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Aehr Test Systems (AEHR) stock

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NASDAQ: AEHR Nasdaq Semiconductor Materials & Equipment Next results ~February 2, 2027

E Fundamentals grade

Aehr Test Systems is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in May.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: free cash flow after stock pay is not positive.

Price vs value

Under review: free cash flow after stock pay is not positive. We'll show the comparison once resolved.

Aehr Test Systems valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 13 selling0 purchases and 73 sales by directors and officers, last 12 monthsInsider trades
  • Funds173 adding, 100 cuttingOf 46 active managers that changed their stake, 28 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aehr Test Systems files

10-K filed July 27: Aehr Test Systems

Aehr Test Systems posted revenue of $50m for the twelve months to May 2026, down 15.2% on a year earlier. That decline eased from the 26.4% drop recorded a quarter earlier, though it still leaves the company 20th of 20 for growth among the semiconductor materials & equipment firms we cover. Free-cash-flow margin improved to -10.8%, from -21.0% a year earlier, while the operating margin narrowed to -28.3% from -9.6%. Meanwhile, the diluted share count rose 3.7% year on year, diluting existing holders. Our model value has edged up from $4.85 to $5.06 a share, which remains far below the current share price of $54.89.

Our model value for Aehr Test Systems is under review, so past values are not shown until it is resolved.

Source: 10-K filed July 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Aehr Test Systems stands after its latest 10-K

Revenue for the twelve months to May 2026 was $50m, down 15.2% on a year earlier, a smaller fall than the 26.4% decline a quarter earlier. Free-cash-flow margin rose to -10.8% from -21.0% a year earlier. Operating margin narrowed to -28.3% from -9.6%. It passes 2 of our 2 financial-health checks.

10-K on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 2, 2027 (estimated)

Aehr Test Systems's trailing-twelve-month revenue fell 15.2% year on year, with a free-cash-flow margin of -10.8%. Where it lags: revenue growth of -15.2% ranks 20 of 20 semiconductor materials & equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 56.6% while net income fell 82.3%: a 139pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Revenue shrinking. Revenue fell 15.2% over the last 12 months.
  • Loss-making. Operating margin is -28.3%: costs exceed revenue.
  • Margins narrowing. Operating margin is down 18.7 points on a year ago.
  • Burning cash. Free cash flow was -10.8% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 3.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 124% and a beta of 5.6 against the S&P 500.

Latest results: FY2026 Q4

Filed July 27, 2026
Earnings per share
$0.11 against an average estimate of -$0.01: beat by 1566.7%
Revenue
$19m, up 33.7% on a year earlier
Share reaction
+29.1% in the first session after the results on July 14, 2026, against +0.8% for the S&P 500
Guidance given
total company revenue $130m to $150m (fiscal year ending June 25, 2027); non-GAAP net income as % of total revenue 18% to 22% (fiscal year ending June 25, 2027)
Next report
November 2, 2026; average EPS estimate $0.13

Aehr Test Systems' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-6.2%
  • 1 week-9.1%
  • 1 month-52.0%
  • This year+154.9%
  • 1 year+98.0%
  • 5 years+106.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$50M
Operating margin
-28.3%
Net margin
-14.3%
EPS (TTM, diluted)
$-0.23

Growth

Revenue growth
−15.2%
Change in growth rate
+11.2 pts
Share count change
+3.7%

Cash

Free cash flow (TTM)
-$5.4M
FCF margin
-10.8%
Stock pay % of revenue
13.5%

Earnings

Last results
November 2, 2026
Next results (est.)
February 2, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Leadership
  3. Shareholder vote
  4. Insider trade
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Insider trade
  10. Insider trade
  11. Results
  12. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aehr Test Systems valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: free cash flow after stock pay is not positive.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Aehr Test Systems as an operating company, with every model that fits that kind of business. Cost of equity 13.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.97 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$5.1 ~$5.1–$5.5 Left out: out of range vs price (0.10x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$6.8 ~$5.0–$9.5 Left out: out of range vs price (0.13x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$6.8 ~$6.3–$7.5 Left out: out of range vs price (0.13x)
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$6.2 ~$5.2–$15 Left out: out of range vs price (0.12x)
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aehr Test Systems with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026
Share price$1.01$4.58$2.60$1.75$1.65$2.25$8.38$33.02$11.51$9.54$92.33
Market value$13m$75m$59m$39m$38m$53m$233m$965m$341m$282m$2.8bn
+ Net debt (− = net cash)$5m−$12m−$11m−$5m−$4m−$2m−$31m−$30m−$49m−$25m−$116m
Enterprise value$18m$63m$48m$34m$34m$51m$201m$935m$292m$258m$2.7bn
Multiples
Price / sales 0.9x3.9x2.0x1.9x1.7x3.2x4.6x14.9x5.1x4.8x56.6x
Price / earnings ——112.2x———24.6x66.3x10.3x——
Price / free cash flow ——————n/m111.5xn/m——
EV / EBITDA ——36.4x———24.7x67.6x27.2x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

