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AEHR TEST SYSTEMS (AEHR) Stock Fundamental Analysis

NASDAQ:AEHR - US00760J1088 - Common Stock

24.95 USD
-2.1 (-7.76%)
Last: 8/29/2025, 8:05:30 PM
24.96 USD
+0.01 (+0.04%)
After Hours: 8/29/2025, 8:05:30 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to AEHR. AEHR was compared to 112 industry peers in the Semiconductors & Semiconductor Equipment industry. No worries on liquidiy or solvency for AEHR as it has an excellent financial health rating, but there are worries on the profitability. AEHR is valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

2

1. Profitability

1.1 Basic Checks

In the past year AEHR was profitable.
In the past year AEHR has reported a negative cash flow from operations.
The reported net income has been mixed in the past 5 years: AEHR reported negative net income in multiple years.
The reported operating cash flow has been mixed in the past 5 years: AEHR reported negative operating cash flow in multiple years.
AEHR Yearly Net Income VS EBIT VS OCF VS FCFAEHR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10M -10M 20M 30M

1.2 Ratios

The Return On Assets of AEHR (-2.63%) is worse than 62.50% of its industry peers.
AEHR's Return On Equity of -3.18% is in line compared to the rest of the industry. AEHR outperforms 40.18% of its industry peers.
Industry RankSector Rank
ROA -2.63%
ROE -3.18%
ROIC N/A
ROA(3y)12.71%
ROA(5y)8.78%
ROE(3y)15.26%
ROE(5y)9.32%
ROIC(3y)N/A
ROIC(5y)N/A
AEHR Yearly ROA, ROE, ROICAEHR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 200 400 600 800

1.3 Margins

AEHR has a Gross Margin (40.59%) which is in line with its industry peers.
AEHR's Gross Margin has improved in the last couple of years.
AEHR does not have Profit Margin and Operating Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) N/A
GM 40.59%
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.48%
GM growth 5Y1.57%
AEHR Yearly Profit, Operating, Gross MarginsAEHR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20 -20 40 -40 -60

8

2. Health

2.1 Basic Checks

AEHR does not have a ROIC to compare to the WACC, probably because it is not profitable.
AEHR has more shares outstanding than it did 1 year ago.
AEHR has more shares outstanding than it did 5 years ago.
There is no outstanding debt for AEHR. This means it has a Debt/Equity and Debt/FCF ratio of 0 and it is amongst the best of the sector and industry.
AEHR Yearly Shares OutstandingAEHR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5M 10M 15M 20M 25M
AEHR Yearly Total Debt VS Total AssetsAEHR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M

2.2 Solvency

AEHR has an Altman-Z score of 18.13. This indicates that AEHR is financially healthy and has little risk of bankruptcy at the moment.
With an excellent Altman-Z score value of 18.13, AEHR belongs to the best of the industry, outperforming 86.61% of the companies in the same industry.
AEHR has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
Industry RankSector Rank
Debt/Equity 0
Debt/FCF N/A
Altman-Z 18.13
ROIC/WACCN/A
WACC11.69%
AEHR Yearly LT Debt VS Equity VS FCFAEHR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 20M 40M 60M 80M 100M

2.3 Liquidity

A Current Ratio of 5.68 indicates that AEHR has no problem at all paying its short term obligations.
Looking at the Current ratio, with a value of 5.68, AEHR is in the better half of the industry, outperforming 79.46% of the companies in the same industry.
A Quick Ratio of 2.99 indicates that AEHR has no problem at all paying its short term obligations.
AEHR has a Quick ratio of 2.99. This is in the better half of the industry: AEHR outperforms 60.71% of its industry peers.
Industry RankSector Rank
Current Ratio 5.68
Quick Ratio 2.99
AEHR Yearly Current Assets VS Current LiabilitesAEHR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M

6

3. Growth

3.1 Past

The earnings per share for AEHR have decreased strongly by -87.70% in the last year.
Measured over the past years, AEHR shows a very strong growth in Earnings Per Share. The EPS has been growing by 243890.10% on average per year.
AEHR shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -10.94%.
The Revenue has been growing by 21.48% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-87.7%
EPS 3Y-27.89%
EPS 5Y243890.1%
EPS Q2Q%-101.19%
Revenue 1Y (TTM)-10.94%
Revenue growth 3Y5.07%
Revenue growth 5Y21.48%
Sales Q2Q%-15.13%

3.2 Future

The Earnings Per Share is expected to grow by 53.32% on average over the next years. This is a very strong growth
The Revenue is expected to grow by 17.56% on average over the next years. This is quite good.
EPS Next Y-45.6%
EPS Next 2Y44.01%
EPS Next 3Y53.32%
EPS Next 5YN/A
Revenue Next Year1.31%
Revenue Next 2Y16.3%
Revenue Next 3Y17.56%
Revenue Next 5YN/A

3.3 Evolution

The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
AEHR Yearly Revenue VS EstimatesAEHR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 20M 40M 60M 80M 100M
AEHR Yearly EPS VS EstimatesAEHR Yearly EPS VS EstimatesYearly EPS VS Estimates 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 0 0.5 1

