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Advanced Energy Industries Inc (AEIS) stock

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NASDAQ: AEIS Nasdaq Electronic Components Next results ~February 9, 2027

C+ Fundamentals grade

Advanced Energy Industries Inc is a US-listed company in the electronic components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$68

Cash-flow model

Base case. Range ~$53–$88 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 69% below it.

Price used: $217.19, November 2, 2026

Advanced Energy Industries Inc 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.

Value diary

Our note on each quarter Advanced Energy Industries files

10-Q filed November 2: Advanced Energy Industries

Advanced Energy Industries grew revenue to $2.27bn over the twelve months to September 2026, up 31.7% on a year earlier and an acceleration from the prior quarter's 24.6% pace. That growth puts the firm 5th of 26 among the electronic components peers we track. Profitability told a mixed story: operating margin widened to 16.0% from 8.4%, yet free-cash-flow margin fell to 3.1% from 8.9%. Meanwhile, the diluted share count climbed 8.7% year on year, diluting existing holders. These shifts lift the fundamentals grade from C to C+, though our model value barely moved, standing at $68.29 a share against a $218 share price. The rating remains Sell.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Advanced Energy Industries stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.04bn, up 24.6% on a year earlier, faster than 22.2% a quarter earlier. That growth ranks 137 of 931 among all the companies we cover. Free-cash-flow margin fell to 4.3% from 7.6% a year earlier. Operating margin widened to 13.2% from 5.2%. The diluted share count is up 7.5% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 4 of our 7 financial-health checks. Our cash-flow model value is $46.29 a share, against a share price of $241.

10-Q 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 9, 2027 (estimated)

Advanced Energy Industries Inc's trailing-twelve-month revenue grew 31.7% year on year, with a free-cash-flow margin of 3.1%. Where it stands out: revenue growth of 31.7% ranks 5 of 26 electronic components companies we cover. Where it lags: change in share count of 8.7% ranks 18 of 22 electronic components companies we cover.

Our discounted-cash-flow model values the business at ~$68 per share in the base case (~$53–$88 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 54.2% while net income grew 99.2%: a 153pp 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

  • Fast growth. Revenue grew 31.7% over the last 12 months, against a median of 16.1% for electronic components companies we cover.
  • Growth speeding up. The growth rate is 7.1 points higher than a quarter earlier.
  • Margins widening. Operating margin is up 7.6 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.3bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $217.19 is 69% above our value per share of $68.
  • Share dilution. Diluted shares rose 8.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 65% and a beta of 2.8 against the S&P 500.
  • Insiders selling. 10 insiders sold $35M of stock over the past 365 days and none bought (99% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 24% of net income over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 30.9% ranks 15 of 19 electronic components companies we cover (median 12.5%).

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$3.65 against an average estimate of $3.06: beat by 19.2%
Revenue
$696m, up 50.3% on a year earlier
Guidance given
revenue $620m to $660m (Q3 2026)
Next report
November 2, 2026; average EPS estimate $3.06

Advanced Energy Industries' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.2%
  • 1 week-1.8%
  • 1 month-28.6%
  • This year+3.8%
  • 1 year+7.3%
  • 5 years+135.5%
  • S&P 500 this year+11.2%

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

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Operating margin
16.0%
Net margin
12.7%
EPS (TTM, diluted)
$6.96

Growth

Revenue growth
+31.7%
Change in growth rate
+7.1 pts
Share count change
+8.7%

Cash

Free cash flow (TTM)
$69.9M
FCF margin
3.1%
Stock pay % of revenue
3.2%

Earnings

Last results
November 2, 2026
Next results (est.)
February 9, 2027

News & updates

Updated November 2, 2026

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

  1. Results
  2. Insider trade
  3. Results
  4. 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

Advanced Energy Industries Inc valuation models and calculator

What the price is pricing in

The share price implies about 40.4% a year of cash-flow growth for five years.That is faster than the 9.3% a year revenue growth Advanced Energy Industries has delivered.

Read with care: free cash flow has swung sharply in the past year (often a one-off tax, legal or working-capital item), so the cash-flow base behind this reading may be unusually low or high.

  • Priced in40.4%
  • Last 12 months31.7%
  • 3 years a year9.3%
  • 5 years a year9.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($237.06, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$68
Price used
$237.06close November 3, 2026
Implied change
▼ 71%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Advanced Energy Industries Inc's free cash flow after stock-based pay with after-tax interest added back ($72.9M, FY2026 Q3 TTM), growing 22.4% and 17% in the next two years (forecasts, guidance and its record), then back to 13% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$53–~$88 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Advanced Energy Industries Inc's free cash flow after stock-based pay ( $72.9M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Advanced Energy Industries Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.48 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$68 ~$53–$88 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$97 ~$67–$120 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$240–$430 Left out: far from the other models (more than 3x away from their median)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$51 ~$37–$71 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$51 ~$45–$57 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$67 ~$51–$97 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Advanced Energy Industries Inc with Electronic Components 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.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −27%
  • Last year's free-cash-flow margin change, if it persists ▼ −61%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $29$39$51$68$89$117
8.5% $23$30$39$51$66$86
10% $19$25$32$41$52$67

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$27.66$53.65$66.12$42.06$69.76$95.01$89.61$84.80$108.11$115.19$209.17$217.19
Market value$1.1bn$2.1bn$2.7bn$1.7bn$2.7bn$3.7bn$3.4bn$3.2bn$4.1bn$4.4bn$8.1bn$9.0bn
+ Net debt (− = net cash)−$158m−$282m−$407m−$349m−$5m−$157m−$149m−$84m−$115m−$147m−$216m−$159m
Enterprise value$978m$1.9bn$2.2bn$1.3bn$2.7bn$3.5bn$3.3bn$3.1bn$4.0bn$4.2bn$7.9bn$8.8bn
Multiples
Price / sales 4.2x6.6x5.9x2.3x3.4x2.6x2.4x1.7x2.5x2.9x4.5x4.0x
Price / earnings —16.8x19.3x11.3x41.4x27.2x25.5x16.0x31.9x80.3x54.4x31.2x
Price / free cash flow 11.3x19.1x15.3x12.6x115.7x22.2x30.8x25.7x27.6x58.8x64.1x128.9x
EV / EBITDA 8.5x13.9x10.7x7.1x33.3x15.7x16.1x10.6x22.0x40.0x34.2x20.7x

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

56 /100

Moderate moat

How hard Advanced Energy Industries'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 20 / 20

    Cash operating profit has been a median 18.5% of total assets over 9 years.

  • Pricing power 9 / 20

    Gross margin has been a median 37.5%, moving by 6.4 percentage points (standard deviation) across 10 years.

  • Durability 4 / 20

    Operating margin has been a median 10.9%; its worst year was 1.1%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 10 of 10 years, at a median 8.2% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 7.6% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (61 before it).

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 $11.27 +76% $2.4bn +35%
Next $15.54 +38% $3.0bn +25%

Next year's EPS estimate has moved +26.4% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +19.6% on 90 days ago. In the last 30 days, 11 analysts raised Advanced Energy Industries Inc's forecast and 0 cut it.

Consensus EPS forecast Advanced Energy Industries Inc, last 90 days
$8.00 $10.00 $12.00 $14.00 $16.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $9.42 Current fiscal year, 60 days ago: $11.24 Current fiscal year, 30 days ago: $11.24 Current fiscal year, 7 days ago: $11.27 Current fiscal year, Now: $11.27 $11.27 Next fiscal year, 90 days ago: $12.29 Next fiscal year, 60 days ago: $15.19 Next fiscal year, 30 days ago: $15.34 Next fiscal year, 7 days ago: $15.51 Next fiscal year, Now: $15.54 $15.54

