Latest Ratios: P/E Ratio -423.4x · EV/EBITDA N/A · ROE -4.2%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.1B | $2.8B | $282M | $341M | $965M | $233M | $53M | $38M | $39M | $59M | $75M |
| Enterprise Value | $3.0B | $2.7B | $268M | $298M | $941M | $202M | $53M | $36M | $34M | $48M | $63M |
| P/E Ratio → | -423.39 | — | — | 10.28 | 66.04 | 24.65 | — | — | — | 130.00 | — |
| P/S Ratio | 61.26 | 56.63 | 4.79 | 5.15 | 14.85 | 4.58 | 3.18 | 1.69 | 1.86 | 2.00 | 3.94 |
| P/B Ratio | 13.61 | 12.90 | 2.30 | 3.05 | 12.76 | 4.56 | 4.61 | 2.69 | 2.54 | 3.07 | 4.44 |
| P/FCF | — | — | — | 338.52 | 111.54 | 213.14 | — | — | — | — | — |
| P/OCF | — | — | — | 194.13 | 96.36 | 154.34 | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 54.50 | 4.54 | 4.50 | 14.48 | 3.98 | 3.19 | 1.63 | 1.60 | 1.64 | 3.32 |
| EV / EBITDA | — | — | — | 26.04 | 68.06 | 24.95 | — | — | — | 36.41 | — |
| EV / EBIT | — | — | — | 23.91 | 64.37 | 21.20 | — | — | — | 56.79 | — |
| EV / FCF | — | — | — | 295.86 | 108.79 | 185.23 | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.3% | 35.3% | 40.6% | 49.1% | 50.4% | 46.6% | 36.3% | 37.6% | 36.1% | 41.9% | 35.9% |
| Operating Margin | -28.3% | -28.3% | -7.3% | 15.2% | 20.6% | 15.3% | -25.2% | -11.4% | -20.3% | 3.1% | -26.1% |
| Net Profit Margin | -14.3% | -14.3% | -6.6% | 50.1% | 22.4% | 18.6% | -12.2% | -12.6% | -24.9% | 1.8% | -29.9% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.2% | -4.2% | -3.3% | 35.4% | 23.0% | 30.3% | -15.9% | -19.0% | -30.1% | 2.9% | -70.4% |
| ROA | -3.6% | -3.6% | -2.8% | 29.3% | 18.1% | 22.5% | -9.6% | -13.4% | -20.0% | 1.7% | -27.6% |
| ROIC | -9.6% | -9.6% | -3.7% | 12.5% | 27.7% | 36.3% | -25.9% | -16.9% | -34.5% | 10.1% | -78.6% |
| ROCE | -7.8% | -7.8% | -3.4% | 10.1% | 20.1% | 24.4% | -28.5% | -15.7% | -24.0% | 4.3% | -34.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.09 | 0.06 | 0.08 | 0.02 | 0.42 | 0.28 | — | 0.32 | 0.36 |
| Debt / EBITDA | — | — | — | 0.54 | 0.46 | 0.12 | — | — | — | 4.59 | — |
| Net Debt / Equity | — | -0.49 | -0.12 | -0.38 | -0.31 | -0.60 | 0.02 | -0.11 | -0.35 | -0.56 | -0.70 |
| Net Debt / EBITDA | — | — | — | -3.76 | -1.72 | -3.76 | — | — | — | -8.06 | — |
| Debt / FCF | — | — | — | -42.66 | -2.75 | -27.91 | — | — | — | — | — |
| Interest Coverage | — | — | — | — | — | — | -46.91 | — | -19.67 | 2.14 | -7.30 |
Net cash position: cash ($116M) exceeds total debt ($10M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 10.33 | 10.33 | 5.68 | 9.31 | 5.46 | 5.45 | 2.12 | 4.57 | 3.63 | 2.64 | 3.73 |
| Quick Ratio | 8.01 | 8.01 | 2.99 | 5.75 | 3.99 | 4.08 | 1.14 | 2.50 | 1.99 | 1.83 | 2.89 |
| Cash Ratio | 6.52 | 6.52 | 1.61 | 4.68 | 2.94 | 2.86 | 0.51 | 1.41 | 0.98 | 1.51 | 2.26 |
| Asset Turnover | — | 0.20 | 0.40 | 0.52 | 0.66 | 0.82 | 0.77 | 1.08 | 0.99 | 0.95 | 0.61 |
| Inventory Turnover | 0.78 | 0.78 | 0.83 | 0.90 | 1.35 | 1.80 | 1.19 | 1.74 | 1.48 | 1.90 | 1.83 |
| Days Sales Outstanding | — | 127.55 | 110.12 | 55.10 | 93.24 | 92.34 | 114.38 | 60.86 | 84.23 | 35.27 | 77.45 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 9.7% | 1.5% | 4.1% | — | — | — | 0.8% | — |
| FCF Yield | — | — | — | 0.3% | 0.9% | 0.5% | — | — | — | — | — |
| Buyback Yield | 0.1% | 0.1% | 0.3% | 0.5% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.3% | 0.5% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $31M | $30M | $30M | $29M | $28M | $23M | $23M | $22M | $23M | $16M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AEHR stock.
