Upside case
Bull case
$394+5.7%
AEIS would need investors to value it at roughly 42x earnings — about 2x more generous than today's 40x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated Jun 18, 2026
Advanced Energy Industries, Inc. (AEIS) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
24
analysts
15 bullish · 1 bearish · 24 covering AEIS
Strong Buy
0
Buy
15
Hold
8
Sell
1
Strong Sell
0
Consensus Target
$368
-1.3% vs today
Scenario Range
$188 – $394
Model bear to bull value window
Coverage
24
Published analyst ratings
Valuation Context
40.0x
Forward P/E · Market cap $14.2B
AEIS price targets
Three scenarios for where AEIS stock could go
Current
~$373
Confidence
46 / 100
Updated
Jun 18, 2026
Where we are now
Current · $373
Bear
$188
Base
$299
Bull
$394
Market caseClosest to today
Base case
$299-19.7%
At 32x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$188-49.4%
If investor confidence fades or macro conditions deteriorate, a 20x multiple contraction could push AEIS down roughly 49% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Advanced Energy Industries, Inc.
AEIS · NASDAQIndustrialsElectrical Equipment & PartsDecember year-end
Advanced Energy Industries designs and manufactures precision power conversion, measurement, and control solutions primarily for semiconductor manufacturing and industrial applications. It generates revenue through plasma power solutions (~60% of sales) for semiconductor fabrication, and thermal instrumentation and power control modules (~40%) for industrial processes. The company's moat lies in its deep expertise in high-precision power technology for mission-critical semiconductor manufacturing equipment—where reliability and precision are paramount.
Market Cap
$14.2B
Revenue TTM
$1.9B
Net Income TTM
$191M
Net Margin
10.0%
AEIS Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+10.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.50/$1.28
Revenue
$442M/$422M
Q4 2025
EPS
$1.74/$1.47
Revenue
$463M/$473M
Q1 2026
EPS
$1.94/$1.77
Revenue
$489M/$474M
Q2 2026
EPS
$2.09/$1.97
Revenue
$511M/$506M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.50/$1.28 | +17.2% | $442M/$422M | +4.7% |
| Q4 2025 | $1.74/$1.47 | +18.4% | $463M/$473M | -2.1% |
| Q1 2026 | $1.94/$1.77 | +9.6% | $489M/$474M | +3.3% |
| Q2 2026 | $2.09/$1.97 | +6.1% | $511M/$506M | +1.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$2.1B
+11.9% YoY
FY2
$2.4B
+14.3% YoY
EPS Outlook
FY1
$5.90
+30.6% YoY
FY2
$6.64
+12.7% YoY
Trailing FCF (TTM)$68M
FCF Margin: 3.6%
Next Earnings
August 4, 2026
Expected EPS
$2.20
Expected Revenue
$543M
AEIS beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
AEIS Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $1.8B
Product Mix
Latest annual revenue by segment or product family
Semiconductor Equipment
46.7%
+6.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
All others
36.5%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Semiconductor Equipment is the largest disclosed segment at 46.7% of FY 2025 revenue, up 6.0% YoY.
All others is the largest reported region at 36.5%, with no year-over-year comparison yet.
AEIS Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Expensive versus peers
Fair value est. $205 — implies -45.0% from today's price.
