Aehr Test Systems (AEHR) vs Ichor Holdings, Ltd. (ICHR)

Aehr Test Systems and Ichor Holdings, Ltd. are both Semiconductor Equipment & Materials companies. Aehr Test Systems is the larger, with a market value of $1.6B against $1.1B — 1.5× the size. Aehr Test Systems has negative trailing earnings, so its P/E is not meaningful; Ichor Holdings, Ltd. trades at 483×. Ichor Holdings, Ltd. grew revenue faster over the last twelve months: 15.2% against −15.2%. Ichor Holdings, Ltd. has the higher net margin (0.32% vs −14.3%) and the higher return on invested capital (1.44% vs −8.57%). Across the 18 metrics below, Ichor Holdings, Ltd. leads on 12 and Aehr Test Systems on 6.

Valuation

Metric AEHR ICHR Semiconductor Equipment & Materials median
P/E n/m 482.51 33.70
P/S 30.47 0.97 4.22
P/B 6.94 1.20 2.94
Price to free cash flow n/m n/m 31.49
EV/EBITDA n/m 19.05 22.64
EV/Sales 28.18 0.88 4.97
Earnings yield (0.48%) 0.21% 2.02%
Free cash flow yield (0.35%) (7.08%) 2.27%

Profitability

Metric AEHR ICHR Semiconductor Equipment & Materials median
Gross margin 35.30% 13.26% 46.86%
Operating margin (28.30%) 1.65% 12.02%
Net margin (14.25%) 0.32% 10.16%
Free cash flow margin (10.75%) (6.10%) 6.73%
Return on equity (4.16%) 0.45% 5.31%
Return on assets (3.61%) 0.32% 4.10%
Return on invested capital (8.57%) 1.44% 6.36%

Growth

Metric AEHR ICHR Semiconductor Equipment & Materials median
Revenue growth (TTM) (15.21%) 15.23% 15.82%
EPS growth (last fiscal year) (76.92%) (140.63%) (4.56%)
Revenue growth, 5-year CAGR 24.67% 0.72% 10.11%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AEHR ICHR Semiconductor Equipment & Materials median
Debt to equity 0.00 0.13 0.09
Current ratio 10.33 3.56 3.56
Net debt to EBITDA 10.96 (4.73) (0.49)

Dividend

Metric AEHR ICHR Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric AEHR ICHR Semiconductor Equipment & Materials median
Market cap 1.61b 1.05b 3.04b

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