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Advanced Energy Industries, Inc.

AEIS Industrials Electrical Equipment & Parts

Advanced Energy Industries, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 21.4% from fiscal 2024.

Revenue
+50.3%
EPS
+135.0%
Free cash flow
−33.1%
Total debt
+123.3%

Quarter to September 2026, against a year earlier

197.01 11.35 +6.11%
Market cap
$7.5B
P/E
26.3×
Fwd P/E
21.1×
Dividend yield
0.20%
F-score
7/9
Altman Z
5.81
Beneish M
−2.43
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Product
  • Services and other

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 32.34
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 1 3 6 2 — 1 — 4 2 1 —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 7,520.00
Revenue ttm 2,270.90
Net income ttm 288.80
Free cash flow ttm 69.90
Net debt Q (158.70)
Valuation
P/E 26.30
Forward P/E 21.10
Price / sales 3.45
Forward P/S Powerpack
Price / FCF 111.97
Price / book 4.92
Financial health
Current ratio Q 3.62 (at or above 1.5: strong)
Debt / equity Q 0.80
Interest coverage Q 47.73
Growth
Revenue growth Q +50.31% (above 0%: growing)
Operating income growth Q +191.06% (above 0%: growing)
EPS, this year +93.73% (at or above 15%: strong)
EPS, next year A +44.37% (at or above 15%: strong)
Revenue, next year A +40.20% (at or above 10%: strong)
EPS, past 5 yrs +1.87%
EPS, next 5 yrs A +51.55% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 2.7×; over the ten years it ranged from 1.6× in 2022 to 7.8× in 2026.
P/E against its own 10 years 55.84%
10-year low 10-year high
P/S against its own 10 years 66.09%
10-year low 10-year high
P/B against its own 10 years 70.12%
10-year low 10-year high
EV/Sales against its own 10 years 70.93%
10-year low 10-year high
EV/FCF against its own 10 years 93.11%
10-year low 10-year high

Dividends

Yield
0.20%
Annual rate
0.40
Payout ratio
5.75%
Growth, 2021–26
0.00%/yr
  1. 0.40 ’21
  2. 0.40 ’22 +0
  3. 0.40 ’23 +0
  4. 0.40 ’24 +0
  5. 0.40 ’25 +0
  6. 0.40 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,045 722 791 1,425
Receivables 282 265 325 475
Inventory 336 360 411 646
Other 49 42 46 68
1,712 1,389 1,574 2,613
2023 2024 2025 Q'26
Payables 142 144 224 363
ST’ Debt 20 — 568 136
Other 16 12 13 15
336 314 991 722

Compound Annual Growth %

10y 5y 3y
Sales 15.80% 4.90% (0.85%)
Cash Flow 8.34% 3.00% 8.32%
Earnings 0.00% 1.96% (9.42%)
Book Value 17.86% 10.82% 8.52%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.06 Actual 3.65

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.77 1.94 Beat by 0.17
Q1 FY26 1.97 2.09 Beat by 0.12
Q2 FY26 2.19 2.74 Beat by 0.55
Q3 FY26 3.06 3.65 Beat by 0.59
Q4 FY26 3.71 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.58 1.28 2.79 — —
’25 0.65 0.67 1.20 1.30 3.84
’24 0.14 0.40 (0.40) 1.29 1.43
’23 0.82 0.72 0.86 1.00 3.40
’22 0.97 1.19 1.97 1.16 5.29
’21 1.00 0.92 0.55 1.05 3.51
’20 0.48 0.76 1.19 1.09 3.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 511 574 696 — —
’25 405 442 463 489 1,799
’24 328 365 374 415 1,482
’23 425 416 410 405 1,656
’22 397 441 516 491 1,845
’21 352 361 346 397 1,456
’20 315 340 390 371 1,416
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (6) 85 65 — —
’25 29 45 79 81 233
’24 7 7 34 83 131
’23 30 23 73 84 209
’22 10 38 65 71 184
’21 54 34 18 34 140
’20 29 38 67 67 201
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (43) 36 34 — —
’25 15 17 51 43 126
’24 (9) (8) 22 70 74
’23 14 5 59 70 148
’22 (3) 25 51 51 125
’21 45 28 11 30 114
’20 22 31 56 56 165
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 14.9% a year for ten years. It grew −7.8% a year over the last ten.

