AEHR
Aehr Test Systems
Semiconductors
Market Cap$2.79B
5Y Perf.+5430.9%
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Stock Comparison
AEHR vs COHU vs FORM vs ACLS
Revenue, margins, valuation, and 5-year total return — side by side.
COHU
Cohu, Inc.
Semiconductors
Market Cap$2.23B
5Y Perf.+215.3%
FORM
FormFactor, Inc.
Semiconductors
Market Cap$11.28B
5Y Perf.+474.8%
ACLS
Axcelis Technologies, Inc.
Semiconductors
Market Cap$4.88B
5Y Perf.+490.9%
AEHR vs COHU vs FORM vs ACLS — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | AEHR | COHU | FORM | ACLS |
|---|---|---|---|---|
| Industry | Semiconductors | Semiconductors | Semiconductors | Semiconductors |
| Market Cap | $2.79B | $2.23B | $11.28B | $4.88B |
| Revenue (TTM) | $49M | $481M | $840M | $845M |
| Net Income (TTM) | $-11M | $-56M | $68M | $101M |
| Gross Margin | 30.2% | 25.7% | 42.1% | 43.6% |
| Operating Margin | -27.8% | -10.6% | 12.7% | 11.6% |
| Forward P/E | — | 89.2x | 66.5x | 43.5x |
| Total Debt | $11M | $359M | $45M | $42M |
| Cash & Equiv. | $25M | $227M | $103M | $145M |
AEHR vs COHU vs FORM vs ACLS — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
AEHR
COHU
FORM
ACLS
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Aehr Test Systems (AEHR) | 100 | 5530.9 | +5430.9% |
| Cohu, Inc. (COHU) | 100 | 315.3 | +215.3% |
| FormFactor, Inc. (FORM) | 100 | 574.8 | +474.8% |
| Axcelis Technologie… (ACLS) | 100 | 590.9 | +490.9% |
Price return only. Dividends and distributions are not included.
Quick Verdict: AEHR vs COHU vs FORM vs ACLS
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: ACLS leads in 4 of 7 categories, making it the strongest pick for valuation and capital efficiency and profitability and margin quality. Aehr Test Systems is the stronger pick specifically for recent price momentum and sentiment. COHU also leads in specific categories worth noting. As sector peers, any of these can serve as alternatives in the same allocation.
AEHR
Aehr Test Systems
The Long-Run Compounder
AEHR is the #2 pick in this set and the best alternative if long-term compounding is your priority.
- 70.3% 10Y total return vs FORM's 19.5%
- +9.9% vs ACLS's +173.2%
Best for: long-term compounding
COHU
Cohu, Inc.
The Income Pick
COHU is the clearest fit if your priority is income & stability and growth exposure.
- Dividend streak 0 yrs, beta 2.13
- Rev growth 12.7%, EPS growth -6.7%, 3Y rev CAGR -17.7%
- 12.7% revenue growth vs AEHR's -20.2%
Best for: income & stability and growth exposure
FORM
FormFactor, Inc.
The Secondary Option
FORM lags the leaders in this set but could rank higher in a more targeted comparison.
Best for: technology exposure
ACLS
Axcelis Technologies, Inc.
The Defensive Pick
ACLS carries the broadest edge in this set and is the clearest fit for sleep-well-at-night and defensive.
- Lower volatility, beta 2.00, Low D/E 4.1%, current ratio 4.77x
- Beta 2.00, current ratio 4.77x
- Lower P/E (43.5x vs 66.5x)
- 11.9% margin vs AEHR's -22.7%
Best for: sleep-well-at-night and defensive
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | COHU | 12.7% revenue growth vs AEHR's -20.2% |
| Value | ACLS | Lower P/E (43.5x vs 66.5x) |
| Quality / Margins | ACLS | 11.9% margin vs AEHR's -22.7% |
| Stability / Safety | ACLS | Beta 2.00 vs AEHR's 4.77, lower leverage |
| Dividends | Tie | None of these 4 stocks pay a meaningful dividend |
| Momentum (1Y) | AEHR | +9.9% vs ACLS's +173.2% |
| Efficiency (ROA) | ACLS | 7.5% ROA vs AEHR's -7.5%, ROIC 9.6% vs -3.0% |
AEHR vs COHU vs FORM vs ACLS — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2024
FY 2014
FY 2025
FY 2025
AEHR vs COHU vs FORM vs ACLS — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLACLSLAGGINGFORM
Who Leads Where
ACLS leads in 2 of 6 categories
AEHR leads 1 • COHU leads 0 • FORM leads 0 • 2 tied
Explore the data ↓FORMFormFactor, Inc.
0leads
COHUCohu, Inc.
