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) Piotroski F-score
Aehr Test Systems's Piotroski F-score for fiscal 2026 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, up from 1 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 3 | 2.00 |
| FY2025 | 1 | (4.00) |
| FY2024 | 5 | 0.00 |
| FY2023 | 5 | (2.00) |
| FY2022 | 7 | 5.00 |
| FY2021 | 2 | (3.00) |
| FY2020 | 5 | 3.00 |
| FY2019 | 2 | (3.00) |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (3.61%) | (2.83%) | Fail | 0 |
| Positive operating cash flow | (3.31m) | (7.40m) | Fail | 0 |
| Rising return on assets | (3.61%) | (2.83%) | Fail | 0 |
| Cash flow above net income | 3.82m | (3.49m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 10.33 | 5.68 | Pass | 1 |
| No new shares issued | 30,669,000 | 29,581,000 | Fail | 0 |
| Rising gross margin | 35.30% | 40.59% | Fail | 0 |
| Rising asset turnover | 0.25 | 0.43 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| IPGP IPG Photonics Corporation compare | 8 |
| PLAB Photronics, Inc. compare | 6 |
| ACLS Axcelis Technologies, Inc. compare | 5 |
| AMBA Ambarella, Inc. compare | 5 |
| COHU Cohu, Inc. compare | 5 |
| VECO Veeco Instruments Inc. compare | 5 |
| ICHR Ichor Holdings, Ltd. compare | 4 |
| UCTT Ultra Clean Holdings, Inc. compare | 4 |
| AEHR Aehr Test Systems | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover