Aehr Test Systems (AEHR) 10-Year Financial Performance & Capital Metrics

AEHR •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

AboutAehr Test Systems provides test systems for burning-in and testing logic, optical, and memory integrated circuits worldwide. It offers products, such as the ABTS and FOX-P families of test and burn-in systems and FOX WaferPak Aligner, FOX-XP WaferPak Contactor, FOX DiePak Carrier, and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for lower power and higher power logic devices, as well as various common types of memory devices. The FOX-XP and FOX-NP systems are wafer contact and singulated die/module test and burn-in systems used for burn-in and functional test of complex devices, such as memories, digital signal processors, microprocessors, microcontrollers, systems-on-a-chip, and integrated optical devices. The FOX-CP system is a single-wafer compact test and reliability verification solution for logic, memory, and photonic devices. The WaferPak Contactor contains a unique full wafer probe card capable of testing wafers up to 300mm that enables IC manufacturers to perform test and burn-in of full wafers on Aehr Test FOX systems. The DiePak Carrier is a reusable, temporary package that enables IC manufacturers to perform final test and burn-in of bare die and modules. Aehr Test Systems was incorporated in 1977 and is headquartered in Fremont, California.Show more

Revenue $59M -10.9%
EBITDA -$925K -108.1%
Net Income -$4M -111.8%
EPS (Diluted) -0.13 -111.6%
Gross Margin 40.59% -17.4%
EBITDA Margin -1.57% -109.1%
Operating Margin -7.31% -148.1%
Net Margin -6.63% -113.2%
ROE -3.34% -109.4%
ROIC -3.65% -129.1%
Debt/Equity 0.09 +58.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 96 (top 4%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 21.5%
✓Good 3Y average ROE of 18.4%
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.39%

