Aehr Test Systems (AEHR)
Market Price (5/21/2026): $82.24 | Market Cap: $2.5 BilSector: Information Technology | Industry: Electronic Equipment & Instruments
Aehr Test Systems (AEHR)
Market Price (5/21/2026): $82.24Market Cap: $2.5 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Artificial Intelligence. Themes include EV Manufacturing, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -34% Expensive valuation multiplesP/SPrice/Sales ratio is 56x Stock price has recently run up significantly6M Rtn6 month market price return is 315%, 12M Rtn12 month market price return is 821% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.9%, Rev Chg QQuarterly Revenue Change % is -44% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 388% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% High stock price volatilityVol 12M is 115% Key risksAEHR key risks include [1] its heavy dependence on a single major customer in the Silicon Carbide/EV market and [2] the potential failure to convert strategic evaluations with new AI processor suppliers into high-volume production orders. |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Renewable Energy Transition, and Artificial Intelligence. Themes include EV Manufacturing, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 15% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -34% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 56x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 315%, 12M Rtn12 month market price return is 821% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -8.9%, Rev Chg QQuarterly Revenue Change % is -44% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -27% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 388% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.5% |
| High stock price volatilityVol 12M is 115% |
| Key risksAEHR key risks include [1] its heavy dependence on a single major customer in the Silicon Carbide/EV market and [2] the potential failure to convert strategic evaluations with new AI processor suppliers into high-volume production orders. |
Qualitative Assessment
AI Analysis | Feedback
1. Significant customer orders in the AI and data center markets propelled growth. Aehr Test Systems received multiple large orders, including a record $41 million production order from its lead hyperscale AI customer in March and April 2026 for package-level burn-in of custom AI processor ASICs. This contributed to second-half bookings exceeding $92 million. Additionally, in February 2026, the company secured a $14 million order from its lead AI processor customer for fully automated FOX-XP Wafer-Level Burn-In Systems. These substantial orders demonstrate increasing demand for Aehr's test solutions in the rapidly expanding artificial intelligence and data center sectors.
2. Expansion into the silicon photonics market for hyperscale data centers provided a strong catalyst. In late March 2026, Aehr announced a new silicon photonics customer, identified as a global leader in networking products, for its high-power FOX-XP Wafer-Level Burn-In System, targeting the data center optical interconnect market. This strategic win for a critical component in AI data centers was a significant catalyst for the stock, causing shares to surge more than 23% on March 31, 2026.
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Stock Movement Drivers
Fundamental Drivers
The 221.1% change in AEHR stock from 1/31/2026 to 5/20/2026 was primarily driven by a 284.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.64 | 82.34 | 221.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 53 | 45 | -15.0% |
| P/S Multiple | 14.5 | 55.8 | 284.4% |
| Shares Outstanding (Mil) | 30 | 31 | -1.7% |
| Cumulative Contribution | 221.1% |
Market Drivers
1/31/2026 to 5/20/2026| Return | Correlation | |
|---|---|---|
| AEHR | 221.1% | |
| Market (SPY) | 7.4% | 68.4% |
| Sector (XLK) | 23.3% | 67.9% |
Fundamental Drivers
The 216.8% change in AEHR stock from 10/31/2025 to 5/20/2026 was primarily driven by a 308.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 25.99 | 82.34 | 216.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 57 | 45 | -20.4% |
| P/S Multiple | 13.7 | 55.8 | 308.0% |
| Shares Outstanding (Mil) | 30 | 31 | -2.5% |
| Cumulative Contribution | 216.8% |
Market Drivers
10/31/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| AEHR | 216.8% | |
| Market (SPY) | 9.3% | 62.8% |
| Sector (XLK) | 18.2% | 63.2% |
Fundamental Drivers
The 865.3% change in AEHR stock from 4/30/2025 to 5/20/2026 was primarily driven by a 1253.8% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.53 | 82.34 | 865.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 61 | 45 | -26.4% |