Implied
14.9%
10 years, reported
−7.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 484 671 719 789 1,416 1,456 1,845 1,656 1,482 1,799 2,271 +15.7% 2,522 3,305 3,912 +29.6%
Gross margin, % 52.34 53.11 50.86 40.01 38.27 36.56 36.60 35.78 35.72 37.66 40.30 (14.7) pt
EBT 128 198 172 67 158 149 242 123 52 169 346 +3.1%
EBT margin, % 26.48 29.54 23.98 8.52 11.17 10.21 13.10 7.40 3.54 9.38 15.22 (17.1) pt
Net income 127 138 147 65 135 135 200 128 54 148 289 +1.7%
Per share, $
Per share, $ Revenue 12.18 16.88 18.39 20.61 36.95 38.17 49.26 44.15 39.52 47.84 56.77 +16.4%
Earnings 3.21 3.47 3.76 1.70 3.52 3.53 5.33 3.42 1.45 3.95 7.44 +2.3%
Cash flow 3.00 4.60 3.87 1.26 5.25 3.68 4.90 5.57 3.49 6.20 5.62 +8.4%
Capex (0.17) (0.23) (0.52) (0.66) (0.95) (0.68) (1.57) (1.63) (1.51) (2.86) (3.87) +36.7%
Free cash flow 2.83 4.37 3.35 0.61 4.30 3.00 3.33 3.94 1.97 3.35 1.75 +1.9%
Book value 9.87 13.10 15.54 17.69 21.28 22.85 28.46 30.51 32.08 36.24 39.77 +15.5%
Shares, m 40 40 39 38 38 38 37 38 38 38 39 (0.6%)
Valuation, ×
Valuation, × P/E 17.02 20.06 11.45 42.13 27.55 25.80 16.05 30.97 80.30 53.01 26.30 32.4
P/S 4.50 4.11 2.33 3.45 2.62 2.39 1.74 2.41 2.93 4.38 3.45 3.1
P/B 5.55 5.30 2.76 4.02 4.56 3.99 3.01 3.48 3.60 5.78 4.92 4.2
EV/Sales 3.91 3.50 1.84 3.44 2.51 2.28 1.69 2.33 2.83 4.57 3.38 2.9
EV/FCF 16.80 13.53 10.13 117.03 21.56 29.02 25.01 26.07 56.74 65.25 109.70 38.1
Cash, $m
Cash, $m Operating cash flow 119 183 151 48 201 140 184 209 131 233 225 +7.7%
Capex (7) (9) (20) (25) (36) (26) (59) (61) (57) (107) (155) +35.8%
Free cash flow 112 174 131 23 165 114 125 148 74 126 70 +1.3%
Balance, $m
Balance, $m Working capital 343 489 458 546 684 792 795 1,376 1,075 583 1,891 +6.1%
Net debt (287) (410) (352) (10) (161) (152) (86) (129) (157) (224) (159) (2.7%)
Shareholders’ equity 392 521 607 677 815 871 1,066 1,144 1,203 1,363 1,591 +14.8%
Returns, %
Returns, % ROA 24.65 21.13 18.97 5.53 8.47 7.78 10.48 5.64 2.25 6.17 9.49 (18.5) pt
ROIC 75.23 113.81 41.96 5.09 16.81 13.17 14.85 7.00 2.19 9.22 15.85 (66.0) pt
ROE 38.88 30.21 26.07 10.11 18.05 15.97 20.61 11.61 4.62 11.57 19.93 (27.3) pt
People
People Employees 1,558 1,876 2,259 10,917 10,000 10,000 12,000 10,000 10,000 13,000 — +26.6%
Revenue/emp, $m 0.31 0.36 0.32 0.07 0.14 0.15 0.15 0.17 0.15 0.14 — (8.6%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Advanced Energy Industries designs, manufactures, sells and services equipment that converts and controls electrical power. Its products take power from a utility or a building and make it suitable for equipment that needs a predictable, repeatable supply. They can also measure and control power and temperature.