5Y21.48%

3Y5.08%

TTM-20.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-148.62%

EPS CAGR

10Y-

5Y-

3Y-

TTM-148.2%

ROCE

10Y Avg-13.73%

5Y Avg4.53%

3Y Avg8.92%

Latest-3.45%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	14.5M	18.9M	29.55M	21.06M	22.29M	16.6M	50.83M	64.96M	66.22M	58.97M
Revenue Growth %	44.75%	30.32%	56.39%	-28.76%	5.87%	-25.53%	206.2%	27.8%	1.93%	-10.95%
Cost of Goods Sold+	9.36M	12.12M	17.17M	13.45M	13.92M	10.57M	27.16M	32.22M	33.67M	35.03M
COGS % of Revenue	64.52%	64.12%	58.09%	63.9%	62.45%	63.66%	53.44%	49.59%	50.85%	59.41%
Gross Profit+	5.14M	6.78M	12.39M	7.6M	8.37M	6.03M	23.66M	32.75M	32.54M	23.93M
Gross Margin %	35.48%	35.88%	41.91%	36.1%	37.55%	36.34%	46.56%	50.41%	49.15%	40.59%
Gross Profit Growth %	34.05%	31.78%	82.68%	-38.62%	10.12%	-27.94%	292.32%	38.37%	-0.62%	-26.46%
Operating Expenses+	11.3M	11.71M	11.47M	11.88M	10.92M	10.21M	15.87M	19.37M	22.46M	28.25M
OpEx % of Revenue	77.92%	61.96%	38.81%	56.41%	48.97%	61.53%	31.21%	29.82%	33.93%	47.9%
Selling, General & Admin	6.97M	7.05M	7.29M	7.72M	7.53M	6.56M	10.05M	12.24M	13.75M	17.78M
SG&A % of Revenue	48.1%	37.32%	24.67%	36.68%	33.78%	39.53%	19.77%	18.84%	20.76%	30.16%
Research & Development	4.32M	4.66M	4.18M	4.15M	3.39M	3.65M	5.82M	7.13M	8.72M	10.46M
R&D % of Revenue	29.82%	24.64%	14.15%	19.72%	15.19%	22%	11.45%	10.98%	13.17%	17.74%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-6.15M	-4.93M	915K	-4.28M	-2.54M	-4.18M	7.8M	13.38M	10.08M	-4.31M
Operating Margin %	-42.44%	-26.08%	3.1%	-20.3%	-11.42%	-25.19%	15.35%	20.59%	15.22%	-7.31%
Operating Income Growth %	8.07%	19.91%	118.56%	-567.21%	40.47%	-64.32%	286.51%	71.47%	-24.65%	-142.8%
EBITDA+	-5.95M	-4.66M	1.33M	-3.84M	-2.16M	-3.87M	8.11M	13.82M	11.44M	-925K
EBITDA Margin %	-41.04%	-24.65%	4.51%	-18.26%	-9.69%	-23.33%	15.95%	21.28%	17.28%	-1.57%
EBITDA Growth %	9.27%	21.73%	128.6%	-388.59%	43.78%	-79.18%	309.38%	70.53%	-17.24%	-108.09%
D&A (Non-Cash Add-back)	203K	271K	417K	431K	384K	310K	307K	450K	1.36M	3.39M
EBIT	-6.17M	-4.95M	854K	-4.96M	-2.77M	-2.16M	9.54M	14.62M	12.46M	-4.29M
Net Interest Income+	-605K	-678K	-399K	-252K	10K	-46K	13K	1.25M	2.39M	1.4M
Interest Income	0	0	0	0	10K	0	13K	1.25M	2.39M	1.4M
Interest Expense	605K	678K	399K	252K	0	46K	0	0	0	0
Other Income/Expense	-621K	-699K	-460K	-933K	-221K	1.98M	1.74M	1.24M	2.38M	22K
Pretax Income+	-6.78M	-5.63M	455K	-5.21M	-2.77M	-2.2M	9.54M	14.62M	12.46M	-4.29M
Pretax Margin %	-46.72%	-29.78%	1.54%	-24.73%	-12.41%	-13.28%	18.77%	22.5%	18.81%	-7.28%
Income Tax+	10K	25K	-73K	27K	36K	-177K	91K	60K	-20.7M	-381K
Effective Tax Rate %	100.15%	100.44%	116.04%	100.52%	101.3%	91.97%	99.05%	99.59%	266.14%	91.12%
Net Income+	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Net Margin %	-46.79%	-29.91%	1.79%	-24.86%	-12.57%	-12.21%	18.59%	22.41%	50.07%	-6.63%
Net Income Growth %	-2.08%	16.68%	109.34%	-1091.48%	46.48%	27.66%	566.21%	54.04%	127.77%	-111.79%
Net Income (Continuing)	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-20K	-19K	-20K	-19K	-21K	0	0	0	0	0
EPS (Diluted)+	-0.52	-0.35	0.02	-0.23	-0.12	-0.09	0.34	0.50	1.12	-0.13
EPS Growth %	5.45%	32.69%	105.71%	-1269%	48.67%	28%	493.52%	47.06%	124%	-111.61%
EPS (Basic)	-0.52	-0.35	0.02	-0.23	-0.12	-0.09	0.36	0.52	1.15	-0.13
Diluted Shares Outstanding	13.09M	16.27M	22.78M	22.39M	22.88M	23.46M	27.77M	29.21M	29.62M	29.58M
Basic Shares Outstanding	13.09M	16.27M	21.73M	22.39M	22.88M	23.46M	26.01M	27.79M	28.82M	29.58M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	8.75M	29.38M	29.46M	20.03M	17.65M	19.18M	60.01M	89.03M	97.85M	88.78M
Cash & Short-Term Investments	939K	17.8M	16.85M	5.43M	5.43M	4.58M	31.48M	47.91M	49.16M	25.23M
Cash Only	939K	17.8M	16.85M	5.43M	5.43M	4.58M	31.48M	30.05M	49.16M	25.23M
Short-Term Investments	0	0	0	0	0	0	0	17.85M	0	0
Accounts Receivable	522K	4.01M	2.86M	4.86M	3.72M	5.2M	12.86M	16.59M	10M	17.79M
Days Sales Outstanding	13.14	77.45	35.27	84.23	60.86	114.38	92.34	93.24	55.1	110.12
Inventory	7.03M	6.6M	9.05M	9.06M	7.99M	8.85M	15.05M	23.91M	37.47M	42M
Days Inventory Outstanding	274.37	198.92	192.37	245.82	209.48	305.63	202.24	270.88	406.13	437.53
Other Current Assets	254K	961K	703K	686K	512K	0	613K	621K	1.22M	3.76M
Total Non-Current Assets+	1.3M	1.51M	1.5M	1.27M	2.92M	2.48M	2.32M	9.11M	30.06M	59.73M
Property, Plant & Equipment	1.2M	1.42M	1.2M	1.04M	2.77M	2.28M	2.12M	8.88M	8.99M	18.57M
Fixed Asset Turnover	12.04x	13.32x	24.57x	20.15x	8.05x	7.27x	23.98x	7.31x	7.37x	3.18x
Goodwill	0	0	0	0	0	0	0	0	0	10.72M
Intangible Assets	0	0	0	0	0	0	0	0	0	10.78M
Long-Term Investments	50K	50K	80K	80K	80K	80K	80K	150K	200K	200K
Other Non-Current Assets	44K	45K	216K	148K	73K	118K	121K	81K	104K	346K
Total Assets+	10.05M	30.89M	30.95M	21.31M	20.57M	21.66M	62.33M	98.14M	127.91M	148.51M
Asset Turnover	1.44x	0.61x	0.95x	0.99x	1.08x	0.77x	0.82x	0.66x	0.52x	0.40x
Asset Growth %	-32.43%	207.51%	0.2%	-31.17%	-3.44%	5.3%	187.69%	57.46%	30.33%	16.1%
Total Current Liabilities+	4.68M	7.88M	11.15M	5.51M	3.87M	9.06M	11.01M	16.31M	10.51M	15.64M
Accounts Payable	1.41M	2.81M	1.76M	1.93M	945K	2.89M	4.2M	9.21M	5.33M	6.73M
Days Payables Outstanding	55.12	84.58	37.46	52.44	24.78	99.92	56.37	104.31	57.79	70.09
Short-Term Debt	0	0	6.11M	0	1.31M	3.82M	794K	137K	465K	909K
Deferred Revenue (Current)	1.17M	203K	290K	542K	170K	162K	152K	132K	97K	179K
Other Current Liabilities	1.1M	3.75M	1.84M	1.85M	479K	752K	2.95M	3.59M	2.12M	5.07M
Current Ratio	1.87x	3.73x	2.64x	3.63x	4.57x	2.12x	5.45x	5.46x	9.31x	5.68x
Quick Ratio	0.37x	2.89x	1.83x	1.99x	2.50x	1.14x	4.08x	3.99x	5.75x	2.99x
Cash Conversion Cycle	232.39	191.79	190.19	277.61	245.57	320.09	238.21	259.81	403.44	477.56
Total Non-Current Liabilities+	6.09M	6.21M	522K	342K	2.65M	1.16M	325K	6.24M	5.81M	10M
Long-Term Debt	5.96M	6.11M	0	0	1.03M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.6M	1.01M	212K	6.16M	5.73M	9.92M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	63K	153K	0	49K	44K	41K	38K	42K
Total Liabilities	10.77M	14.1M	11.67M	5.85M	6.52M	10.22M	11.34M	22.54M	16.32M	25.64M
Total Debt+	5.96M	6.11M	6.11M	0	3.94M	4.82M	1.01M	6.3M	6.2M	10.83M
Net Debt	5.02M	-11.69M	-10.74M	-5.43M	-1.49M	241K	-30.48M	-23.75M	-42.96M	-14.4M
Debt / Equity	-	0.36x	0.32x	-	0.28x	0.42x	0.02x	0.08x	0.06x	0.09x
Debt / EBITDA	-	-	4.59x	-	-	-	0.12x	0.46x	0.54x	-
Net Debt / EBITDA	-	-	-8.06x	-	-	-	-3.76x	-1.72x	-3.76x	-
Interest Coverage	-10.17x	-7.27x	2.29x	-16.96x	-	-90.91x	-	-	-	-
Total Equity+	-723K	16.79M	19.29M	15.45M	14.06M	11.45M	50.99M	75.6M	111.59M	122.87M
Equity Growth %	-115.89%	2422.82%	14.83%	-19.87%	-9.04%	-18.55%	345.36%	48.27%	47.61%	10.11%
Book Value per Share	-0.06	1.03	0.85	0.69	0.61	0.49	1.84	2.59	3.77	4.15