| P/S Multiple | 4.1 | 55.8 | 1253.8% |
| Shares Outstanding (Mil) | 30 | 31 | -3.1% |
| Cumulative Contribution | 865.3% |
Market Drivers
4/30/2025 to 5/20/2026| Return | Correlation | |
|---|---|---|
| AEHR | 865.3% | |
| Market (SPY) | 35.2% | 52.6% |
| Sector (XLK) | 69.7% | 52.2% |
Fundamental Drivers
The 232.7% change in AEHR stock from 4/30/2023 to 5/20/2026 was primarily driven by a 409.5% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5202026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.75 | 82.34 | 232.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 63 | 45 | -28.1% |
| P/S Multiple | 11.0 | 55.8 | 409.5% |
| Shares Outstanding (Mil) | 28 | 31 | -9.1% |
| Cumulative Contribution | 232.7% |
Market Drivers
4/30/2023 to 5/20/2026| Return | Correlation | |
|---|---|---|
| AEHR | 232.7% | |
| Market (SPY) | 85.2% | 43.6% |
| Sector (XLK) | 139.8% | 43.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AEHR Return | 856% | -17% | 32% | -37% | 21% | 302% | 3107% |
| Peers Return | 27% | -27% | 5% | 6% | -3% | 27% | 28% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| AEHR Win Rate | 58% | 50% | 42% | 33% | 50% | 60% | |
| Peers Win Rate | 68% | 40% | 57% | 57% | 50% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| AEHR Max Drawdown | -42% | -71% | -57% | -62% | -62% | -32% | |
| Peers Max Drawdown | -16% | -41% | -29% | -20% | -34% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KEYS, ROP, TDY, ZBRA, CGNX. See AEHR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/20/2026 (YTD)
How Low Can It Go
| Event | AEHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.9% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.3% | -7.8% |
| % Gain to Breakeven | 18.0% | 8.5% |
| Time to Breakeven | 65 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -55.7% | -9.5% |
| % Gain to Breakeven | 126.0% | 10.5% |
| Time to Breakeven | 858 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 33.1% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.3% | -24.5% |
| % Gain to Breakeven | 237.0% | 32.4% |
| Time to Breakeven | 132 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.7% | -33.7% |
| % Gain to Breakeven | 111.4% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
In The Past
Aehr Test Systems's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.9% gain to breakeven.
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| Event | AEHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -45.6% | -18.8% |
| % Gain to Breakeven | 83.9% | 23.1% |
| Time to Breakeven | 79 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -55.7% | -9.5% |
| % Gain to Breakeven | 126.0% | 10.5% |
| Time to Breakeven | 858 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.8% | -6.7% |
| % Gain to Breakeven | 33.1% | 7.1% |
| Time to Breakeven | 22 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -70.3% | -24.5% |
| % Gain to Breakeven | 237.0% | 32.4% |
| Time to Breakeven | 132 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -52.7% | -33.7% |
| % Gain to Breakeven | 111.4% | 50.9% |
| Time to Breakeven | 120 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -39.2% | -19.2% |
| % Gain to Breakeven | 64.5% | 23.8% |
| Time to Breakeven | 301 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.0% | -3.7% |
| % Gain to Breakeven | 37.0% | 3.9% |
| Time to Breakeven | 2 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -50.9% | -12.2% |
| % Gain to Breakeven | 103.8% | 13.9% |
| Time to Breakeven | 164 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -56.3% | -6.8% |
| % Gain to Breakeven | 128.8% | 7.3% |
| Time to Breakeven | 205 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -50.9% | -17.9% |
| % Gain to Breakeven | 103.7% | 21.8% |
| Time to Breakeven | 206 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -56.8% | -15.4% |
| % Gain to Breakeven | 131.5% | 18.2% |
| Time to Breakeven | 1157 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -85.7% | -53.4% |
| % Gain to Breakeven | 601.2% | 114.4% |
| Time to Breakeven | 4515 days | 1085 days |
In The Past
Aehr Test Systems's stock fell -45.6% during the 2025 US Tariff Shock. Such a loss loss requires a 83.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Aehr Test Systems (AEHR)
AI Analysis | Feedback
Here are 1-3 brief analogies for Aehr Test Systems (AEHR):
- AEHR is like the ASML for chip reliability and testing. (ASML makes crucial equipment for manufacturing chips; AEHR makes crucial equipment for testing and ensuring their reliability.)
- Think of AEHR as the Siemens Healthineers for the semiconductor industry, providing advanced diagnostic equipment for chips. (Siemens Healthineers makes advanced medical diagnostic equipment.)
- It's like the specialized Underwriters Laboratories (UL) for microchips, providing the essential equipment to test and verify their quality and reliability. (UL is known for product safety and quality testing across various industries.)
AI Analysis | Feedback
- Advanced Burn-in and Test System (ABTS) family: Systems designed for test during burn-in of packaged complex and high-power logic devices.
- FOX systems: Parallel test and burn-in systems for simultaneously contacting devices on wafers or panels.
- WaferPak Contactor: A full-wafer probe card used specifically for testing wafers within FOX systems.
- DiePak Carrier: A reusable temporary package that facilitates test and burn-in for singulated bare die or small multi-IC modules.
- Test Fixtures: Components that physically hold and electrically connect devices to the test system during burn-in and test processes.
- WaferPak Aligner: Equipment that automatically aligns customer wafers to the WaferPak Contactor for testing.
- DiePak Loader: Equipment that automatically loads customer modules into the DiePak Carrier for test and burn-in.
- Customer Service and Support Programs: Comprehensive post-sale support including system installation, repair, applications engineering assistance, spare parts, training, and documentation.
AI Analysis | Feedback
Based on the provided background information, Aehr Test Systems (AEHR) primarily sells its products to other companies in the semiconductor and electronics industries. The description does not explicitly name specific major customer companies. However, it identifies the following categories of customers that Aehr Test Systems markets and sells its products to:- Semiconductor manufacturers
- Semiconductor contract assemblers
- Electronics manufacturers
- Burn-in and test service companies
AI Analysis | Feedback
nullAI Analysis | Feedback
Gayn Erickson, President and Chief Executive Officer
Gayn Erickson joined Aehr Test Systems as President and Chief Executive Officer in January 2012. He has over 35 years of executive and general management, operations, marketing, sales, and R&D program management experience in the semiconductor test industry. Prior to joining Aehr, Mr. Erickson served as Corporate Officer and Senior Vice President & General Manager of Verigy's memory test business, which was subsequently acquired by Advantest Japan. Before Verigy, he was Vice President of Marketing and Sales for Agilent Technologies' Semiconductor Memory Test products. He began his career in semiconductor test with Hewlett-Packard's Automated Test Group in the late 1980s.
Chris P. Siu, Executive Vice President, Finance, Chief Financial Officer and Principal Accounting Officer
Chris P. Siu was appointed Executive Vice President of Finance and Chief Financial Officer of Aehr Test Systems in June 2023. He brings over 27 years of finance and accounting experience in the semiconductor, medical equipment, and public accounting industries. Prior to Aehr, he spent four years in senior finance executive roles at Ultra Clean Technologies, a publicly traded company serving the semiconductor equipment industry, including Senior Vice President of Finance, Corporate Treasurer, and Chief Accounting Officer. Mr. Siu also held senior management positions at PDF Solutions and GlobalFoundries, where he served for eight years, including four years as Corporate Controller leading all global accounting functions. His experience also includes roles as Chief Accounting Officer and Director of Finance at Trident Microsystems and various senior finance management positions at Varian Medical Systems. He started his career in public accounting with EY and Deloitte, where he reached the position of Audit Manager.
Adil Engineer, Chief Operating Officer
Adil Engineer joined Aehr Test Systems as Chief Operating Officer in April 2022. He has over 20 years of experience in operations and supply chain within the semiconductor and medical equipment sectors. Before joining Aehr, Mr. Engineer was the Head of Operations at Tecan, a Swiss company specializing in medical test and diagnostic tools, where he managed operations for their primary U.S. manufacturing site. His career began at KLA-Tencor, a semiconductor equipment company, where he worked for 11 years. He also held positions of increasing responsibility in manufacturing, manufacturing engineering, new product introduction, and supply chain at Coherent and Kateeva.