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

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $9.42$12.29
60 days ago $11.24$15.19
30 days ago $11.24$15.34
7 days ago $11.27$15.51
Now $11.27$15.54

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.06 $3.65 +19.2%
Dec 2025 $1.27 $1.30 +2.0%
Mar 2026 $1.98 $2.09 +5.6%
Sept 2025 $1.47 $1.74 +18.5%

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

Management guidance

Earnings release, August 3, 2026
  • Revenue Q3 2026 $620m to $660m
    “Revenue $620 million $660 million” source

How earlier guidance turned out

  • Revenue, Q2 2026 guided $520m to $560m Above range: $574m

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.

How our valuation uses these forecasts

Our cash-flow model grows Advanced Energy Industries Inc's revenue by +22.4% next year and +17.0% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+26.8%, weight 68%) and the company's own record (+13.0%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Nov 2026
Buy1192%
Hold18%
Sell00%

Monthly trend

  1. Nov 202629112
  2. Oct 202629112
  3. Sep 202629112

Counts of recommendations published by analysts covering Advanced Energy Industries Inc, 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
5.2%
of tradable shares
Days to cover
2.8
at average volume
Short interest, 1 month
−17%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.1%
of shares
Employees
13,000
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 +7.3%

$202.43 on October 31, 2025 to $217.19

ThenNowEffect
Revenue (last 12 months) $1.6bn $2.0bn +24.6%
Net margin 5.1% 10.8% +110.0%
P/E multiple 91.5x 40.3x −55.9%
Share count 38m 41m −7.0%

Biggest factor: p/e multiple.

Last 3 years +138.7%

$90.97 on November 3, 2023 to $217.19

ThenNowEffect
Revenue (last 12 months) $1.8bn $2.0bn +10.3%
Net margin 9.5% 10.8% +13.0%
P/E multiple 19.5x 40.3x +106.7%
Share count 38m 41m −7.4%

Biggest factor: p/e multiple.

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
AEIS−6%−5%+28%+7%+82%+4%
Industry peers (median)+21%−14%+10%+11%+4%+19%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AEIS58%50%67%58%75%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AEIS−33%−28%−33%−22%−40%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 62% from October 27, 2017 to March 18, 2020. Getting back needed a 165% gain, reached on November 23, 2020, 250 days after the low.

Price behaviour

52-week range
$188.60 – $388.79
From 52-week high
−44.1%
vs 50-day average
−18.3%
vs 200-day average
−29.6%
Volatility (1 year)
65%
Beta vs S&P 500
2.79

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
6 up, 5 down
typical move ±7.7%
After a week
8 up, 3 down
typical move ±9.8%
After a month
7 up, 4 down
typical move ±8.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +17.9% +3.3% +8.6% −7.7%
May 4, 2026 −11.2% +0.4% −8.8% −17.1%
February 10, 2026 +10.6% −0.3% +15.1% +9.6%
November 4, 2025 +9.8% −0.8% +5.0% +4.4%
August 5, 2025 −0.5% +0.3% +13.0% +6.9%
April 30, 2025 +11.4% +0.7% +12.9% +18.2%
February 12, 2025 +10.9% +0.7% +17.0% −4.6%
October 30, 2024 −2.2% −2.3% +6.3% +3.7%
July 30, 2024 +5.7% +1.1% −10.4% −3.2%
May 1, 2024 −0.2% +0.6% +6.0% +12.2%
February 6, 2024 −4.4% +1.1% −4.9% +0.7%

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.

Options strategies

All options ideas

How Advanced Energy Industries Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Results just out

Results came out in the last few days. Option prices are still adjusting, so we do not judge them yet.

  • Implied is 1.13× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: results came out in the last few days, so option prices are still adjusting.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AEIS Advanced Energy Industries Inc Grade C $217.81

Own 100 shares, sell the $240 call expiring December 18, 2026 (46 days) for $12.40 a share — $1,240 per contract.

