Last 46 quarters of trend data · Technology · Semiconductors
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -886.92 | — | — | — | — | — | 170.52 | 3.55 | — | 28.07 | 80.87 | 39.96 | 59.26 |
| — | — | — | — | — | — | +110.9% | -91.1% | — | -44.8% | -54.4% | +286.8% | +35.4% | |
| P/S Ratio | 59.88 | 17.46 | 17.02 | 5.05 | 3.91 | 6.55 | 8.59 | 5.11 | 15.52 | 7.97 | 18.32 | 10.96 | 14.23 |
| — | +166.4% | +98.1% | -1.1% | -74.8% | -17.8% | -53.1% | -53.4% | +9.1% | -37.7% | +86.8% | +271.6% | +121.7% | |
| P/B Ratio | 27.76 | 5.28 | 6.10 | 2.32 | 2.31 | 2.86 | 3.68 | 3.04 | 5.43 | 7.84 | 18.86 | 12.92 | 14.27 |
| — | +84.4% | +65.8% | -23.8% | -57.5% | -63.5% | -80.5% | -76.5% | -62.0% | -41.4% | +132.1% | +175.1% | +60.0% | |
| P/FCF | — | — | — | — | — | — | 51.62 | 71.96 | — | — | 104.47 | 52.12 | — |
| — | — | — | — | — | — | -50.6% | +38.1% | — | — | +436.8% | — | — | |
| EV / EBITDA | — | — | — | — | — | — | 144.68 | 25.41 | — | 28.48 | 86.22 | 41.41 | 61.49 |
| — | — | — | — | — | — | +67.8% | -38.6% | — | -44.8% | -50.8% | +367.8% | +58.7% | |
| EV / EBIT | — | — | — | — | — | — | 128.86 | 23.70 | — | 26.17 | 78.19 | 38.91 | 58.38 |
| — | — | — | — | — | — | +64.8% | -39.1% | — | -47.0% | -50.8% | +332.3% | +46.4% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Aehr Test Systems's operating margin was -49.2% in Q2 2026, down 12.2 pp QoQ and down 38.0 pp YoY. This marks the 4th consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of -27.3% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin contracted 35.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 25.7% | 33.9% | 30.3% | 39.2% | 40.1% | 54.0% | 50.9% | 41.7% | 51.1% | 48.4% | 51.5% | 51.6% |
| — | -35.9% | -37.2% | -40.4% | -6.0% | -21.5% | +11.5% | -1.3% | -19.1% | -4.2% | +15.2% | -0.1% | +23.2% | |
| Operating Margin | -7.3% | -49.2% | -37.1% | -16.6% | -6.1% | -11.2% | 1.2% | 15.3% | -27.1% | 25.5% | 20.0% | 25.3% | 22.0% |
| — | -337.8% | -3158.4% | -208.5% | +77.4% | -144.1% | -93.9% | -39.6% | -222.7% | +8.5% | +364.9% | -11.7% | +49.3% | |
| Net Margin | -6.6% | -32.7% | -19.0% | -20.6% | -3.5% | -7.6% | 5.0% | 143.8% | -19.4% | 28.4% | 22.7% | 27.4% | 24.0% |
| — | -327.7% | -477.6% | -114.3% | +81.9% | -126.9% | -77.8% | +423.9% | -181.0% | +13.0% | +310.6% | -3.9% | +63.6% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.2% | -2.6% | -1.7% | -2.3% | -0.5% | -0.8% | 0.6% | 24.1% | -1.7% | 7.3% | 6.0% | 8.5% | 6.6% |
| — | -204.9% | -401.4% | -109.7% | +69.3% | -111.5% | -90.6% | +184.3% | -125.7% | +5.7% | +422.3% | -30.5% | +24.7% | |
| ROA | -2.6% | -2.2% | -1.4% | -2.0% | -0.4% | -0.7% | 0.5% | 20.8% | -1.5% | 5.9% | 4.6% | 6.7% | 5.4% |
| — | -209.2% | -395.5% | -109.5% | +69.2% | -112.1% | -89.5% | +210.6% | -126.7% | +2.1% | +382.9% | -30.8% | +40.1% | |
| ROIC | -3.0% | -3.3% | -2.8% | -1.7% | -0.9% | -1.2% | 0.1% | 3.3% | -3.5% | 10.4% | 7.1% | 7.7% | 5.9% |
| — | -174.2% | -1969.8% | -150.2% | +75.5% | -111.6% | -97.9% | -56.6% | -158.8% | +9.1% | +277.6% | -70.3% | -64.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
The current ratio has improved 40.6% YoY to 10.62x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.09 | 0.08 | 0.09 | 0.09 | 0.05 | 0.05 | 0.05 | 0.06 | 0.07 | 0.07 | 0.08 | 0.08 | 0.09 |
| — | +48.8% | +58.4% | +58.7% | -28.9% | -29.0% | -30.0% | -33.4% | -21.7% | +576.9% | +395.3% | +322.4% | +243.4% | |
| Debt / EBITDA | — | — | — | — | — | — | 9.25 | 2.13 | — | 1.14 | 1.47 | 1.10 | 1.62 |
| — | — | — | — | — | — | +527.1% | +94.2% | — | +565.3% | -0.9% | +542.5% | +217.3% | |
| Current Ratio | 5.68 | 10.62 | 7.06 | 5.68 | 5.71 | 7.55 | 6.03 | 9.31 | 10.06 | 11.53 | 5.00 | 5.46 | 8.16 |
| — | +40.6% | +17.1% | -39.0% | -43.3% | -34.5% | +20.6% | +70.6% | +23.3% | +89.1% | -16.6% | +0.2% | +89.2% | |
| Quick Ratio | 2.99 | 5.47 | 3.54 | 2.99 | 3.07 | 3.82 | 3.24 | 5.75 | 5.91 | 7.28 | 3.36 | 3.99 | 5.85 |
| — | +43.4% | +9.4% | -47.9% | -48.0% | -47.5% | -3.5% | +43.9% | +1.0% | +64.5% | -21.0% | -2.2% | +82.5% | |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 46 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 is -886.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Aehr Test Systems's current operating margin is -7.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Aehr Test Systems's business trajectory between earnings reports.