Total Shareholders' Equity	-703K	16.81M	19.3M	15.47M	14.08M	11.45M	50.99M	75.6M	111.59M	122.87M
Common Stock	132K	213K	221K	227K	231K	237K	271K	285K	289K	299K
Retained Earnings	-61.12M	-66.78M	-66.25M	-71.48M	-74.29M	-76.31M	-66.86M	-52.31M	-19.15M	-23.06M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.24M	2.25M	2.29M	2.23M	2.23M	-28K	-105K	-155K	-158K	-126K
Minority Interest	-20K	-19K	-20K	-19K	-21K	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	-6.28M	-4.5M	-1.35M	-5.64M	-2.02M	-2.7M	1.51M	10.01M	1.76M	-7.4M
Operating CF Margin %	-43.31%	-23.79%	-4.57%	-26.77%	-9.08%	-16.27%	2.97%	15.41%	2.65%	-12.55%
Operating CF Growth %	-178.41%	28.43%	69.94%	-317.25%	64.09%	-33.45%	155.83%	563.86%	-82.46%	-521.41%
Net Income	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Depreciation & Amortization	203K	271K	417K	431K	384K	310K	307K	450K	1.36M	3.39M
Stock-Based Compensation	1.02M	999K	996K	905K	910K	0	3.01M	0	2.52M	5.16M
Deferred Taxes	0	0	0	0	0	0	0	0	-20.77M	-421K
Other Non-Cash Items	166K	201K	-58K	-3K	45K	-1.3M	-1.7M	2.28M	-130K	584K
Working Capital Changes	-881K	-313K	-3.23M	-1.74M	-561K	316K	-9.56M	-7.28M	-14.38M	-12.2M
Change in Receivables	887K	-3.51M	1.26M	-2.04M	1.16M	-1.37M	-7.83M	-3.79M	6.79M	-3.04M
Change in Inventory	70K	430K	-2.07M	-112K	1.16M	-972K	-6.67M	-9.47M	-13.73M	-2.44M
Change in Payables	564K	1.69M	-1.09M	210K	-1.02M	1.88M	1.36M	5.04M	-3.89M	-714K
Cash from Investing+	-919K	-477K	-572K	-173K	-163K	-227K	-416K	-18.66M	17.25M	-16.07M
Capital Expenditures	-919K	-477K	-572K	-173K	-163K	-227K	-416K	-1.36M	-749K	-4.99M
CapEx % of Revenue	6.34%	2.52%	1.94%	0.82%	0.73%	1.37%	0.82%	2.1%	1.13%	8.47%
Acquisitions	0	0	0	0	0	0	0	0	0	-11.07M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	2.51M	21.84M	925K	-5.55M	2.17M	1.96M	25.76M	7.32M	139K	625K
Debt Issued (Net)	1.99M	0	0	-6.11M	1.68M	1.4M	-1.4M	0	0	0
Equity Issued (Net)	512K	1000K	925K	559K	493K	560K	1000K	1000K	139K	625K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	-10K	-20K	-429K	-2.06M	-1.6M	-784K
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-4.59M	16.86M	-955K	-11.42M	5K	-851K	26.9M	-1.43M	19.11M	-23.93M
Free Cash Flow+	-7.2M	-4.97M	-1.92M	-5.81M	-2.19M	-2.93M	1.09M	8.65M	1.01M	-12.39M
FCF Margin %	-49.65%	-26.31%	-6.51%	-27.59%	-9.81%	-17.64%	2.15%	13.31%	1.52%	-21.01%
FCF Growth %	-203.29%	30.94%	61.32%	-202.13%	62.36%	-33.88%	137.3%	692.03%	-88.36%	-1330.59%
FCF per Share	-0.55	-0.31	-0.08	-0.26	-0.10	-0.12	0.04	0.30	0.03	-0.42
FCF Conversion (FCF/Net Income)	0.93x	0.80x	-2.56x	1.08x	0.72x	1.33x	0.16x	0.69x	0.05x	1.89x
Interest Paid	0	0	0	0	0	6K	12K	15K	0	0
Taxes Paid	0	0	0	0	0	15K	4K	21K	90K	100K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-354.59%	-70.35%	2.93%	-30.14%	-18.99%	-15.89%	30.27%	23%	35.42%	-3.34%
Return on Invested Capital (ROIC)	-129.76%	-78.65%	10.06%	-34.53%	-16.9%	-25.86%	36.33%	27.73%	12.55%	-3.65%
Gross Margin	35.48%	35.88%	41.91%	36.1%	37.55%	36.34%	46.56%	50.41%	49.15%	40.59%
Net Margin	-46.79%	-29.91%	1.79%	-24.86%	-12.57%	-12.21%	18.59%	22.41%	50.07%	-6.63%
Debt / Equity	-	0.36x	0.32x	-	0.28x	0.42x	0.02x	0.08x	0.06x	0.09x
Interest Coverage	-10.17x	-7.27x	2.29x	-16.96x	-	-90.91x	-	-	-	-
FCF Conversion	0.93x	0.80x	-2.56x	1.08x	0.72x	1.33x	0.16x	0.69x	0.05x	1.89x
Revenue Growth	44.75%	30.32%	56.39%	-28.76%	5.87%	-25.53%	206.2%	27.8%	1.93%	-10.95%

