Aehr Test Systems (AEHR) Financial Ratios
29 years of historical data (1997–2025) · Technology · Semiconductors
EV/EBITDA
↑
N/A
—
5yr avg: 39.68
30Y Low7.4·High68.1
P/FCF
↑
N/A
—
5yr avg: 221.07
30Y Low6.3·High111.5
P/B Ratio
↓
23.29
↑+327% vs avg
5yr avg: 5.46
30Y Low0.7·High12.8
ROE
↑
-3.2%
↑-123% vs avg
5yr avg: 13.9%
30Y Low-355%·High35%
Debt/EBITDA
↑
N/A
—
5yr avg: 0.37
30Y Low0.0·High4.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AEHR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Aehr Test Systems currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $282M | $341M | $965M | $233M | $53M | $38M | $39M | $59M | $75M | $13M |
| Enterprise Value | $2.9B | $268M | $298M | $941M | $202M | $53M | $36M | $34M | $48M | $63M | $18M |
| P/E Ratio → | -744.08 | — | 10.28 | 66.04 | 24.65 | — | — | — | 130.00 | — | — |
| P/S Ratio | 50.23 | 4.79 | 5.15 | 14.85 | 4.58 | 3.18 | 1.69 | 1.86 | 2.00 | 3.94 | 0.91 |
| P/B Ratio | 23.29 | 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
AEHR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.54 | 4.50 | 14.48 | 3.98 | 3.19 | 1.63 | 1.60 | 1.64 | 3.32 | 1.26 |
| 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 | — | — | — | — | — | — |
AEHR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Aehr Test Systems earns an operating margin of -7.3%. Operating margins have compressed from 20.6% to -7.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. A negative ROE of -3.2% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 49.1% | 50.4% | 46.6% | 36.3% | 37.6% | 36.1% | 41.9% | 35.9% | 35.5% |
| Operating Margin | -7.3% | -7.3% | 15.2% | 20.6% | 15.3% | -25.2% | -11.4% | -20.3% | 3.1% | -26.1% | -42.4% |
| Net Profit Margin | -6.6% | -6.6% | 50.1% | 22.4% | 18.6% | -12.2% | -12.6% | -24.9% | 1.8% | -29.9% | -46.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -3.3% | 35.4% | 23.0% | 30.3% | -15.9% | -19.0% | -30.1% | 2.9% | -70.4% | -354.6% |
| ROA | -2.6% | -2.8% | 29.3% | 18.1% | 22.5% | -9.6% | -13.4% | -20.0% | 1.7% | -27.6% | -54.5% |
| ROIC | -3.0% | -3.7% | 12.5% | 27.7% | 36.3% | -25.9% | -16.9% | -34.5% | 10.1% | -78.6% | -129.8% |
| ROCE | -3.2% | -3.4% | 10.1% | 20.1% | 24.4% | -28.5% | -15.7% | -24.0% | 4.3% | -34.7% | -89.7% |
AEHR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $25M exceeds total debt of $11M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 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 | — | -0.12 | -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 | — | — | — | — | — | -90.91 | — | -16.96 | 2.29 | -7.27 | -10.17 |
Net cash position: cash ($25M) exceeds total debt ($11M)
AEHR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Aehr Test Systems's current ratio of 5.68x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 2.99x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 5.46x to 5.68x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.68 | 5.68 | 9.31 | 5.46 | 5.45 | 2.12 | 4.57 | 3.63 | 2.64 | 3.73 | 1.87 |
| Quick Ratio | 2.99 | 2.99 | 5.75 | 3.99 | 4.08 | 1.14 | 2.50 | 1.99 | 1.83 | 2.89 | 0.37 |
| Cash Ratio | 1.61 | 1.61 | 4.68 | 2.94 | 2.86 | 0.51 | 1.41 | 0.98 | 1.51 | 2.26 | 0.20 |
| Asset Turnover | — | 0.40 | 0.52 | 0.66 | 0.82 | 0.77 | 1.08 | 0.99 | 0.95 | 0.61 | 1.44 |
| Inventory Turnover | 0.83 | 0.83 | 0.90 | 1.35 | 1.80 | 1.19 | 1.74 | 1.48 | 1.90 | 1.83 | 1.33 |
| Days Sales Outstanding | — | 110.12 | 55.10 | 93.24 | 92.34 | 114.38 | 60.86 | 84.23 | 35.27 | 77.45 | 13.14 |
AEHR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Aehr Test Systems returns 0.0% to shareholders annually primarily through share buybacks.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 9.7% | 1.5% | 4.1% | — | — | — | 0.8% | — | — |
| FCF Yield | — | — | 0.3% | 0.9% | 0.5% | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.3% | 0.5% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.3% | 0.5% | 0.2% | 0.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $30M | $30M | $29M | $28M | $23M | $23M | $22M | $23M | $16M | $13M |
Peer Comparison
Compare AEHR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AEHRYou | $3B | -744.1 | — | — | 40.6% | -7.3% | -3.2% | -3.0% | — |
 COHU | $2B | -31.2 | — | 217.2 | 34.5% | -13.3% | -9.0% | -5.7% | — |
 ACLS | $6B | 45.0 | 39.7 | 51.8 | 44.9% | 14.2% | 11.7% | 9.6% | 0.3 |
 ONTO | $15B | 105.8 | 73.9 | 48.8 | 49.7% | 13.2% | 6.8% | 5.7% | 0.1 |
 ICHR | $3B | -47.1 | — | — | 9.3% | -4.1% | -7.7% | -3.9% | — |
 FORM | $12B | 216.1 | 104.1 | 990.2 | 39.1% | 8.2% | 5.5% | 5.4% | 0.4 |
 KLIC | $5B | 9999.0 | — | 50.9 | 46.8% | -5.3% | 0.0% | -3.7% | — |
 MKSI | $20B | 67.2 | 26.2 | 39.8 | 40.4% | 14.4% | 11.7% | 6.5% | 5.2 |
 CAMT | $7B | 83.7 | — | — | 48.9% | 25.2% | 23.1% | 13.7% | 1.7 |
 PLAB | $3B | 22.8 | 8.8 | 50.3 | 35.3% | 24.5% | 8.9% | 15.5% | 0.0 |
 WOLF | $2B | -1.3 | — | — | -16.1% | -175.4% | -739.9% | -17.1% | — |
| Technology Median | — | 27.2 | 17.3 | 19.8 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
See AEHR's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs AEHR Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare AEHR vs COHU
Side-by-side business, growth, and profitability comparison vs Cohu, Inc..
Start ComparisonAEHR — Frequently Asked Questions
Quick answers to the most common questions about buying AEHR stock.
What is Aehr Test Systems's P/E ratio?
Aehr Test Systems's current P/E ratio is -744.1x. The historical average is 43.3x.
What is Aehr Test Systems's ROE?
Aehr Test Systems's return on equity (ROE) is -3.2%. The historical average is -26.6%.
Is AEHR stock overvalued?
Based on historical data, Aehr Test Systems is trading at a P/E of -744.1x. Compare with industry peers and growth rates for a complete picture.
What are Aehr Test Systems's profit margins?
Aehr Test Systems has 40.6% gross margin and -7.3% operating margin.