Saturday 17 October 2026
Export AEHR’s income statement to Excel — free account
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. In the quarter to May 2026, revenue grew 33.7%, EPS grew 140.0% and free cash flow grew 133.2%, each against the same quarter a year earlier.
60.60
8.61
−12.44%
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| May '17 | May '18 | May '19 | May '20 | May '21 | May '22 | May '23 | May '24 | May '25 | May '26 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
5 | 5 | 2 | 5 | 2 | 7 | 5 | 5 | 1 | 3 |
P/E ratio |
0.00 | 111.59 | 0.00 | 0.00 | 0.00 | 23.94 | 63.50 | 10.10 | 0.00 | 0.00 |
P/S ratio |
3.94 | 1.91 | 1.86 | 1.67 | 3.55 | 4.29 | 14.12 | 5.01 | 4.85 | 57.42 |
Altman Z-Score |
1.06 | 1.67 | 0.35 | (0.14) | (1.14) | 12.21 | 25.67 | 13.58 | 7.25 | 63.15 |
Altman Z″-Score (non-manufacturers) |
(2.30) | (1.16) | (5.27) | (6.01) | (8.54) | 7.22 | 7.56 | 11.70 | 7.50 | 12.12 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 199.63 | 106.08 | 329.39 | 0.00 | 0.00 |
Beneish M-Score |
2.07 | (1.31) | (1.24) | 0.88 | (2.13) | (0.41) | (0.89) | (0.64) | (1.69) | (2.28) |
P/Operating CF |
(2,759.37) | 32.38 | (46.42) | (26.95) | (309.88) | (284.22) | 156.35 | 270.99 | (124.13) | 1,567.27 |
P/B ratio |
4.44 | 2.93 | 2.54 | 2.65 | 5.14 | 4.28 | 12.14 | 2.97 | 2.33 | 13.08 |
Price to Tangible BV |
4.44 | 2.93 | 2.54 | 2.65 | 5.14 | 4.28 | 12.14 | 2.97 | 2.82 | 14.41 |
EV/Sales |
3.41 | 1.76 | 1.90 | 1.50 | 3.38 | 3.71 | 13.41 | 4.29 | 4.46 | 55.13 |
EV/EBITDA |
0.00 | 38.95 | 0.00 | 0.00 | 0.00 | 21.30 | 60.21 | 24.86 | 0.00 | 0.00 |
EV/Operating CF |
(14.35) | (38.40) | (7.10) | (16.57) | (20.79) | 124.92 | 87.05 | 161.96 | (35.55) | (832.85) |
EV/FCF |
(12.98) | (26.98) | (6.89) | (15.34) | (19.18) | 172.51 | 100.75 | 282.43 | (21.23) | (512.79) |
Quick Ratio |
2.77 | 1.77 | 1.87 | 2.37 | 1.08 | 4.03 | 3.96 | 5.61 | 2.48 | 7.50 |
Current Ratio |
3.73 | 2.64 | 3.63 | 4.57 | 2.12 | 5.45 | 5.46 | 9.31 | 5.68 | 10.33 |
Net Debt/EBITDA |
2.59 | (8.06) | 1.19 | 1.58 | 0.75 | (3.56) | (3.31) | (4.30) | 10.72 | 10.96 |
Debt/Assets |
19.78% | 19.74% | 0.00% | 8.16% | 7.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Debt/Equity |
0.36 | 0.32 | 0.00 | 0.12 | 0.15 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Asset Turnover |
0.92 | 0.96 | 0.81 | 1.06 | 0.79 | 1.21 | 0.81 | 0.59 | 0.43 | 0.25 |
Operating CF/Net income |
0.80 | (2.56) | 1.08 | 0.72 | 1.33 | 0.16 | 0.69 | 0.05 | 1.89 | 0.46 |
Capex/Depreciation |
(1.14) | (1.37) | (0.40) | (0.42) | (0.69) | (0.40) | (1.24) | (0.55) | (1.47) | (0.59) |
Interest Coverage |
(7.27) | 2.29 | (19.84) | 276.50 | (90.91) | (600.00) | (10.74) | — | — | — |
| (70.35%) | 2.93% | (30.14%) | (18.99%) | (15.89%) | 30.27% | 23.00% | 35.42% | (3.34%) | (4.16%) | |
| (27.62%) | 1.71% | (20.03%) | (13.38%) | (9.60%) | 22.50% | 18.14% | 29.33% | (2.83%) | (3.61%) | |
ROIC |
(60.39%) | 6.69% | (31.17%) | (16.77%) | (30.58%) | 24.99% | 30.19% | 10.09% | (3.61%) | (8.57%) |
Return on Tangible Assets |
(24.67%) | 2.71% | (33.63%) | (19.39%) | (18.77%) | 18.83% | 19.29% | 36.60% | (4.76%) | (4.06%) |
Average Days of Receivables |
77.45 | 35.27 | 84.23 | 60.86 | 114.38 | 92.34 | 93.24 | 54.00 | 87.84 | 127.55 |
Research and Development Expense of Revenue |
24.64% | 14.15% | 19.72% | 15.19% | 22.00% | 11.45% | 10.98% | 13.17% | 17.74% | 25.27% |
