AEHR TEST SYSTEMS
AEHR· Nasdaq· Instruments For Meas & Testing of Electricity & Elec Signals
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- -10.8%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +24.7%
We record prices for the companies we cover; AEHR is not one of them yet.
Company statistics
Profile · FY2026
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 30.7M
- Revenue
- $50.0M
- Free cash flow
- -$5.4M
- Owner earnings
- -$12.1M
Valuation · FY2026
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2026
- Gross
- 35.3%
- Operating
- -28.3%
- Net
- -14.3%
- Free cash flow
- -10.8%
- Owner earnings
- -24.3%
- Stock pay
- 13.5%
Returns
- ROIC, FY2026
- –
- ROIC, 5 yr avg
- –
- ROE, FY2026
- -3.2%
- ROE, 5 yr avg
- 12.2%
Growth (CAGR)
- Revenue, 3 yr
- -8.4%
- Revenue, 5 yr
- 24.7%
- Revenue, 9 yr
- 11.4%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2026
- Cash and investments
- $116.4M
- Total debt
- –
- Net cash
- –
- Debt/Equity
- –
- Debt/FCF
- –
Shareholder returns · FY2026
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 5.5%
Financials: ten years from the 10-Ks
Revenue
$50.0M
+11.4% a year over 9 years
FY2017FY2026
Margins
Gross35.3%Operating-28.3%Net-14.3%
FY2026
FY2017FY2026
Free cash flow and owner earnings
Free cash flow-$5.4MOwner earnings-$12.1M
FY2026
FY2017FY2026
Diluted shares
30.7M
+88.5% over 9 years, net dilution
FY2017FY2026
Net cash
–
$2.9M more cash than debt
FY2017FY2026
Every figure, year by year
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $18.9M | $29.6M | $21.1M | $22.3M | $16.6M | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Revenue growth | 30.3% | 56.4% | -28.8% | 5.9% | -25.5% | 206.2% | 27.8% | 1.9% | -10.9% | -15.2% |
| Gross margin | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating margin | -26.1% | 3.1% | -23.7% | -12.4% | -25.2% | 15.3% | 20.6% | 15.2% | -9.6% | -28.3% |
| Net income | -$5.7M | $528.0K | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| Net margin | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
| Diluted EPS | $-0.00s | $0.00s | $-0.00s | $-0.12 | $-0.09 | $0.34 | $0.50 | $1.12 | $-0.13 | $-0.23 |
| Return on invested capital? | – | – | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | -$4.5M | -$1.4M | -$5.6M | -$2.0M | -$2.7M | $1.5M | $10.0M | $1.8M | -$7.4M | -$3.3M |
| Capital expenditure | $477.0K | $572.0K | $173.0K | $163.0K | $227.0K | $416.0K | $1.4M | $749.0K | $5.0M | $2.1M |
| Free cash flow | -$5.0M | -$1.9M | -$5.8M | -$2.2M | -$2.9M | $1.1M | $8.6M | $1.0M | -$12.4M | -$5.4M |
| Stock-based compensation | $999.0K | $996.0K | $905.0K | $910.0K | $1.1M | $3.0M | $2.7M | $2.5M | $5.2M | $6.8M |
| Owner earnings? | -$6.0M | -$2.9M | -$6.7M | -$3.1M | -$4.0M | -$1.9M | $5.9M | -$1.5M | -$17.6M | -$12.1M |
| Free cash flow per share | $-0.31 | $-0.08 | $-0.26 | $-0.10 | $-0.12 | $0.04 | $0.30 | $0.03 | $-0.42 | $-0.18 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | – | – | – | – |
| Diluted shares | 16.3Ms | 22.8Ms | 22.4Ms | 22.9M | 23.5M | 27.8M | 29.2M | 29.6M | 29.6M | 30.7M |
| Share count change? | 24.3% | 40.1% | -1.7% | 2.2% | 2.5% | 18.4% | 5.2% | 1.4% | -0.1% | 3.7% |
| Balance sheet | ||||||||||
| Cash and equivalents | $17.8M | $16.8M | $5.4M | $5.4M | $4.6M | $31.5M | $30.1M | $49.2M | $24.5M | $116.4M |
| Short-term investments | – | – | – | – | – | – | $17.9M | $0 | – | – |
| Total debt | $6.1M | $0 | $0 | $1.7M | $1.7M | – | – | – | – | – |
| Net debt | -$11.7M | -$16.8M | -$5.4M | -$3.8M | -$2.9M | – | – | – | – | – |
| Shareholders' equity | $16.8M | $19.3M | $15.5M | $14.1M | $11.4M | $51.0M | $75.6M | $111.6M | $122.9M | $219.5M |
Latest filings
| 2026-09-09 | DEF 14A | Proxy statement |
| 2026-07-27 | 10-K | Annual report |
| 2026-07-14 | 8-K | Earnings release |
| 2026-04-08 | 10-Q | Quarterly report |
| 2026-04-07 | 8-K | Earnings release |
| 2026-01-12 | 10-Q | Quarterly report |
| 2026-01-08 | 8-K | Earnings release |
| 2025-10-08 | 10-Q | Quarterly report |
| 2025-10-06 | 8-K | Earnings release |
| 2025-09-10 | DEF 14A | Proxy statement |
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