Comprehensive Stock Comparison
Compare Aehr Test Systems (AEHR) vs Nova Ltd. (NVMI) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | NVMI | 29.8% revenue growth vs AEHR's -20.2% |
| Quality / Margins | NVMI | 29.4% net margin vs AEHR's -22.7% |
| Stability / Safety | NVMI | Beta 1.83 vs AEHR's 2.63 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | AEHR | +288.3% vs NVMI's +83.5% |
| Efficiency (ROA) | NVMI | 11.0% ROA vs AEHR's -7.5%, ROIC 14.9% vs -3.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Aehr Test Systems designs and manufactures specialized test and burn-in equipment for semiconductor manufacturers. It generates revenue primarily from sales of its FOX and ABTS test systems — including wafer-level testers, singulated die testers, and packaged part testers — along with recurring sales of consumable contactors and carriers. The company's key advantage is its proprietary full-wafer contact technology that enables burn-in and testing of entire wafers, a capability particularly valuable for high-reliability applications like automotive and aerospace semiconductors.
Nova Ltd. is a semiconductor process control systems company that designs and sells metrology equipment used to measure and monitor chip manufacturing processes. It generates revenue primarily from selling its dimensional, films, and materials metrology platforms—which account for the vast majority of sales—to logic, foundry, and memory chip manufacturers worldwide. The company's competitive advantage lies in its deep expertise in complex measurement technologies and strong customer relationships with leading semiconductor manufacturers who rely on its precision tools for advanced process control.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
NVMI leads in 2 of 6 categories (Financial Metrics, Profitability & Efficiency). AEHR leads in 1 (Valuation Metrics). 2 tied.
Financial Metrics (TTM)
NVMI is the larger business by revenue, generating $881M annually — 18.0x AEHR's $49M. NVMI is the more profitable business, keeping 29.4% of every revenue dollar as net income compared to AEHR's -22.7%. On growth, NVMI holds the edge at +14.3% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| RevenueTrailing 12 months | $49M | $881M |
| EBITDAEarnings before interest/tax | -$10M | $276M |
| Net IncomeAfter-tax profit | -$11M | $259M |
| Free Cash FlowCash after capex | -$14M | $218M |
| Gross MarginGross profit ÷ Revenue | +30.2% | +57.4% |
| Operating MarginEBIT ÷ Revenue | -27.8% | +28.8% |
| Net MarginNet income ÷ Revenue | -22.7% | +29.4% |
| FCF MarginFCF ÷ Revenue | -28.1% | +24.7% |
| Rev. Growth (YoY)Latest quarter vs prior year | -26.5% | +14.3% |
| EPS Growth (YoY)Latest quarter vs prior year | -2.2% | +22.8% |
Valuation Metrics
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| Market CapShares × price | $1.1B | $12.8B |
| Enterprise ValueMkt cap + debt − cash | $1.1B | $12.9B |
| Trailing P/EPrice ÷ TTM EPS | -287.92x | 76.32x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 42.79x |
| PEG RatioP/E ÷ EPS growth rate | — | 2.11x |
| EV / EBITDAEnterprise value multiple | — | 63.09x |
| Price / SalesMarket cap ÷ Revenue | 19.44x | 19.11x |
| Price / BookPrice ÷ Book value/share | 9.01x | 15.20x |
| Price / FCFMarket cap ÷ FCF | — | 58.93x |
Profitability & Efficiency
NVMI delivers a 19.7% return on equity — every $100 of shareholder capital generates $20 in annual profit, vs $-8 for AEHR. AEHR carries lower financial leverage with a 0.09x debt-to-equity ratio, signaling a more conservative balance sheet compared to NVMI's 0.25x. On the Piotroski fundamental quality scale (0–9), NVMI scores 8/9 vs AEHR's 1/9, reflecting strong financial health.
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| ROE (TTM)Return on equity | -8.5% | +19.7% |
| ROA (TTM)Return on assets | -7.5% | +11.0% |
| ROICReturn on invested capital | -3.0% | +14.9% |
| ROCEReturn on capital employed | -3.2% | +20.7% |
| Piotroski ScoreFundamental quality 0–9 | 1 | 8 |
| Debt / EquityFinancial leverage | 0.09x | 0.25x |
| Net DebtTotal debt minus cash | -$14M | $78M |
| Cash & Equiv.Liquid assets | $25M | $158M |
| Total DebtShort + long-term debt | $11M | $236M |
| Interest CoverageEBIT ÷ Interest expense | — | 116.20x |
Total Returns (with DRIP)
A $10,000 investment in AEHR five years ago would be worth $121,133 today (with dividends reinvested), compared to $48,991 for NVMI. Over the past 12 months, AEHR leads with a +288.3% total return vs NVMI's +83.5%. The 3-year compound annual growth rate (CAGR) favors NVMI at 69.2% vs AEHR's 3.9% — a key indicator of consistent wealth creation.