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Aehr Test Systems (AEHR) 10-Year Financial Performance & Capital Metrics

AEHR •

TechnologySemiconductorsSemiconductor Test, Metrology and Inspection Equipment

Revenue $59M -10.9%
EBITDA -$925K -108.1%
Net Income -$4M -111.8%
EPS (Diluted) -0.13 -111.6%
Gross Margin 40.59% -17.4%
EBITDA Margin -1.57% -109.1%
Operating Margin -7.31% -148.1%
Net Margin -6.63% -113.2%
ROE -3.34% -109.4%
ROIC -3.65% -129.1%
Debt/Equity 0.09 +58.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 96 (top 4%)
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 21.5%
✓Good 3Y average ROE of 18.4%
✓Healthy 5Y average net margin of 14.4%

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.39%

5Y21.48%

3Y5.08%

TTM-20.25%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-148.62%

EPS CAGR

10Y-

5Y-

3Y-

TTM-148.2%

ROCE

10Y Avg-13.73%

5Y Avg4.53%

3Y Avg8.92%

Latest-3.45%

Peer Comparison

Semiconductor Test, Metrology and Inspection Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FORMFormFactor, Inc.	7.63B	98.88	111.10	15.16%	6.78%	5.14%	1.04%	0.04
TERTeradyne, Inc.	50.12B	320.03	91.96	13.13%	17.37%	19.82%	0.9%	0.12
NVMINova Ltd.	12.85B	438.86	76.32	29.83%	29.44%	19.66%	1.7%	0.25
CAMTCamtek Ltd.	7.18B	167.39	69.17	36.1%	28.36%	21.35%		0.38
ONTOOnto Innovation Inc.	10.63B	215.89	53.17	21.01%	17.46%	8.74%	2.01%	0.01
KLACKLA Corporation	201.28B	1524.55	50.20	23.89%	35.76%	83.39%	1.86%	1.30
INTTinTEST Corporation	144.21M	11.65	48.54	5.99%	-2.22%	-2.44%	1.73%	0.26
COHUCohu, Inc.	1.41B	30.20	-18.99	12.74%	-16.4%	-9.46%		0.46