The company sells to equipment manufacturers, distributors and end users around the world. Its semiconductor products supply power for processes used to make chips, including etching and depositing materials. In data centers, its products power server and storage systems, including custom server racks and power shelves used by cloud providers and their partners. Other applications include medical devices, industrial production, telecommunications and networking equipment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Product 1,615 89.78%
Services and other 184 10.22%
Gross margin 37.66%
Operating margin 9.34%
Pre-tax margin 9.38%

Revenue by segment since 2013

Advanced Energy Industries, Inc. vs peers in Electrical Equipment & Parts (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
HUBB Hubbell Inc $22.1B 25.0× 24.8× +24.63% (above 0%: growing) +4.21% (above 0%: growing) +10.48% (above 0%: growing) 36.75% 21.83% Compare
NVT nVent Electric PLC $15.9B 25.3× 23.0× +43.73% (above 0%: growing) +66.89% (above 0%: growing) +33.08% (above 0%: growing) 35.84% 18.63% Compare
AYI Acuity, Inc. $9.6B 18.5× 18.6× +2.92% (above 0%: growing) +55.53% (above 0%: growing) +61.06% (above 0%: growing) 53.85% 18.24% Compare
AEIS Advanced Energy Industries, Inc. $7.5B 26.3× 21.1× +50.31% (above 0%: growing) +134.96% (above 0%: growing) −33.07% (below 0%: shrinking) 41.51% 20.56%
FPS Forgent Power Solutions, Inc. $5.5B — — +94.30% (above 0%: growing) — +188.32% (above 0%: growing) 36.11% 19.91% Compare
ENS Enersys $5.1B 15.3× 13.2× +4.77% (above 0%: growing) +115.54% (above 0%: growing) +881.05% (above 0%: growing) 33.49% 16.18% Compare
POWL Powell Industries, Inc. $4.6B 25.3× 24.8× +8.90% (above 0%: growing) +7.25% (above 0%: growing) +121.73% (above 0%: growing) 30.57% 20.55% Compare
HAYW Hayward Holdings, Inc. $3.4B 20.4× 22.4× +6.47% (above 0%: growing) +38.91% (above 0%: growing) −51.02% (below 0%: shrinking) 47.92% 19.30% Compare
PLUG Plug Power, Inc. $1.9B — (loss-making) — (loss-making) +2.49% (above 0%: growing) n/m +56.89% (above 0%: growing) (0.94%) (35.96%) Compare
Median of peers $5.3B 22.7× 22.7× +7.69% +47.22% +58.98% 35.98% 18.96%

All 55 Electrical Equipment & Parts stocks →

From the latest earnings call

Updated

  • CEO Stephen Kelley said customers had resolved some supply-chain constraints, improving Advanced Energy’s data center outlook, while the company was building component inventory as lead times extended.
  • CFO Paul Oldham raised Advanced Energy’s 2026 revenue growth target to the low to mid-30% range and its data center growth outlook to at least 50%.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 100.47%
Held by the ten largest 44.93%
Holder Shares Stake Change
BlackRock 4.63m 11.57% −1.84m
Vanguard 4.18m 10.44% −170.02k
Ameriprise (Columbia Threadneedle) 1.56m 3.90% +249.10k
Fidelity (FMR) 1.42m 3.54% −169.77k
State Street 1.27m 3.18% −178.54k
Invesco 1.19m 2.97% −644.48k
Bank of America 1.03m 2.56% −35.73k
EARNEST PARTNERS LLC 954.26k 2.39% −272.22k
Geode Capital Management 938.24k 2.35% −182.00k
Jane Street 815.68k 2.04% +701.26k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 26 March 2026

Ownership

Directors and executive officers, together 1.30%
BlackRock, Inc. 14.60%
The Vanguard Group 13.00%
FMR LLC 5.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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AEIS metrics, ten years each

stockrow.com/AEIS · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com