Aehr Test Systems AEHR

104.39 6.97 7.15% as of 25 Sep
Market cap
$3.3B
P/E
0.0×

Insider Decisions

Total sells 63.50
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell 1 1 — 1 2 — 30 2 — 1 12 —
Insider Ownership 0.00%

Capital & Financial Ratios

Market Cap 3,260.00
Revenue 50.00
Net Income (7.13)
Free Cash Flow (5.38)
Net Debt (116.36)
Current Ratio 10.33
Debt/Equity 0.00
P/E ratio 0.00
P/S ratio 64.03
P/B ratio 14.58
Past 5Y EPS Growth 90.24%
This Y EPS Growth 2,426.67%
Next Y EPS Growth 112.66%
Next 5Y EPS Growth 25.99%
in millions of $

Dividends

Payout Ratio 0.00
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2024 Powerpack
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2018 Powerpack
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

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 0 — — —
Other 3 — — —
16 11 16 18
in millions of $

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%

Revenue

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
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

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)
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

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)
in millions of $ · fiscal quarters ending in the months shown

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

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
2.15 1.30 1.03 1.10 1.94 6.71 17.05 9.83 6.27 20.99

Analyst estimates 2027–2029

Powerpack
Low Price
6.10 3.37 2.33 2.78 27.09 28.00 54.10 26.30 34.35 147.40
High Price
79 86 79 71 79 91 104 115 136 138
Employees
0 0 0 0 0 1 1 1 0 0
Revenue/Emp
19 30 21 22 17 51 65 66 59 50
Revenue
35.88% 41.91% 36.10% 37.55% 36.34% 46.56% 50.41% 49.15% 40.59% 35.30%
Gross Margin
(6) 0 (5) (3) (2) 10 15 12 (4) (12)
EBT
(29.78%) 1.54% (24.73%) (12.41%) (13.28%) 18.77% 22.50% 18.81% (7.28%) (23.47%)
EBT Margin
(6) 1 (5) (3) (2) 9 15 33 (4) (7)
Net Income
0 0 0 0 0 1 1 1 3 4
Depreciation
1.16 1.36 0.94 0.97 0.71 1.95 2.34 2.30 1.99 1.63
Revenue/Sh
(0.35) 0.02 (0.23) (0.12) (0.09) 0.36 0.52 1.15 (0.13) (0.23)
Earnings/Sh
(0.28) (0.06) (0.25) (0.09) (0.12) 0.06 0.36 0.06 (0.25) (0.11)
Cash Flow/Sh
(0.03) (0.03) (0.01) (0.01) (0.01) (0.02) (0.05) (0.03) (0.17) (0.07)
Capex/Sh
(0.31) (0.09) (0.26) (0.10) (0.12) 0.04 0.31 0.03 (0.42) (0.18)
Free CF/Sh
1.03 0.89 0.69 0.61 0.49 1.96 2.72 3.87 4.15 7.16
Book Value/Sh
16 22 22 23 23 26 28 29 30 31
Shares
0.00 111.59 0.00 0.00 0.00 23.94 63.50 10.10 0.00 0.00
PE Ratio
3.94 1.91 1.86 1.67 3.55 4.29 14.12 5.01 4.85 57.42
PS Ratio
4.44 2.93 2.54 2.65 5.14 4.28 12.14 2.97 2.33 13.08
PB Ratio
3.41 1.76 1.90 1.50 3.43 3.69 13.48 4.36 4.54 55.22
EV/Sales
(12.98) (26.98) (6.89) (15.34) (19.46) 171.72 101.27 286.80 (21.59) (513.61)
EV/FCF
(4) (1) (6) (2) (3) 2 10 2 (7) (3)
Op' Cash Flow
0 (1) 0 0 0 0 (1) (1) (5) (2)
Capex
(5) (2) (6) (2) (3) 1 9 1 (12) (5)
FCF
21 18 15 14 10 49 73 87 73 167
Working Cap'
6 6 — 2 3 1 6 — — —
Total Debt
(12) (11) (5) (4) (2) (30) (42) (49) (25) (116)
Net Debt
17 19 15 14 11 51 76 112 123 220
Sh' Equity
(27.62%) 1.71% (20.03%) (13.38%) (9.60%) 22.50% 18.14% 29.33% (2.83%) (3.61%)
ROA
(60.39%) 6.69% (31.17%) (16.77%) (27.36%) 23.77% 24.59% 10.09% (3.61%) (8.57%)
ROIC
(70.35%) 2.93% (30.14%) (18.99%) (15.89%) 30.27% 23.00% 35.42% (3.34%) (4.16%)
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to May 2026 · latest quarter May 2026