Premium to Fair Value
45.0%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
AEIS
97.0x
vs
S&P 500
24.4x
+297% premium
vs Industrials Trailing P/E
AEIS
97.0x
vs
Industrials
25.6x
+279% premium
vs AEIS 5Y Avg P/E
Today
97.0x
vs
5Y Average
60.8x
+59% premium
Forward PE
40.0x
S&P 500
18.8x
+112%
Industrials
21.2x
+89%
5Y Avg
—
—
Trailing PE
97.0x
S&P 500
24.4x
+297%
Industrials
25.6x
+279%
5Y Avg
60.8x
+59%
PEG Ratio
51.85x
S&P 500
1.66x
+3024%
Industrials
1.65x
+3046%
5Y Avg
—
—
EV/EBITDA
54.7x
S&P 500
15.2x
+259%
Industrials
13.9x
+293%
5Y Avg
24.6x
+122%
Price/FCF
112.5x
S&P 500
20.7x
+444%
Industrials
20.0x
+461%
5Y Avg
41.9x
+169%
Price/Sales
7.9x
S&P 500
3.1x
+155%
Industrials
1.6x
+404%
5Y Avg
2.8x
+180%
Dividend Yield
0.11%
S&P 500
1.91%
-94%
Industrials
1.21%
-91%
5Y Avg
0.36%
-70%
| Metric | AEIS | S&P 500 | Industrials | 5Y Avg AEIS |
|---|---|---|---|---|
| Forward PE | 40.0x | 18.8x+112% | 21.2x+89% | — |
| Trailing PE | 97.0x | 24.4x+297% | 25.6x+279% | 60.8x+59% |
| PEG Ratio | 51.85x | 1.66x+3024% | 1.65x+3046% | — |
| EV/EBITDA | 54.7x | 15.2x+259% | 13.9x+293% | 24.6x+122% |
| Price/FCF | 112.5x | 20.7x+444% | 20.0x+461% | 41.9x+169% |
| Price/Sales | 7.9x | 3.1x+155% | 1.6x+404% | 2.8x+180% |
| Dividend Yield | 0.11% | 1.91% | 1.21% | 0.36% |
AEIS trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolAEIS Financial Health
Verdict
Adequate
AEIS 12.2% ROIC signals a durable competitive advantage.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$1.9B
Revenue Growth
TTM vs prior year
+22.2%
Gross Margin
Gross profit as a share of revenue
38.7%
Operating Margin
Operating income divided by revenue
11.2%
Net Margin
Net income divided by revenue
10.0%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.51
Free Cash Flow (TTM)
Cash generation after capex
$68M
FCF Margin
FCF as share of revenue — the primary cash quality signal
3.6%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
12.2%
ROA
Return on assets, trailing twelve months
7.7%
Cash & Equivalents
Liquid assets on the balance sheet
$791M
Net Cash
Cash exceeds total debt — no net leverage
$112M
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
14.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.3%
Dividend
0.1%
Buyback
0.2%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$30M
Dividend / Share
Annualized trailing dividend per share
$0.40
Payout Ratio
Share of earnings distributed as dividends
10.5%
Shares Outstanding
Declining as buybacks retire shares
38M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageAEIS Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated June 18, 2026
Medium
Earnings Below Consensus
Proprietary model projects FY+1 EPS below consensus estimate, indicating potential underperformance.
High Risk
Market Share Risks
Despite strong positioning, incremental design wins and market share gains are critical for growth, with failure posing a significant risk.
Lower
Revenue Growth Uncertainty
Projected +11.9% revenue growth may face headwinds from industrial or operational challenges.
Medium
Margin Recovery Concerns
Order momentum and margin recovery are key to valuation expansion, with delays likely impacting share price.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why AEIS Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated June 18, 2026
AI data center expansion
AEIS is launching high-efficiency ADH DC-DC converters for 800 V AI data center power architectures, positioning it as a key player in AI infrastructure growth.
Strong financial performance
The company reported Q1 revenue of $511 million and net income of $66.8 million, while raising its Q2 outlook, demonstrating robust financial health.
Capital structure optimization
AEIS filed an omnibus shelf registration and plans to redeem its remaining 2.50% Convertible Senior Notes, indicating strategic financial management to strengthen its balance sheet.
Market share gains
The bull case includes AEIS securing incremental design wins and market share in power-conversion for semiconductor and industrial segments, driving growth.
Analyst confidence
With a consensus price target of $367.86 and a potential upside of 5.0%, analysts are bullish on AEIS's future performance.
Margin recovery potential
Improving order momentum and margin recovery could enable multiple expansion and share price appreciation to $330 within the investment horizon.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
AEIS Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$372.59
52W Range Position
91%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$124.20
+200.0% from the low
52-Week High
$397.00
-6.1% from the high
1 Month
+20.56%
3 Month
+16.57%
YTD
+67.8%
1 Year
+188.9%
3Y CAGR
+51.2%
5Y CAGR
+29.1%
10Y CAGR
+25.6%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
AEIS vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
40.0x
vs 29.9x median
+34% above peer median
Revenue Growth
+11.9%
vs +5.8% median
+104% above peer median
Net Margin
10.0%
vs 6.9% median
+45% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
AEI AEIS Advanced Energy Industries, Inc. | $14.2B | 40.0x | +11.9% | 10.0% | Buy | -1.3% |
MKS MKSI MKS Inc. | $27.4B | 34.7x | +11.3% | 8.0% | Buy | -20.8% |
ITR ITRI Itron, Inc. | $3.6B | 13.5x | +4.4% | 12.3% | Hold | +69.3% |
NOV NOVT Novanta Inc. | $5.5B | 43.3x | +5.8% | 5.3% | Buy | +15.9% |
GTL GTLS Chart Industries, Inc. | $10.0B | 29.9x | +8.7% | -0.6% | Buy | -6.8% |
FEL FELE Franklin Electric Co., Inc. | $4.6B | 22.7x | +5.5% | 6.9% | Hold | -4.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
AEIS Dividend and Capital Return
AEIS returns capital mainly through $30M/year in buybacks (0.2% buyback yield), with a modest 0.11% dividend — combining for 0.3% total shareholder yield.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
0.3%
Dividend + buyback return per year
Buyback Yield
0.2%
Dividend Yield
0.11%
Payout Ratio
10.5%
How AEIS Splits Its Return
Div 0.11%
Buyback 0.2%
Dividend 0.11%Buybacks 0.2%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.40
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
0.0%
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$30M
Estimated Shares Retired
81.1K
Approx. Share Reduction
0.2%
Shares Outstanding
Current diluted share count from the screening snapshot
38M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $0.20 | — | — | — |
| 2025 | $0.40 | 0.0% | 0.4% | 0.6% |
| 2024 | $0.40 | 0.0% | 0.0% | 0.4% |
| 2023 | $0.40 | 0.0% | 1.0% | 1.3% |
| 2022 | $0.40 | 0.0% | 0.8% | 1.3% |
FAQ
7 questionsAEIS Investor Questions
Common questions answered from live analyst data and company financials.
01Is Advanced Energy Industries, Inc. (AEIS) stock a buy or sell in 2026?
Advanced Energy Industries, Inc. (AEIS) is rated Buy by Wall Street analysts as of 2026. Of 24 analysts covering the stock, 15 rate it Buy or Strong Buy, 8 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $368, implying -1.3% from the current price of $373. The bear case scenario is $188 and the bull case is $394.
02What is the AEIS stock price target for 2026?
The Wall Street consensus price target for AEIS is $368 based on 24 analyst estimates. The high-end target is $430 (+15.4% from today), and the low-end target is $225 (-39.6%). The base case model target is $299.
03Is Advanced Energy Industries, Inc. (AEIS) stock overvalued in 2026?
AEIS trades at 40.0x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals expensive versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Advanced Energy Industries, Inc. (AEIS) stock in 2026?
The primary risks for AEIS in 2026 are: (1) Market Share Risks — Despite strong positioning, incremental design wins and market share gains are critical for growth, with failure posing a significant risk. (2) Earnings Below Consensus — Proprietary model projects FY+1 EPS below consensus estimate, indicating potential underperformance. (3) Margin Recovery Concerns — Order momentum and margin recovery are key to valuation expansion, with delays likely impacting share price. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Advanced Energy Industries, Inc.'s revenue and earnings forecast?
Analyst consensus estimates AEIS will report consensus revenue of $2.1B (+11.9% year-over-year) and EPS of $5.90 (+30.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $2.4B in revenue.
06When does Advanced Energy Industries, Inc. (AEIS) report its next earnings?
Advanced Energy Industries, Inc. is expected to report its next earnings on approximately 2026-08-04. Consensus expects EPS of $2.20 and revenue of $543M. Over recent quarters, AEIS has beaten EPS estimates 92% of the time.
07How much free cash flow does Advanced Energy Industries, Inc. generate?
Advanced Energy Industries, Inc. (AEIS) generated $68M in free cash flow over the trailing twelve months — a free cash flow margin of 3.6%. AEIS returns capital to shareholders through dividends (0.1% yield) and share repurchases ($30M TTM).