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	14.5M	18.9M	29.55M	21.06M	22.29M	16.6M	50.83M	64.96M	66.22M	58.97M
Revenue Growth %	44.75%	30.32%	56.39%	-28.76%	5.87%	-25.53%	206.2%	27.8%	1.93%	-10.95%
Cost of Goods Sold+	9.36M	12.12M	17.17M	13.45M	13.92M	10.57M	27.16M	32.22M	33.67M	35.03M
COGS % of Revenue	64.52%	64.12%	58.09%	63.9%	62.45%	63.66%	53.44%	49.59%	50.85%	59.41%
Gross Profit+	5.14M	6.78M	12.39M	7.6M	8.37M	6.03M	23.66M	32.75M	32.54M	23.93M
Gross Margin %	35.48%	35.88%	41.91%	36.1%	37.55%	36.34%	46.56%	50.41%	49.15%	40.59%
Gross Profit Growth %	34.05%	31.78%	82.68%	-38.62%	10.12%	-27.94%	292.32%	38.37%	-0.62%	-26.46%
Operating Expenses+	11.3M	11.71M	11.47M	11.88M	10.92M	10.21M	15.87M	19.37M	22.46M	28.25M
OpEx % of Revenue	77.92%	61.96%	38.81%	56.41%	48.97%	61.53%	31.21%	29.82%	33.93%	47.9%
Selling, General & Admin	6.97M	7.05M	7.29M	7.72M	7.53M	6.56M	10.05M	12.24M	13.75M	17.78M
SG&A % of Revenue	48.1%	37.32%	24.67%	36.68%	33.78%	39.53%	19.77%	18.84%	20.76%	30.16%
Research & Development	4.32M	4.66M	4.18M	4.15M	3.39M	3.65M	5.82M	7.13M	8.72M	10.46M
R&D % of Revenue	29.82%	24.64%	14.15%	19.72%	15.19%	22%	11.45%	10.98%	13.17%	17.74%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	-6.15M	-4.93M	915K	-4.28M	-2.54M	-4.18M	7.8M	13.38M	10.08M	-4.31M
Operating Margin %	-42.44%	-26.08%	3.1%	-20.3%	-11.42%	-25.19%	15.35%	20.59%	15.22%	-7.31%
Operating Income Growth %	8.07%	19.91%	118.56%	-567.21%	40.47%	-64.32%	286.51%	71.47%	-24.65%	-142.8%
EBITDA+	-5.95M	-4.66M	1.33M	-3.84M	-2.16M	-3.87M	8.11M	13.82M	11.44M	-925K
EBITDA Margin %	-41.04%	-24.65%	4.51%	-18.26%	-9.69%	-23.33%	15.95%	21.28%	17.28%	-1.57%
EBITDA Growth %	9.27%	21.73%	128.6%	-388.59%	43.78%	-79.18%	309.38%	70.53%	-17.24%	-108.09%
D&A (Non-Cash Add-back)	203K	271K	417K	431K	384K	310K	307K	450K	1.36M	3.39M
EBIT	-6.17M	-4.95M	854K	-4.96M	-2.77M	-2.16M	9.54M	14.62M	12.46M	-4.29M
Net Interest Income+	-605K	-678K	-399K	-252K	10K	-46K	13K	1.25M	2.39M	1.4M
Interest Income	0	0	0	0	10K	0	13K	1.25M	2.39M	1.4M
Interest Expense	605K	678K	399K	252K	0	46K	0	0	0	0
Other Income/Expense	-621K	-699K	-460K	-933K	-221K	1.98M	1.74M	1.24M	2.38M	22K
Pretax Income+	-6.78M	-5.63M	455K	-5.21M	-2.77M	-2.2M	9.54M	14.62M	12.46M	-4.29M
Pretax Margin %	-46.72%	-29.78%	1.54%	-24.73%	-12.41%	-13.28%	18.77%	22.5%	18.81%	-7.28%
Income Tax+	10K	25K	-73K	27K	36K	-177K	91K	60K	-20.7M	-381K
Effective Tax Rate %	100.15%	100.44%	116.04%	100.52%	101.3%	91.97%	99.05%	99.59%	266.14%	91.12%
Net Income+	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Net Margin %	-46.79%	-29.91%	1.79%	-24.86%	-12.57%	-12.21%	18.59%	22.41%	50.07%	-6.63%
Net Income Growth %	-2.08%	16.68%	109.34%	-1091.48%	46.48%	27.66%	566.21%	54.04%	127.77%	-111.79%
Net Income (Continuing)	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-20K	-19K	-20K	-19K	-21K	0	0	0	0	0
EPS (Diluted)+	-0.52	-0.35	0.02	-0.23	-0.12	-0.09	0.34	0.50	1.12	-0.13
EPS Growth %	5.45%	32.69%	105.71%	-1269%	48.67%	28%	493.52%	47.06%	124%	-111.61%
EPS (Basic)	-0.52	-0.35	0.02	-0.23	-0.12	-0.09	0.36	0.52	1.15	-0.13
Diluted Shares Outstanding	13.09M	16.27M	22.78M	22.39M	22.88M	23.46M	27.77M	29.21M	29.62M	29.58M
Basic Shares Outstanding	13.09M	16.27M	21.73M	22.39M	22.88M	23.46M	26.01M	27.79M	28.82M	29.58M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	8.75M	29.38M	29.46M	20.03M	17.65M	19.18M	60.01M	89.03M	97.85M	88.78M
Cash & Short-Term Investments	939K	17.8M	16.85M	5.43M	5.43M	4.58M	31.48M	47.91M	49.16M	25.23M
Cash Only	939K	17.8M	16.85M	5.43M	5.43M	4.58M	31.48M	30.05M	49.16M	25.23M
Short-Term Investments	0	0	0	0	0	0	0	17.85M	0	0
Accounts Receivable	522K	4.01M	2.86M	4.86M	3.72M	5.2M	12.86M	16.59M	10M	17.79M
Days Sales Outstanding	13.14	77.45	35.27	84.23	60.86	114.38	92.34	93.24	55.1	110.12
Inventory	7.03M	6.6M	9.05M	9.06M	7.99M	8.85M	15.05M	23.91M	37.47M	42M
Days Inventory Outstanding	274.37	198.92	192.37	245.82	209.48	305.63	202.24	270.88	406.13	437.53
Other Current Assets	254K	961K	703K	686K	512K	0	613K	621K	1.22M	3.76M
Total Non-Current Assets+	1.3M	1.51M	1.5M	1.27M	2.92M	2.48M	2.32M	9.11M	30.06M	59.73M
Property, Plant & Equipment	1.2M	1.42M	1.2M	1.04M	2.77M	2.28M	2.12M	8.88M	8.99M	18.57M
Fixed Asset Turnover	12.04x	13.32x	24.57x	20.15x	8.05x	7.27x	23.98x	7.31x	7.37x	3.18x
Goodwill	0	0	0	0	0	0	0	0	0	10.72M
Intangible Assets	0	0	0	0	0	0	0	0	0	10.78M
Long-Term Investments	50K	50K	80K	80K	80K	80K	80K	150K	200K	200K
Other Non-Current Assets	44K	45K	216K	148K	73K	118K	121K	81K	104K	346K
Total Assets+	10.05M	30.89M	30.95M	21.31M	20.57M	21.66M	62.33M	98.14M	127.91M	148.51M