Selling, General and Administrative Expense of Revenue |
37.32% | 24.67% | 36.68% | 33.78% | 39.53% | 19.77% | 18.84% | 20.76% | 31.00% | 38.32% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.14 | 0.08 |
Share Based Compensation of Revenue |
5.29% | 3.37% | 4.30% | 4.08% | 6.63% | 5.91% | 4.23% | 3.80% | 8.75% | 13.52% |
Graham Net Nets |
0.21 | 0.31 | 0.36 | 0.30 | 0.15 | 0.22 | 0.07 | 0.25 | 0.22 | 0.05 |
Graham Number |
0.00 | 0.68 | 0.00 | 0.00 | 0.00 | 3.93 | 5.64 | 9.97 | 0.00 | 0.00 |
Earnings Yield |
(7.64%) | 0.90% | (13.42%) | (7.98%) | (3.40%) | 4.18% | 1.57% | 9.90% | (1.35%) | (0.26%) |
Free Cash Flow Yield |
(6.67%) | (3.40%) | (14.83%) | (5.86%) | (4.97%) | 0.50% | 0.94% | 0.30% | (4.34%) | (0.19%) |
Revenue per Share |
1.16 | 1.36 | 0.94 | 0.97 | 0.71 | 1.95 | 2.34 | 2.30 | 1.99 | 1.63 |
Operating CF per Share |
(0.28) | (0.06) | (0.25) | (0.09) | (0.12) | 0.06 | 0.36 | 0.06 | (0.25) | (0.11) |
Capex per Share |
(0.03) | (0.03) | (0.01) | (0.01) | (0.01) | (0.02) | (0.05) | (0.03) | (0.17) | (0.07) |
Free Cash Flow per Share |
(0.31) | (0.09) | (0.26) | (0.10) | (0.12) | 0.04 | 0.31 | 0.03 | (0.42) | (0.18) |
Cash per Share |
1.09 | 0.78 | 0.24 | 0.24 | 0.20 | 1.21 | 1.72 | 1.71 | 0.83 | 3.79 |
Shareholders Equity per Share |
1.03 | 0.89 | 0.69 | 0.61 | 0.49 | 1.96 | 2.72 | 3.87 | 4.15 | 7.16 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
1.03 | 0.89 | 0.69 | 0.61 | 0.49 | 1.96 | 2.72 | 3.87 | 4.15 | 7.16 |
Free Cash Flow |
(4.97) | (1.92) | (5.81) | (2.19) | (2.93) | 1.09 | 8.65 | 1.01 | (12.39) | (5.38) |
Working Capital |
21.49 | 18.31 | 14.52 | 13.79 | 10.12 | 48.99 | 72.72 | 87.34 | 73.14 | 166.59 |
Capital Expenditures |
(0.48) | (0.57) | (0.17) | (0.16) | (0.23) | (0.42) | (1.36) | (0.75) | (4.99) | (2.07) |
Net Current Asset Value |
15.28 | 17.79 | 14.18 | 11.13 | 8.97 | 48.67 | 66.49 | 81.53 | 63.14 | 157.27 |
EV/EBIT |
0.00 | 56.69 | 0.00 | 0.00 | 0.00 | 24.15 | 65.15 | 28.22 | 0.00 | 0.00 |
Capex to Sales |
0.03 | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.08 | 0.04 |
Price to Operating Income |
0.00 | 61.75 | 0.00 | 0.00 | 0.00 | 27.95 | 68.60 | 32.91 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.30 | 0.35 | 0.41 | 0.58 | 0.48 | 0.87 | 0.40 | 0.42 | 0.38 | 0.39 |
Cash ROIC |
(12.21%) | (4.55%) | (27.82%) | (10.33%) | (16.53%) | 1.32% | 7.00% | 0.63% | (8.41%) | (1.60%) |
Accounts Receivable Turnover |
8.34 | 8.61 | 5.46 | 5.20 | 3.72 | 5.63 | 4.41 | 5.02 | 4.92 | 3.16 |
Accounts Payable Turnover |
5.74 | 7.51 | 7.28 | 9.67 | 5.51 | 7.66 | 4.81 | 4.63 | 5.81 | 4.80 |
Inventory Turnover |
1.78 | 2.19 | 1.49 | 1.63 | 1.26 | 2.27 | 1.65 | 1.10 | 0.88 | 0.78 |
Average Days of Payables |
84.58 | 37.46 | 52.44 | 24.78 | 99.92 | 56.37 | 104.31 | 57.79 | 70.09 | 76.20 |
Days of Inventory on Hand |
198.92 | 192.37 | 245.82 | 209.48 | 305.63 | 202.24 | 270.88 | 406.13 | 437.53 | 466.59 |
Average Receivables |
2.27 | 3.43 | 3.86 | 4.29 | 4.46 | 9.03 | 14.73 | 13.20 | 11.99 | 15.83 |
Average Payables |
2.11 | 2.29 | 1.85 | 1.44 | 1.92 | 3.54 | 6.70 | 7.27 | 6.03 | 6.74 |
Average Inventory |
6.82 | 7.83 | 9.06 | 8.53 | 8.42 | 11.95 | 19.48 | 30.69 | 39.73 | 41.68 |
Average Assets |
20.47 | 30.92 | 26.13 | 20.94 | 21.12 | 42.00 | 80.24 | 113.03 | 138.21 | 197.60 |
Average Common Equity |
8.04 | 18.04 | 17.37 | 14.75 | 12.75 | 31.22 | 63.29 | 93.60 | 117.23 | 171.19 |
Columns are period end dates