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Aehr Test Systems

AEHR Technology Semiconductor Equipment & Materials

Aehr Test Systems' revenue for fiscal 2026 (year ended May 2026) was $50.0 million, down 15.2% from fiscal 2025.

Revenue
+33.7%
EPS
+140.0%
Free cash flow
+133.2%

Quarter to May 2026, against a year earlier

52.70 3.54 +7.20%
Market cap
$1.6B
P/E
0.0×
Fwd P/E
106×
Dividend yield
—
F-score
3/9
Altman Z
63.15
Beneish M
−2.28
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 63.12
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 1 2 — 30 2 — 1 12 — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 1,610.00
Revenue ttm 50.00
Net income ttm (7.13)
Free cash flow ttm (5.38)
Net debt Q (116.36)
Valuation
P/E 0.00
Forward P/E 106.00 (above 35: high)
Price / sales 30.47 (above 10: high)
Forward P/S Powerpack
Price / FCF 0.00
Price / book 6.94 (above 6: high)
Financial health
Current ratio Q 10.33 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 7.08
Growth
Revenue growth Q +33.69% (above 0%: growing)
Operating income growth Q +62.36% (above 0%: growing)
EPS, this year +2,426.67% (at or above 15%: strong)
EPS, next year A +112.66% (at or above 15%: strong)
Revenue, next year A +175.59% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +25.99% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 28.2×, against a ten-year median of 4.2×; over the ten years it ranged from 0.8× in 2019 to 61.9× in 2026.
P/S against its own 10 years 94.50%
10-year low 10-year high
P/B against its own 10 years 65.10%
10-year low 10-year high
EV/Sales against its own 10 years 94.21%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 48 49 25 116
Receivables 17 10 14 17
Inventory 24 37 42 41
Other — — — —
89 98 89 184
2023 2024 2025 2026
Payables 9 5 7 7
ST’ Debt — — — —
Other — — — —
16 11 16 18

Compound Annual Growth %

10y 5y 3y
Sales 13.18% 24.67% (8.36%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 80.53% 42.66%

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate −0.01 Actual 0.11

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.01 0.01 Met by 0.00
Q2 FY26 −0.08 −0.04 Beat by 0.04
Q3 FY26 −0.08 −0.05 Beat by 0.03
Q4 FY26 −0.01 0.11 Beat by 0.12
Q1 FY27 0.11 — Reports 2 November 2026

EPS $

Aug Nov Feb May Year
’26 — — — — —
’26 (0.07) (0.11) (0.10) 0.04 (0.23)
’25 0.02 (0.03) (0.02) (0.10) (0.13)
’24 0.16 0.20 (0.05) 0.81 1.12
’23 0.02 0.13 0.14 0.21 0.50
’22 0.03 0.03 0.08 0.20 0.34
’21 0.00 (0.08) (0.03) 0.02 (0.09)
Fiscal quarters ending in the months shown.

Revenue $m

Aug Nov Feb May Year
’26 — — — — —
’26 11 10 10 19 50
’25 13 13 18 14 59
’24 21 21 8 17 66
’23 11 15 17 22 65
’22 6 10 15 20 51
’21 2 2 5 8 17
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Aug Nov Feb May Year
’26 — — — — —
’26 0 (1) (4) 2 (3)
’25 2 (6) (2) (2) (7)
’24 4 (1) (3) 1 2
’23 5 0 (1) 6 10
’22 2 3 (3) (1) 2
’21 1 (3) 0 0 (3)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Aug Nov Feb May Year
’26 — — — — —
’26 (2) (2) (4) 2 (5)
’25 2 (6) (3) (5) (12)
’24 4 (1) (3) 1 1
’23 5 0 7 (3) 9
’22 2 3 (3) (1) 1
’21 1 (3) 0 0 (3)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to May

