Advanced Energy Industries (AEIS)

Market Price (11/8/2026): $198.06 | Market Cap: $8.0 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Advanced Energy Industries (AEIS)

Market Price (11/8/2026): $198.06
Market Cap: $8.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -51%

Megatrend and thematic drivers
Megatrends include Artificial Intelligence, and Automation & Robotics. Themes include AI Chips, Data Centers & Infrastructure, Show more.

Key risks
AEIS key risks include [1] a significant customer concentration, Show more.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 32%
1	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -51%
2	Megatrend and thematic drivers Megatrends include Artificial Intelligence, and Automation & Robotics. Themes include AI Chips, Data Centers & Infrastructure, Show more.
3	Key risks AEIS key risks include [1] a significant customer concentration, Show more.

AEIS in ETFs

Weight = AEIS's share of each fund

VTI0.01%

ITOT0.01%

IWB0.01%

IJH0.26%

VB0.14%

NUSC0.56%

MDYG0.55%

IJK0.52%

+21 more covered ETFs

Valuation & Metrics

FYE: 12/31	Forward FYE		Now	Historical (CYE & TTM)
	2027	2026	11/8/26	2025	2024	2023	2022
Share Price			$198.06	$209.37	$115.63	$108.92	$85.78
Mkt Cap ($ Bil)			8.0	7.9	4.3	4.1	3.2
+ Debt ($ Bil)			1.4	0.7	0.7	1.0	0.5
- Cash ($ Bil)			1.4	0.8	0.7	1.0	0.5
TEV ($ Bil)			8.0	8.6	5.0	5.1	3.7
Valuation Ratios
P/S	2.4	3.2	3.5	4.4	2.9	2.5	1.7
P/EBIT	9.6	14.0	22.3	43.2	58.3	29.6	12.9
P/E	10.7	15.8	27.4	53.0	80.0	31.7	16.1
P/FCF	—	—	113.3	62.5	58.6	27.5	25.7
Sector Ratios (* = sector average)
P/S *			3.1	3.4	3.4	2.9	2.7
P/EBIT *			5.8	3.8	-0.0	-0.2	-0.4
P/E *			-0.0	-0.1	-0.2	-0.2	-0.7
P/FCF *			9.1	12.6	12.8	14.4	7.9

FYE: 12/31	Forward FYE		Now
	2027	2026	11/8/26
Share Price			$198.06
Mkt Cap ($ Bil)			8.0
+ Debt ($ Bil)			1.4
- Cash ($ Bil)			1.4
TEV ($ Bil)			8.0
Valuation Ratios
P/S	2.4	3.2	3.5
P/EBIT	9.6	14.0	22.3
P/E	10.7	15.8	27.4
P/FCF	—	—	113.3
Sector Ratios (* = sector average)
P/S *			3.1
P/EBIT *			5.8
P/E *			-0.0
P/FCF *			9.1

FYE: 12/31	AEIS [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$2.3 Bil	—
FY 2026 Sales	$2.5 Bil	—
FY 2027 Sales	$3.3 Bil	—
FY 2026 Sales Growth	11.0%	—
FY 2027 Sales Growth	31.1%	8.6%
EARNINGS
LTM Net Income (GAAP) [3]	$288.8 Mil	—
FY 2026 Net Income (Non-GAAP)	$509.1 Mil	—
FY 2027 Net Income (Non-GAAP)	$751.3 Mil	—
FY 2027 Net Income Growth	47.6%	13.9%
FY 2026 EPS (Non-GAAP)	$12.42	—
FY 2027 EPS (Non-GAAP)	$17.93	—
FY 2027 EPS Growth	44.4%	—
VALUATION
FY 2026 P/S	3.2	1.7
FY 2027 P/S	2.4	—
FY 2026 P/E	15.8	8.6
FY 2027 P/E	10.7	—

[1] AEIS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 11/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	AEIS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	2.3
Rev Chg Q	50.3%	8.7%
Rev Chg LTM	31.7%	8.6%
Rev Chg 3Y Avg	11.1%	6.4%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.4
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	16.3%	19.0%
CFO/Rev LTM	9.9%	21.4%
Net Inc Mgn	12.7%	13.5%
VALUATION	HIGH
P/S	3.5	3.1
P/CFO	35.3	15.2
P/FCF	113.3	20.1
P/E	27.4	21.8
STABILITY	VERY GOOD
Debt/Equity	0.18	0.19
Cash/Assets	0.39	0.07

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Metric	Value	Date	Source
Backlog	$406.8 million	12312023	Link
Global Market Share in Semiconductor Manufacturing	15.3%	12312023	Link
Design Wins	Secured important design wins in aerospace and defense and in several medical applications.	11042025	Link
Patents Granted	4 new patents granted in 2025	8192025	Link

Price Chart

Upcoming
11/23/2026	Dividend	Amount: $0.10 Payment On: 12/04/2026
2/09/2027	Earnings Release	Rev: $740 Mil (E) EPS: $3.94 (E)

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/5/2026

Advanced Energy Industries (AEIS) stock has lost about 30% since 7/31/2026 because of the following key factors:

1. Elevated Valuation Leading to Correction.

Advanced Energy Industries (AEIS) stock was significantly overvalued by intrinsic metrics during the specified period. As of early November 2026, the stock was trading approximately 37.4% to 40.7% above its intrinsic GF Value™, indicating a substantial premium to its fair value. The trailing twelve-month price-to-earnings (P/E) ratio of 41.41x also exceeded its five-year median of 36.05x, suggesting a premium relative to historical earnings multiples. This high valuation, despite positive growth, left the stock vulnerable to a downward correction.

2. Bearish Technical Momentum and Downtrend.

The stock entered a pronounced technical downtrend during the period. On October 8, 2026, AEIS's price fell below its 50-day moving average, a classic bearish signal, with historical patterns indicating a 79% likelihood of further decline in similar situations within the subsequent month. This negative momentum was reinforced as the Momentum Indicator dropped below zero on October 13, 2026, and the Moving Average Convergence Divergence Histogram (MACD) turned negative on October 14, 2026, signaling a sustained bearish trend.

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Stock Movement Drivers

Fundamental Drivers

The -31.9% change in AEIS stock from 7/31/2026 to 11/7/2026 was primarily driven by a -52.4% change in the company's P/E Multiple.