Donald P. Richmond II, Chief Technology Officer
Donald P. Richmond II has served as Chief Technology Officer for Aehr Test Systems. He initially joined the company in 1998 as a Senior Electrical Engineer for Aehr's Wafer Level Test and Burn-in solutions and was elected Vice President of Engineering in March 2018. Prior to his tenure at Aehr, Mr. Richmond co-founded ChipScale Inc. / Micro SMT Inc., where he was a member of the Board of Directors and served as Vice President of Operations. Earlier in his career, he was president of TEAM Holdings LTD. / TEAM International LTD., a semiconductor packaging subcontract company.
Vernon Rogers, Executive Vice President, Sales and Marketing
Vernon Rogers was appointed Executive Vice President of Sales and Marketing at Aehr Test Systems in October 2018. He possesses over 22 years of senior executive experience in sales, marketing, and operations management, having successfully built multi-channel sales distribution and support organizations for both public and start-up technology companies in the semiconductor and system-level test space. Before joining Aehr, Mr. Rogers served as head of sales and marketing at Global Equipment Services (GES) prior to its acquisition by Kimball Electronics. His career includes a focus on nanoscale inspection, manufacturing, and test technologies at companies such as LitePoint (acquired by Teradyne), Credence Systems Corporation (acquired by Xcerra), NPTest (acquired by Credence Systems), and Schlumberger Automated Test Equipment.
AI Analysis | Feedback
Aehr Test Systems (AEHR) faces several key risks inherent to its position in the specialized semiconductor equipment market. The most significant risks include high customer concentration, dependence on the adoption rates of specific semiconductor technologies and end-markets, and intense competition coupled with the rapid pace of technological change.Key Risks to Aehr Test Systems (AEHR)
- Customer Concentration: A substantial portion of Aehr Test Systems' revenue is derived from a very limited number of customers. In a recent quarter, approximately 88% of its revenue came from a single customer, and 79% in fiscal year 2023. This high level of customer concentration means that a significant reduction in orders, a change in technology preferences, or financial difficulties experienced by this key customer could have a material adverse effect on Aehr's financial performance and stock price. While the company has indicated efforts to diversify its customer base, this remains a dominant risk.
- Dependency on Silicon Carbide (SiC)/Gallium Nitride (GaN) Market Adoption and EV Adoption Timing: Aehr's growth trajectory is heavily influenced by the adoption of silicon carbide (SiC) and gallium nitride (GaN) power semiconductors, particularly in the electric vehicle (EV) market. Uncertainties surrounding the rate of adoption for these advanced semiconductor materials or slower-than-anticipated growth in the EV market could directly impact the demand for Aehr's test and burn-in equipment. Furthermore, there is ongoing debate within the industry regarding the extent of burn-in testing required for SiC chips, which could affect future sales volumes even among existing customers.
- Intense Competition and Rapid Technological Obsolescence: The semiconductor equipment industry is highly competitive and characterized by rapid technological advancements. Aehr Test Systems faces competition from larger, more established automatic test equipment (ATE) suppliers who could introduce new products with superior performance or more aggressive pricing, potentially eroding Aehr's market share and profit margins. To remain competitive, Aehr must continually invest significant resources in research and development to innovate and enhance its product offerings. Failure to keep pace with evolving technological demands or to introduce next-generation solutions could lead to a decline in sales and loss of market acceptance for its products.
AI Analysis | Feedback
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AI Analysis | Feedback
Aehr Test Systems (NASDAQ: AEHR) addresses several significant markets with its semiconductor test and burn-in equipment. The company's main products and services cater to the following addressable markets:
- Burn-in Tools for AI Processors: The total addressable market for burn-in tools used in AI processors is projected to range from $1.5 billion to $2.3 billion globally by 2030.
- Global Burn-In Test System for Semiconductor Market: This market was valued at $731 million in 2024 and is forecast to grow to $1.204 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.7% during the forecast period. Another estimate places the global market value at $756 million in 2024, with a projection to reach $1.448 billion by 2031 at a CAGR of 9.9%.
- U.S. Burn-In Test System for Semiconductor Market: The U.S. market for burn-in test systems for semiconductors was valued at $180.29 million in 2025 and is projected to grow to $337.03 million by 2033, with a CAGR of 8.18% from 2026 to 2033.