Asset Turnover	1.44x	0.61x	0.95x	0.99x	1.08x	0.77x	0.82x	0.66x	0.52x	0.40x
Asset Growth %	-32.43%	207.51%	0.2%	-31.17%	-3.44%	5.3%	187.69%	57.46%	30.33%	16.1%
Total Current Liabilities+	4.68M	7.88M	11.15M	5.51M	3.87M	9.06M	11.01M	16.31M	10.51M	15.64M
Accounts Payable	1.41M	2.81M	1.76M	1.93M	945K	2.89M	4.2M	9.21M	5.33M	6.73M
Days Payables Outstanding	55.12	84.58	37.46	52.44	24.78	99.92	56.37	104.31	57.79	70.09
Short-Term Debt	0	0	6.11M	0	1.31M	3.82M	794K	137K	465K	909K
Deferred Revenue (Current)	1.17M	203K	290K	542K	170K	162K	152K	132K	97K	179K
Other Current Liabilities	1.1M	3.75M	1.84M	1.85M	479K	752K	2.95M	3.59M	2.12M	5.07M
Current Ratio	1.87x	3.73x	2.64x	3.63x	4.57x	2.12x	5.45x	5.46x	9.31x	5.68x
Quick Ratio	0.37x	2.89x	1.83x	1.99x	2.50x	1.14x	4.08x	3.99x	5.75x	2.99x
Cash Conversion Cycle	232.39	191.79	190.19	277.61	245.57	320.09	238.21	259.81	403.44	477.56
Total Non-Current Liabilities+	6.09M	6.21M	522K	342K	2.65M	1.16M	325K	6.24M	5.81M	10M
Long-Term Debt	5.96M	6.11M	0	0	1.03M	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	1.6M	1.01M	212K	6.16M	5.73M	9.92M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	63K	153K	0	49K	44K	41K	38K	42K
Total Liabilities	10.77M	14.1M	11.67M	5.85M	6.52M	10.22M	11.34M	22.54M	16.32M	25.64M
Total Debt+	5.96M	6.11M	6.11M	0	3.94M	4.82M	1.01M	6.3M	6.2M	10.83M
Net Debt	5.02M	-11.69M	-10.74M	-5.43M	-1.49M	241K	-30.48M	-23.75M	-42.96M	-14.4M
Debt / Equity	-	0.36x	0.32x	-	0.28x	0.42x	0.02x	0.08x	0.06x	0.09x
Debt / EBITDA	-	-	4.59x	-	-	-	0.12x	0.46x	0.54x	-
Net Debt / EBITDA	-	-	-8.06x	-	-	-	-3.76x	-1.72x	-3.76x	-
Interest Coverage	-10.17x	-7.27x	2.29x	-16.96x	-	-90.91x	-	-	-	-
Total Equity+	-723K	16.79M	19.29M	15.45M	14.06M	11.45M	50.99M	75.6M	111.59M	122.87M
Equity Growth %	-115.89%	2422.82%	14.83%	-19.87%	-9.04%	-18.55%	345.36%	48.27%	47.61%	10.11%
Book Value per Share	-0.06	1.03	0.85	0.69	0.61	0.49	1.84	2.59	3.77	4.15
Total Shareholders' Equity	-703K	16.81M	19.3M	15.47M	14.08M	11.45M	50.99M	75.6M	111.59M	122.87M
Common Stock	132K	213K	221K	227K	231K	237K	271K	285K	289K	299K
Retained Earnings	-61.12M	-66.78M	-66.25M	-71.48M	-74.29M	-76.31M	-66.86M	-52.31M	-19.15M	-23.06M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	2.24M	2.25M	2.29M	2.23M	2.23M	-28K	-105K	-155K	-158K	-126K
Minority Interest	-20K	-19K	-20K	-19K	-21K	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	-6.28M	-4.5M	-1.35M	-5.64M	-2.02M	-2.7M	1.51M	10.01M	1.76M	-7.4M
Operating CF Margin %	-43.31%	-23.79%	-4.57%	-26.77%	-9.08%	-16.27%	2.97%	15.41%	2.65%	-12.55%
Operating CF Growth %	-178.41%	28.43%	69.94%	-317.25%	64.09%	-33.45%	155.83%	563.86%	-82.46%	-521.41%
Net Income	-6.79M	-5.65M	528K	-5.24M	-2.8M	-2.03M	9.45M	14.56M	33.16M	-3.91M
Depreciation & Amortization	203K	271K	417K	431K	384K	310K	307K	450K	1.36M	3.39M
Stock-Based Compensation	1.02M	999K	996K	905K	910K	0	3.01M	0	2.52M	5.16M
Deferred Taxes	0	0	0	0	0	0	0	0	-20.77M	-421K
Other Non-Cash Items	166K	201K	-58K	-3K	45K	-1.3M	-1.7M	2.28M	-130K	584K
Working Capital Changes	-881K	-313K	-3.23M	-1.74M	-561K	316K	-9.56M	-7.28M	-14.38M	-12.2M
Change in Receivables	887K	-3.51M	1.26M	-2.04M	1.16M	-1.37M	-7.83M	-3.79M	6.79M	-3.04M
Change in Inventory	70K	430K	-2.07M	-112K	1.16M	-972K	-6.67M	-9.47M	-13.73M	-2.44M
Change in Payables	564K	1.69M	-1.09M	210K	-1.02M	1.88M	1.36M	5.04M	-3.89M	-714K
Cash from Investing+	-919K	-477K	-572K	-173K	-163K	-227K	-416K	-18.66M	17.25M	-16.07M
Capital Expenditures	-919K	-477K	-572K	-173K	-163K	-227K	-416K	-1.36M	-749K	-4.99M
CapEx % of Revenue	6.34%	2.52%	1.94%	0.82%	0.73%	1.37%	0.82%	2.1%	1.13%	8.47%
Acquisitions	0	0	0	0	0	0	0	0	0	-11.07M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	2.51M	21.84M	925K	-5.55M	2.17M	1.96M	25.76M	7.32M	139K	625K
Debt Issued (Net)	1.99M	0	0	-6.11M	1.68M	1.4M	-1.4M	0	0	0
Equity Issued (Net)	512K	1000K	925K	559K	493K	560K	1000K	1000K	139K	625K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	-10K	-20K	-429K	-2.06M	-1.6M	-784K
Other Financing	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	-4.59M	16.86M	-955K	-11.42M	5K	-851K	26.9M	-1.43M	19.11M	-23.93M
Free Cash Flow+	-7.2M	-4.97M	-1.92M	-5.81M	-2.19M	-2.93M	1.09M	8.65M	1.01M	-12.39M
FCF Margin %	-49.65%	-26.31%	-6.51%	-27.59%	-9.81%	-17.64%	2.15%	13.31%	1.52%	-21.01%
FCF Growth %	-203.29%	30.94%	61.32%	-202.13%	62.36%	-33.88%	137.3%	692.03%	-88.36%	-1330.59%
FCF per Share	-0.55	-0.31	-0.08	-0.26	-0.10	-0.12	0.04	0.30	0.03	-0.42
FCF Conversion (FCF/Net Income)	0.93x	0.80x	-2.56x	1.08x	0.72x	1.33x	0.16x	0.69x	0.05x	1.89x
Interest Paid	0	0	0	0	0	6K	12K	15K	0	0
Taxes Paid	0	0	0	0	0	15K	4K	21K	90K	100K

