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) Beneish M-score
Aehr Test Systems's Beneish M-score for fiscal 2026 is −2.28; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.28 | (0.59) |
| FY2025 | −1.69 | (1.05) |
| FY2024 | −0.64 | 0.25 |
| FY2023 | −0.89 | (0.48) |
| FY2022 | −0.41 | 1.72 |
| FY2021 | −2.13 | (3.01) |
| FY2020 | 0.88 | 2.12 |
| FY2019 | −1.24 | 0.06 |
| FY2018 | −1.31 | (3.38) |
| FY2017 | 2.07 | 4.96 |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.45 | — | 1.34 | |
| Gross margin index | 1.15 | — | 0.61 | |
| Asset quality index | 0.63 | — | 0.26 | |
| Sales growth index | 0.85 | — | 0.76 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.24 | — | −0.21 | |
| Total accruals to total assets | (0.02) | — | −0.07 | |
| Leverage index | 0.69 | — | −0.22 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.28 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| COHU Cohu, Inc. compare | −3.7× |
| UCTT Ultra Clean Holdings, Inc. compare | −3.4× |
| AMBA Ambarella, Inc. compare | −3.1× |
| ICHR Ichor Holdings, Ltd. compare | −2.9× |
| IPGP IPG Photonics Corporation compare | −2.5× |
| VECO Veeco Instruments Inc. compare | −2.4× |
| PLAB Photronics, Inc. compare | −2.3× |
| ACLS Axcelis Technologies, Inc. compare | −2.3× |
| AEHR Aehr Test Systems | −2.3× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI