Latest Ratios: P/E Ratio 90.7x · EV/EBITDA 51.0x · ROE 11.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $13.2B | $8.1B | $4.4B | $4.1B | $3.2B | $3.5B | $3.7B | $2.7B | $1.7B | $2.7B | $2.2B |
| Enterprise Value | $13.1B | $8.0B | $4.3B | $4.1B | $3.3B | $3.5B | $3.7B | $2.8B | $1.3B | $2.3B | $1.9B |
| P/E Ratio → | 90.66 | 54.52 | 80.86 | 126.65 | 16.22 | 25.94 | 27.71 | 42.13 | 11.48 | 19.67 | 17.22 |
| P/S Ratio | 7.36 | 4.49 | 2.95 | 2.49 | 1.75 | 2.40 | 2.64 | 3.47 | 2.35 | 4.04 | 4.53 |
| P/B Ratio | 9.86 | 5.93 | 3.64 | 3.60 | 3.03 | 4.01 | 4.58 | 4.05 | 2.78 | 5.21 | 5.59 |
| P/FCF | 105.17 | 64.19 | 59.16 | 27.87 | 25.95 | 32.23 | 22.68 | 118.12 | 12.90 | 15.61 | 19.60 |
| P/OCF | 56.75 | 34.64 | 33.46 | 19.73 | 17.62 | 24.90 | 18.57 | 56.64 | 11.17 | 14.84 | 18.47 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.43 | 2.92 | 2.48 | 1.77 | 2.37 | 2.61 | 3.60 | 1.86 | 3.43 | 3.95 |
| EV / EBITDA | 51.04 | 30.99 | 41.17 | 22.76 | 11.12 | 16.87 | 16.50 | 35.29 | 7.24 | 10.96 | 14.18 |
| EV / EBIT | 67.25 | 40.83 | 55.82 | 29.50 | 13.09 | 22.67 | 19.51 | 47.83 | 7.62 | 11.47 | 14.91 |
| EV / FCF | — | 63.30 | 58.48 | 27.72 | 26.15 | 31.85 | 22.41 | 122.49 | 10.23 | 13.27 | 17.08 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 37.2% | 37.2% | 35.7% | 35.8% | 36.6% | 36.6% | 38.3% | 40.0% | 50.9% | 53.1% | 52.3% |
| Operating Margin | 10.9% | 10.9% | 2.5% | 6.9% | 12.6% | 10.4% | 12.4% | 6.9% | 23.9% | 29.9% | 26.2% |
| Net Profit Margin | 8.2% | 8.2% | 3.7% | 7.7% | 10.8% | 9.3% | 9.5% | 8.2% | 20.5% | 20.5% | 26.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.6% | 11.6% | 4.6% | 11.6% | 20.6% | 16.0% | 18.0% | 10.1% | 26.1% | 30.2% | 38.9% |
| ROA | 6.2% | 6.2% | 2.3% | 5.6% | 10.5% | 7.8% | 8.5% | 5.5% | 19.0% | 21.1% | 24.4% |
| ROIC | 12.2% | 12.2% | 2.4% | 7.7% | 18.2% | 14.2% | 17.1% | 7.9% | 69.3% | 134.8% | 88.7% |
| ROCE | 11.1% | 11.1% | 1.8% | 6.0% | 15.3% | 10.8% | 13.7% | 5.7% | 25.7% | 36.4% | 30.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.56 | 0.89 | 0.45 | 0.58 | 0.53 | 0.66 | — | — | — |
| Debt / EBITDA | 2.64 | 2.64 | 6.39 | 5.67 | 1.65 | 2.46 | 1.94 | 5.56 | — | — | — |
| Net Debt / Equity | — | -0.08 | -0.04 | -0.02 | 0.02 | -0.05 | -0.06 | 0.15 | -0.58 | -0.78 | -0.72 |
| Net Debt / EBITDA | -0.44 | -0.44 | -0.48 | -0.12 | 0.09 | -0.20 | -0.20 | 1.26 | -1.89 | -1.94 | -2.09 |
| Debt / FCF | — | -0.89 | -0.68 | -0.15 | 0.21 | -0.37 | -0.28 | 4.37 | -2.67 | -2.35 | -2.52 |
| Interest Coverage | 11.69 | 11.69 | 3.09 | 8.39 | 34.00 | 42.59 | — | — | — | — | — |
Net cash position: cash ($791M) exceeds total debt ($679M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.59 | 1.59 | 4.42 | 5.10 | 3.02 | 3.14 | 3.31 | 2.71 | 5.15 | 5.61 | 4.61 |
| Quick Ratio | 1.17 | 1.17 | 3.27 | 4.10 | 2.07 | 2.23 | 2.56 | 1.99 | 4.26 | 4.87 | 4.02 |
| Cash Ratio | 0.80 | 0.80 | 2.30 | 3.11 | 1.17 | 1.47 | 1.63 | 1.09 | 3.19 | 3.87 | 3.02 |
| Asset Turnover | — | 0.71 | 0.66 | 0.65 | 0.93 | 0.80 | 0.86 | 0.51 | 0.88 | 0.92 | 0.85 |
| Inventory Turnover | 2.75 | 2.75 | 2.64 | 3.16 | 3.11 | 2.73 | 3.95 | 2.06 | 3.61 | 4.01 | 4.13 |
| Days Sales Outstanding | — | 65.99 | 65.34 | 62.26 | 59.47 | 59.47 | 61.87 | 116.03 | 52.12 | 48.26 | 58.22 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.1% | 0.2% | 0.4% | 0.4% | 0.5% | 0.4% | — | — | — | — | — |
| Payout Ratio | 10.5% | 10.5% | 28.3% | 11.9% | 7.6% | 11.4% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 1.8% | 1.2% | 0.8% | 6.2% | 3.9% | 3.6% | 2.4% | 8.7% | 5.1% | 5.8% |
| FCF Yield | 1.0% | 1.6% | 1.7% | 3.6% | 3.9% | 3.1% | 4.4% | 0.8% | 7.8% | 6.4% | 5.1% |
| Buyback Yield | 0.2% | 0.4% | 0.0% | 1.0% | 0.8% | 2.2% | 0.3% | 0.0% | 5.6% | 1.1% | 0.0% |
| Total Shareholder Yield | 0.3% | 0.6% | 0.4% | 1.3% | 1.3% | 2.7% | 0.3% | 0.0% | 5.6% | 1.1% | 0.0% |
| Shares Outstanding | — | $39M | $38M | $38M | $38M | $38M | $39M | $38M | $39M | $40M | $40M |
Cyclical Semiconductor Exposure
According to current market data, AEIS trades at a forward P/E of 37.30, which appears to price in significant future earnings expansion relative to its historical averages and broader industrial peers, despite the inherent volatility of its semiconductor-exposed revenue base and recent margin compression trends.
The elevated P/S ratio of 7.36 suggests that investors are paying a premium for the company's technical moat in RF power, yet the P/FCF of 105.15 indicates that current cash generation is insufficient to justify such high valuation multiples. This discrepancy warrants caution, as the market may be over-extrapolating recent revenue growth without fully accounting for the capital-intensive nature of the business's current expansion phase.
Based on reported figures, AEIS has struggled to generate meaningful returns, with ROIC hovering at a modest 3.9% in 2026Q1, which suggests that the company is currently failing to exceed its cost of capital despite its dominant position in the semiconductor etch and deposition power market.
The persistent low ROIC trend over the last ten quarters indicates that recent acquisitions and increased capital expenditures have yet to yield the expected synergies or margin improvements. Investors should monitor whether the company can improve its asset turnover, which remains low at 0.20, to drive better capital efficiency as the semiconductor cycle matures.
As reported in financial statements, the cash conversion cycle has remained elevated at 116 days in 2026Q1, driven primarily by a bloated inventory position of 126 days, which suggests that the company is carrying significant excess stock that may be vulnerable to rapid technological obsolescence.
The high DIO relative to historical levels indicates that AEIS is struggling to align its supply chain with the lumpy demand patterns of its OEM customers. This inefficiency in working capital management is a primary contributor to the disconnect between reported net income and actual cash flow generation, necessitating a more disciplined approach to inventory procurement.
According to recent quarterly filings, AEIS maintains a current ratio of 1.59 and a quick ratio of 1.13, which, while lower than the peaks observed in 2024, provides a sufficient liquidity buffer to navigate potential downturns in the semiconductor capital equipment spending cycle.
The company's ability to maintain a low D/E ratio of 0.49 despite significant investments in infrastructure demonstrates a conservative financial posture that protects against interest rate sensitivity. This liquidity position is a key defensive asset, allowing the firm to sustain R&D spending even when operating cash flows are temporarily pressured by working capital absorption.
Based on the provided financial statements, the P/E ratio is a misleading metric for AEIS because it fails to account for the massive divergence between accounting net income and actual free cash flow caused by significant working capital outflows and rising capital expenditure requirements.
Investors should prioritize FCF yield or EV/EBITDA over P/E, as the latter is distorted by non-cash charges and the lumpy nature of revenue recognition in the industrial power segment. Relying on P/E obscures the reality that the company is currently consuming cash to fuel growth, which may not be sustainable if the semiconductor cycle turns downward.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AEIS stock.
Advanced Energy Industries, Inc.'s current P/E ratio is 90.7x. The historical average is 33.0x. This places it at the 95th percentile of its historical range.
Advanced Energy Industries, Inc.'s current EV/EBITDA is 51.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.4x.
Advanced Energy Industries, Inc.'s return on equity (ROE) is 11.6%. The historical average is 6.9%.
Based on historical data, Advanced Energy Industries, Inc. is trading at a P/E of 90.7x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Advanced Energy Industries, Inc.'s current dividend yield is 0.12% with a payout ratio of 10.5%.
Advanced Energy Industries, Inc. has 37.2% gross margin and 10.9% operating margin. Operating margin between 10-20% is typical for established companies.
Advanced Energy Industries, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.