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Aehr Test Systems key statistics and ratios

In fiscal 2026, Aehr Test Systems had return on equity of -4.2% and a net margin of -14.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2010May 20102011May 20112012May 20122013May 20132014May 20142015May 20152016May 20162017May 20172018May 20182019May 20192020May 20202021May 20212022May 20222023May 20232024May 20242025May 20252026May 2026
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%
Return on equity−4.3%−33.3%−43.5%−59.5%7.0%−114.4%—−70.2%2.9%−30.1%−19.0%−15.9%30.3%23.0%35.4%−3.3%−4.2%
Return on assets—−28.0%−28.6%−30.3%3.6%−49.1%−54.5%−27.6%1.7%−20.0%−13.4%−9.6%22.5%18.1%29.3%−2.8%−3.6%
Effective tax rate————−3.7%———−16.0%———1.0%0.4%———
R&D as % of revenue40.8%33.2%27.0%19.5%17.3%40.5%29.8%24.6%14.1%19.7%15.2%22.0%11.4%11.0%13.2%17.7%25.3%
SG&A as % of revenue52.2%43.4%42.0%41.7%32.1%64.6%48.1%37.3%24.7%36.7%33.8%39.5%19.8%18.8%20.8%31.0%38.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: AEHR vs ASYSAEHR vs SOTKAEHR vs AXTI

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Figures from Aehr Test Systems's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aehr Test Systems.