M | 125M | 148M | 74M | 126M | 68M |
| Owner Earnings | 63M | 93M | 105M | 161M | 128M | 15M | 141M | 72M | 103M | 111M | 16M | 116M | 76M |
| CapEx | 3.4M | 4.0M | 6.8M | 9.0M | 20M | 25M | 36M | 29M | 59M | 61M | 57M | 107M | 130M |
| Maint. CapEx | 10M | 8.8M | 7.8M | 9.4M | 14M | 26M | 48M | 53M | 60M | 67M | 69M | 62M | 62M |
| Growth CapEx | 0 | 0 | 0 | 0 | 6.7M | 0 | 0 | 0 | 0 | 0 | 0 | 45M | 68M |
| D&A | 10M | 8.8M | 7.8M | 9.4M | 14M | 26M | 48M | 53M | 60M | 67M | 69M | 62M | 62M |
| CapEx/OCF | 4.6% | 3.8% | 5.7% | 4.9% | 13.4% | 52.0% | 18.1% | 20.5% | 32.1% | 29.2% | 43.4% | 46.0% | 65.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 15M | 15M | 15M | 16M | 16M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | 0.5% | 0.4% | 0.4% | 0.3% | 0.1% |
| Share Buybacks | 25M | 50M | 0 | 30M | 95M | 0 | 12M | 78M | 27M | 40M | 1.8M | 30M | 30M |
| Buyback Yield | 2.6% | 4.3% | N/A | 1.1% | 5.8% | N/A | 0.3% | 2.3% | 0.9% | 1.0% | 0.0% | 0.4% | 0.3% |
| Stock-Based Comp | 3.7M | 2.8M | 6.3M | 13M | 9.7M | 7.3M | 12M | 16M | 20M | 31M | 46M | 56M | 61M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -128M | N/A | N/A | N/A | N/A | 99M | -48M | -43M | 26M | -22M | -50M | 455M | 437M |
| Cash & Equiv. | 121M | 158M | 282M | 407M | 349M | 346M | 480M | 544M | 459M | 1.0B | 722M | 791M | 700M |
| Long-Term Debt | 0 | N/A | N/A | N/A | N/A | 322M | 305M | 373M | 353M | 896M | 565M | 568M | 568M |
| Debt/Equity | 0.00 | 0.75 | 0.46 | 0.41 | 0.34 | 0.66 | 0.53 | 0.58 | 0.45 | 0.89 | 0.56 | 0.91 | 0.82 |
| Interest Coverage | 367.9 | 295.4 | 733.3 | 3042.0 | 752.4 | 18.2 | 34.7 | 42.4 | 31.8 | 6.8 | 1.5 | 10.1 | 12.4 |
| Equity | 475M | 264M | 392M | 521M | 607M | 677M | 815M | 871M | 1.1B | 1.1B | 1.2B | 1.4B | 1.4B |
| Total Assets | 685M | 463M | 572M | 733M | 816M | 1.5B | 1.6B | 1.8B | 2.0B | 2.6B | 2.3B | 2.5B | 2.6B |
| Total Liabilities | 210M | 199M | 179M | 213M | 209M | 855M | 832M | 946M | 926M | 1.4B | 1.1B | 1.2B | 1.2B |
| Intangibles | 40M | 34M | 28M | 33M | 55M | 184M | 169M | 159M | 190M | 161M | 139M | 118M | 112M |
| Retained Earnings | 226M | 68M | 195M | 333M | 513M | 578M | 712M | 756M | 915M | 990M | 1.0B | 1.1B | 1.2B |
| Working Capital | 264M | 219M | 343M | 489M | 458M | 546M | 684M | 792M | 795M | 1.4B | 1.1B | 583M | 589M |
| Current Assets | 377M | 322M | 438M | 595M | 568M | 867M | 980M | 1.2B | 1.2B | 1.7B | 1.4B | 1.6B | 1.6B |
| Current Liabilities | 113M | 104M | 95M | 106M | 110M | 320M | 296M | 370M | 393M | 336M | 314M | 991M | 1.0B |
| Per Share Data | |||||||||||||
| EPS | 1.14 | -3.89 | 3.18 | 3.43 | 3.74 | 1.69 | 3.50 | 3.51 | 5.29 | 3.40 | 1.43 | 3.84 | 5.04 |
| Owner EPS | 1.53 | 2.28 | 2.62 | 4.00 | 3.26 | 0.39 | 3.67 | 1.87 | 2.74 | 2.95 | 0.43 | 2.99 | 2.00 |
| Book Value | 11.52 | 6.47 | 9.78 | 12.95 | 15.44 | 17.61 | 21.17 | 22.69 | 28.25 | 30.32 | 31.73 | 35.26 | 36.43 |
| Cash Flow/Share | 1.87 | 2.57 | 2.98 | 4.55 | 3.85 | 1.26 | 5.23 | 3.65 | 4.86 | 5.54 | 3.45 | 6.04 | 6.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.40 | 0.40 | 0.40 | 0.41 | 0.40 | 0.41 |
| Shares Out. | 41.2M | 40.7M | 40.1M | 40.2M | 39.3M | 38.4M | 38.5M | 38.4M | 37.7M | 37.7M | 37.9M | 38.6M | 38.0M |
| Valuation | |||||||||||||
| P/E Ratio | 20.8 | N/A | 17.1 | 19.7 | 11.2 | 41.5 | 27.5 | 25.4 | 15.5 | 32.4 | 80.3 | 56.7 | 60.4 |
| P/FCF | 13.3 | 11.4 | 19.4 | 15.6 | 12.6 | 116.1 | 22.5 | 30.7 | 24.8 | 28.1 | 58.8 | 66.9 | 169.1 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 49.7 | 20.3 | 18.1 | 11.0 | 26.4 | 95.4 | 50.8 | 58.3 |
| Price/Book | 2.1 | 4.4 | 5.6 | 5.2 | 2.7 | 4.0 | 4.6 | 3.9 | 2.9 | 3.6 | 3.6 | 6.2 | 8.3 |
| Price/Sales | 2.3 | N/A | 21.2 | 4.2 | 3.2 | 2.6 | 1.8 | 2.6 | 1.7 | 2.2 | 2.7 | 3.1 | 6.1 |
| FCF Yield | 7.5% | 8.7% | 5.2% | 6.4% | 8.0% | 0.9% | 4.4% | 3.3% | 4.0% | 3.6% | 1.7% | 1.5% | 0.6% |
| Market Cap | 977M | 1.2B | 2.2B | 2.7B | 1.6B | 2.7B | 3.7B | 3.4B | 3.1B | 4.2B | 4.4B | 8.4B | 11.6B |
| Avg. Price | 20.85 | 26.15 | 38.74 | 70.44 | 57.62 | 53.39 | 67.93 | 97.38 | 82.46 | 98.64 | 104.91 | 144.11 | 303.99 |
| Year-End Price | 23.72 | 28.28 | 54.35 | 67.47 | 41.88 | 70.08 | 96.39 | 89.03 | 81.86 | 110.09 | 114.78 | 217.79 | 303.99 |
