AEHR

Aehr Test Systems

Fundamental data last updated:June 7, 2026

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company profile

SECTOR

Technology

industry

Semiconductors

Exchange

NASDAQ

County of HQ

US

Next Earnings Date

07/14/2026

Business Summary

Aehr Test Systems provides test systems for burning-in and testing logic, optical, and memory integrated circuits worldwide. It offers products, such as the ABTS and FOX-P families of test and burn-in systems and FOX WaferPak Aligner, FOX-XP WaferPak Contactor, FOX DiePak Carrier, and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for lower power and higher power logic devices, as well as various common types of memory devices. The FOX-XP and FOX-NP systems are wafer contact and singulated die/module test and burn-in systems used for burn-in and functional test of complex devices, such as memories, digital signal processors, microprocessors, microcontrollers, systems-on-a-chip, and integrated optical devices. The FOX-CP system is a single-wafer compact test and reliability verification solution for logic, memory, and photonic devices. The WaferPak Contactor contains a unique full wafer probe card capable of testing wafers up to 300mm that enables IC manufacturers to perform test and burn-in of full wafers on Aehr Test FOX systems. The DiePak Carrier is a reusable, temporary package that enables IC manufacturers to perform final test and burn-in of bare die and modules. Aehr Test Systems was incorporated in 1977 and is headquartered in Fremont, California.

 


VALUATION

P/E

-268.85

Market Cap ($M USD)

$3.15B

Forward P/E

87.71

PEG

0.22

PRICE TO SALES

69.50

PRICE TO BOOK

22.11

EV / EBITDA

-229.88

5-Year Average P/E

Free Cash Flow Yield

-0.37%

DCF Value

$-1.49

Graham Number

N/A

Price to FCF

-271.75

EV to FCF

-269.43

Earnings Yield

-0.37%

FCF Yield

-0.37%

DIVIDEND

Yield

0.00%

Annual Payout

$0.00

Payout Ratio

0.00%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

-$0.37

Next Year EPS Growth Estimate

$1.14

Next Year Revenue Growth Estimate

$19.61B

Return on Equity (ROE)

-8.87%

FREE CASH FLOW

Operating Margin

-34.25%

Debt-to-Equity

0.09

Piotroski F-Score

2

Altman Z-Score

114.07

Return on Invested Capital (ROIC)

-10.45%

Current Ratio

10.97

Quick Ratio

6.26

Net Debt to EBITDA

1.98

Interest Coverage

0.00

Gross Profit margin

30.72%

FCF PER SHARE

$-0.38

REVENUE PER SHARE

$1.47

Gainseekers Quantitative Analysis

Summary

The market appears to be pricing AEHR with a level of optimism that defies its fundamentals. With a Forward P/E of 85.29, the stock is trading at a premium, suggesting high growth expectations. However, the negative DCF Value and Graham Number indicate a disconnect between market price and intrinsic value. The Altman Z-score of 100.87 suggests financial stability, but the negative Earnings Yield and ROIC of -10.45% highlight inefficiencies in generating returns. This stock is priced for perfection, yet its financial health raises red flags.

AI Exposure / Tech Reliance

Operating in the semiconductor industry, AEHR is well-positioned to capitalize on the AI revolution. The sector's rapid evolution demands innovation, and AEHR's focus on test systems aligns with the industry's needs. However, execution will be key to leveraging these opportunities.

The Bull Case

For a GARP investor, AEHR's low Debt/Equity ratio of 0.088 and impressive Current Ratio of 10.97 offer a fortress-like balance sheet. Despite a Piotroski F-Score of 2, indicating weak financial health, the company's potential sales growth of 19,610,300,000% next year paints a picture of explosive growth. The quick ratio of 6.26 further underscores its liquidity, suggesting the company can weather short-term challenges while capitalizing on long-term opportunities.

The Bear Case

AEHR's valuation metrics are a glaring concern. The Price/Sales ratio of 67.58 and Price/Book of 21.50 suggest the stock is massively overvalued. With an Operating Margin of -34.25% and a negative FCF Yield, the company struggles to generate cash flow. Trading close to its 52-week high, the stock appears technically overextended, making it a risky bet for investors seeking value.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Hold

Average Analyst Price Target

$62.00

Institutional Ownership %

1-Year Beta

3.27

Insider Buying % (6 Mo)

Distance to 52-Week High

12.01%

Distance to 52-Week Low

90.62%

EARNINGS SURPRISE %

37.50%

50-DAY SMA

$75.19

200-DAY SMA

$38.97

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.