0leads
AEHRAehr Test Systems
1leads
ACLSAxcelis Technologies,…
2leads
6 Total Categories
CATEGORYLEADERvs AEHRvs COHUMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
Tied
—
Valuation MetricsMultiples, price ratios, and targets
ACLS3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
ACLS7/9
Total Returns1Y, 3Y, 5Y total returns with dividends
AEHR4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
—
—
Income & Cash Flow (Last 12 Months)
Evenly matched — FORM and ACLS each lead in 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
ACLS is the larger business by revenue, generating $845M annually — 17.2x AEHR's $49M. ACLS is the more profitable business, keeping 11.9% of every revenue dollar as net income compared to AEHR's -22.7%. On growth, FORM holds the edge at +32.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| RevenueTrailing 12 months | $49M | $481M | $840M | $845M |
| EBITDAEarnings before interest/tax | -$10M | -$11M | $152M | $111M |
| Net IncomeAfter-tax profit | -$11M | -$56M | $68M | $101M |
| Free Cash FlowCash after capex | -$14M | $32M | -$5M | $90M |
| Gross MarginGross profit ÷ Revenue | +30.2% | +25.7% | +42.1% | +43.6% |
| Operating MarginEBIT ÷ Revenue | -27.8% | -10.6% | +12.7% | +11.6% |
| Net MarginNet income ÷ Revenue | -22.7% | -11.5% | +8.1% | +11.9% |
| FCF MarginFCF ÷ Revenue | -28.1% | +6.6% | -0.6% | +10.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -26.5% | +29.3% | +32.0% | +3.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.2% | +60.6% | +2.2% | -65.9% |
Evenly matched — FORM and ACLS each lead in 3 of 6 comparable metrics.
Valuation Metrics
ACLS leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 41.8x trailing earnings, ACLS trades at a 80% valuation discount to FORM's 209.7x P/E. On an enterprise value basis, ACLS's 34.9x EV/EBITDA is more attractive than FORM's 100.9x.
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| Market CapShares × price | $2.8B | $2.2B | $11.3B | $4.9B |
| Enterprise ValueMkt cap + debt − cash | $2.8B | $2.4B | $11.2B | $4.8B |
| Trailing P/EPrice ÷ TTM EPS | -702.00x | -29.86x | 209.68x | 41.75x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 89.21x | 66.48x | 43.49x |
| PEG RatioP/E ÷ EPS growth rate | — | — | — | 1.98x |
| EV / EBITDAEnterprise value multiple | — | — | 100.94x | 34.85x |
| Price / SalesMarket cap ÷ Revenue | 47.39x | 4.93x | 14.37x | 5.81x |
| Price / BookPrice ÷ Book value/share | 21.97x | 2.82x | 10.94x | 4.86x |
| Price / FCFMarket cap ÷ FCF | — | 207.83x | 960.69x | 45.56x |
ACLS leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
ACLS leads this category, winning 7 of 9 comparable metrics.
Profitability & Efficiency
ACLS delivers a 9.8% return on equity — every $100 of shareholder capital generates $10 in annual profit, vs $-8 for AEHR. ACLS carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to COHU's 0.46x. On the Piotroski fundamental quality scale (0–9), ACLS scores 5/9 vs AEHR's 1/9, reflecting solid financial health.
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| ROE (TTM)Return on equity | -8.5% | -6.8% | +6.7% | +9.8% |
| ROA (TTM)Return on assets | -7.5% | -4.9% | +5.6% | +7.5% |
| ROICReturn on invested capital | -3.0% | -5.7% | +5.4% | +9.6% |
| ROCEReturn on capital employed | -3.2% | -5.9% | +6.1% | +10.4% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 4 | 4 | 5 |
| Debt / EquityFinancial leverage | 0.09x | 0.46x | 0.04x | 0.04x |
| Net DebtTotal debt minus cash | -$14M | $132M | -$58M | -$103M |
| Cash & Equiv.Liquid assets | $25M | $227M | $103M | $145M |
| Total DebtShort + long-term debt | $11M | $359M | $45M | $42M |
| Interest CoverageEBIT ÷ Interest expense | — | -168.82x | 252.69x | 77.10x |
ACLS leads this category, winning 7 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
AEHR leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in AEHR five years ago would be worth $398,515 today (with dividends reinvested), compared to $12,218 for COHU. Over the past 12 months, AEHR leads with a +991.6% total return vs ACLS's +173.2%. The 3-year compound annual growth rate (CAGR) favors FORM at 72.9% vs ACLS's 9.7% — a key indicator of consistent wealth creation.
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| YTD ReturnYear-to-date | +311.8% | +92.9% | +144.4% | +84.2% |
| 1-Year ReturnPast 12 months | +991.6% | +199.7% | +387.8% | +173.2% |
| 3-Year ReturnCumulative with dividends | +242.3% | +40.7% | +417.3% | +32.2% |
| 5-Year ReturnCumulative with dividends | +3885.1% | +22.2% | +273.9% | +286.8% |
| 10-Year ReturnCumulative with dividends | +7029.7% | +330.2% | +1952.2% | +1505.9% |
| CAGR (3Y)Annualised 3-year return | +50.7% | +12.1% | +72.9% | +9.7% |
AEHR leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — COHU and ACLS each lead in 1 of 2 comparable metrics.