Previous session · Bid $12.40, ask $14.60, quoted Mon 2 Nov, 17:13 New York time with AEIS at $217.81. Option prices move with the shares: check the live chain at your broker before trading.

  • If AEIS ends below $240: you keep your shares and the $1,240 — 5.7% extra on the position, 45.2% a year at that pace.
  • If it ends above $240: your shares are sold at $240, a total return of 15.9% including the premium — at or above our value of ~$72.
$3.5k $0 −$4.1k Break-even $205.41 Price $217.81 ← Our value ~$72
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,240
Annualised
45.2%
Break-even
$205.41
Max gain
$3,459.5
Chance of selling
~41%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Advanced Energy Industries Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

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) Advanced Energy Industries Inc
$1.4B $1.6B $1.8B $2B $2.2B $2.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $1.7B Revenue (TTM), FY24 Q1: $1.6B Revenue (TTM), FY24 Q2: $1.5B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.5B Revenue (TTM), FY25 Q1: $1.6B Revenue (TTM), FY25 Q2: $1.6B Revenue (TTM), FY25 Q3: $1.7B Revenue (TTM), FY25 Q4: $1.8B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $2B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $1.7B
FY24 Q1 $1.6B
FY24 Q2 $1.5B
FY24 Q3 $1.5B
FY24 Q4 $1.5B
FY25 Q1 $1.6B
FY25 Q2 $1.6B
FY25 Q3 $1.7B
FY25 Q4 $1.8B
FY26 Q1 $1.9B
FY26 Q2 $2B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Advanced Energy Industries Inc
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -10.3% Revenue growth, TTM YoY, FY24 Q1: -16.8% Revenue growth, TTM YoY, FY24 Q2: -18.4% Revenue growth, TTM YoY, FY24 Q3: -15.5% Revenue growth, TTM YoY, FY24 Q4: -10.5% Revenue growth, TTM YoY, FY25 Q1: 0.1% Revenue growth, TTM YoY, FY25 Q2: 8.5% Revenue growth, TTM YoY, FY25 Q3: 17.2% Revenue growth, TTM YoY, FY25 Q4: 21.4% Revenue growth, TTM YoY, FY26 Q1: 22.2% Revenue growth, TTM YoY, FY26 Q2: 24.6% Revenue growth, TTM YoY, FY26 Q3: 31.7% 31.7%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -10.3%
FY24 Q1 -16.8%
FY24 Q2 -18.4%
FY24 Q3 -15.5%
FY24 Q4 -10.5%
FY25 Q1 0.1%
FY25 Q2 8.5%
FY25 Q3 17.2%
FY25 Q4 21.4%
FY26 Q1 22.2%
FY26 Q2 24.6%
FY26 Q3 31.7%
Operating margin (TTM) Advanced Energy Industries Inc
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 6.9% Operating margin (TTM), FY24 Q1: 4.8% Operating margin (TTM), FY24 Q2: 3.8% Operating margin (TTM), FY24 Q3: 1.1% Operating margin (TTM), FY24 Q4: 2.5% Operating margin (TTM), FY25 Q1: 4.3% Operating margin (TTM), FY25 Q2: 5.2% Operating margin (TTM), FY25 Q3: 8.4% Operating margin (TTM), FY25 Q4: 9.3% Operating margin (TTM), FY26 Q1: 10.8% Operating margin (TTM), FY26 Q2: 13.2% Operating margin (TTM), FY26 Q3: 16.0% 16.0%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 6.9%
FY24 Q1 4.8%
FY24 Q2 3.8%
FY24 Q3 1.1%
FY24 Q4 2.5%
FY25 Q1 4.3%
FY25 Q2 5.2%
FY25 Q3 8.4%
FY25 Q4 9.3%
FY26 Q1 10.8%
FY26 Q2 13.2%
FY26 Q3 16.0%
FCF margin (TTM) Advanced Energy Industries Inc
0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 8.9% FCF margin (TTM), FY24 Q1: 8.0% FCF margin (TTM), FY24 Q2: 7.4% FCF margin (TTM), FY24 Q3: 5.0% FCF margin (TTM), FY24 Q4: 5.0% FCF margin (TTM), FY25 Q1: 6.3% FCF margin (TTM), FY25 Q2: 7.6% FCF margin (TTM), FY25 Q3: 8.9% FCF margin (TTM), FY25 Q4: 7.0% FCF margin (TTM), FY26 Q1: 3.6% FCF margin (TTM), FY26 Q2: 4.3% FCF margin (TTM), FY26 Q3: 3.1% 3.1%