Aehr Test Systems (AEHR) key facts

  • Aehr Test Systems (AEHR) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
  • Aehr Test Systems' revenue for fiscal 2026 (year ended May 2026) was $50.0 million, down 15.2% from fiscal 2025.
  • Aehr Test Systems reported a net loss of $7.1 million, or a loss of $0.23 per share, for fiscal 2026.
  • As of September 25, 2026, AEHR traded at $104.39, a market capitalization of $3.3 billion.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 64.0× sales.
  • Return on equity was −4.16% and debt-to-equity 0.00.

Source: company filings (standardised) and stockrow calculations.

Aehr Test Systems (AEHR) Latest News

News by impact score

Fine-tune

21 Sep

3

AEHR is gaining as investors bet on AI-related semiconductor testing. The stock trades at a forward 12-month price-to-sales of 18.59x, well above its 3-year median (6.05x) and the industry average (5.43x). Peers Teradyne and Cohu trade at 10.08x and 3.86x. A premium valuation leaves little room for missteps in bookings, revenue or margins; AEHR carries a Zacks Value Score of F. Shares have surged 363% in 2026, outpacing the industry and S&P 500. AEHR ended May 29 with $116.4M cash and an effective backlog of $100.6M backing a $130–$150M revenue outlook for fiscal 2027; EPS is expected to rise from 0.03 to 0.74 and revenue roughly to $140.8M, then $216.7M in 2028. Growth catalysts include AI-driven wafer-level testing (FOX-XP, WaferPak), silicon photonics demand, SiC/GaN test solutions, and early memory burn-in opportunities. Risks: customer concentration (~70% from five customers), cyclicality, and backlog conversion challenges. High valuation with concentration and execution risks implies a moderate impact on future performance.

14 Sep

3

Aehr Test Systems examines diversification strategies to potentially strengthen long-term growth outlook and market position. Diversification moves by AEHR may moderately affect financial performance and competitive positioning without fundamentally redefining trajectory.

10 Sep

4

Oppenheimer states Aehr Test Systems is positioned for AI-driven inflection as rising chip values increase costs of late failures. AI trends and higher chip values drive demand for Aehr's test solutions and strengthen long-term growth outlook.

7 Sep

3

Aehr Test Systems examines prospects for converting AI processor testing into sustained long-term revenue streams. AI processor testing represents a potential growth area for AEHR operations but lacks confirmed major contracts or financial shifts.

19 Aug

4

Aehr Test Systems explores converting silicon photonics momentum into sustained growth amid evolving market opportunities. Silicon photonics momentum represents major strategic positioning that could significantly alter Aehr Test Systems trajectory.

13 Aug

4

Aehr Test Systems receives $22M order tied to AI that may open larger WLBI opportunities. $22M AI order signals major revenue and market expansion potential for Aehr in high-growth sector.

4

Aehr Test Systems (AEHR) shares rose 30.8% after securing a major AI chip order and issuing a positive 2027 outlook. Major AI chip order directly boosts revenue visibility and competitive positioning through 2027.

12 Aug

4

Aehr Test Systems receives boosted orders linked to AI demand while valuation concerns persist. AI order gains strengthen Aehr Test Systems revenue outlook and market position.

4

Aehr Test Systems received a $22 million follow-on order for AI processor wafer-level burn-in systems. Major follow-on order in AI testing directly boosts revenue and market position.

3

AEHR stock rises on a $22 million development for the company. $22 million event creates moderate short-term financial and sentiment effects for AEHR without fundamentally shifting long-term trajectory.