- Global Semiconductor Test Equipment Market: The overall global semiconductor test equipment market size was valued at $7.65 billion in 2025 and is projected to reach $14.38 billion by 2034, demonstrating a CAGR of 7.35%.
- Data Storage (Hard Disk Drive) Market: The hard disk market, which Aehr's systems address for quality and long-term reliability, is projected to grow from $62.4 billion in 2024 to over $100 billion by 2032 globally.
Aehr Test Systems' FOX family of test and burn-in systems, including WaferPak contactors and DiePak carriers, are utilized in these markets for various applications such as silicon carbide, gallium nitride power semiconductors, data storage devices, and silicon photonics integrated circuits.
AI Analysis | Feedback
Aehr Test Systems (AEHR) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors in the semiconductor industry:
- Artificial Intelligence (AI) Processors and Data Center Infrastructure: Aehr Test Systems expects significant revenue growth from the increasing demand for testing and burn-in solutions for AI processors. The company has secured orders for its FOX-XP and Sonoma systems for both wafer-level and package-level burn-in of AI processors, including those used in hyperscale data centers and for AI optical I/O. Management foresees substantial growth from these initial AI customers, with expectations for expanded orders in fiscal years 2027 and 2028. Bookings related to AI processor testing are projected to be a major contributor to future revenue.
- Silicon Carbide (SiC) Semiconductors for Electric Vehicles (EVs) and Other Applications: While Aehr Test Systems has faced some near-term challenges and inventory-related headwinds in the silicon carbide market, particularly for automotive applications, it remains a significant long-term growth driver. The company's WaferPak Contactors and FOX systems are crucial for testing SiC power semiconductors in electric vehicles, as well as in solar and wind power applications. Aehr's management anticipates a strengthening of silicon carbide growth into fiscal year 2027, believing that most EV manufacturers will eventually adopt SiC-based technology.
- Gallium Nitride (GaN) Power Semiconductors: The increasing adoption of gallium nitride devices for applications such as data center power efficiency, automotive systems, and electrical infrastructure is expected to drive revenue growth for Aehr. The company is actively pursuing new engagements in this market, viewing it as a strategic expansion area that will create new opportunities and contribute to overall revenue.
- Silicon Photonics Integrated Circuits and Flash Memory Testing: Aehr Test Systems is observing growing demand for its FOX-XP systems for testing silicon photonics integrated circuits, specifically for AI optical I/O and data center interconnects. Additionally, there is rising interest in FOX-XP systems from NAND flash memory suppliers, presenting a potential for significant revenue if Aehr establishes customer relationships with companies expanding their memory production capacity.
AI Analysis | Feedback
Share Repurchases
- Aehr Test Systems has not engaged in significant open-market share repurchase programs as a capital allocation strategy in the last 3-5 years.
- The company repurchased shares primarily for tax withholdings on the vesting of restricted stock units, amounting to $0.784 million in fiscal 2025 and $1.596 million in fiscal 2024.
- Aehr did not repurchase any common stock in the open market during fiscal year 2024 due to the absence of a stock repurchase plan.
Share Issuance
- In February 2023, Aehr announced an At-The-Market (ATM) offering to sell up to $25 million of common stock for general corporate purposes, including increasing working capital, inventory, funding research and development, commercial activities, and capital expenditures.
- The company issued common stock under employee plans, generating proceeds of $1.409 million in fiscal 2025 and $1.807 million in fiscal 2024.
- Aehr Test Systems issued 552,355 shares of restricted common stock as part of the acquisition consideration for Incal Technology on August 1, 2024.
Inbound Investments
- Aehr Test Systems raised an undisclosed amount in a Post IPO funding round on February 6, 2022, with participation from investors including Herald Investment Management, Summit Partners, QVT Family Office, and Deutsche Bank.
- Vanguard Group Inc acquired 2,138,760 shares of Aehr Test Systems on September 30, 2024, at a price of $12.85 per share, representing a strategic investment.
Outbound Investments
- Aehr Test Systems completed the acquisition of Incal Technology, Inc. on August 1, 2024, for $21 million.
- The acquisition consideration for Incal Technology comprised $14 million in cash and 552,355 shares of Aehr stock.