25 /100

Weak moat

How hard Aehr Test Systems's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -3.9% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 38.5%, moving by 10.1 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -11.0%; its worst year was -28.3%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 3 of 10 years, at a median -10.3% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 34.6% over five years; stock-based pay has been a median 4.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.77 +2467% $138m +176%
Next $1.38 +79% $212m +54%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 0 analysts raised Aehr Test Systems's forecast and 0 cut it.

Consensus EPS forecast Aehr Test Systems, last 90 days
$0.60 $0.80 $1.00 $1.20 $1.40 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.74 Current fiscal year, 60 days ago: $0.77 Current fiscal year, 30 days ago: $0.77 Current fiscal year, 7 days ago: $0.77 Current fiscal year, Now: $0.77 $0.77 Next fiscal year, 60 days ago: $1.45 Next fiscal year, 30 days ago: $1.38 Next fiscal year, 7 days ago: $1.38 Next fiscal year, Now: $1.38 $1.38

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.74$1.45
60 days ago $0.77$1.38
30 days ago $0.77$1.38
7 days ago $0.77$1.38
Now $0.77$0.00

Earnings against estimates

Quarter toEstimateActualSurprise
May 2026 −$0.01 $0.11 +1566.7%
Feb 2026 −$0.07 −$0.05 +28.6%
Nov 2025 −$0.04 −$0.04 −9.1%
Aug 2025 $0.00 $0.01 0.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 14, 2026
  • total company revenue fiscal year ending June 25, 2027 $130m to $150m New
    “For the fiscal year ending June 25, 2027, Aehr expects total company revenue to be between $130 million and $150 million, representing approximately 160%-200% year-over-year growth.” source
  • non-GAAP net income as % of total revenue fiscal year ending June 25, 2027 18% to 22% Non-GAAP New
    “Aehr also expects non-GAAP net income to be 18% to 22% of total revenue.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Nov 2026
Buy6100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202666
  2. Oct 202666
  3. Sep 202655

Counts of recommendations published by analysts covering Aehr Test Systems, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
18.0%
of tradable shares
Days to cover
2.24
at average volume
Short interest, 1 month
+10%
to October 15, 2026
Held by institutions
78%
of shares
Held by insiders
3.3%
of shares
Employees
138
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +98.0%

$25.99 on October 31, 2025 to $51.47

ThenNowEffect
Revenue (last 12 months) $57m $50m −12.0%
P/S multiple 13.6x 31.6x +132.7%
Share count 30m 31m −3.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +110.1%

$24.50 on November 3, 2023 to $51.47

ThenNowEffect
Revenue (last 12 months) $75m $50m −33.3%
P/S multiple 9.6x 31.6x +230.4%
Share count 29m 31m −4.7%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AEHR+856%−17%+32%−37%+21%+155%
Industry peers (median)+65%−39%+41%+0%+43%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AEHR58%50%42%33%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AEHR−42%−71%−57%−62%−62%−65%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 87% from August 1, 2023 to April 8, 2025. Getting back needed a 692% gain, reached on April 8, 2026, 365 days after the low.