ADVANCED ENERGY INDUSTRIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
ADVANCED ENERGY INDUSTRIES INC trades at 79.2x trailing earnings, compared to its 15-year median P/E of 26.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 91.2x vs a median of 24.8x. The company's 5-year average ROIC is 12.9% with a gross margin of 36.5%. Total shareholder yield (dividends + buybacks) is 0.4%. At current prices, the estimated annualized return to fair value is +4.8%.
ADVANCED ENERGY INDUSTRIES INC (AEIS) reported annual revenue of $1.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a net profit margin of 8.2%. This is a modest margin.
ADVANCED ENERGY INDUSTRIES INC (AEIS) generated $126 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a debt-to-equity ratio of 0.91. This indicates moderate leverage.
ADVANCED ENERGY INDUSTRIES INC (AEIS) reported earnings per share (EPS) of $3.84 in its most recent fiscal year.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a return on equity (ROE) of 11.6%. This indicates moderate shareholder returns.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a 5-year average gross margin of 36.5%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for ADVANCED ENERGY INDUSTRIES INC (AEIS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ADVANCED ENERGY INDUSTRIES INC (AEIS) has a book value per share of $35.26, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects demand to remain robust across semiconductor equipment, data center computing, and industrial and medical markets through 2026 and into 2027, driven by megatrends including artificial intelligence, energy efficiency, and advanced semiconductor process node transitions. The company anticipates sequential revenue growth in the industrial and medical market over the coming quarters supported by improved market conditions, production ramps of key design wins, and new product adoption, while semiconductor demand is expected to accelerate in the second half of 2026 with leading-edge logic and memory capacity investments driving growth. Data center computing is projected to experience continued strong demand with new program ramps and high-power AI solutions driving customer adoption, though near-term supply chain constraints and downstream customer constraints may temporarily moderate growth. Management is executing on gross margin expansion through higher-volume production of new products, improved manufacturing efficiency from facility consolidation, and operational leverage, with confidence in achieving the long-term gross margin target of over 43% despite tariff headwinds and higher data center mix.
Based on recent SEC filings and earnings calls, ADVANCED ENERGY INDUSTRIES INC (AEIS) has provided the following forward guidance: Full-year revenue growth: low-to-mid 20s (FY2026); Data Center revenue growth: mid-30s (FY2026); Semiconductor revenue growth: over 30% in second half (2H 2026); CapEx: $170 million to $180 million (FY2026); Free cash flow: at or above 2025 levels (FY2026), plus 3 additional metrics.
Semiconductor revenue growth (2H 2026): “In Semiconductor, we expect revenue to accelerate in the second half, with 2H revenues likely up over 30% from the prior year.”
CapEx (FY2026): “Finally, we expect our 2026 CapEx will be in the $170 million-$180 million range, up slightly from our previous outlook based on initial investments in the Thailand factory to support earlier customer qualifications.”
Free cash flow (FY2026): “Despite higher capital spending, we are targeting 2026 free cash flow to be at or above 2025 levels.”
Industrial and Medical revenue growth (FY2026): “Based on strengthening demand and new product momentum, we are now expecting year-over-year revenue growth in the low to mid 20% range.”
Revenue-generating capacity (Exiting 2026): “Exiting the year, we expect to have over $2.5 billion in revenue-generating capacity.”
Revenue-generating capacity (Once Thailand fully built out): “The addition of Thailand will bring total capacity to over $3.5 billion once it is fully built out.”