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-354.59%	-70.35%	2.93%	-30.14%	-18.99%	-15.89%	30.27%	23%	35.42%	-3.34%
Return on Invested Capital (ROIC)	-129.76%	-78.65%	10.06%	-34.53%	-16.9%	-25.86%	36.33%	27.73%	12.55%	-3.65%
Gross Margin	35.48%	35.88%	41.91%	36.1%	37.55%	36.34%	46.56%	50.41%	49.15%	40.59%
Net Margin	-46.79%	-29.91%	1.79%	-24.86%	-12.57%	-12.21%	18.59%	22.41%	50.07%	-6.63%
Debt / Equity	-	0.36x	0.32x	-	0.28x	0.42x	0.02x	0.08x	0.06x	0.09x
Interest Coverage	-10.17x	-7.27x	2.29x	-16.96x	-	-90.91x	-	-	-	-
FCF Conversion	0.93x	0.80x	-2.56x	1.08x	0.72x	1.33x	0.16x	0.69x	0.05x	1.89x
Revenue Growth	44.75%	30.32%	56.39%	-28.76%	5.87%	-25.53%	206.2%	27.8%	1.93%	-10.95%

Aehr Test Systems (AEHR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AEHR vs Peers

vs KLAC

vs TER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Aehr Test Systems (AEHR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AEHR vs Peers

vs KLAC

vs TER

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios