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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Market cap: $2.3B
P/E: 0.0×
Fwd P/E: 0.0×
Dividend yield: —
F-score: 3/9
Altman Z: 63.15
Beneish M: −2.28
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 63.27

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	1	2	—	30	2	—	1	12	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 2,260.00

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

Fwd P/E 0.00

P/S ratio 37.17

P/B ratio 8.47

Past 5Y EPS Growth —

This Y EPS Growth 2,426.67%

Next Y EPS Growth 112.66%

Next Y revenue growth 181.59%

Next 5Y EPS Growth 25.99%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 95.10%

10-year low 10-year high

P/B against its own 10 years 71.45%

10-year low 10-year high

EV/Sales against its own 10 years 95.10%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2024	Powerpack
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2018	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	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	—	—	—	—
Other	—	—	—	—
	16	11	16	18

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 $m

	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

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	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)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	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)

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.

Group	Line	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027e
Price, $
Price, $	Low	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
	High	6.10	3.37	2.33	2.78	27.09	28.00	54.10	26.30	34.35	147.40
People
People	Employees	79	86	79	71	79	91	104	115	136	138
	Revenue/emp, $m	0.24	0.34	0.27	0.31	0.21	0.56	0.62	0.58	0.43	0.36
Income, $m
Income, $m	Revenue	19	30	21	22	17	51	65	66	59	50
	Gross margin, %	35.88	41.91	36.10	37.55	36.34	46.56	50.41	49.15	40.59	35.30
	EBT	(6)	0	(5)	(3)	(2)	10	15	12	(4)	(12)
	EBT margin, %	(29.78)	1.54	(24.73)	(12.41)	(13.28)	18.77	22.50	18.81	(7.28)	(23.47)
	Net income	(6)	1	(5)	(3)	(2)	9	15	33	(4)	(7)
	Depreciation	0	0	0	0	0	1	1	1	3	4
Per share, $
Per share, $	Revenue	1.16	1.36	0.94	0.97	0.71	1.95	2.34	2.30	1.99	1.63
	Earnings	(0.35)	0.02	(0.23)	(0.12)	(0.09)	0.36	0.52	1.15	(0.13)	(0.23)
	Cash flow	(0.28)	(0.06)	(0.25)	(0.09)	(0.12)	0.06	0.36	0.06	(0.25)	(0.11)
	Capex	(0.03)	(0.03)	(0.01)	(0.01)	(0.01)	(0.02)	(0.05)	(0.03)	(0.17)	(0.07)
	Free cash flow	(0.31)	(0.09)	(0.26)	(0.10)	(0.12)	0.04	0.31	0.03	(0.42)	(0.18)
	Book value	1.03	0.89	0.69	0.61	0.49	1.96	2.72	3.87	4.15	7.16
	Shares, m	16	22	22	23	23	26	28	29	30	31
Valuation, ×
Valuation, ×	P/E	0.00	111.59	0.00	0.00	0.00	23.94	63.50	10.10	0.00	0.00
	P/S	3.94	1.91	1.86	1.67	3.55	4.29	14.12	5.01	4.85	57.42
	P/B	4.44	2.93	2.54	2.65	5.14	4.28	12.14	2.97	2.33	13.08
	EV/Sales	3.41	1.76	1.90	1.50	3.38	3.71	13.41	4.29	4.46	55.13
	EV/FCF	(12.98)	(26.98)	(6.89)	(15.34)	(19.18)	172.51	100.75	282.43	(21.23)	(512.79)
Cash, $m
Cash, $m	Operating cash flow	(4)	(1)	(6)	(2)	(3)	2	10	2	(7)	(3)
	Capex	0	(1)	0	0	0	0	(1)	(1)	(5)	(2)
	Free cash flow	(5)	(2)	(6)	(2)	(3)	1	9	1	(12)	(5)
Balance, $m
Balance, $m	Working capital	21	18	15	14	10	49	73	87	73	167
	Total debt	6	6	—	2	2	1	6	—	—	—
	Net debt	(12)	(11)	(5)	(4)	(3)	(31)	(48)	(49)	(25)	(116)
	Shareholders’ equity	17	19	15	14	11	51	76	112	123	220
Returns, %
Returns, %	ROA	(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)
	ROE	(70.35)	2.93	(30.14)	(18.99)	(15.89)	30.27	23.00	35.42	(3.34)	(4.16)

Negative figures in brackets.

All 10 years →

Fiscal years to May 2026 · latest quarter May 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ACLS Axcelis Technologies, Inc.	$3.6B	36.1×	59.9×	+10.60% (above 0%: growing)	−23.23% (below 0%: shrinking)	−60.74% (below 0%: shrinking)	42.38%	9.43%	Compare
IPGP IPG Photonics Corporation	$3.1B	108×	82.3×	+11.11% (above 0%: growing)	−25.00% (below 0%: shrinking)	+200.46% (above 0%: growing)	40.39%	1.63%	Compare
AMBA Ambarella, Inc.	$2.8B	— (loss-making)	— (loss-making)	+13.21% (above 0%: growing)	n/m	−612.08% (below 0%: shrinking)	57.73%	(7.53%)	Compare
VECO Veeco Instruments Inc.	$2.8B	113×	57.6×	+16.48% (above 0%: growing)	−5.00% (below 0%: shrinking)	+776.15% (above 0%: growing)	38.68%	6.13%	Compare
COHU Cohu, Inc.	$2.6B	— (loss-making)	— (loss-making)	+38.37% (above 0%: growing)	n/m	−39.36% (below 0%: shrinking)	45.36%	0.20%	Compare
UCTT Ultra Clean Holdings, Inc.	$2.5B	— (loss-making)	98.9×	+24.31% (above 0%: growing)	n/m	−558.40% (below 0%: shrinking)	16.08%	4.57%	Compare
AEHR Aehr Test Systems	$2.3B	— (loss-making)	— (loss-making)	+33.69% (above 0%: growing)	n/m	+133.16% (above 0%: growing)	42.57%	(6.40%)
ICHR Ichor Holdings, Ltd.	$1.8B	— (loss-making)	93.0×	+22.68% (above 0%: growing)	n/m	−59.76% (below 0%: shrinking)	13.90%	2.44%	Compare
PLAB Photronics, Inc.	$1.7B	9.7×	14.0×	+2.69% (above 0%: growing)	+25.00% (above 0%: growing)	+56.06% (above 0%: growing)	33.20%	21.06%	Compare
Median of peers	$2.7B	71.9×	71.1×	+14.85%	−14.11%	−49.56%	39.54%	3.51%

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