(LTM values as of)	7312026	11072026	Change
Stock Price ($)	289.42	197.01	-31.9%
Change Contribution By:
Total Revenues ($ Mil)	1,905	2,271	19.2%
Net Income Margin (%)	10.0%	12.7%	27.2%
P/E Multiple	57.3	27.3	-52.4%
Shares Outstanding (Mil)	38	40	-5.7%
Cumulative Contribution			-31.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/7/2026

	Return	Correlation
AEIS	-31.9%
Market (SPY)	-1.6%	50.6%
Sector (XLK)	-6.1%	77.2%

Fundamental Drivers

The -48.6% change in AEIS stock from 4/30/2026 to 11/7/2026 was primarily driven by a -71.9% change in the company's P/E Multiple.

(LTM values as of)	4302026	11072026	Change
Stock Price ($)	383.66	197.01	-48.6%
Change Contribution By:
Total Revenues ($ Mil)	1,799	2,271	26.2%
Net Income Margin (%)	8.2%	12.7%	54.2%
P/E Multiple	97.2	27.3	-71.9%
Shares Outstanding (Mil)	38	40	-6.0%
Cumulative Contribution			-48.6%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/7/2026

	Return	Correlation
AEIS	-48.6%
Market (SPY)	2.6%	52.8%
Sector (XLK)	3.4%	72.7%

Fundamental Drivers

The -2.7% change in AEIS stock from 10/31/2025 to 11/7/2026 was primarily driven by a -69.9% change in the company's P/E Multiple.

(LTM values as of)	10312025	11072026	Change
Stock Price ($)	202.43	197.01	-2.7%
Change Contribution By:
Total Revenues ($ Mil)	1,636	2,271	38.8%
Net Income Margin (%)	5.1%	12.7%	147.9%
P/E Multiple	90.7	27.3	-69.9%
Shares Outstanding (Mil)	38	40	-6.0%
Cumulative Contribution			-2.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/7/2026

	Return	Correlation
AEIS	-2.7%
Market (SPY)	8.7%	53.2%
Sector (XLK)	10.0%	66.6%

Fundamental Drivers

The 127.7% change in AEIS stock from 10/31/2023 to 11/7/2026 was primarily driven by a 64.6% change in the company's Net Income Margin (%).

(LTM values as of)	10312023	11072026	Change
Stock Price ($)	86.52	197.01	127.7%
Change Contribution By:
Total Revenues ($ Mil)	1,741	2,271	30.4%
Net Income Margin (%)	7.7%	12.7%	64.6%
P/E Multiple	24.2	27.3	12.9%
Shares Outstanding (Mil)	38	40	-6.1%
Cumulative Contribution			127.7%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/7/2026

	Return	Correlation
AEIS	127.7%
Market (SPY)	81.9%	62.0%
Sector (XLK)	104.5%	69.5%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
AEIS Return	-6%	-5%	27%	7%	82%	-6%	107%
Peers Return	49%	-29%	51%	3%	72%	19%	237%
S&P 500 Return	27%	-19%	24%	23%	16%	12%	105%
Monthly Win Rates [3]
AEIS Win Rate	58%	50%	67%	58%	75%	45%
Peers Win Rate	67%	35%	62%	47%	63%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	45%
Max Drawdowns [4]
AEIS Max Drawdown	-33%	-28%	-33%	-22%	-40%	-52%
Peers Max Drawdown	-19%	-48%	-21%	-31%	-33%	-49%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MKSI, AME, LRCX, AMAT, KLAC. See AEIS 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 11/6/2026 (YTD)

Event	AEIS	S&P 500
2025 US Tariff Shock
% Loss	-39.9%	-18.8%
% Gain to Breakeven	66.3%	23.1%
Time to Breakeven	81 days	79 days
2024 Yen Carry Trade Unwind
% Loss	-13.9%	-7.8%
% Gain to Breakeven	16.1%	8.5%
Time to Breakeven	68 days	18 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-28.0%	-9.5%
% Gain to Breakeven	38.9%	10.5%
Time to Breakeven	258 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-12.1%	-6.7%
% Gain to Breakeven	13.7%	7.1%
Time to Breakeven	29 days	31 days
2022 Inflation Shock & Fed Tightening
% Loss	-25.1%	-24.5%
% Gain to Breakeven	33.6%	32.4%
Time to Breakeven	48 days	427 days
2020 COVID-19 Crash
% Loss	-50.0%	-33.7%
% Gain to Breakeven	100.0%	50.9%
Time to Breakeven	79 days	140 days

Compare to MKSI, AME, LRCX, AMAT, KLAC

In The Past

Advanced Energy Industries's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.3% 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.

Event	AEIS	S&P 500
2025 US Tariff Shock
% Loss	-39.9%	-18.8%
% Gain to Breakeven	66.3%	23.1%
Time to Breakeven	81 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-28.0%	-9.5%
% Gain to Breakeven	38.9%	10.5%
Time to Breakeven	258 days	24 days
2022 Inflation Shock & Fed Tightening
% Loss	-25.1%	-24.5%
% Gain to Breakeven	33.6%	32.4%
Time to Breakeven	48 days	427 days
2020 COVID-19 Crash
% Loss	-50.0%	-33.7%
% Gain to Breakeven	100.0%	50.9%
Time to Breakeven	79 days	140 days
Q4 2018 Fed Policy Error / Growth Scare
% Loss	-26.0%	-19.2%
% Gain to Breakeven	35.2%	23.8%
Time to Breakeven	42 days	105 days
2011 US Debt Ceiling Crisis & European Contagion
% Loss	-35.6%	-17.9%
% Gain to Breakeven	55.3%	21.8%
Time to Breakeven	142 days	123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
% Loss	-28.4%	-15.4%
% Gain to Breakeven	39.7%	18.2%
Time to Breakeven	58 days	125 days
2008-2009 Global Financial Crisis
% Loss	-57.8%	-53.4%
% Gain to Breakeven	136.8%	114.4%
Time to Breakeven	193 days	1085 days
Summer 2007 Credit Crunch
% Loss	-39.4%	-8.6%
% Gain to Breakeven	65.0%	9.5%
Time to Breakeven	2280 days	47 days

Compare to MKSI, AME, LRCX, AMAT, KLAC

In The Past

Advanced Energy Industries's stock fell -39.9% during the 2025 US Tariff Shock. Such a loss loss requires a 66.3% 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 Advanced Energy Industries (AEIS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Advanced Energy Industries (AEIS) specializes in designing, manufacturing, and supporting precision power conversion, measurement, and control solutions. The company provides highly engineered electrical power components and systems that are crucial for various high-tech industrial and scientific processes requiring extremely accurate power delivery and regulation.

AEIS offers a broad product portfolio, including plasma power solutions like direct current (DC) and radio frequency (RF) power supplies, RF matching networks, and remote plasma sources vital for reactive gas applications. They also develop power control modules and thermal instrumentation used in rapid thermal processing, chemical vapor deposition, and other industrial heating applications for materials like metal, carbon fiber, and glass. Additionally, AEIS provides high-voltage DC-DC products for semiconductor wafer processing and scientific instrumentation, and low-voltage DC-DC board-mounted solutions for healthcare, telecommunications, and server systems. Gas sensing and embedded power products further diversify their offerings, alongside equipment conversions, upgrades, and repair services.

Advanced Energy Industries primarily serves customers in demanding markets such as semiconductor manufacturing, where their products are essential for wafer processing and epitaxy. Other key markets include industrial manufacturing (e.g., metal, glass, carbon fiber), healthcare (medical equipment, X-ray systems), telecommunications, and scientific instrumentation. Their solutions enable critical applications ranging from mass spectrometry and air quality monitoring to distributed power in data centers, ensuring precise control for complex operations globally.

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Here are 1-3 brief analogies to describe Advanced Energy Industries (AEIS):

Keysight Technologies for precision power and control.
Corning for precision power and control systems.
Parker Hannifin for precision electrical power and control.

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Plasma Power Solutions: Offers a range of power supplies, matching networks, instrumentation, and remote plasma sources for various industrial and scientific applications.
Power Control Modules & Thermal Instrumentation: Provides modules and instruments for temperature control and power management in industrial processes and manufacturing.
High Voltage DC-DC Products: Supplies high voltage power converters for specialized applications such as semiconductor processing, scientific instruments, and X-ray systems.
Low Voltage DC-DC Board Mounted Solutions: Delivers compact power solutions for diverse applications including healthcare, telecommunications, industrial equipment, and server power systems.
Gas Sensing and Monitoring Products: Manufactures products for detecting and monitoring gases in energy, air quality, and automotive emission applications.
Embedded Power Products: Provides power solutions designed to be integrated into medical and information technology equipment.
Equipment Lifecycle Services: Offers conversions, upgrades, refurbishments, and repair services for its equipment, alongside sales of used equipment.

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Major Customers of Advanced Energy Industries (AEIS)

Advanced Energy Industries (AEIS) sells primarily to other companies (Business-to-Business).

Based on the provided company description, specific names of major customer companies are not listed. However, AEIS's precision power conversion, measurement, and control solutions are integral components used by manufacturers in various high-technology and industrial sectors. Its major customers are thus manufacturers within the following broad categories, based on the applications of AEIS's products:

Semiconductor Equipment Manufacturers: Companies that produce advanced machinery and systems for semiconductor wafer processing, metrology, and electrostatic clamping, which rely on AEIS's plasma power solutions and high voltage DC-DC products.
Industrial Equipment Manufacturers: Companies specializing in equipment for rapid thermal processing, chemical vapor deposition, epitaxy, crystal growing, chemical processing, metal, carbon fiber, and glass manufacturing, as well as industrial and analytical X-ray systems, utilizing AEIS's power control modules, thermal instrumentation, and high voltage DC-DC products.
Medical Device, Telecommunications, and IT Infrastructure Manufacturers: Businesses that develop and produce medical equipment, telecommunications infrastructure, test and measurement instrumentation, and server and storage systems, incorporating AEIS's low voltage DC-DC board mounted and embedded power solutions.

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Stephen D. Kelley - President & Chief Executive Officer

Stephen D. Kelley joined Advanced Energy Industries as President and Chief Executive Officer in March 2021 and also serves as a director. He has over 30 years of global semiconductor and electronics leadership experience across strategy, technology, manufacturing, and operations. Prior to Advanced Energy, Mr. Kelley served as President and CEO of Amkor Technology, Inc., a publicly traded semiconductor package and test company, from May 2013 to June 2020, where he led a financial transformation. He was also a Senior Advisor to Advanced Technology Investment Company, which owns GlobalFoundries. His past executive leadership roles include positions at Cree, Texas Instruments, and Philips Semiconductors (now NXP Semiconductors). Mr. Kelley holds an SB in Chemical Engineering from MIT and a JD from Santa Clara University, and currently serves on the board of directors of Onto Innovations Inc.

Paul Oldham - Executive Vice President & Chief Financial Officer

Paul Oldham became Executive Vice President and Chief Financial Officer of Advanced Energy Industries in May 2018, bringing 30 years of experience in finance and administration. Before joining Advanced Energy, he was the Chief Financial Officer of Electro Scientific Industries, Inc. (ESI), a developer and manufacturer of laser-based production equipment, where he helped lead a significant multi-year transformation resulting in strong revenue growth and profitability. Prior to ESI, Mr. Oldham held several senior leadership positions at Tektronix, Inc., a test, measurement, and monitoring company, including vice president of finance and corporate controller, vice president treasurer, and investor relations and European operations controller. He holds a Bachelor of Science degree in accounting and a Master of Business Administration in accounting and finance from Brigham Young University.

Eduardo Bernal Acebedo - Executive Vice President & Chief Operations Officer

Eduardo Bernal Acebedo joined Advanced Energy Industries in September 2021 as Executive Vice President and Chief Operations Officer, based in Singapore. He has more than 30 years of experience managing global operations in the semiconductor industry, successfully leading large, complex organizations through significant growth and transformation. Before Advanced Energy, Mr. Bernal was Senior Vice President of assembly and test operations at NXP Semiconductors, overseeing a global footprint of multiple factories and a team of 12,000 employees.

