Aehr Test Systems (AEHR) financials
NASDAQ · Technology · Semiconductors · 138 employees · CEO Gayn Erickson
- Price
- $54.89 -10.33%
- Market cap
- $1.79B
- Enterprise value
- $1.69B
- Last report
- Q4 '26 filed 2026-07-27
- Next report
- 2026-11-02
Revenue (TTM)$50.9M-13.7% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-27.8%-19.6 pp vs a year agoOperating income -$14.2M
Net income (TTM)-$7.13M-82.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$5.38M+56.6% vs a year agoCapex $2.07M
Diluted EPS (TTM)-$0.23-75.3% vs a year agoSum of the last 4 quarters
Net cash$106M+639.5% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $1.79B EV $1.69B
- Revenue
- $50.9M Trailing 12 months
- Revenue growth
- +170% FY2027 consensus
- Profit margin
- -14.0% Net income / revenue, TTM
- P/E
- -238.7× Forward 72.4× (FY2027)
- P/S
- 35.2× Price / sales, TTM
- EV / EBITDA
- -205.5× TTM
- Free cash flow
- -$5.38M Trailing 12 months
- Net income
- -$7.13M Trailing 12 months
- Revenue estimate
- $135M FY2027 consensus
- Earnings
- 2026-11-02
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 40.2% year on yearQ4 '26 revenue $19.8M, against an average of -25.4% over the four quarters before.
- Operating margin -27.8% (TTM), -19.6 pp on a year agoOperating income grew -194.1% while revenue grew -13.7%.
- Capex 4.1% of revenue (a year ago 8.5%)$2.07M invested in the last 4 quarters (-58.6% on a year earlier). Free cash flow -$5.38M.
- Diluted share count up 2.8% in a year30.7M diluted shares in Q4 '26, 29.8M a year earlier.
- Net cash $106MCash + short-term investments $116M, debt incl. leases $9.88M; a year ago net cash $14.4M.
Last quarter: Q4 '26
Quarter ended 2026-05-29. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $19.8M | $14.1M | +40.2% |
| Gross margin | 40.6% | 30.3% | +10.3 pp |
| Operating income | -$993K | -$2.34M | +57.6% |
| Operating margin | -5.0% | -16.6% | +11.6 pp |
| Net income | $1.39M | -$2.9M | +148.0% |
| Diluted EPS | $0.05 | -$0.10 | +151.0% |
| Operating cash flow | $1.21M | -$2.3M | +152.6% |
| Capex | $134K | $2.82M | -95.2% |
| Free cash flow | $1.08M | -$5.12M | +121.0% |
| R&D | $3.65M | $2.69M | +35.7% |
| Stock-based compensation | $1.87M | $1.42M | +31.2% |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Contactors | $2.61M | -78.4% | 23.8% | – | – | |
| Systems | $6.76M | +11,173.3% | 61.7% | – | – | |
| Products | – | – | – | – | – | |
| Services | $1.59M | +65.0% | 14.5% | – | – |
Revenue by region
share of total| Segment | Q1 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Asia | $2.48M | -80.3% | 22.6% | – | – | |
| United States | $4.81M | +820.1% | 43.9% | – | – | |
| Europe | $3.68M | +20,350.0% | 33.6% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- -$3.31M
- Capex
- -$2.07M
- Buybacks
- -$2.36M
- Dividends
- $0
- Acquisitions
- -$1.8M
- Net debt issued
- $0
- Stock-based compensation
- $6.76M
- Free cash flow
- -$5.38M
- Returned to shareholders / FCF
- -44.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -238.7× | 32.3× 3 of 5 years | 10.0× – 63.5× |
| EV / EBITDA | -205.5× | 33.1× 3 of 5 years | 19.0× – 59.3× |
| EV / Sales | 33.1× | 16.2× | 3.7× – 54.5× |
| Price / FCF | -333.5× | 211.7× 3 of 5 years | 106.1× – 329.4× |
| Price / Book | 7.7× | 6.9× | 2.3× – 12.9× |
| FCF yield | -0.3% | -0.6% | -4.4% – 0.9% |
| Return on invested capital | -3.7% | 6.6% | -3.7% – 16.2% |
| Return on equity | -4.7% | 12.2% | -3.2% – 29.7% |
Analysts
Consensus target $132.50 (+141.4%)
range $110.00 – $175.00 · rating Hold
Strong buy0
Buy1
Hold2
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $135M | +170.3% | $0.76 | +429.6% | 72.4× | 2 |
| FY2028 | $137M | +1.6% | $0.71 | -7.0% | 77.9× | 2 |
| FY2029 | $217M | +57.7% | $1.32 | +87.2% | 41.6× | 1 |
| FY2030 | $247M | +14.2% | $0.91 | -31.1% | 60.3× | 1 |
| FY2031 | $288M | +16.5% | $1.65 | +81.3% | 33.3× | 1 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 217 figures Aehr Test Systems tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | $1K | – | – | |
| – | – | – | 0.0% | – | – | |
| Accounts Payable, Current | $6.75M | $6.73M | +0.4% | $6.75M | $6.73M | +0.4% |
| Accounts Receivable, after Allowance for Credit Loss | $17.5M | $14.2M | +23.1% | $17.5M | $14.2M | +23.1% |
| Accretion (Amortization) of Discounts and Premiums, Investments | – | – | – | $0 | $0 | – |
| Accrued Professional Fees, Current | $576K | $436K | +32.1% | $576K | $436K | +32.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $6.98M | $5.47M | +27.6% | $6.98M | $5.47M | +27.6% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$105K | -$126K | +16.7% | -$105K | -$126K | +16.7% |
| Additional Paid in Capital | $249M | $146M | +71.2% | $249M | $146M | +71.2% |
| Adjustments to Additional Paid in Capital, Fair Value | – | – | – | $700K2025-05-30 | – | – |
| Amortization of Intangible Assets | $300K | $300K | 0.0% | $1.2M | $1.2M | 0.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | -82K | 135K | -160.7% | 1.77M | 1.78M | -0.9% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.88M | $1.25M | +50.0% | $6.83M | $5.15M | +32.6% |
| Asset Impairment Charges | – | – | – | $0 | $584K | -100.0% |
| AssetAcquisitionConsiderationTransferred | – | – | – | $22.2M2025-05-30 | – | – |
| Assets | $247M | $149M | +66.1% | $247M | $149M | +66.1% |
| Assets, Current | $184M | $88.8M | +107.8% | $184M | $88.8M | +107.8% |
| Business Combination, Acquisition Related Costs | – | – | – | $500K2025-05-30 | – | – |
| Capitalized Costs, Asset Retirement Costs | $400K2025-08-29 | $400K | 0.0% | – | – | – |
| Cash and Cash Equivalents, at Carrying Value | $116M | $24.5M | +374.4% | $116M | $24.5M | +374.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $117M | $26.5M | +340.0% | $117M | $26.5M | +340.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $79.4M | -$4.88M | +1,727.7% | $90M | -$22.8M | +494.4% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 75M | 75M | 0.0% | 75M | 75M | 0.0% |
| Common Stock, Shares, Issued | 32.5M | 29.9M | +8.7% | 32.5M | 29.9M | +8.7% |
| Common Stock, Shares, Outstanding | 32.5M | 29.9M | +8.7% | 32.5M | 29.9M | +8.7% |
| Common Stock, Value, Issued | $325K | $299K | +8.7% | $325K | $299K | +8.7% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.37M | -$2.84M | +148.2% | -$7.11M | -$3.88M | -83.2% |
| Construction in Progress, Gross | $405K | $362K | +11.9% | $405K | $362K | +11.9% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $1.9M | $3.6M | -47.2% | $1.9M | $3.6M | -47.2% |
| Contract with Customer, Liability | $5.2M | $2M | +160.0% | $5.2M | $2M | +160.0% |
| Contract with Customer, Liability, Revenue Recognized | $100K | $100K | 0.0% | $1.9M | $1.3M | +46.2% |
| Cost of Revenue | $10.8M | $9.82M | +10.2% | $32.4M | $35M | -7.7% |
| Current Federal Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Current Foreign Tax Expense (Benefit) | – | – | – | $105K | $33K | +218.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $0 | $7K | -100.0% |
| Customer Deposits, Current | $1.72M2026-02-27 | – | – | $1.25M2024-05-31 | $2.69M | -53.6% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$4.17M | -$409K | -919.6% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $0 | $0 | – |
| Deferred Income Tax Assets, Net | $23.8M | $19.1M | +24.7% | $23.8M | $19.1M | +24.7% |
| Deferred Income Taxes and Tax Credits | -$1.95M | -$128K | -1,420.3% | -$4.72M | -$421K | -1,020.0% |
| Deferred Revenue | $638K | $179K | +256.4% | $638K | $179K | +256.4% |
| Deferred Revenue, Current | $5.19M | $1.98M | +162.1% | $5.19M | $1.98M | +162.1% |
| Deferred Revenue, Noncurrent | $34K | $36K | -5.6% | $34K | $36K | -5.6% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$545K | -$12K | -4,441.7% |
| Deferred Tax Assets, Gross | $28.8M | $24.3M | +18.6% | $28.8M | $24.3M | +18.6% |
| Deferred Tax Assets, Inventory | $1.15M | $1.07M | +7.8% | $1.15M | $1.07M | +7.8% |
| Deferred Tax Assets, Net | $23.8M | $19.1M | +24.7% | $23.8M | $19.1M | +24.7% |
| Deferred Tax Assets, Operating Loss Carryforwards | $13.3M | $7.95M | +67.5% | $13.3M | $7.95M | +67.5% |
| Deferred Tax Assets, Other | $45K | $28K | +60.7% | $45K | $28K | +60.7% |
| Deferred Tax Assets, Tax Credit Carryforwards | $6.62M | $6.68M | -0.9% | $6.62M | $6.68M | -0.9% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves | $1.57M | $1.37M | +14.8% | $1.57M | $1.37M | +14.8% |
| Deferred Tax Assets, Valuation Allowance | $0 | $0 | – | $0 | $0 | – |
| Deferred Tax Liabilities, Deferred Expense, Capitalized Research and Development Costs | $3.16M | $4.29M | -26.5% | $3.16M | $4.29M | -26.5% |
| Deferred Tax Liabilities, Intangible Assets | $2.22M | $2.29M | -2.7% | $2.22M | $2.29M | -2.7% |
| Deferred Tax Liabilities, Leasing Arrangements | $2.07M | $2.04M | +1.9% | $2.07M | $2.04M | +1.9% |
| Deferred Tax Liabilities, Other Finite-Lived Assets | $686K | $860K | -20.2% | $686K | $860K | -20.2% |
| Depreciation | $400K | $400K | 0.0% | $1.5M | $1M | +50.0% |
| Depreciation, Depletion and Amortization, Nonproduction | $689K | $739K | -6.8% | $2.8M | $2.31M | +21.1% |
| Earnings Per Share, Basic | $0.05 | -$0.10 | +150.0% | -$0.23 | -$0.13 | -76.9% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-05-29, 10-Q 2026-02-27, 10-Q 2025-11-28, 10-Q 2025-08-29, 10-K 2025-05-30, 10-Q 2025-02-28, 10-Q 2024-11-29, 10-Q 2024-08-30, 10-K 2024-05-31
Data as of 2026-11-02