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| YTD ReturnYear-to-date | +68.9% | +26.3% |
| 1-Year ReturnPast 12 months | +288.3% | +83.5% |
| 3-Year ReturnCumulative with dividends | +12.2% | +384.5% |
| 5-Year ReturnCumulative with dividends | +1111.3% | +389.9% |
| 10-Year ReturnCumulative with dividends | +3045.4% | +4009.2% |
| CAGR (3Y)Annualised 3-year return | +3.9% | +69.2% |
Risk & Volatility
NVMI is the less volatile stock with a 1.83 beta — it tends to amplify market swings less than AEHR's 2.63 beta. A beta below 1.0 means the stock typically moves less than the S&P 500.
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.63x | 1.83x |
| 52-Week HighHighest price in past year | $43.13 | $507.27 |
| 52-Week LowLowest price in past year | $6.27 | $154.00 |
| % of 52W HighCurrent price vs 52-week peak | +86.8% | +86.5% |
| RSI (14)Momentum oscillator 0–100 | 67.7 | 50.4 |
| Avg Volume (50D)Average daily shares traded | 1.0M | 335K |
Analyst Outlook
Wall Street rates AEHR as "Hold" and NVMI as "Buy". Consensus price targets imply 11.5% upside for NVMI (target: $490) vs -33.2% for AEHR (target: $25).
| Metric | AEHRAehr Test Systems | NVMINova Ltd. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Buy |
| Price TargetConsensus 12-month target | $25.00 | $489.50 |
| # AnalystsCovering analysts | 2 | 12 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | +0.2% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | 100 | 1,235.07 | +1135.1% |
| Nova Ltd. (NVMI) | 100 | 1,247.32 | +1147.3% |
Aehr Test Systems (AEHR) returned +1.1K% over 5 years vs Nova Ltd. (NVMI)'s +390%. A $10,000 investment in AEHR 5 years ago would be worth $121,133 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | $15M | $59M | +306.6% |
| Nova Ltd. (NVMI) | $164M | $672M | +310.2% |
Aehr Test Systems's revenue grew from $15M (2016) to $59M (2025) — a 16.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | -46.8% | -6.6% | +85.8% |
| Nova Ltd. (NVMI) | 5.9% | 27.3% | +364.5% |
Aehr Test Systems's net margin went from -47% (2016) to -7% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | 70.5 | 14.8 | -79.0% |
| Nova Ltd. (NVMI) | 15.9 | 34.3 | +115.7% |
Aehr Test Systems has traded in a 15x–71x P/E range over 4 years; current trailing P/E is ~-288x. Nova Ltd. has traded in a 12x–47x P/E range over 8 years; current trailing P/E is ~76x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Aehr Test Systems (AEHR) | -0.52 | -0.13 | +75.0% |
| Nova Ltd. (NVMI) | 0.35 | 5.75 | +1542.9% |
Aehr Test Systems's EPS grew from $-0.52 (2016) to $-0.13 (2025).
Chart 6Free Cash Flow — 5 Years
Aehr Test Systems generated $-12M FCF in 2025 (-323% vs 2021). Nova Ltd. generated $218M FCF in 2024 (+71% vs 2021).
AEHR vs NVMI: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is AEHR or NVMI a better buy right now?
Nova Ltd. (NVMI) offers the better valuation at 76.3x trailing P/E (42.8x forward), making it the more compelling value choice. Analysts rate Nova Ltd. (NVMI) a "Buy" — based on 12 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 is the better long-term investment — AEHR or NVMI?
Over the past 5 years, Aehr Test Systems (AEHR) delivered a total return of +1111%, compared to +389.9% for Nova Ltd. (NVMI). A $10,000 investment in AEHR five years ago would be worth approximately $121K today (assuming dividends reinvested). Over 10 years, the gap is even starker: NVMI returned +40.1% versus AEHR's +30.5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — AEHR or NVMI?
By beta (market sensitivity over 5 years), Nova Ltd. (NVMI) is the lower-risk stock at 1.83β versus Aehr Test Systems's 2.63β — meaning AEHR is approximately 44% more volatile than NVMI relative to the S&P 500. On balance sheet safety, Aehr Test Systems (AEHR) carries a lower debt/equity ratio of 9% versus 25% for Nova Ltd. — giving it more financial flexibility in a downturn.
04Which has better profit margins — AEHR or NVMI?
Nova Ltd. (NVMI) is the more profitable company, earning 27.3% net margin versus -6.6% for Aehr Test Systems — meaning it keeps 27.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NVMI leads at 27.9% versus -7.3% for AEHR. At the gross margin level — before operating expenses — NVMI leads at 57.6%, 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.
05Is AEHR or NVMI more undervalued right now?
Analyst consensus price targets imply the most upside for NVMI: 11.5% to $489.50.
06Which pays a better dividend — AEHR or NVMI?
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.
07Is AEHR or NVMI better for a retirement portfolio?
For long-horizon retirement investors, Nova Ltd. (NVMI) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding. Aehr Test Systems (AEHR) carries a higher beta of 2.63 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (NVMI: +40.1%, AEHR: +30.5%), 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.
08What are the main differences between AEHR and NVMI?
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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