Latest Ratios: P/E Ratio 839.7x · 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 | $1.7B | $2.8B | $282M | $341M | $965M | $233M | $53M | $38M | $39M | $59M | $75M |
| Enterprise Value | $1.6B | $2.7B | $268M | $298M | $941M | $202M | $53M | $36M | $34M | $48M | $63M |
| P/E Ratio → | 839.66 | — | — | 10.28 | 66.04 | 24.65 | — | — | — | 130.00 | — |
| P/S Ratio | 23.10 | 56.63 | 4.79 | 5.15 | 14.85 | 4.58 | 3.18 | 1.69 | 1.86 | 2.00 | 3.94 |
| P/B Ratio | 7.48 | 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 | 0.1% | — | — | 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
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AEHR stock.
Aehr Test Systems's current P/E ratio is 839.7x. The historical average is 43.3x. This places it at the 100th percentile of its historical range.
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 839.7x. This is at the 100th percentile of its historical P/E range. 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
Order-driven earnings and cash volatility
Metrics are mathematically derived from official filings.
Earnings Multiples Price a Recovery
According to the supplied valuation data, AEHR trades at a forward P/E of 70.67 and a P/S of 33.70, multiples that imply investors are capitalizing a durable margin recovery well beyond the company's recent loss-making record on reported figures.
The trailing P/E of -232.91 is not meaningful because TTM earnings are depressed and distorted by a one-time 2024Q4 gain, so the forward multiple is the more relevant anchor. Against peers, AEHR's P/B of 7.48 sits well above ACLS at 3.04 and ONTO at 4.06, which suggests the market is pricing future earnings power rather than current book value. Investors should monitor whether the 2027Q1 margin rebound proves sustainable, since the valuation leaves little room for another cyclical reversal.
Margin Rebound Rests on Volume
As reflected in reported quarterly figures, AEHR's operating margin swung from -49.2% in 2026Q2 to +18.3% in 2027Q1, a move that appears driven by volume leverage on fixed costs rather than a structural change in pricing power.
Gross margin recovered to 47.5% in 2027Q1, near the 50-54% range seen in 2024Q4 and 2025Q1, which suggests the manufacturing cost base absorbs volume well when orders arrive. The 21.8% net margin in 2027Q1 is flattered relative to operating margin, and the 143.8% net margin in 2024Q4 indicates non-operating items dominate reported bottom-line results. Operating profitability across the full ten-quarter window remains weak, warranting caution in extrapolating the latest quarter.
Returns Oscillate Without Compounding
Based on the reported ratio series, AEHR's ROIC moved between -3.3% and 3.8% across ten quarters, indicating returns on invested capital have not established a sustained positive trajectory.
ROE of 3.3% and ROA of 2.8% in 2027Q1 are the best readings in the window, but both follow multiple quarters of negative returns, so the signal reflects a single strong period rather than compounding. Peer ROIC of 9.6% at ACLS and 5.7% at ONTO shows the gap is material and appears structural to AEHR's lumpy revenue base rather than a temporary dip. Investors should watch whether gross margin strength translates into positive ROIC for consecutive quarters before concluding returns are durable.
Liquidity Ample but Cash-Timing Dependent
According to the reported balance sheets, AEHR's current ratio of 7.15 and quick ratio of 5.21 in 2027Q1 provide substantial short-term coverage, though the cushion depends heavily on a cash balance that rebuilt sharply in a single quarter.
The quick ratio remains high even after excluding inventory, which is significant given DIO of 324 days, suggesting the liquidity position is not inventory-dependent. However, the current ratio ranged from 5.68 to 10.97 over the period, and such swings may reflect customer deposit timing rather than a durable capital base. Under severe stress the position would likely hold near term given minimal debt, but the 2027Q1 cash surge warrants monitoring for reversal.
Misapplied Metric Obscures Cash Reality
Based on the reported ratio series, AEHR's ROE of 3.3% in 2027Q1 may be misread as durable profitability, when the figure is inflated by a volatile quarter and the 2024Q4 non-operating gain that distorts multi-period comparisons.
Return ratios built on reported net income can overstate earning power for a capital equipment supplier with lumpy orders, because a single large quarter can dominate the ratio. A cash-based alternative such as FCF margin or cumulative operating cash flow, which was roughly -$6.9M over the window, better reflects whether profits convert to cash. Investors should weigh cash conversion alongside ROE before treating the 2027Q1 reading as evidence of a sustained return profile.