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 19 30 21 22 17 51 65 66 59 50 +11.4% 138 212 215 +62.6%
Gross margin, % 35.88 41.91 36.10 37.55 36.34 46.56 50.41 49.15 40.59 35.30 (0.6) pt
EBT (6) 0 (5) (3) (2) 10 15 12 (4) (12) +8.5%
EBT margin, % (29.78) 1.54 (24.73) (12.41) (13.28) 18.77 22.50 18.81 (7.28) (23.47) +6.3 pt
Net income (6) 1 (5) (3) (2) 9 15 33 (4) (7) +2.6%
Per share, $
Per share, $ Revenue 1.16 1.36 0.94 0.97 0.71 1.95 2.34 2.30 1.99 1.63 +3.8%
Earnings (0.35) 0.02 (0.23) (0.12) (0.09) 0.36 0.52 1.15 (0.13) (0.23) (4.6%)
Cash flow (0.28) (0.06) (0.25) (0.09) (0.12) 0.06 0.36 0.06 (0.25) (0.11) (9.9%)
Capex (0.03) (0.03) (0.01) (0.01) (0.01) (0.02) (0.05) (0.03) (0.17) (0.07) +9.7%
Free cash flow (0.31) (0.09) (0.26) (0.10) (0.12) 0.04 0.31 0.03 (0.42) (0.18) (6.0%)
Book value 1.03 0.89 0.69 0.61 0.49 1.96 2.72 3.87 4.15 7.16 +24.0%
Shares, m 16 22 22 23 23 26 28 29 30 31 +7.3%
Valuation, ×
Valuation, × P/E 0.00 111.59 0.00 0.00 0.00 23.94 63.50 10.10 0.00 0.00 20.9
P/S 3.94 1.91 1.86 1.67 3.55 4.29 14.12 5.01 4.85 57.42 9.9
P/B 4.44 2.93 2.54 2.65 5.14 4.28 12.14 2.97 2.33 13.08 5.2
EV/Sales 3.41 1.76 1.90 1.50 3.38 3.71 13.41 4.29 4.46 55.13 9.3
EV/FCF (12.98) (26.98) (6.89) (15.34) (19.18) 172.51 100.75 282.43 (21.23) (512.79) (6.0)
Cash, $m
Cash, $m Operating cash flow (4) (1) (6) (2) (3) 2 10 2 (7) (3) (3.3%)
Capex 0 (1) 0 0 0 0 (1) (1) (5) (2) +17.7%
Free cash flow (5) (2) (6) (2) (3) 1 9 1 (12) (5) +0.9%
Balance, $m
Balance, $m Working capital 21 18 15 14 10 49 73 87 73 167 +25.5%
Net debt (12) (11) (5) (4) (3) (31) (48) (49) (25) (116) +29.1%
Shareholders’ equity 17 19 15 14 11 51 76 112 123 220 +33.1%
Returns, %
Returns, % ROA (27.62) 1.71 (20.03) (13.38) (9.60) 22.50 18.14 29.33 (2.83) (3.61) +24.0 pt
ROIC (60.39) 6.69 (31.17) (16.77) (30.58) 24.99 30.19 10.09 (3.61) (8.57) +51.8 pt
ROE (70.35) 2.93 (30.14) (18.99) (15.89) 30.27 23.00 35.42 (3.34) (4.16) +66.2 pt
People
People Employees 79 86 79 71 79 91 104 115 136 138 +6.4%
Revenue/emp, $m 0.24 0.34 0.27 0.31 0.21 0.56 0.62 0.58 0.43 0.36 +4.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to May 2026 · latest quarter May 2026

Aehr Test Systems vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
ACMR ACM Research, Inc. $2.7B 17.8× 16.8× +36.01% (above 0%: growing) +178.72% (above 0%: growing) −19.43% (below 0%: shrinking) 45.96% 16.98% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23% Compare
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73% Compare
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40% Compare
AEHR Aehr Test Systems $1.6B — (loss-making) 106× +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%)
PLAB Photronics, Inc. $1.5B 9.0× 12.3× +2.69% (above 0%: growing) +25.00% (above 0%: growing) +56.06% (above 0%: growing) 33.20% 21.06% Compare
Median of peers $2.2B 43.7× 35.3× +20.43% +46.99% +21.55% 40.84% 7.31%

All 30 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 9 September 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 3.23m 22.40m 280,000.00
2025 3.43m 2.26m 29,000.00
2024 1.38m (927.66k) 35,000.00

Ownership

Directors and executive officers, together 4.60%
BlackRock, Inc. 6.40%
Jane Street Group, LLC. 5.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Aehr Test Systems (AEHR) Latest News

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stockrow.com/AEHR · Data as of May 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com