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.
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Aehr Test Systems (AEHR) Altman Z-score
Aehr Test Systems's Altman Z-score for fiscal 2026 is 63.15, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 63.15 | 55.91 |
| FY2025 | 7.25 | (6.33) |
| FY2024 | 13.58 | (12.09) |
| FY2023 | 25.67 | 13.47 |
| FY2022 | 12.21 | 13.35 |
| FY2021 | −1.14 | (1.01) |
| FY2020 | −0.14 | (0.49) |
| FY2019 | 0.35 | (1.32) |
| FY2018 | 1.67 | 0.61 |
| FY2017 | 1.06 | 8.94 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.68 | — | 0.81 | |
| Retained earnings / total assets | (0.12) | — | −0.17 | |
| EBIT / total assets | (0.06) | — | −0.19 | |
| Market value of equity / total liabilities | 104.17 | — | 62.50 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Safe zone | 63.15 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 12.12 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AEHR Aehr Test Systems | 63.2× |
| IPGP IPG Photonics Corporation compare | 8.7× |
| AMBA Ambarella, Inc. compare | 8.0× |
| ACLS Axcelis Technologies, Inc. compare | 6.7× |
| PLAB Photronics, Inc. compare | 6.1× |
| VECO Veeco Instruments Inc. compare | 3.1× |
| ICHR Ichor Holdings, Ltd. compare | 2.8× |
| COHU Cohu, Inc. compare | 2.4× |
| UCTT Ultra Clean Holdings, Inc. compare | 2.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets