AEHRNasdaqInstruments For Meas & Testing of Electricity & Elec SignalsFiscal year ends December 31
AEHR TEST SYSTEMS
Financials through Q4 FY2026, quarter ended May 29, 2026Last filing: 10-K on Jul 27, 2026
$63.33+2.73 (+4.50%)
Close on Oct 19, 2026
- Market cap
- $2.02B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
35.3%−1.0 pts over 5 years
Operating margin
-28.3%−3.1 pts over 5 years
Net margin
-14.3%−2.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -15.2% | -8.4% | +24.7% | +13.2% | |
| Gross profit | -26.2% | -18.6% | +24.0% | +13.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -70.2% | -15.9% | -4.2% | |
| Return on assets | -27.6% | -9.6% | -3.6% | |
| Current ratio | 3.73 | 2.12 | 10.33 | |
| Debt to equity | – | 0.15 | – | |
| Net debt to EBITDA | – | 0.77× | – | |
| Interest coverage | -7.3× | – | – | |
| Inventory turnover | 1.8× | 1.3× | 0.8× | |
| Capex to revenue | 2.5% | 1.4% | 4.1% | |
| Diluted shares | 0M | 23M | 31M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Aehr Test Systems generated $23.99M from operations and spent $9.59M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$23.99M
Used
$9.59M
Capital expenditure$9.59M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-14.3%
×Asset turnover0.25×
×Equity multiplier1.15×
=Return on equity, FY2026-4.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2026 | -14.3% | 0.25× | 1.15× | -4.2% |
| FY2025 | -6.6% | 0.43× | 1.18× | -3.3% |
| FY2024 | 50.1% | 0.59× | 1.21× | 35.4% |
| FY2023 | 22.4% | 0.81× | 1.27× | 23.0% |
| FY2022 | 18.6% | 1.21× | 1.35× | 30.3% |
| FY2021 | -12.2% | 0.79× | 1.66× | -15.9% |
| FY2020 | -12.6% | 1.06× | 1.42× | -19.0% |
| FY2019 | -24.9% | 0.81× | 1.50× | -30.1% |
| FY2018 | 1.8% | 0.96× | 1.71× | 2.9% |
| FY2017 | -29.9% | 0.92× | 2.54× | -70.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
2of 8 tests passed in fiscal 2026. Some tests lack the figures they need.
- ProfitableNet income above zero-$7.13M
- Cash generatingOperating cash flow above zero-$3.31M
- Return on assets improvedROA up on the prior year-3.1% → -4.8%
- Earnings backed by cashOperating cash flow above net income-$3.31M vs -$7.13M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose5.68 → 10.33
- No dilutionShare count did not rise30M → 31M
- Gross margin improvedGross margin up on the prior year40.59% → 35.30%
- More efficientAsset turnover rose0.46 → 0.34