Risk & Volatility
ACLS is the less volatile stock with a 2.00 beta — it tends to amplify market swings less than AEHR's 4.77 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. COHU currently trades 93.7% from its 52-week high vs AEHR's 89.1% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 4.77x | 2.13x | 2.02x | 2.00x |
| 52-Week HighHighest price in past year | $102.48 | $50.68 | $159.09 | $171.60 |
| 52-Week LowLowest price in past year | $8.06 | $15.34 | $26.08 | $55.81 |
| % of 52W HighCurrent price vs 52-week peak | +89.1% | +93.7% | +90.9% | +92.5% |
| RSI (14)Momentum oscillator 0–100 | 67.6 | 75.5 | 66.5 | 84.4 |
| Avg Volume (50D)Average daily shares traded | 3.0M | 953K | 1.6M | 734K |
Evenly matched — COHU and ACLS each lead in 1 of 2 comparable metrics.
Analyst Outlook
Insufficient data to determine a leader in this category.
Analyst Outlook
Analyst consensus: AEHR as "Hold", COHU as "Buy", FORM as "Hold", ACLS as "Buy". Consensus price targets imply 4.8% upside for COHU (target: $50) vs -32.1% for AEHR (target: $62).
| Metric | AEHRAehr Test Systems | COHUCohu, Inc. | FORMFormFactor, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $62.00 | $49.75 | $123.38 | $128.00 |
| # AnalystsCovering analysts | 3 | 14 | 19 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — | — | — |
| Dividend StreakConsecutive years of raises | — | 0 | — | 0 |
| Dividend / ShareAnnual DPS | — | — | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.0% | +0.3% | +0.2% | +2.5% |
Insufficient data to determine a leader in this category.
Key Takeaway
ACLS leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). AEHR leads in 1 (Total Returns). 2 tied.
Best OverallAxcelis Technologies, Inc. (ACLS)Leads 2 of 6 categories
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AEHR vs COHU vs FORM vs ACLS: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is AEHR or COHU or FORM or ACLS a better buy right now?
For growth investors, Cohu, Inc.
(COHU) is the stronger pick with 12. 7% revenue growth year-over-year, versus -17. 6% for Axcelis Technologies, Inc. (ACLS). Axcelis Technologies, Inc. (ACLS) offers the better valuation at 41. 8x trailing P/E (43. 5x forward), making it the more compelling value choice. Analysts rate Cohu, Inc. (COHU) a "Buy" — based on 14 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AEHR or COHU or FORM or ACLS?
On trailing P/E, Axcelis Technologies, Inc.
(ACLS) is the cheapest at 41. 8x versus FormFactor, Inc. at 209. 7x. On forward P/E, Axcelis Technologies, Inc. is actually cheaper at 43. 5x.
03Which is the better long-term investment — AEHR or COHU or FORM or ACLS?
Over the past 5 years, Aehr Test Systems (AEHR) delivered a total return of +38.
9%, compared to +22. 2% for Cohu, Inc. (COHU). Over 10 years, the gap is even starker: AEHR returned +70. 3% versus COHU's +330. 2%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AEHR or COHU or FORM or ACLS?
By beta (market sensitivity over 5 years), Axcelis Technologies, Inc.
(ACLS) is the lower-risk stock at 2. 00β versus Aehr Test Systems's 4. 77β — meaning AEHR is approximately 139% more volatile than ACLS relative to the S&P 500. On balance sheet safety, Axcelis Technologies, Inc. (ACLS) carries a lower debt/equity ratio of 4% versus 46% for Cohu, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — AEHR or COHU or FORM or ACLS?
By revenue growth (latest reported year), Cohu, Inc.
(COHU) is pulling ahead at 12. 7% versus -17. 6% for Axcelis Technologies, Inc. (ACLS). On earnings-per-share growth, the picture is similar: Aehr Test Systems grew EPS 0. 0% year-over-year, compared to -38. 2% for Axcelis Technologies, Inc.. Over a 3-year CAGR, AEHR leads at 5. 1% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — AEHR or COHU or FORM or ACLS?
Axcelis Technologies, Inc.
(ACLS) is the more profitable company, earning 14. 3% net margin versus -16. 4% for Cohu, Inc. — meaning it keeps 14. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ACLS leads at 14. 2% versus -13. 3% for COHU. At the gross margin level — before operating expenses — ACLS leads at 44. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is AEHR or COHU or FORM or ACLS more undervalued right now?
On forward earnings alone, Axcelis Technologies, Inc.
(ACLS) trades at 43. 5x forward P/E versus 89. 2x for Cohu, Inc. — 45. 7x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for COHU: 4. 8% to $49. 75.
08Which pays a better dividend — AEHR or COHU or FORM or ACLS?
None of the stocks in this comparison currently pay a material dividend.
All are effectively zero-yield and should be held for capital appreciation rather than income.
09Is AEHR or COHU or FORM or ACLS better for a retirement portfolio?
For long-horizon retirement investors, FormFactor, Inc.
(FORM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+1952% 10Y return). Aehr Test Systems (AEHR) carries a higher beta of 4. 77 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (FORM: +1952%, AEHR: +70. 3%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between AEHR and COHU and FORM and ACLS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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