1

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 166.33, which means the current valuation is very expensive for AEHR.
AEHR's Price/Earnings is on the same level as the industry average.
AEHR's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 27.08.
With a Price/Forward Earnings ratio of 305.76, AEHR can be considered very expensive at the moment.
Compared to the rest of the industry, the Price/Forward Earnings ratio of AEHR indicates a slightly more expensive valuation: AEHR is more expensive than 65.18% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.72. AEHR is valued rather expensively when compared to this.
Industry RankSector Rank
PE 166.33
Fwd PE 305.76
AEHR Price Earnings VS Forward Price EarningsAEHR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 100 200 300

4.2 Price Multiples

Industry RankSector Rank
P/FCF N/A
EV/EBITDA N/A
AEHR Per share dataAEHR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 1 2 3 4

4.3 Compensation for Growth

A more expensive valuation may be justified as AEHR's earnings are expected to grow with 53.32% in the coming years.
PEG (NY)N/A
PEG (5Y)0
EPS Next 2Y44.01%
EPS Next 3Y53.32%

0

5. Dividend

5.1 Amount

No dividends for AEHR!.
Industry RankSector Rank
Dividend Yield N/A

AEHR TEST SYSTEMS

NASDAQ:AEHR (8/29/2025, 8:05:30 PM)

After market: 24.96 +0.01 (+0.04%)

24.95

-2.1 (-7.76%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)07-08 2025-07-08/amc
Earnings (Next)10-08 2025-10-08
Inst Owners67.2%
Inst Owner Change-13.27%
Ins Owners6.3%
Ins Owner Change8.62%
Market Cap746.50M
Analysts77.78
Price Target16.83 (-32.55%)
Short Float %20.79%
Short Ratio3.71
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly DividendN/A
Dividend Growth(5Y)N/A
DPN/A
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)53.1%
Min EPS beat(2)34.64%
Max EPS beat(2)71.57%
EPS beat(4)3
Avg EPS beat(4)76.34%
Min EPS beat(4)-43.98%
Max EPS beat(4)243.14%
EPS beat(8)7
Avg EPS beat(8)129.33%
EPS beat(12)11
Avg EPS beat(12)127.19%
EPS beat(16)13
Avg EPS beat(16)98.72%
Revenue beat(2)1
Avg Revenue beat(2)-2.88%
Min Revenue beat(2)-6.81%
Max Revenue beat(2)1.05%
Revenue beat(4)2
Avg Revenue beat(4)-3.08%
Min Revenue beat(4)-12.25%
Max Revenue beat(4)5.7%
Revenue beat(8)5
Avg Revenue beat(8)-0.46%
Revenue beat(12)8
Avg Revenue beat(12)3.09%
Revenue beat(16)10
Avg Revenue beat(16)3%
PT rev (1m)10%
PT rev (3m)43.48%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-150%
EPS NY rev (1m)-36%
EPS NY rev (3m)-57.89%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-32.56%
Revenue NY rev (1m)2.62%
Revenue NY rev (3m)-16.13%
Valuation
Industry RankSector Rank
PE 166.33
Fwd PE 305.76
P/S 12.66
P/FCF N/A
P/OCF N/A
P/B 6.08
P/tB 7.36
EV/EBITDA N/A
EPS(TTM)0.15
EY0.6%
EPS(NY)0.08
Fwd EY0.33%
FCF(TTM)-0.41
FCFYN/A
OCF(TTM)-0.25
OCFYN/A
SpS1.97
BVpS4.11
TBVpS3.39
PEG (NY)N/A
PEG (5Y)0
Profitability
Industry RankSector Rank
ROA -2.63%
ROE -3.18%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) N/A
GM 40.59%
FCFM N/A
ROA(3y)12.71%
ROA(5y)8.78%
ROE(3y)15.26%
ROE(5y)9.32%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-4.48%
GM growth 5Y1.57%
F-Score1
Asset Turnover0.4
Health
Industry RankSector Rank
Debt/Equity 0
Debt/FCF N/A
Debt/EBITDA N/A
Cap/Depr 147.34%
Cap/Sales 8.47%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality N/A
Current Ratio 5.68
Quick Ratio 2.99
Altman-Z 18.13
F-Score1
WACC11.69%
ROIC/WACCN/A
Cap/Depr(3y)168.17%
Cap/Depr(5y)142.84%
Cap/Sales(3y)3.9%
Cap/Sales(5y)2.78%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-87.7%
EPS 3Y-27.89%
EPS 5Y243890.1%
EPS Q2Q%-101.19%
EPS Next Y-45.6%
EPS Next 2Y44.01%
EPS Next 3Y53.32%
EPS Next 5YN/A
Revenue 1Y (TTM)-10.94%
Revenue growth 3Y5.07%
Revenue growth 5Y21.48%
Sales Q2Q%-15.13%
Revenue Next Year1.31%
Revenue Next 2Y16.3%
Revenue Next 3Y17.56%
Revenue Next 5YN/A
EBIT growth 1Y-147.73%
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next Year180.94%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-1330.59%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-521.41%
OCF growth 3YN/A
OCF growth 5YN/A