Emdrem Tan - Senior Vice President High Volume Products

Emdrem Tan joined Advanced Energy Industries in June 2021, bringing over 40 years of experience in the semiconductor industry. His leadership roles have spanned sales, marketing, manufacturing, and business development across Asia and the U.S., with a track record of delivering revenue growth and market share gain, as well as developing new products. Mr. Tan previously held senior leadership positions at Amkor Technology, Inc., Diodes, Inc., and Texas Instruments. He holds a Master of Business Administration from Brunel University in London.

Rory O'Byrne - Senior Vice President & Chief People Officer

Rory O'Byrne joined Advanced Energy Industries in May 2020 as Senior Vice President and Chief People Officer. He is responsible for leading the company's global human resources and environmental, health, and safety organizations. Mr. O'Byrne leads the company's vision and strategy around people and organizational effectiveness, fostering a culture that prioritizes performance, growth, and inclusion across Advanced Energy's diverse global workforce.

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The key risks to Advanced Energy Industries (AEIS) are:

Exposure to the Cyclical Semiconductor Industry: A substantial portion of Advanced Energy Industries' business involves providing plasma power solutions, high voltage DC-DC products, and other precision power conversion and control solutions for semiconductor wafer processing and metrology. The semiconductor industry is highly cyclical and prone to significant fluctuations in demand and capital expenditure. A downturn in this industry, characterized by reduced investment from semiconductor manufacturers, could directly and materially impact AEIS's revenue and profitability.
Technological Obsolescence and Need for Continuous Innovation: Advanced Energy Industries operates in a technology-intensive sector, providing advanced power conversion, measurement, and control solutions. Rapid technological advancements in the industries they serve (e.g., semiconductor, industrial, medical) necessitate continuous research and development to offer competitive and cutting-edge products. Failure to innovate, adapt to new industry standards, or anticipate evolving customer requirements could lead to technological obsolescence, loss of market share, and decreased demand for their products.
Global Supply Chain Disruptions and Geopolitical Risks: As a company that designs, manufactures, sells, and supports its solutions worldwide, Advanced Energy Industries is exposed to global supply chain vulnerabilities. Disruptions such as component shortages, transportation delays, increased logistics costs, or geopolitical tensions (e.g., trade disputes, regional conflicts) affecting international trade or manufacturing hubs could impact their ability to produce and deliver products, leading to increased costs or delayed revenue.

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Advanced Energy Industries (AEIS) operates in several key markets with substantial addressable opportunities for its precision power conversion, measurement, and control solutions.

Plasma Power Solutions: The global plasma power supplies market was valued at approximately USD 2.31 billion in 2025 and is projected to grow to about USD 8.71 billion by 2035.
Low Voltage DC-DC Solutions: The global low-voltage DC-DC converter market size was estimated at USD 5.8 billion in 2024 and is anticipated to reach USD 13.8 billion by 2033. In 2024, the Asia Pacific region accounted for approximately USD 2.6 billion of this market, while North America's market size was estimated at USD 1.5 billion.
Gas Sensing and Monitoring Products: The global gas sensors market was valued at approximately USD 1.76 billion in 2024 and is projected to grow to about USD 4.17 billion by 2035. Specifically, the North American market for gas sensors was approximately USD 800 million in 2024, and the Asia-Pacific market was around USD 350 million.
Power Control Modules and Embedded Power (Industrial/Medical Applications):
- The global intelligent power module market was estimated at USD 3.43 billion in 2025 and is projected to reach USD 9.85 billion by 2033. For North America, this market was valued at USD 3.48 billion in 2024 and is expected to grow to USD 9.01 billion by 2033.
- The broader global power discrete and modules market was valued at USD 29.8 billion in 2024 and is estimated to reach USD 53.4 billion by 2034. Within this, the industrial segment alone was valued at USD 7.9 billion globally in 2024.
High Voltage DC-DC Products (Electric Vehicle Specific): The electric vehicle high-voltage DC-DC converter market size is estimated at USD 1.67 billion in 2025 and is expected to reach USD 3.21 billion by 2030 globally.

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Advanced Energy Industries (AEIS) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

Strong Demand in Data Center Computing: The data center computing market, particularly driven by artificial intelligence (AI) infrastructure investments and hyperscale expansion, is a significant growth engine for Advanced Energy. The company saw its data center revenue more than double in 2025 and anticipates over 30% growth in this segment for 2026. This growth is fueled by the adoption of Advanced Energy's customized power solutions for AI rack applications and new design wins.
Recovery and Growth in the Semiconductor Market: After some market choppiness, the semiconductor equipment market is projected to accelerate, especially in the second half of 2026 and into 2027. This rebound is supported by the increasing adoption of advanced semiconductor manufacturing technologies, including leading-edge logic and memory, and strong customer pull for Advanced Energy's new technology platforms like eVoS, eVerest, and NavX.
New Product Launches and Expanding Portfolio: Advanced Energy consistently introduces new products across its target markets, with 26 new products launched in 2025 alone. The revenue contribution from these recently launched products, such as the Everest, EVOS, NavX, NCF150 series, and LPP200 series, is expected to increase as they move into pilot and early production, expanding the company's market presence and share.
Expansion in Industrial and Medical Markets: Following a period of decline, the industrial and medical segments returned to year-over-year growth in Q4 2025, driven by strong bookings and design wins. The company expects continued improvement and aims to outgrow the market in 2026, leveraging new design wins in areas such as factory automation, medical imaging, electrosurgery, and defense projects.
Manufacturing Capacity Expansion: To meet growing customer demand and support future revenue ramps, Advanced Energy has significantly expanded its manufacturing footprint. This includes doubling capacity in the Philippines and Mexico, and completing a new factory in Thailand, which is projected to deliver over $1 billion in annual revenue-generating capacity once fully operational.

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Share Repurchases

  In August 2021, Advanced Energy announced an increased share repurchase authorization to $200 million.
  Advanced Energy repurchased $17.0 million of common stock in the second quarter of 2022.
  The company completed a buyback plan announced in September 2015, repurchasing 32,758 shares for $6.73 million from October 1, 2025, to December 31, 2025, bringing the total under that program to $363.91 million for 6,056,924 shares.


Share Issuance

  Advanced Energy Industries' shares outstanding increased by 2.01% year-over-year in 2025, reaching 0.039 billion.
  Shares outstanding for 2024 were 0.038 billion, a 0.24% increase from 2023.


