Aehr Test Systems (AEHR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Aehr Test Systems

NasdaqCM•Technology•Semiconductor Equipment & Materials

$89.03+4.78(0.06%)Market open

Market Cap

$2.89B

P/S

57.7x

P/B

13.2x

Aehr Test Systems, Inc. provides test solutions for testing, burn-in, and semiconductor devices at wafer level, singulated die, and package level in the United States, Asia, Europe, and the Middle East. The company offers FOX-XP and FOX-NP systems, which are full wafer contact and singulated die/module test and burn-in systems that test, burn-in, and stabilize a range of devices, including silicon carbide-based (SIC) and gallium nitride (GAN) power semiconductors; 2D and 3D sensors used in mobile phones, tablets, and other computing devices; memory semiconductors; processors; microcontrollers; systems-on-a-chip; and photonics and integrated optical devices used in AI. It also provides the FOX-CP system, a single-wafer compact test solution for logic, memory, and photonic devices; and the FOX WaferPak Contactor, a full wafer contactor capable of testing wafers up to 300mm that enables integrated circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. In addition, the company offers the FOX DiePak Carrier, which allows testing, burn-in, and stabilization of singulated bare die and modules; FOX WaferPak Aligner; and FOX DiePak Loader. Further, it provides system installation and repair, applications engineering support, spare parts inventories, customer training, and documentation services. The company sells its products in the United States, Germany, Japan, the Philippines, and Taiwan through distributors and sales representatives. It serves semiconductor manufacturers, semiconductor contract assemblies, electronics manufacturers, and burn-in and test service companies. Aehr Test Systems, Inc. was incorporated in 1977 and is headquartered in Fremont, California.

How this company scores

AverageMetricSide Score: 41/100

Strongest: Balance Sheet & Red Flags (15/25); weakest: Growth (3/25).

Profitability11/25

Growth3/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality12/25

Strengths

Long cash runwayInterest easily coveredCash-backed earningsNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 12.6x5y range 0.0x – 385.4x

Currently below its 14-quarter median.

P/S · 57.7x5y range 0.0x – 57.7x

Currently above its 20-quarter median.

P/B · 13.2x5y range 0.0x – 17.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $2.89B

Metrics at a Glance

as of May 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $50.00M
Q. Revenue: $18.84M
TTM EBITDA: $-11.35M
TTM Op. Income: $-14.15M
Q. Op. Income: $-1.21M
TTM Net Income: $-7.13M
Q. Net Income: $1.39M
EPS: $0.044
Shares Out.: $31.88M

$50.00M in TTM revenue declined 15.2% YoY, reaching $18.84M last quarter. TTM EBITDA of $-11.35M and TTM operating income of $-14.15M show growth is flowing through to the bottom line. However, net income is negative at $7.13M — growth is not yet reaching the bottom line. Over the past year, TTM revenue is down 15% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 42.6%
EBITDA Margin: -2.7%
Op. Margin: -6.4%
Net Margin: 7.4%

Op. margin of -6.4% is up 16.3% YoY — cost efficiency is improving. Net margin at 7.4% and gross margin of 42.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 57.7x
P/B Ratio: 13.2x

P/S of 57.7x and P/B of 13.2x. P/S is high, meaning growth expectations are priced in. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $246.69M
Cash: $116.36M
Long-Term Debt: N/A
Book Value: $219.51M
D/E Ratio: N/A
Debt/EBITDA: N/A

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.83M
TTM Free Cash Flow: $-5.38M
FCF Margin: -10.8%
FCF / Net Income: 0.8

TTM FCF of $-5.38M on $1.83M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 57% — an improving trend.