Source: SEC EDGAR filings. Retrieved November 3, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 8.9%
FY24 Q1 8.0%
FY24 Q2 7.4%
FY24 Q3 5.0%
FY24 Q4 5.0%
FY25 Q1 6.3%
FY25 Q2 7.6%
FY25 Q3 8.9%
FY25 Q4 7.0%
FY26 Q1 3.6%
FY26 Q2 4.3%
FY26 Q3 3.1%

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

Where the money goes

FY2025, from the 10-K

Each dollar Advanced Energy Industries took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.8B
  2. Cost of revenue $1.1B · 62.3%
  3. Gross profit $677M · 37.7%
  4. Research and development $232M · 12.9%
  5. Selling, general and admin $242M · 13.5%
  6. Other operating costs $34.6M · 1.9%
  7. Operating income $168M · 9.3%
  8. Income tax $19.4M · 1.1%
  9. Net income $148M · 8.2%

Shares of revenue. Source: Advanced Energy Industries's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

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

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 162 459 338 323 169 231 268 327 453 719 789 1,416 1,456 1,845 1,656 1,482 1,799 2,271
Gross profit 50 199 205 168 146 188 217 253 356 366 316 542 532 676 592 529 677 915
EBITDA −88 76 64 45 55 97 115 135 210 185 81 224 205 293 180 105 230 428
Operating income −97 65 49 27 48 86 107 127 201 172 54 176 152 233 114 37 168 363
Net income −103 71 36 21 32 47 −158 127 138 147 65 135 135 200 128 54 148 289
Diluted EPS −$2.45 $1.64 $0.83 $0.52 $0.79 $1.14 −$3.89 $3.18 $3.43 $3.74 $1.69 $3.50 $3.51 $5.29 $3.40 $1.43 $3.84 $6.96
Growth (year on year)
Revenue — +183.9% −26.4% −4.6% −47.5% +36.3% +16.2% +22.0% +38.4% +58.7% +9.7% +79.5% +2.8% +26.8% −10.3% −10.5% +21.4% +31.7%
EBITDA — — −16.0% −29.2% +21.4% +76.1% +19.6% +16.6% +56.1% −11.9% −56.5% +177.9% −8.6% +43.4% −38.6% −41.7% +118.8% +105.0%
Operating income — — −24.4% −44.4% +74.8% +79.9% +23.9% +18.9% +58.3% −14.6% −68.3% +223.6% −13.8% +53.7% −51.2% −67.8% +359.0% +150.1%
Net income — — −49.0% −43.3% +55.9% +46.4% −437.3% — +8.2% +6.6% −55.8% +107.4% +0.0% +48.2% −35.7% −57.7% +173.7% +99.2%
Diluted EPS — — −49.4% −37.3% +51.9% +44.3% −441.2% — +7.9% +9.0% −54.8% +107.1% +0.3% +50.7% −35.7% −57.9% +168.5% +83.2%
Margins
Gross margin 30.8% 43.4% 60.6% 52.0% 86.0% 81.5% 80.8% 77.3% 78.7% 50.9% 40.0% 38.3% 36.6% 36.6% 35.8% 35.7% 37.7% 40.3%
