Latest Ratios: P/E Ratio 79.2x · EV/EBITDA 44.6x · 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 | $11.6B | $8.1B | $4.4B | $4.1B | $3.2B | $3.5B | $3.7B | $2.7B | $1.7B | $2.7B | $2.2B |
| Enterprise Value | $11.5B | $8.0B | $4.3B | $4.1B | $3.3B | $3.5B | $3.7B | $2.8B | $1.3B | $2.3B | $1.9B |
| P/E Ratio → | 79.24 | 54.52 | 80.86 | 126.65 | 16.22 | 25.94 | 27.71 | 42.13 | 11.48 | 19.67 | 17.22 |
| P/S Ratio | 6.43 | 4.49 | 2.95 | 2.49 | 1.75 | 2.40 | 2.64 | 3.47 | 2.35 | 4.04 | 4.53 |
| P/B Ratio | 8.62 | 5.93 | 3.64 | 3.60 | 3.03 | 4.01 | 4.58 | 4.05 | 2.78 | 5.21 | 5.59 |
| P/FCF | 91.91 | 64.19 | 59.16 | 27.87 | 25.95 | 32.23 | 22.68 | 118.12 | 12.90 | 15.61 | 19.60 |
| P/OCF | 49.60 | 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 | 44.56 | 30.99 | 41.17 | 22.76 | 11.12 | 16.87 | 16.50 | 35.29 | 7.24 | 10.96 | 14.18 |
| EV / EBIT | 58.71 | 42.99 | 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 | 11.10 | 11.10 | 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 | 1.3% | 1.8% | 1.2% | 0.8% | 6.2% | 3.9% | 3.6% | 2.4% | 8.7% | 5.1% | 5.8% |
| FCF Yield | 1.1% | 1.6% | 1.7% | 3.6% | 3.9% | 3.1% | 4.4% | 0.8% | 7.8% | 6.4% | 5.1% |
| Buyback Yield | 0.3% | 0.4% | 0.0% | 1.0% | 0.8% | 2.2% | 0.3% | 0.0% | 5.6% | 1.1% | 0.0% |
| Total Shareholder Yield | 0.4% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AEIS stock.
Advanced Energy Industries, Inc.'s current P/E ratio is 79.2x. The historical average is 33.0x. This places it at the 86th percentile of its historical range.
Advanced Energy Industries, Inc.'s current EV/EBITDA is 44.6x. 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 79.2x. This is at the 86th 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 0.13% 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.
Key Metrics
Top Statement Risk
Margin dilution from mix
Metrics are mathematically derived from official filings.
Premium Multiple Priced for Perfection
AEIS trades at 84.6x trailing earnings and 47.6x EV/EBITDA, far above peers like MKSI at 27.1x, according to recent market data, implying aggressive growth expectations.
The forward P/E of 28.9x suggests the market expects substantial earnings growth, but the PEG of 45.2x indicates that the current price already discounts a steep acceleration. Compared to MKSI's EV/EBITDA of 27.1x, AEIS's 47.6x appears stretched, leaving little room for execution error. Investors should monitor whether the recent guidance raise can sustain this premium, as any miss could trigger a sharp de-rating.
Margin Expansion Nearing Cyclical Peak
Gross margin improved to 41.1% in 2026Q2 from 37.0% a year earlier, but operating margin at 16.6% still lags MKSI's 14.4%, based on reported figures, suggesting mix headwinds.
The sequential improvement in gross margin from 39.3% to 41.1% indicates strong cost control and favorable product mix, yet the pace of expansion is slowing. Operating margin of 16.6% is below the prior peak and remains sensitive to the rising share of lower-margin data center power. The gap between gross and operating margin highlights fixed R&D and service investments that may not scale linearly with revenue.
ROIC Recovery Still Below Cost of Capital
ROIC climbed to 5.0% in 2026Q2 from 2.0% a year earlier, but remains below the company's cost of capital, as per quarterly data, indicating value creation is still nascent.
The improvement in ROIC from 2.0% to 5.0% reflects operating leverage and higher asset turnover, yet the absolute level is modest for a company with a premium valuation. ROE of 3.8% is similarly low, suggesting that recent acquisitions have not yet generated returns above their cost. Investors should watch whether ROIC can sustainably exceed 10% as the semiconductor cycle matures.
Working Capital Drag Intensifies
Cash conversion cycle improved to 117 days in 2026Q2 from 162 days in 2024Q1, but inventory days remain elevated at 134, according to financial statements, signaling potential demand softness.
The reduction in CCC from 162 to 117 days is driven by faster collections and extended payables, yet DIO of 134 days is high and rising from 125 days a year ago. This inventory build may indicate preparation for future demand or a slowdown in sell-through. Asset turnover of 0.19x is stable but low, reflecting the capital-intensive nature of the business.
Debt-Funded Cash Distorts Balance Sheet
Debt-to-equity jumped to 0.93 in 2026Q2 from 0.49 in 2026Q1, with total debt at $1.4B, while cash also rose to $1.4B, as per balance sheet data, suggesting a leveraged liquidity position.
The sharp increase in leverage appears tied to a debt-funded cash build, possibly for M&A or working capital, but it raises interest coverage risk. Interest coverage of 21.2x remains comfortable, yet the D/EBITDA of 19.7x is elevated and could constrain future borrowing. Investors should monitor whether the cash is deployed at returns above the cost of debt.
Liquidity Cushion Masks Underlying Strain
Current ratio improved to 3.79 in 2026Q2 from 1.59 in 2026Q1, but quick ratio of 2.94 still relies on inventory, according to reported figures, which may be overstated.
The liquidity position appears robust on the surface, but the improvement is largely due to a surge in cash and short-term investments funded by debt. Inventory levels remain high, and if demand softens, the quick ratio could deteriorate quickly. The company's ability to weather a downturn depends on converting inventory to cash without margin erosion.
P/E Misleads on Cyclical Earnings
The trailing P/E of 84.6x overstates expensiveness because current earnings are near cyclical trough, while forward P/E of 28.9x better reflects normalized power, as per analyst estimates.
For a cyclical semiconductor equipment supplier, trailing P/E is distorted by depressed earnings during the downturn. The forward P/E of 28.9x is more meaningful, but even that may be misleading if the cycle peaks soon. Investors should use EV/EBITDA or P/FCF over a full cycle, and adjust for non-recurring items, to gauge true valuation.