4 Aug

4

Aehr Test Systems receives follow-on production order from lead customer, expanding silicon photonics production momentum. Follow-on order from lead customer indicates sustained demand and revenue growth in silicon photonics.

31 Jul

4

Aehr Test Systems stands positioned for potential stock surge due to favorable market positioning and growth opportunities in test systems. Strategic market positioning signals major shifts likely to alter AEHR trajectory and investor sentiment.

3

Aehr Test Systems (AEHR) shows indicators of being positioned for a surge in stock performance and market trajectory. Positive positioning signals may moderately influence company performance without guaranteed fundamental shifts.

24 Jul

4

Aehr Test Systems shares rose sharply this week on increased demand for its semiconductor test equipment tied to electric vehicles and data centers. Stock surge signals major positive developments that could lift revenue trajectory and investor outlook.

21 Jul

4

Aehr Test Systems (AEHR) stock surges 27.9% on outlook projecting triple revenue growth. Projected tripling of revenue signals major expansion that can significantly shift Aehr Test Systems trajectory and investor sentiment.

19 Jul

4

Aehr Test Systems (AEHR) stock surges as traders buy shares on outlook for triple revenue growth. Triple revenue growth outlook triggers major buying and sharp stock gains at Aehr Test Systems.

17 Jul

4

Aehr Test Systems stock surges after earnings release, with company projecting over 150% revenue growth. Projected revenue growth above 150% points to major expansion and performance shift for AEHR.

3

Aehr Test Systems shares rose sharply this week on positive developments that lifted investor sentiment and drove buying activity. Stock surge reflects short-term positive sentiment without evidence of major strategic or structural change.

3

Aehr Test Systems (AEHR) stock has quadrupled this year as analysts anticipate additional upside potential. Bullish analyst views on AEHR's fourfold gains could noticeably lift near-term market sentiment and share performance.

16 Jul

4

Aehr Test Systems CEO states AI will form a larger share of business as customer orders keep arriving. CEO signals AI expansion plus sustained orders that can materially lift revenue and reposition Aehr in high-growth semiconductor test markets.

4

Aehr Test Systems (AEHR) stock rose 29.3% on AI-fueled revenue guidance through 2027 and record backlog. AI-driven 2027 revenue guidance plus record backlog indicate major growth trajectory for Aehr Test Systems.

3

Aehr Test Systems beat Q4 expectations. Valuation gap remains wide relative to results. Q4 beat may lift near-term sentiment and support modest re-rating of Aehr shares.

15 Jul

4

AEHR stock surges after Q2 earnings beat expectations and raised guidance. Q2 earnings beat with raised guidance drives major AEHR stock gains and shifts investor sentiment.

4

Aehr Test Systems stock surged after the company beat earnings expectations and issued strong forward guidance. Earnings beat combined with strong guidance signals improved financial results and positive future outlook that can materially lift valuation and investor sentiment.

4

AEHR Q4 earnings call indicates AI-fueled growth ramp starting in 2027. Projection of AI-driven expansion in 2027 signals substantial future revenue growth potential for AEHR.

4

Aehr Test Systems stock surges nearly 30% in premarket trading on positive developments. Nearly 30% premarket surge signals major positive catalyst likely to boost future performance and sentiment.

4

Aehr Test Systems achieved record bookings with a strong backlog during its Q4 2026 earnings call. Record bookings and strong backlog signal major revenue growth and improved market positioning for Aehr Test Systems.

3

Aehr Test Systems shares rose sharply after the company posted stronger-than-expected quarterly results and raised full-year guidance on higher demand for its wafer-level test solutions. Earnings beat and raised outlook can lift near-term sentiment and revenue visibility but are unlikely to fundamentally reshape long-term competitive position.

3

AEHR stock surges on optimistic forecasts that eclipse disappointing annual earnings results. Bullish outlook drives positive stock reaction and may moderately influence future sentiment.

3

Aehr Test Systems beat Q4 earnings estimates as revenues rose year over year. Q4 earnings beat and revenue growth indicate positive financial performance likely to influence investor sentiment moderately.

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