- This acquisition expanded Aehr's product portfolio to include high-power packaged part reliability/burn-in test solutions, particularly for AI accelerators, GPUs, and high-performance computing processors.
Capital Expenditures
- Capital expenditures were $4.992 million in fiscal 2025 and $0.749 million in fiscal 2024.
- In the first quarter of fiscal 2026 (ended August 29, 2025), capital expenditures totaled $1.391 million, contributing to a total of $6.3 million spent on facility expansion.
- The primary focus of recent capital expenditures has been to support the consolidation and upgrade of its Fremont manufacturing facility and headquarters, and to expand capabilities for new product lines, particularly for AI processors.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 283.30 |
| Mkt Cap | 20.2 |
| Rev LTM | 5,630 |
| Op Inc LTM | 866 |
| FCF LTM | 945 |
| FCF 3Y Avg | 813 |
| CFO LTM | 1,049 |
| CFO 3Y Avg | 905 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.6% |
| Rev Chg 3Y Avg | 2.6% |
| Rev Chg Q | 12.8% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 10.1% |
| Op Inc Chg 3Y Avg | 4.9% |
| Op Mgn LTM | 17.4% |
| Op Mgn 3Y Avg | 17.0% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 21.4% |
| CFO/Rev 3Y Avg | 18.3% |
| FCF/Rev LTM | 20.0% |
| FCF/Rev 3Y Avg | 16.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 20.2 |
| P/S | 7.3 |
| P/Op Inc | 19.4 |
| P/EBIT | 20.7 |
| P/E | 29.5 |
| P/CFO | 18.5 |
| Total Yield | 2.6% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.4% |
| 3M Rtn | 5.4% |
| 6M Rtn | 50.1% |
| 12M Rtn | 64.9% |
| 3Y Rtn | 34.8% |
| 1M Excs Rtn | -7.0% |
| 3M Excs Rtn | -2.8% |
| 6M Excs Rtn | 38.3% |
| 12M Excs Rtn | 40.0% |
| 3Y Excs Rtn | -42.3% |
Price Behavior
| Market Price | $82.34 | |
| Market Cap ($ Bil) | 2.5 | |
| First Trading Date | 08/15/1997 | |
| Distance from 52W High | -22.6% | |
| 50 Days | 200 Days | |
| DMA Price | $69.00 | $36.92 |
| DMA Trend | up | up |
| Distance from DMA | 19.3% | 123.0% |
| 3M | 1YR | |
| Volatility | 133.7% | 115.7% |
| Downside Capture | 581.56 | 477.47 |
| Upside Capture | 823.04 | 621.23 |
| Correlation (SPY) | 72.0% | 53.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.03 | 6.40 | 6.62 | 5.48 | 4.64 | 2.73 |
| Up Beta | 7.33 | 6.42 | 6.67 | 6.16 | 4.49 | 2.69 |
| Down Beta | 1.89 | 7.76 | 8.76 | 5.51 | 4.26 | 1.76 |
| Up Capture | 1105% | 1524% | 2157% | 2610% | 8856% | 35168% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 16 | 25 | 37 | 70 | 133 | 354 |
| Down Capture | -931% | 323% | 285% | 249% | 202% | 113% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 18 | 27 | 55 | 117 | 395 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AEHR | |
|---|---|---|---|---|
| AEHR | 838.2% | 115.7% | 2.47 | - |
| Sector ETF (XLK) | 52.2% | 20.6% | 1.93 | 52.6% |
| Equity (SPY) | 26.2% | 12.1% | 1.62 | 53.3% |
| Gold (GLD) | 40.2% | 26.8% | 1.24 | 23.5% |
| Commodities (DBC) | 46.2% | 18.7% | 1.89 | -6.0% |
| Real Estate (VNQ) | 11.1% | 13.4% | 0.54 | 24.9% |
| Bitcoin (BTCUSD) | -27.4% | 41.8% | -0.65 | 27.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AEHR | |