Outbound Investments

  In June 2024, Advanced Energy acquired Airity Technologies to enhance its capabilities in high-density, high-voltage power applications across semiconductor, industrial, and medical sectors.
  Advanced Energy acquired SL Power Electronics in April 2022.
  In 2021, Advanced Energy acquired Tegam for $18 million to strengthen its leadership in RF process power solutions and Versatile Power to expand its presence in the medical market.


Capital Expenditures

  Capital expenditures were approximately $58.88 million in 2022, $61 million in 2023, and an estimated $56.79 million in 2024.
  Advanced Energy expects its 2025 capital expenditure to be at the high end of its 5% to 6% of sales range, focusing on scaling manufacturing capabilities in Thailand and Mexico to add $2.5 billion in annual revenue capacity by the end of 2026.
  Purchases of property, plant, and equipment were around $37.5 million in Q4 2025.



	
		
			
				
					
					 Interactive Breakdown
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				 Better Bets vs. Advanced Energy Industries (AEIS)
				
					By Industry
					By Sector
					All Other Sectors
					Sector Best Bets
				
				
										
				
					
						INDUSTRY: Semiconductor Materials & Equipment
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for AEIS: 11.1% | 3.5x)
						
						
				
						
							ACMR (32.3% | 2.7x)
							ACM Research
						
					
						
							TRT (18.6% | 0.7x)
							Trio-Tech International
						
					
						
							SMTK (250.5% | 0.2x)
							SmartKem
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for AEIS: 11.1% | 21.3x)
						
						
				
						
							TER (26.4% | 20.9x)
							Teradyne
						
					
						
							ACMR (32.3% | 18.9x)
							ACM Research
						
					
					
						
							Higher Rev Chg LTM 
							(Value for AEIS: 31.7%)
						
						
				
						
							TER (74.9%)
							Teradyne
						
					
						
							AXTI (45.8%)
							AXT
						
					
						
							KLIC (44.4%)
							Kulicke & Soffa Industries
						
					
						
							COHU (34.0%)
							Cohu
						
					
						
							LRCX (33.4%)
							Lam Research
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for AEIS: 11.1%)
						
						
				
						
							ACMR (32.3%)
							ACM Research
						
					
						
							TER (26.4%)
							Teradyne
						
					
						
							LRCX (19.2%)
							Lam Research
						
					
						
							FORM (14.6%)
							FormFactor
						
					
						
							KLAC (12.9%)
							KLA
						
					
					
						
							Higher Op Mgn LTM 
							(Value for AEIS: 16.3%)
						
						
				
						
							KLAC (42.6%)
							KLA
						
					
						
							LRCX (37.0%)
							Lam Research
						
					
						
							TER (32.6%)
							Teradyne
						
					
						
							AMAT (31.1%)
							Applied Materials
						
					
						
							Q (22.7%)
							Qnity Electronics
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for AEIS: 9.9%)
						
						
				
						
							KLAC (31.1%)
							KLA
						
					
						
							LRCX (29.0%)
							Lam Research
						
					
						
							AMAT (27.2%)
							Applied Materials
						
					
						
							TER (26.6%)
							Teradyne
						
					
						
							Q (20.7%)
							Qnity Electronics
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for AEIS: 3.1%)
						
						
				
						
							KLAC (27.8%)
							KLA
						
					
						
							LRCX (25.0%)
							Lam Research
						
					
						
							TER (20.5%)
							Teradyne
						
					
						
							AMAT (18.2%)
							Applied Materials
						
					
						
							Q (14.2%)
							Qnity Electronics
						
					
					
						
							Higher Total Yield 
							(Value for AEIS: 3.9%)
						
						
				
						
							MKSI (5.1%)
							MKS
						
					
						
							KLIC (4.7%)
							Kulicke & Soffa Industries
						
					
						
							TER (4.3%)
							Teradyne
						
					
						
							AMAT (4.1%)
							Applied Materials
						
					
						
							LRCX (3.9%)
							Lam Research
						
					
					
				
					
						SECTOR: Information Technology
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for AEIS: 11.1% | 3.5x)
						
						
				
						
							DELL (19.2% | 1.4x)
							Dell Technologies
						
					
						
							HPE (12.8% | 1.4x)
							Hewlett Packard Enterprise
						
					
						
							CLS (33.7% | 1.4x)
							Celestica
						
					
						
							GEN (11.9% | 3.4x)
							Gen Digital
						
					
						
							SMCI (78.3% | 0.5x)
							Super Micro Computer
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for AEIS: 11.1% | 21.3x)
						
						
				
						
							MU (122.3% | 7.8x)
							Micron Technology
						
					
						
							DELL (19.2% | 14.6x)
							Dell Technologies
						
					
						
							APH (39.7% | 19.7x)
							Amphenol
						
					
						
							SNDK (102.9% | 5.8x)
							SanDisk
						
					
						
							STX (27.6% | 18.8x)
							Seagate Technology
						
					
					
						
							Higher Rev Chg LTM 
							(Value for AEIS: 31.7%)
						
						
				
						
							MU (256.3%)
							Micron Technology
						
					
						
							PLTR (87.1%)
							Palantir Technologies
						
					
						
							NVDA (83.4%)
							NVIDIA
						
					
						
							AVGO (48.7%)
							Broadcom
						
					
						
							AMD (41.9%)
							Advanced Micro Devices
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for AEIS: 11.1%)
						
						
				
						
							MU (122.3%)
							Micron Technology
						
					
						
							NVDA (116.5%)
							NVIDIA
						
					
						
							AVGO (36.2%)
							Broadcom
						
					
						
							AMD (27.9%)
							Advanced Micro Devices
						
					
						
							MSFT (16.6%)
							Microsoft
						
					
					
						
							Higher Op Mgn LTM 
							(Value for AEIS: 16.3%)
						
						
				
						
							MU (74.6%)
							Micron Technology
						
					
						
							NVDA (65.2%)
							NVIDIA
						
					
						
							AVGO (48.5%)
							Broadcom
						
					
						
							MSFT (47.1%)
							Microsoft
						
					
						
							AAPL (33.0%)
							Apple
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for AEIS: 9.9%)
						
						
				
						
							MU (67.3%)
							Micron Technology
						
					
						
							MSFT (56.5%)
							Microsoft
						
					
						