EBITDA margin −54.5% 16.5% 18.8% 14.0% 32.4% 41.8% 43.1% 41.1% 46.4% 25.8% 10.2% 15.8% 14.1% 15.9% 10.9% 7.1% 12.8% 18.8%
Operating margin −60.0% 14.2% 14.6% 8.5% 28.3% 37.3% 39.8% 38.7% 44.3% 23.9% 6.9% 12.4% 10.4% 12.6% 6.9% 2.5% 9.3% 16.0%
Net margin −63.5% 15.5% 10.7% 6.4% 18.9% 20.4% −59.1% 38.9% 30.4% 20.5% 8.2% 9.5% 9.3% 10.8% 7.7% 3.7% 8.2% 12.7%
Free-cash-flow margin 2.2% −0.1% 5.7% 31.1% 19.3% 31.9% 37.5% 34.4% 38.3% 18.2% 2.9% 11.6% 7.7% 6.8% 8.9% 5.0% 7.0% 3.1%
Cash flow
Cash from operations 9 18 38 111 35 77 105 119 183 151 48 201 140 184 209 131 233 225
Capital spending 6 19 19 10 3 3 4 7 9 20 25 36 29 59 61 57 107 155
Free cash flow 4 −1 19 101 33 74 101 112 174 131 23 165 111 125 148 74 126 70
Stock-based pay 6 9 13 13 10 4 3 6 13 10 7 12 16 20 31 46 56 73
Free cash flow after stock pay −2 −9 7 88 23 70 98 106 161 121 16 153 96 105 117 28 70 −3
Balance sheet
Cash 133 131 118 147 127 121 158 282 407 349 346 480 544 459 1,045 722 791 1,425
Total debt 0 0 0 0 14 0 0 0 — 0 341 324 395 375 930 575 575 1,266
Net debt (negative = net cash) −133 −131 −118 −147 −114 −121 −158 −282 −407 −349 −5 −157 −149 −84 −115 −147 −216 −159
Diluted shares 42m 43m 44m 39m 41m 41m 41m 40m 40m 39m 38m 39m 38m 38m 38m 38m 39m 41m
Returned to shareholders
Dividends — — — — — — — — — — — — 15 15 15 15 16 16
Buybacks 0 0 18 57 0 25 50 0 30 95 — 12 78 27 40 2 30 7
Total returned 0 0 18 57 0 25 50 0 30 95 — 12 94 42 55 17 46 23

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

4 of 7 checks passed · September 30, 2026
What it owns · $3.6bn
Short-term assets $2.6bnLonger-term assets $1.0bn
What it owes, and who funded it · $3.6bn
Short-term liabilities $722mLonger-term liabilities $1.3bnShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $722m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.6bn short-term assets against $1.3bn of longer-dated liabilities.
  • More cash than debt $1.4bn of cash against $1.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 80% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 41% to 80% over five years.
  • A year's operating cash flow covers at least 20% of debt $225m of operating cash flow against $1.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $363m against $14m of interest.

From Advanced Energy Industries Inc'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

