Aehr Test Systems (AEHR)

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.

Symbol
AEHR
Exchange
Nasdaq
Sector
Technology
Industry
Semiconductor Equipment & Materials
Market cap
$3.48B
52 week range
18.7 - 147.4

Valuation

Share price
$107.21 (close of 2026-10-02)
P/E (TTM)
-466.13x
Price to book
15.86x
Price to free cash flow
-647.73x
Enterprise value
$3.38B
Book value per share
$6.76

Price performance

PeriodChange
1 day+5.52%
5 days+2.70%
1 month+33.61%
3 months+53.24%
6 months+141.90%
Year to date+431.01%
1 year+232.43%
3 years+129.28%
5 years+750.87%
10 years+3239.88%
All time+626.85%

Profitability and growth

Return on equity
-3.25%
Return on invested capital
-8.44%
Return on assets
-2.89%
Return on capital employed
-6.18%
Gross margin
35.30%
Net margin
-14.25%
EBITDA margin
-22.70%
Revenue growth
-15.21%
Net income growth
-82.25%
Free cash flow growth
56.62%

Cash flow and balance sheet

Free cash flow yield (TTM)
-0.15%
Current ratio
10.33x
Net debt to EBITDA
10.03x

Latest reported year

Period end
2026-05-29
Fiscal year
2026
Revenue
$50.00M
Cost of revenue
$32.35M
Gross profit
$17.65M
EBITDA
-$11.35M
Net income
-$7.13M
Earnings per share
$-0.23
Research and development
$12.63M
Shares outstanding
30.67M

Income statement by year

Period endRevenueGross profitNet incomeEPS
2026-05-29$50.00M$17.65M-$7.13M$-0.23
2025-05-30$58.97M$23.93M-$3.91M$-0.13
2024-05-31$66.22M$32.54M$33.16M$1.15
2023-05-31$64.96M$32.75M$14.56M$0.52
2022-05-31$50.83M$23.66M$9.45M$0.36
2021-05-31$16.60M$6.03M-$2.03M$-0.09
2020-05-31$22.29M$8.37M-$2.80M$-0.12
2019-05-31$21.06M$7.60M-$5.24M$-0.23
2018-05-31$29.55M$12.39M$528.00K$0.02
2017-05-31$18.90M$6.78M-$5.65M$-0.35

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2026-05-2935.30%-14.25%-3.25%-8.44%
2025-05-3040.59%-6.63%-3.18%-4.85%
2024-05-3149.15%50.07%29.71%14.68%
2023-05-3150.41%22.41%19.26%39.17%
2022-05-3146.56%18.59%18.53%37.58%
2021-05-3136.34%-12.21%-17.70%-38.92%
2020-05-3137.55%-12.57%-19.93%-21.72%
2019-05-3136.10%-24.86%-33.88%-49.88%
2018-05-3141.91%1.79%2.74%10.71%
2017-05-3135.88%-29.91%-33.66%-66.72%

Cash and debt by year

Period endCashDebt
2026-05-29$116.36M-
2025-05-30$24.53M-
2024-05-31$49.16M-
2023-05-31$47.91M-
2022-05-31$31.48M-
2021-05-31$4.58M-
2020-05-31$5.43M$1.03M
2019-05-31$5.43M-
2018-05-31$16.85M-
2017-05-31$15.52M$6.11M

Free cash flow by year

Period endFree cash flowStock-based compensation
2026-05-29-$5.38M$6.76M
2025-05-30-$12.39M$5.16M
2024-05-31$1.01M$2.52M
2023-05-31$8.65M$2.75M
2022-05-31$1.09M$3.01M
2021-05-31-$2.93M$1.10M
2020-05-31-$2.19M$910.00K
2019-05-31-$5.81M$905.00K
2018-05-31-$1.92M$996.00K
2017-05-31-$4.97M$999.00K

Investor relations

Next earnings report

Next confirmed report
2026-10-05
Consensus EPS estimate
$0.05

Past earnings dates

ReportedFiscal periodEPS estimate
2026-07-14May/2026$-0.06
2026-04-07Feb/2026$-0.14
2026-01-08Nov/2025$-0.12
2025-10-06Aug/2025$-0.03
2025-07-08May/2025$-0.04
2025-04-08Feb/2025$-0.02
2025-04-07--
2025-01-13Nov/2024$0.01

Filings and sources

Company website
aehr.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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