							AVGO (45.6%)
							Broadcom
						
					
						
							NVDA (44.3%)
							NVIDIA
						
					
						
							AAPL (30.3%)
							Apple
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for AEIS: 3.1%)
						
						
				
						
							MU (44.3%)
							Micron Technology
						
					
						
							AVGO (44.2%)
							Broadcom
						
					
						
							NVDA (41.9%)
							NVIDIA
						
					
						
							AAPL (28.4%)
							Apple
						
					
						
							MSFT (17.3%)
							Microsoft
						
					
					
						
							Higher Total Yield 
							(Value for AEIS: 3.9%)
						
						
				
						
							MU (11.0%)
							Micron Technology
						
					
						
							CSCO (5.3%)
							Cisco Systems
						
					
						
							NVDA (4.4%)
							NVIDIA
						
					
						
							MSFT (4.3%)
							Microsoft
						
					
						
							AMAT (4.1%)
							Applied Materials
						
					
					
				
					
						All Other Sectors
					
			
					
						
							Higher Rev Chg 3Y Avg | Lower P/S 
							(Values for AEIS: 11.1% | 3.5x)
						
						
				
						
							RTX (12.7% | 2.7x)
							RTX
						
					
						
							UBER (16.3% | 2.5x)
							Uber Technologies
						
					
						
							PGR (16.2% | 1.4x)
							Progressive
						
					
						
							MCK (13.0% | 0.3x)
							McKesson
						
					
						
							COF (20.7% | 2.0x)
							Capital One Financial
						
					
					
						
							Higher Rev Chg 3Y Avg | Lower P/Op Inc 
							(Values for AEIS: 11.1% | 21.3x)
						
						
				
						
							META (24.0% | 19.6x)
							Meta Platforms
						
					
						
							NFLX (15.0% | 16.8x)
							Netflix
						
					
						
							AMGN (13.3% | 19.8x)
							Amgen
						
					
						
							BLK (17.7% | 18.5x)
							BlackRock
						
					
						
							SCCO (18.8% | 14.0x)
							Southern Copper
						
					
					
						
							Higher Rev Chg LTM 
							(Value for AEIS: 31.7%)
						
						
				
						
							APP (57.8%)
							AppLovin
						
					
						
							LLY (45.5%)
							Eli Lilly
						
					
						
							WELL (40.0%)
							Welltower
						
					
						
							ENB (40.0%)
							Enbridge
						
					
						
							SCCO (38.7%)
							Southern Copper
						
					
					
						
							Higher Rev Chg 3Y Avg 
							(Value for AEIS: 11.1%)
						
						
				
						
							LLY (39.4%)
							Eli Lilly
						
					
						
							META (24.0%)
							Meta Platforms
						
					
						
							GOOGL (16.7%)
							Alphabet
						
					
						
							AMZN (12.9%)
							Amazon.com
						
					
						
							V (12.0%)
							Visa
						
					
					
						
							Higher Op Mgn LTM 
							(Value for AEIS: 16.3%)
						
						
				
						
							V (65.1%)
							Visa
						
					
						
							LLY (51.3%)
							Eli Lilly
						
					
						
							GOOGL (33.3%)
							Alphabet
						
					
						
							META (32.9%)
							Meta Platforms
						
					
						
							JNJ (25.7%)
							Johnson & Johnson
						
					
					
						
							Higher CFO/Rev LTM 
							(Value for AEIS: 9.9%)
						
						
				
						
							META (55.1%)
							Meta Platforms
						
					
						
							SPCX (49.2%)
							Space Exploration Technologies
						
					
						
							GOOGL (38.1%)
							Alphabet
						
					
						
							AMZN (21.1%)
							Amazon.com
						
					
						
							BRK-B (10.6%)
							Berkshire Hathaway
						
					
					
						
							Higher FCF/Rev LTM 
							(Value for AEIS: 3.1%)
						
						
				
						
							LLY (13.5%)
							Eli Lilly
						
					
						
							META (11.9%)
							Meta Platforms
						
					
						
							BRK-B (5.5%)
							Berkshire Hathaway
						
					
						
							GOOGL (4.2%)
							Alphabet
						
					
						
							TSLA (3.2%)
							Tesla
						
					
					
						
							Higher Total Yield 
							(Value for AEIS: 3.9%)
						
						
				
						
							JPM (9.3%)
							JPMorgan Chase
						
					
						
							GOOGL (7.1%)
							Alphabet
						
					
						
							BRK-B (7.0%)
							Berkshire Hathaway
						
					
						
							META (5.2%)
							Meta Platforms
						
					
						
							AMZN (4.8%)
							Amazon.com
						
					
					
				
					
						Best Bets in Information Technology
					
			What You Pay
					
						
							P/EBIT 
							(Value for AEIS: 22.1x)
						
						
				
						
							VRSN (23.4x)
							VeriSign
						
					
						
							ANET (41.4x)
							Arista Networks
						
					
						
							NVDA (19.6x)
							NVIDIA
						
					
						
							ADEA (9.3x)
							Adeia
						
					
						
							GEN (8.1x)
							Gen Digital
						
					
						
							ZM (22.2x)
							Zoom Communications
						
					
						
							ADBE (9.9x)
							Adobe
						
					
						
							FICO (11.4x)
							Fair Isaac
						
					
						
							PTC (14.0x)
							PTC
						
					
						
							ROP (13.6x)
							Roper Technologies
						
					
					
						
							P/E 
							(Value for AEIS: 27.3x)
						
						
				
						
							VRSN (32.7x)
							VeriSign
						
					
						
							ANET (45.4x)
							Arista Networks
						
					
						
							NVDA (23.4x)
							NVIDIA
						
					
						
							ADEA (14.7x)
							Adeia
						
					
						
							GEN (14.7x)
							Gen Digital
						
					
						
							ZM (8.1x)
							Zoom Communications
						
					
						
							ADBE (13.0x)
							Adobe
						
					
						
							FICO (18.1x)
							Fair Isaac
						
					
						
							PTC (18.3x)
							PTC
						
					
						
							ROP (18.2x)
							Roper Technologies
						
					
What You Get
					
						
							Rev Chg 3Y Avg 
							(Value for AEIS: 11.1%)
						
						
				
						
							VRSN (5.3%)
							VeriSign
						
					
						