FY2026 Q3 TTM
Buybacks (TTM)
$7M
Dividends (TTM)
$16M
Returned to shareholders
33%
of free cash flow
Buybacks, last 3 fiscal years
$72M
Diluted share count
+8.7%
year over year
Total shareholder yield
0.3%
dividends 0.2% + buybacks 0.1% of market value
Dividend payout ratio
6%
of net income paid out
R&D spending
11.2%
of revenue
Sales & admin spending
11.8%
of revenue
Days sales outstanding
76 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in electronic components
Last 12 months unless stated AEIS LFUS BDC VSH TTMI MEI Median
Revenue, last 12 months $2.3bn $2.8bn $3.1bn $3.3bn $3.8bn $1.0bn $647m
Revenue growth, last 12 months 31.7% 18.7% 17.7% 13.4% 37.6% 1.4% 15.0%
Revenue growth, 3-year average 9.3% 4.1% 6.1% −2.2% 18.8% −4.2% 5.6%
Revenue growth, latest quarter 50.3% 22.7% 38.3% 16.6% 59.9% 10.4% 18.4%
Gross margin 40.3% 40.1% 36.8% 20.9% 22.2% 19.8% 36.5%
Operating margin 16.0% 5.5% 9.0% 3.3% 11.1% 0.4% 8.5%
Operating margin, 3-year average 8.5% 9.0% 10.1% 3.4% 8.0% −4.2% 8.3%
Net margin 12.7% 1.4% 5.6% 0.9% 7.0% −3.5% 5.8%
Cash from operations / revenue 9.9% 21.6% 12.8% 10.4% 8.8% 0.5% 10.4%
Free-cash-flow margin 3.1% 19.2% 7.3% −0.2% 0.4% −1.3% 3.7%
Free-cash-flow margin, 3-year average 5.7% 16.1% 8.1% −3.9% 0.9% 0.2% 8.9%
Stock pay / revenue 3.2% 1.1% 1.2% 0.9% 1.9% 0.9% 1.9%
Change in share count 8.7% 1.1% −2.7% 2.4% 2.2% 0.8% 2.9%

Median of all 26 companies we cover in electronic components. 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

26 electronic components companies
Measure Company Peer median Rank
Revenue growth Growth 31.7% 16.1% 5 of 26
Change in growth rate Growth +7.1pp +3.5pp 7 of 26
Gross margin Profitability 40.3% 36.8% 6 of 24
Operating margin Profitability 16.0% 9.0% 7 of 25
Net margin Profitability 12.7% 6.0% 6 of 26
Free-cash-flow margin Cash generation 3.1% 5.6% 15 of 24
Stock pay as % of revenue Cash generation 3.2% 2.1% 16 of 24
Long-term debt as % of assets Balance sheet 30.9% 12.5% 15 of 19
Change in share count Balance sheet 8.7% 3.5% 18 of 22
Days sales outstanding Balance sheet 76 days 69 days 18 of 24

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

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Products $1.6B ▲ 22.7%
Semiconductor Equipment $840M ▲ 6.0%
Data Center Computing $587M ▲ 106.7%
Industrial and Medical $282M ▼ 10.7%
Service and Other $184M ▲ 10.6%
Telecom and Networking $89.3M ▲ 0.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Other Countries $656M 36.5% ▲ 9.4%
United States $541M 30.1% ▲ 6.4%
Mexico $253M 14.1% ▲ 57.9%
Japan $218M 12.1% ▲ 307.1%
Taiwan $130M 7.2% ▼ 18.4%

From Advanced Energy Industries Inc's 10-K filed February 13, 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
$15B
Institutions reporting
678
Shares held vs prior quarter
▼ 1.7%
Positions opened / closed
170 / 68

Top buyers and sellers, Q2 2026: 381 institutions bought and 287 sold ; the biggest buyer was Jane Street Group, LLC (+701K shares) and the biggest seller Blackrock, Inc (−1.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 4.6M 11.5% ▼ 28.5%
Vanguard Portfolio Management LLC $799M 2.1M 5.3% ▼ 7.6%
Vanguard Capital Management LLC $639M 1.7M 4.3% ▲ 1.3%
Ameriprise Financial Inc $581M 1.6M 3.9% ▲ 19.0%
FMR LLC $528M 1.4M 3.5% ▼ 10.7%
State Street Corp $474M 1.3M 3.2% ▼ 12.3%
Invesco Ltd. $443M 1.2M 3.0% ▼ 35.2%
Bank Of America Corp $382M 1.0M 2.6% ▼ 3.4%
Earnest Partners LLC $356M 954K 2.4% ▼ 22.2%
Geode Capital Management, LLC $351M 938K 2.3% ▼ 16.2%
Jane Street Group, LLC $304M 816K 2.0% ▲ 612.9%
Franklin Resources Inc $256M 686K 1.7% ▲ 28.9%

