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Advanced Energy Industries Inc key statistics and ratios

In fiscal 2025, Advanced Energy Industries Inc had return on equity of 11.6%, an operating margin of 9.3%, debt equal to 42.2% of equity and a current ratio of 1.59. 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 year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Gross margin30.8%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%
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 margin2.2%−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%
Return on equity−36.9%21.8%9.3%5.2%7.5%10.0%−42.9%38.9%29.2%25.3%10.1%18.1%16.0%20.6%11.6%4.6%11.6%19.6%
Return on assets—14.1%7.0%3.8%5.4%7.0%−27.6%24.7%20.6%18.6%5.5%8.5%7.8%10.5%5.6%2.3%6.2%9.3%
Asset turnover—0.910.650.600.280.350.470.630.680.910.670.890.840.970.730.620.750.73
Current ratio—3.544.284.333.413.353.104.615.655.152.713.313.143.025.104.421.593.62
Debt to equity0.0%0.0%0.0%0.0%2.9%0.0%0.0%0.0%—0.0%50.4%39.7%45.4%35.2%81.3%47.8%42.2%79.6%
Interest cover (operating income ÷ interest)————149.5x—————18.2x34.7x42.4x31.8x6.8x1.5x10.1x25.0x
Effective tax rate—20.5%27.0%32.3%−23.6%19.2%20.8%8.7%31.3%14.6%15.9%14.5%9.4%16.5%−6.8%−7.4%11.5%16.1%
R&D as % of revenue25.4%12.3%19.2%18.0%20.9%16.0%14.7%13.6%12.8%10.6%12.9%10.2%11.1%10.4%12.2%14.3%12.9%11.2%
SG&A as % of revenue23.5%16.2%23.6%21.4%33.9%25.4%24.6%23.7%20.6%15.0%18.1%13.3%13.2%11.8%13.3%15.2%13.5%11.8%
Capital spending as % of revenue3.5%4.1%5.6%3.2%1.5%1.5%1.5%2.1%2.0%2.8%3.2%2.6%2.0%3.2%3.7%3.8%6.0%6.8%
Free cash flow ÷ net income—−0.8%52.9%488.5%102.0%156.9%—88.2%126.0%89.1%35.7%122.4%82.7%62.5%115.3%136.5%84.8%24.2%
Dividends ÷ net income————————————11.4%7.6%11.8%28.4%10.5%5.5%
Dividends and buybacks ÷ free cash flow0.0%—93.2%56.8%0.0%33.9%49.7%0.0%17.3%72.6%—7.1%83.9%33.6%37.3%23.2%36.4%32.9%

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

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.

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.

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Figures from Advanced Energy Industries Inc's SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Advanced Energy Industries Inc.