|---|---|---|---|---|
| AEHR | 112.0% | 109.0% | 1.16 | - |
| Sector ETF (XLK) | 22.6% | 24.8% | 0.80 | 39.6% |
| Equity (SPY) | 14.1% | 17.0% | 0.65 | 38.0% |
| Gold (GLD) | 19.5% | 18.0% | 0.89 | 10.0% |
| Commodities (DBC) | 11.1% | 19.4% | 0.46 | 4.7% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.11 | 22.7% |
| Bitcoin (BTCUSD) | 9.1% | 55.6% | 0.37 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AEHR | |
|---|---|---|---|---|
| AEHR | 51.4% | 94.5% | 0.85 | - |
| Sector ETF (XLK) | 25.0% | 24.4% | 0.92 | 31.3% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 29.7% |
| Gold (GLD) | 13.1% | 16.0% | 0.68 | 7.7% |
| Commodities (DBC) | 7.9% | 17.9% | 0.36 | 6.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 19.7% |
| Bitcoin (BTCUSD) | 67.1% | 66.9% | 1.06 | 8.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/7/2026 | 25.7% | 48.0% | 92.5% |
| 1/8/2026 | 15.9% | 16.9% | 21.5% |
| 10/6/2025 | -17.4% | -19.4% | -21.6% |
| 7/8/2025 | -12.4% | -7.4% | 19.8% |
| 4/8/2025 | 29.2% | 26.0% | 24.3% |
| 1/13/2025 | -27.1% | -17.3% | -36.0% |
| 10/10/2024 | 20.3% | 11.0% | -9.9% |
| 7/9/2024 | 24.0% | 35.7% | 5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 10 | 11 |
| # Negative | 12 | 13 | 12 |
| Median Positive | 23.9% | 22.1% | 24.3% |
| Median Negative | -15.5% | -15.7% | -20.7% |
| Max Positive | 34.3% | 120.5% | 107.4% |
| Max Negative | -27.1% | -33.3% | -44.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 02/28/2026 | 04/08/2026 | 10-Q |
| 11/30/2025 | 01/12/2026 | 10-Q |
| 08/31/2025 | 10/08/2025 | 10-Q |
| 05/31/2025 | 07/28/2025 | 10-K |
| 02/28/2025 | 04/10/2025 | 10-Q |
| 11/30/2024 | 01/13/2025 | 10-Q |
| 08/31/2024 | 10/11/2024 | 10-Q |
| 05/31/2024 | 07/30/2024 | 10-K |
| 02/29/2024 | 04/10/2024 | 10-Q |
| 11/30/2023 | 01/12/2024 | 10-Q |
| 08/31/2023 | 10/12/2023 | 10-Q |
| 05/31/2023 | 08/28/2023 | 10-K |
| 02/28/2023 | 04/13/2023 | 10-Q |
| 11/30/2022 | 01/13/2023 | 10-Q |
| 08/31/2022 | 10/14/2022 | 10-Q |
| 05/31/2022 | 08/26/2022 | 10-K |
Recent Forward Guidance [BETA]
Latest: Q3 2026 Earnings Reported 4/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | 25.00 Mil | 27.50 Mil | 30.00 Mil | 0 | Affirmed | Guidance: 27.50 Mil for 2026 | |
| 2026 Bookings | 60.00 Mil | 70.00 Mil | 80.00 Mil | 0 | Affirmed | Guidance: 70.00 Mil for 2026 | |
| 2026 Non-GAAP Net Loss Per Diluted Share | -0.09 | -0.07 | -0.05 | 0 | Affirmed | Guidance: -0.07 for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Siu, Chris | CFO | Direct | Sell | 5152026 | 108.00 | 470 | 50,760 | 7,589,160 | Form |
| 2 | Siu, Chris | CFO | Trust | Sell | 5152026 | 106.78 | 1,600 | 170,848 | 609,287 | Form |
| 3 | Slayen, Howard T | Direct | Sell | 5152026 | 104.73 | 6,819 | 714,154 | 17,773,624 | Form | |
| 4 | Posedel, Rhea J | Director | Direct | Sell | 4222026 | 100.00 | 17,115 | 1,711,500 | 4,526,100 | Form |
| 5 | Posedel, Rhea J | Director | Trust | Sell | 4222026 | 95.00 | 604 | 57,380 | 37,655,625 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.