Aehr Test Systems's current P/E ratio is -423.4x. The historical average is 43.3x.
Aehr Test Systems's return on equity (ROE) is -4.2%. The historical average is -25.8%.
Based on historical data, Aehr Test Systems is trading at a P/E of -423.4x. Compare with industry peers and growth rates for a complete picture.
Aehr Test Systems has 35.3% gross margin and -28.3% operating margin.
Key Metrics
Top Statement Risk
Revenue concentration and volatility
Metrics are mathematically derived from official filings.
Margin Recovery Still Incomplete
Gross margin recovered to 40.6% in 2026Q4 from a 25.7% trough, but operating margin remains negative at -5.0%, indicating cost structure has not yet scaled with revenue, per reported figures.
The sequential improvement in gross margin from 25.7% in 2026Q2 to 40.6% in 2026Q4 suggests pricing power and product mix are recovering, yet operating margin has stayed negative for nine of the last ten quarters. This implies that SG&A and R&D expenses, which grew 56% from 2024Q3 to 2026Q4, are absorbing any gross profit gains. Net margin turned positive in 2026Q4 at 7.0%, but this was driven by non-operating items, as operating income was -$993K, so investors should focus on operating profitability as the true earning power indicator.
Returns Decaying Despite Asset Growth
ROIC has been negative for eight of the last ten quarters, reaching -0.7% in 2026Q4, while total assets surged 143% to $246.7M, indicating capital deployment is not yet generating returns, as per financial statements.
The sharp contrast between the 24.1% ROE in 2024Q4 and the sub-1% levels since then highlights that the prior quarter's profitability was a one-time event, likely a tax benefit. ROIC has remained negative or near zero, suggesting that the company's investments in R&D and working capital are not yet translating into operating profits. The asset base expansion, driven largely by cash accumulation, has not improved returns, implying that the company is holding excess liquidity rather than deploying it into high-return projects.
Working Capital Cycle Stretched
Cash conversion cycle ballooned to 353 days in 2026Q4, up from 412 days a year earlier, driven by DIO of 320 days, indicating significant inventory buildup, as reported in quarterly data.
The inventory days outstanding of 320 days in 2026Q4 is exceptionally high, suggesting either a strategic buildup for anticipated orders or a slowdown in demand. DSO improved to 67 days from 128 days in 2026Q1, which may indicate better collection discipline, but the overall CCC remains elevated. The negative FCF margin of -28.4% in 2026Q3 and -18.7% in 2026Q2 reflects the cash drag from working capital, and the recent improvement to 5.5% in 2026Q4 is a positive sign but still below the 16.6% seen in 2025Q1.
Minimal Debt Masks Cash Rich Balance Sheet
Debt-to-equity stands at 0.05 with $9.9M debt against $219.5M equity, and cash of $116.4M provides a substantial buffer, indicating low financial risk, according to latest balance sheet data.
The company's leverage is negligible, and interest coverage is not a concern given the minimal debt. However, the negative retained earnings of -$30.2M suggest a history of losses, but the equity base is solid due to cash accumulation. The low D/E ratio is a strength, but investors should note that the cash pile may be a result of equity raises or buybacks, and the company's ability to generate organic cash flow remains unproven, as cumulative operating cash flow over ten quarters was only $0.4M.
Liquidity Buffer Strengthens
Current ratio improved to 10.33 in 2026Q4 from 5.68 in 2025Q4, with quick ratio at 8.01, indicating ample short-term coverage, as per latest quarterly filings.
The liquidity position is exceptionally strong, with cash representing 47% of total assets. This provides a significant cushion against operational shocks, but it also suggests that the company is not deploying its cash efficiently. The high current ratio is partly due to inventory buildup, but the quick ratio of 8.01 confirms that even without inventory, the company can cover current liabilities multiple times. This liquidity strength is a positive, but it may also indicate a lack of attractive investment opportunities, which could pressure returns over time.
P/S Multiple Misleads on Value
The P/S ratio of 73.71 is often misapplied to AEHR because it ignores the company's negative earnings and cash flow, making the stock appear expensive without context, based on current valuation data.
For a company with negative operating income and inconsistent cash flow, the P/S ratio is not a reliable valuation metric. The forward EV/EBITDA of 933.62 is also distorted by the low EBITDA base. A more appropriate metric would be EV/Invested Capital or a multiple on forward revenue adjusted for the company's path to profitability. Investors should focus on the company's ability to convert its revenue growth into sustainable operating profits, as the current valuation implies a high growth expectation that has not yet materialized in the financials.