Price behaviour

52-week range
$19.40 – $145.61
From 52-week high
−64.7%
vs 50-day average
−37.7%
vs 200-day average
−30.9%
Volatility (1 year)
124%
Beta vs S&P 500
5.57

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±18.4%
After a week
7 up, 4 down
typical move ±19.3%
After a month
6 up, 5 down
typical move ±29.0%
Results releasedNext dayS&P 500 next day5 days21 days
July 14, 2026 +29.1% +0.8% +45.4% +90.0%
April 7, 2026 +21.1% +2.6% +42.6% +85.4%
January 8, 2026 +8.9% +0.7% +9.7% +14.1%
October 6, 2025 −15.7% 0.0% −17.7% −20.1%
July 8, 2025 −10.3% +0.5% −5.2% +22.7%
April 8, 2025 +21.3% +8.8% +18.3% +16.8%
January 13, 2025 −28.9% +0.3% −19.3% −37.6%
October 10, 2024 +21.1% +0.4% +11.8% −9.3%
July 16, 2024 +25.4% −0.8% +9.9% −17.5%
July 9, 2024 +20.2% +1.1% +31.6% +1.9%
April 9, 2024 −0.9% −0.9% −0.3% −3.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Aehr Test Systems in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aehr Test Systems
$40M $50M $60M $70M $80M $90M FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $74.9M Revenue (TTM), FY24 Q2: $81.5M Revenue (TTM), FY24 Q3: $71.9M Revenue (TTM), FY24 Q4: $66.2M Revenue (TTM), FY25 Q1: $58.7M Revenue (TTM), FY25 Q2: $50.7M Revenue (TTM), FY25 Q3: $61.5M Revenue (TTM), FY25 Q4: $59M Revenue (TTM), FY26 Q1: $56.8M Revenue (TTM), FY26 Q2: $53.2M Revenue (TTM), FY26 Q3: $45.3M Revenue (TTM), FY26 Q4: $50M $50M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $74.9M
FY24 Q2 $81.5M
FY24 Q3 $71.9M
FY24 Q4 $66.2M
FY25 Q1 $58.7M
FY25 Q2 $50.7M
FY25 Q3 $61.5M
FY25 Q4 $59M
FY26 Q1 $56.8M
FY26 Q2 $53.2M
FY26 Q3 $45.3M
FY26 Q4 $50M
Revenue growth, TTM YoY Aehr Test Systems
-40% -20% 0% 20% 40% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 34.1% Revenue growth, TTM YoY, FY24 Q2: 33.5% Revenue growth, TTM YoY, FY24 Q3: 14.1% Revenue growth, TTM YoY, FY24 Q4: 1.9% Revenue growth, TTM YoY, FY25 Q1: -21.6% Revenue growth, TTM YoY, FY25 Q2: -37.8% Revenue growth, TTM YoY, FY25 Q3: -14.5% Revenue growth, TTM YoY, FY25 Q4: -10.9% Revenue growth, TTM YoY, FY26 Q1: -3.2% Revenue growth, TTM YoY, FY26 Q2: 5.0% Revenue growth, TTM YoY, FY26 Q3: -26.4% Revenue growth, TTM YoY, FY26 Q4: -15.2% -15.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 34.1%
FY24 Q2 33.5%
FY24 Q3 14.1%
FY24 Q4 1.9%
FY25 Q1 -21.6%
FY25 Q2 -37.8%
FY25 Q3 -14.5%
FY25 Q4 -10.9%
FY26 Q1 -3.2%
FY26 Q2 5.0%
FY26 Q3 -26.4%
FY26 Q4 -15.2%
Operating margin (TTM) Aehr Test Systems
-40% -20% 0% 20% 40% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: 22.7% Operating margin (TTM), FY24 Q2: 23.3% Operating margin (TTM), FY24 Q3: 18.3% Operating margin (TTM), FY24 Q4: 15.2% Operating margin (TTM), FY25 Q1: 10.4% Operating margin (TTM), FY25 Q2: -1.7% Operating margin (TTM), FY25 Q3: 0.1% Operating margin (TTM), FY25 Q4: -9.6% Operating margin (TTM), FY26 Q1: -17.4% Operating margin (TTM), FY26 Q2: -24.5% Operating margin (TTM), FY26 Q3: -35.7% Operating margin (TTM), FY26 Q4: -28.3% -28.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 22.7%
FY24 Q2 23.3%
FY24 Q3 18.3%
FY24 Q4 15.2%
FY25 Q1 10.4%
FY25 Q2 -1.7%
FY25 Q3 0.1%
FY25 Q4 -9.6%
FY26 Q1 -17.4%
FY26 Q2 -24.5%
FY26 Q3 -35.7%
FY26 Q4 -28.3%
FCF margin (TTM) Aehr Test Systems
-30% -20% -10% 0% 10% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 9.2% FCF margin (TTM), FY24 Q2: 7.8% FCF margin (TTM), FY24 Q3: 6.3% FCF margin (TTM), FY24 Q4: 1.5% FCF margin (TTM), FY25 Q1: -0.7% FCF margin (TTM), FY25 Q2: -11.7% FCF margin (TTM), FY25 Q3: -9.9% FCF margin (TTM), FY25 Q4: -21.0% FCF margin (TTM), FY26 Q1: -28.6% FCF margin (TTM), FY26 Q2: -22.0% FCF margin (TTM), FY26 Q3: -26.9% FCF margin (TTM), FY26 Q4: -10.8% -10.8%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 9.2%
FY24 Q2 7.8%
FY24 Q3 6.3%
FY24 Q4 1.5%
FY25 Q1 -0.7%
FY25 Q2 -11.7%
FY25 Q3 -9.9%
FY25 Q4 -21.0%
FY26 Q1 -28.6%
FY26 Q2 -22.0%
FY26 Q3 -26.9%
FY26 Q4 -10.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 May 2010 2011 May 2011 2012 May 2012 2013 May 2013 2014 May 2014 2015 May 2015 2016 May 2016 2017 May 2017 2018 May 2018 2019 May 2019 2020 May 2020 2021 May 2021 2022 May 2022 2023 May 2023 2024 May 2024 2025 May 2025 2026 May 2026
Income
Revenue 12 14 16 16 20 10 15 19 30 21 22 17 51 65 66 59 50
Gross profit 6 6 6 7 10 4 5 7 12 8 8 6 24 33 33 24 18
EBITDA −0 −4 −4 −3 1 −7 −6 −5 1 −5 −2 −4 8 14 11 −3 −11
Operating income −1 −4 −5 −3 0 −7 −6 −5 1 −5 −3 −4 8 13 10 −6 −14
Net income −0 −3 −3 −3 0 −7 −7 −6 1 −5 −3 −2 9 15 33 −4 −7
Diluted EPS −$0.06 −$0.39 −$0.38 −$0.36 $0.04 −$0.55 −$0.52 −$0.35 $0.02 −$0.23 −$0.12 −$0.09 $0.34 $0.50 $1.12 −$0.13 −$0.23
Growth (year on year)
Revenue — +17.7% +13.0% +6.2% +19.4% −49.1% +44.7% +30.3% +56.4% −28.8% +5.9% −25.5% +206.2% +27.8% +1.9% −10.9% −15.2%
EBITDA — — — — — <−999% — — — −443.0% — — — +69.5% −22.4% −131.3% —
Operating income — — — — — <−999% — — — −646.4% — — — +71.5% −24.7% −156.3% —
Net income — — — — — <−999% — — — — — — — +54.0% +127.8% −111.8% —
Diluted EPS — — — — — <−999% — — — — — — — +47.1% +124.0% −111.6% —
Margins
Gross margin 52.3% 40.1% 40.0% 41.1% 51.9% 38.3% 35.5% 35.9% 41.9% 36.1% 37.6% 36.3% 46.6% 50.4% 49.1% 40.6% 35.3%
EBITDA margin −0.6% −26.3% −25.9% −18.1% 3.2% −65.5% −41.0% −24.6% 4.5% −21.7% −10.7% −23.2% 16.0% 21.3% 16.2% −5.7% −22.7%
Operating margin −6.5% −30.5% −29.0% −20.1% 2.5% −66.8% −42.4% −26.1% 3.1% −23.7% −12.4% −25.2% 15.3% 20.6% 15.2% −9.6% −28.3%
Net margin −4.1% −24.7% −21.8% −20.7% 2.1% −66.4% −46.8% −29.9% 1.8% −24.9% −12.6% −12.2% 18.6% 22.4% 50.1% −6.6% −14.3%
Free-cash-flow margin 27.2% −30.3% −31.7% −2.7% −4.8% −23.7% −49.7% −26.3% −6.5% −27.6% −9.8% −17.6% 2.1% 13.3% 1.5% −21.0% −10.8%
Cash flow
Cash from operations 3 −4 −5 −0 −1 −2 −6 −4 −1 −6 −2 −3 2 10 2 −7 −3
Capital spending 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 5 2
Free cash flow 3 −4 −5 −0 −1 −2 −7 −5 −2 −6 −2 −3 1 9 1 −12 −5
Stock-based pay 2 1 1 1 1 1 1 1 1 1 1 1 3 3 3 5 7
Free cash flow after stock pay 1 −5 −6 −1 −2 −3 −8 −6 −3 −7 −3 −4 −2 6 −2 −18 −12
Balance sheet
Cash 8 4 2 2 2 6 1 18 17 5 5 5 31 30 49 25 116
Total debt 0 0 0 0 0 4 6 6 6 0 2 3 — 0 0 0 0
Net debt (negative = net cash) −8 −4 −2 −2 −2 −1 5 −12 −11 −5 −4 −2 −31 −30 −49 −25 −116
Diluted shares 9m 9m 9m 10m 12m 12m 13m 16m 23m 22m 23m 23m 28m 29m 30m 30m 31m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · May 29, 2026
What it owns · $247m
Short-term assets $184mLonger-term assets $62m
What it owes, and who funded it · $247m
Short-term liabilities $18mLonger-term liabilities $9mShareholders' equity $220m
  • Short-term assets cover short-term liabilities $184m of assets due within a year against $18m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $184m short-term assets against $9m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Aehr Test Systems's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.7%
year over year
R&D spending
25.3%
of revenue
Sales & admin spending
38.3%
of revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated AEHR ASYS SOTK AXTI CAMT COHU Median
Revenue, last 12 months $50m $82m $22m $126m $496m $569m $994m
Revenue growth, last 12 months −15.2% −2.4% 4.4% 45.8% 15.6% 34.0% 15.8%
Revenue growth, 3-year average −8.4% −11.5% 9.3% 7.9% 79.8% −6.2% 7.8%
Revenue growth, latest quarter 33.7% 14.5% 1.3% 164.8% — 37.0% 33.7%
Gross margin 35.3% 46.9% 52.5% 32.2% 50.5% 42.7% 47.7%
Operating margin −28.3% 8.1% 10.2% 3.1% 25.8% −2.4% 13.2%
Operating margin, 3-year average −7.6% −15.2% 7.6% −15.1% 16.3% −10.5% 16.0%
Net margin −14.3% 4.9% 9.3% 3.2% 10.2% −4.0% 10.9%
Cash from operations / revenue −6.6% 11.7% 34.6% −4.6% 28.6% 11.6% 18.6%
Free-cash-flow margin −10.8% 10.7% 33.6% −15.6% 25.6% 9.8% 15.0%
Free-cash-flow margin, 3-year average −10.1% 6.7% 8.5% −16.5% 15.0% 0.6% 11.9%
Stock pay / revenue 13.5% 1.5% 1.6% 3.0% 3.4% 4.0% 2.4%
Change in share count 3.7% 5.0% −0.0% 18.1% 1.2% 4.7% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth -15.2% 15.8% 20 of 20
Change in growth rate Growth +11.2pp +7.5pp 6 of 20
Gross margin Profitability 35.3% 48.2% 17 of 19
Operating margin Profitability -28.3% 13.2% 19 of 19
Net margin Profitability -14.3% 11.1% 20 of 20
Free-cash-flow margin Cash generation -10.8% 17.5% 18 of 20
Stock pay as % of revenue Cash generation 13.5% 2.5% 20 of 20
Change in share count Balance sheet 3.7% 0.9% 15 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to May 29, 2026
Products and services
Line of business Revenue Share YoY
Systems $28.7M 57.3% ▲ 30.4%
Contactors $14.9M 29.8% ▼ 51.7%
Services $6.4M 12.9% ▲ 4.9%
Geography
Region Revenue Share YoY
Asiia Paciific $22.8M 45.6% ▼ 38.5%
Uniited States $20.6M 41.3% ▲ 16.8%
Europe and Miiddle East $6.5M 13.1% ▲ 55.6%

From Aehr Test Systems's 10-K filed July 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.2B
Institutions reporting
261
Shares held vs prior quarter
▲ 3.5%
Positions opened / closed
100 / 30

Top buyers and sellers, Q2 2026: 173 institutions bought and 100 sold ; the biggest buyer was Two Sigma Investments, LP (+950K shares) and the biggest seller Awm Investment Company, Inc (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $255M 2.7M 11.4% ▲ 16.3%
Vanguard Capital Management LLC $127M 1.3M 5.7% ▲ 3.0%
D. E. Shaw & Co., Inc. $113M 1.2M 5.1% ▲ 244.6%
Two Sigma Investments, LP $112M 1.2M 5.0% ▲ 443.3%
FMR LLC $96.7M 1.0M 4.3% ▼ 53.0%
Vanguard Portfolio Management LLC $92.9M 967K 4.2% ▲ 5.3%
Geode Capital Management, LLC $84.1M 876K 3.8% ▲ 20.6%
Goldman Sachs Group Inc $77.8M 810K 3.5% ▼ 35.8%
Jane Street Group, LLC $72.4M 754K 3.2% ▲ 172.0%
Jpmorgan Chase & Co $69.6M 733K 3.1% ▲ 284.9%
State Street Corp $68.5M 713K 3.1% ▲ 14.4%
Connor, Clark & Lunn Investment Management Ltd. $64.4M 671K 2.9% ▲ 206.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aehr Test Systems's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $63.3M 73 trades by 13 insiders · 0% under pre-set plans
Net ▼ $63.3M net selling
Insider Date Trade Shares Price Value
Rogers Vernon Exec VP of Sales & Mktg. August 17, 2026 Sell 3,994 $143.77 $574,217
Posedel Rhea J Director August 14, 2026 Sell 5,973 $140.00 $836,220
Slayen Howard T Director August 14, 2026 Sell 5,700 $133.03 $758,271
Rogers Vernon Exec VP of Sales & Mktg. August 14, 2026 Sell 1,000 $134.00 $134,000
Rogers Vernon Exec VP of Sales & Mktg. August 14, 2026 Sell 1,000 $139.00 $139,000
Salamone Alberto EVP, PPBI BUSINESS August 13, 2026 Sell 4,200 $128.00 $537,600
Salamone Alberto EVP, PPBI BUSINESS August 13, 2026 Sell 5,472 $127.50 $697,680
Oliphant Laura Director August 12, 2026 Sell 1,717 $133.00 $228,361
Engineer Adil Chief Operating Officer August 12, 2026 Sell 7,500 $130.95 $982,125
Engineer Adil Chief Operating Officer August 12, 2026 Sell 7,500 $131.10 $983,250
Scott Geoffrey Gates Director August 12, 2026 Sell 20,000 $131.51 $2.6M
Posedel Rhea J Director August 12, 2026 Sell 8,413 $130.00 $1.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around February 2, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • July 14, 2026
  • April 7, 2026
  • January 8, 2026
  • October 6, 2025
  • July 8, 2025

Recent SEC filings

Data status

When each part of this page on Aehr Test Systems was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aehr Test Systems in brief

What does Aehr Test Systems do?
Aehr Test Systems is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in May.
What is Aehr Test Systems's stock ticker?
Aehr Test Systems trades under the ticker AEHR on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aehr Test Systems's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aehr Test Systems reported revenue of $50M, 15.2% lower than a year earlier, according to its SEC filings.
What is Aehr Test Systems's free cash flow?
Aehr Test Systems's free-cash-flow margin is -10.8% of revenue over the trailing twelve months, ranking 18 of the 20 semiconductor materials & equipment companies we cover.
Who are Aehr Test Systems's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and D. E. Shaw & Co., Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Aehr Test Systems's market cap?
On May 29, 2026, Aehr Test Systems's market capitalisation was about $2.8B and net debt of -$116M. Market figures come from third-party market data and may be delayed.
Who are Aehr Test Systems's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Aehr Test Systems are Amtech Systems Inc, Sono TEK Corp, AXT Inc, Camtek LTD and Cohu Inc. The side-by-side comparison below sets their revenue, margins and growth against Aehr Test Systems's.
Are insiders buying or selling Aehr Test Systems stock?
Over the last 12 months, Aehr Test Systems's directors and officers reported 0 open-market purchases and 73 sales on Form 4. The insider trading page charts every trade.
When is Aehr Test Systems's next earnings date?
Around February 2, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aehr Test Systems announces its own schedule.