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 Advanced Energy Industries Inc'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 → $34.5M 61 trades by 10 insiders · 99% under pre-set plans
Net ▼ $34.5M net selling
Insider Date Trade Shares Price Value
Delsanto Anne Director October 5, 2026 Sell pre-set plan 270 $304.76 $82,285
Delsanto Anne Director September 8, 2026 Sell pre-set plan 265 $288.14 $76,357
Vonne Elizabeth Karpinski EVP, General Counsel September 8, 2026 Sell pre-set plan 632 $288.14 $182,104
Vonne Elizabeth Karpinski EVP, General Counsel August 27, 2026 Sell pre-set plan 907 $290.05 $263,075
Vonne Elizabeth Karpinski EVP, General Counsel August 18, 2026 Sell pre-set plan 908 $332.68 $302,073
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 280 $328.74 $92,047
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 3,103 $314.92 $977,197
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 2,180 $315.66 $688,139
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 1,280 $316.92 $405,658
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 480 $318.62 $152,938
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 1,403 $319.41 $448,132
Acebedo Eduardo Bernal EVP and COO August 18, 2026 Sell pre-set plan 720 $320.81 $230,983

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.

Trades by members of Congress

All 10 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 1 sale of Advanced Energy Industries Inc shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 29, 2026, filed October 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 27, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded March 3, 2026, filed April 7, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 10, 2026
  • November 4, 2025
  • August 5, 2025

Recent SEC filings

Data status

When each part of this page on Advanced Energy Industries Inc 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.

Advanced Energy Industries Inc in brief

What does Advanced Energy Industries Inc do?
Advanced Energy Industries Inc is a US-listed company in the electronic components industry. Its financial year ends in December.
What is Advanced Energy Industries Inc's stock ticker?
Advanced Energy Industries Inc trades under the ticker AEIS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Advanced Energy Industries Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Advanced Energy Industries Inc reported revenue of $2.3B, 31.7% higher than a year earlier, according to its SEC filings.
What is Advanced Energy Industries Inc's free cash flow?
Advanced Energy Industries Inc's free-cash-flow margin is 3.1% of revenue over the trailing twelve months, ranking 15 of the 24 electronic components companies we cover.
What is Advanced Energy Industries Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Advanced Energy Industries Inc's free cash flow after stock-based pay gives ~$68 per share in the base case, and ~$53–$88 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Advanced Energy Industries Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Advanced Energy Industries Inc buying back stock, and does it pay a dividend?
Advanced Energy Industries Inc spent $7M on share repurchases over the trailing twelve months, and its diluted share count still rose 8.7% over the year.
What is Advanced Energy Industries Inc's market cap?
On November 2, 2026, Advanced Energy Industries Inc's market capitalisation was about $9B, with a price-to-earnings ratio of 31.2 and net debt of -$159M. Market figures come from third-party market data and may be delayed.
Does Advanced Energy Industries Inc pay a dividend?
Yes: Advanced Energy Industries Inc paid $16M in dividends over the trailing twelve months, a dividend yield of 0.18% and a payout ratio of 5.5%.
How much debt does Advanced Energy Industries Inc have?
Advanced Energy Industries Inc's debt-to-equity ratio is 79.6%, from its latest balance sheet (40.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Advanced Energy Industries Inc's competitors?
In our Electronic Components peer group, the companies closest to Advanced Energy Industries Inc are Littelfuse Inc, Belden Inc., Vishay Intertechnology Inc, TTM Technologies Inc and Methode Electronics Inc. The side-by-side comparison below sets their revenue, margins and growth against Advanced Energy Industries Inc's.
Are insiders buying or selling Advanced Energy Industries Inc stock?
Over the last 12 months, Advanced Energy Industries Inc's directors and officers reported 0 open-market purchases and 61 sales on Form 4. The insider trading page charts every trade.
When is Advanced Energy Industries Inc's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Advanced Energy Industries Inc announces its own schedule.