							ANET (28.9%)
							Arista Networks
						
					
						
							NVDA (116.5%)
							NVIDIA
						
					
						
							ADEA (5.8%)
							Adeia
						
					
						
							GEN (11.9%)
							Gen Digital
						
					
						
							ZM (3.8%)
							Zoom Communications
						
					
						
							ADBE (11.2%)
							Adobe
						
					
						
							FICO (18.9%)
							Fair Isaac
						
					
						
							PTC (12.9%)
							PTC
						
					
						
							ROP (12.1%)
							Roper Technologies
						
					
					
						
							Rev Chg LTM 
							(Value for AEIS: 31.7%)
						
						
				
						
							VRSN (6.5%)
							VeriSign
						
					
						
							ANET (40.7%)
							Arista Networks
						
					
						
							NVDA (83.4%)
							NVIDIA
						
					
						
							ADEA (22.1%)
							Adeia
						
					
						
							GEN (16.9%)
							Gen Digital
						
					
						
							ZM (5.0%)
							Zoom Communications
						
					
						
							ADBE (12.0%)
							Adobe
						
					
						
							FICO (27.3%)
							Fair Isaac
						
					
						
							PTC (19.5%)
							PTC
						
					
						
							ROP (9.2%)
							Roper Technologies
						
					
					
						
							Rev Chg Q 
							(Value for AEIS: 50.3%)
						
						
				
						
							VRSN (5.7%)
							VeriSign
						
					
						
							ANET (58.5%)
							Arista Networks
						
					
						
							NVDA (105.9%)
							NVIDIA
						
					
						
							ADEA (-8.2%)
							Adeia
						
					
						
							GEN (12.2%)
							Gen Digital
						
					
						
							ZM (4.9%)
							Zoom Communications
						
					
						
							ADBE (12.9%)
							Adobe
						
					
						
							FICO (27.4%)
							Fair Isaac
						
					
						
							PTC (-6.8%)
							PTC
						
					
						
							ROP (7.6%)
							Roper Technologies
						
					
					
						
							FCF/Rev 3Y Avg 
							(Value for AEIS: 5.7%)
						
						
				
						
							VRSN (58.7%)
							VeriSign
						
					
						
							ANET (46.0%)
							Arista Networks
						
					
						
							NVDA (44.7%)
							NVIDIA
						
					
						
							ADEA (40.4%)
							Adeia
						
					
						
							GEN (39.3%)
							Gen Digital
						
					
						
							ZM (38.3%)
							Zoom Communications
						
					
						
							ADBE (37.8%)
							Adobe
						
					
						
							FICO (37.8%)
							Fair Isaac
						
					
						
							PTC (32.3%)
							PTC
						
					
						
							ROP (31.0%)
							Roper Technologies
						
					
			
				[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04
			
		

				
			
		
	

	
		
			
				
				 Peer Outperformance in Semiconductor Materials & Equipment
				
			
				AEIS has outperformed 85% of its 27 Semiconductor Materials & Equipment peers over 5Y. Among the peers that beat it are AXTI and KLAC. Semiconductor Materials & Equipment ranks 3rd of 12 industries in Information Technology by median 5Y return. That makes it one of the strongest corners of the sector.
			
		
				
		
			Share of Semiconductor Materials & Equipment constituents that AEIS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
			
			
				1Y
				14%
				of 29 industry peers · -9.0% return
			
		
			
				3Y
				75%
				of 28 industry peers · 129.1% return
			
		
			
				5Y
				85%
				of 27 industry peers · 110.6% return
			
		
		
	
				
			
				Semiconductor Materials & Equipment peers with revenue growth within 4pp of AEIS's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
				
				
					
						Ticker
						Name
						Rev Growth 3Y Avg
						P/E
						1Y 3Y 5Y
						5Y Gap
					
					
			
				AEIS
				Advanced Energy Industries
				11.1%
				27.3x
				-9.0% 129.1% 110.6%
				—
			
		
				
					AXTI
					AXT
					10.5%
					587.2x
					311.0% 1751.4% 321.7%
					+211pp
				
			
				
					KLAC
					KLA
					12.9%
					34.4x
					16.7% 177.5% 248.9%
					+138pp
				
			
				
				
				
					Price returns, excluding dividends. P/E shown for context only and not used for matching.
				
			
		
				
			
				Median price return by industry across the Information Technology sector, ranked by 5Y. Semiconductor Materials & Equipment is AEIS's own industry. Use this to see which corners of the sector have carried the returns.
				
				
					
						Industry
						Names
						1Y med 3Y med 5Y med
						Top 3 by 5Y
					
					
				
					Electronic Manufacturing Services
					10
					5.5% 93.6% 163.4%
					FLEX 421% · TTMI 365% · JBL 272%
				
			
				
					Technology Distributors
					9
					43.9% 52.8% 52.9%
					AVT 122% · SNX 104% · PLUS 53%
				
			
				
					Semiconductor Materials & Equipment ←
					28
					26.7% 40.7% 33.2%
					AXTI 322% · KLAC 249% · LRCX 245%
				
			
				
					Electronic Components
					24
					13.8% 61.0% 21.1%
					CLS 1777% · BELFA 985% · APH 283%
				
			
				
					Communications Equipment
					36
					1.6% 71.8% 17.8%
					AAOI 755% · LITE 477% · ANET 415%
				
			
				
					Electronic Equipment & Instruments
					27
					-6.4% 27.4% 1.7%
					PI 120% · OSIS 105% · MIR 60%
				
			
				
					Semiconductors
					55
					6.4% 37.8% -12.6%
					MU 869% · NVDA 530% · AVGO 474%
				
			
				
					Technology Hardware, Storage & Peripherals
					21
					12.4% 51.8% -20.2%
					DELL 543% · WDC 531% · SMCI 517%
				
			
				
					Internet Services & Infrastructure
					6
					-7.1% 42.2% -26.0%
					GDDY 57% · VRSN 35% · AKAM -23%
				
			
				
					IT Consulting & Other Services
					30
					-17.8% -9.2% -28.2%
					APLD 253% · IBM 140% · GIB -8%
				
			
				
					Application Software
					125
					-12.3% -12.0% -54.5%
					PLTR 517% · FROG 159% · AGYS 143%
				
			
				
					Systems Software
					70
					-10.7% 13.7% -54.6%
					ZETA 237% · CRWD 217% · CVLT 133%
				
			
				
				
				
					Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.
				
			
		
			
		
	

	
		
			
				
				 Latest Trefis Analyses
				 Title Date
0 DASHBOARDS  
1 Advanced Energy Industries Earnings Notes 05/01/2026
2 AEIS Stock (+8.2%): Analyst Upgrades Ignite Institutional Buying 01/16/2026
3 Would You Still Hold Advanced Energy Industries Stock If It Fell 30%? 10/17/2025
4 Is AEIS Stock Still the Best Pick Among Its Peers? 08/14/2025
5 AEIS's 16% One Week Pop Begs The Question: Is AMAT Better Instead? 08/14/2025
6 Advanced Energy Industries vs. Belden: Both Seem Similar Bets 07/11/2025
7 AEIS Dip Buy Analysis 07/10/2025
8 ARTICLES  
9 Mid Cap Stocks Trading At 52-Week High 05/02/2026
10 How Will Advanced Energy Industries Stock React To Its Upcoming Earnings? 05/01/2026
11 Advanced Energy (AEIS) Rises 8.2% on Semiconductor Sector Surge 04/01/2026
12 Advanced Energy (+8.1%): Citi Target Hike to $385 Spurs All-Time High 03/25/2026
13 As AEIS Surges 16% in a Week, AMAT’s Story Stands Out 08/14/2025
 Title
0 DASHBOARDS
1 Advanced Energy Industries Earnings Notes
2 AEIS Stock (+8.2%): Analyst Upgrades Ignite Institutional Buying
3 Would You Still Hold Advanced Energy Industries Stock If It Fell 30%?
4 Is AEIS Stock Still the Best Pick Among Its Peers?
5 AEIS's 16% One Week Pop Begs The Question: Is AMAT Better Instead?
6 Advanced Energy Industries vs. Belden: Both Seem Similar Bets
7 AEIS Dip Buy Analysis
8 ARTICLES
9 Mid Cap Stocks Trading At 52-Week High
10 How Will Advanced Energy Industries Stock React To Its Upcoming Earnings?
11 Advanced Energy (AEIS) Rises 8.2% on Semiconductor Sector Surge
12 Advanced Energy (+8.1%): Citi Target Hike to $385 Spurs All-Time High
13 As AEIS Surges 16% in a Week, AMAT’s Story Stands Out
			
		
	

	
		
			
				
				 Trade Ideas
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Ticker Company Mkt Cap (B) 1M Rtn YTD Rtn
PCT PureCycle Technologies 0.3 -57.6% -80.6%
FRMI Fermi 1.0 -57.1% -80.4%
AESI Atlas Energy Solutions 0.7 -55.5% -42.6%
AAOI Applied Optoelectronics 4.1 -52.7% 43.8%
CIFR Cipher Digital 2.7 -51.5% -55.7%
DJT Trump Media & Technology 1.1 -51.3% -69.9%
STRL Sterling Infrastructure 7.7 -51.2% -17.4%
FPS Forgent Power Solutions 5.1 -51.1% -32.8%
BCAX Bicara Therapeutics 0.6 -49.9% -48.6%
MNTN MNTN 0.4 -48.8% -55.4%

				
			
		
	

	
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				 Peer Comparisons
Peers to compare with: 
				
				Financials
 AEIS MKSI AME LRCX AMAT KLAC Median
Name Advanced. MKS      AMETEK   Lam Rese. Applied . KLA       
Mkt Price 198.06 193.00 227.61 201.25 334.50 139.29 199.66
Mkt Cap 7.9 13.1 52.2 251.7 265.6 181.8 117.0
Rev LTM 2,271 4,772 8,192 26,128 30,837 14,506 11,349
Op Inc LTM 371 915 2,134 9,654 9,587 6,185 4,159
FCF LTM 70 552 1,932 6,537 5,623 4,038 2,985
FCF 3Y Avg 99 505 1,753 5,642 6,004 3,688 2,721
CFO LTM 225 730 2,080 7,576 8,396 4,512 3,296
CFO 3Y Avg 197 647 1,889 6,410 7,919 4,060 2,975
				Growth & Margins
 AEIS MKSI AME LRCX AMAT KLAC Median
Name Advanced. MKS      AMETEK   Lam Rese. Applied . KLA       
Rev Chg LTM 31.7% 24.6% 14.3% 33.4% 7.8% 15.8% 20.2%
Rev Chg 3Y Avg 11.1% 8.5% 8.2% 19.2% 5.2% 12.9% 9.8%
Rev Chg Q 50.3% 43.0% 17.3% 54.4% 24.8% 28.9% 35.9%
QoQ Delta Rev Chg LTM 11.4% 9.8% 4.2% 12.5% 6.2% 6.8% 8.3%
Op Inc Chg LTM 139.1% 66.4% 13.9% 49.3% 11.2% 18.2% 33.8%
Op Inc Chg 3Y Avg 72.9% 29.3% 8.8% 30.6% 7.8% 18.6% 23.9%
Op Mgn LTM 16.3% 19.2% 26.0% 37.0% 31.1% 42.6% 28.6%
Op Mgn 3Y Avg 9.9% 15.8% 25.9% 33.0% 30.1% 40.7% 28.0%
QoQ Delta Op Mgn LTM 2.7% 2.5% 0.1% 1.7% 1.0% 1.0% 1.3%
CFO/Rev LTM 9.9% 15.3% 25.4% 29.0% 27.2% 31.1% 26.3%
CFO/Rev 3Y Avg 10.8% 16.0% 25.5% 31.8% 27.6% 32.8% 26.5%
FCF/Rev LTM 3.1% 11.6% 23.6% 25.0% 18.2% 27.8% 20.9%
FCF/Rev 3Y Avg 5.7% 12.5% 23.6% 28.1% 21.0% 29.8% 22.3%
				Valuation
 AEIS MKSI AME LRCX AMAT KLAC Median
Name Advanced. MKS      AMETEK   Lam Rese. Applied . KLA       
Mkt Cap 7.9 13.1 52.2 251.7 265.6 181.8 117.0
P/S 3.5 2.7 6.4 9.6 8.6 12.5 7.5
P/Op Inc 21.4 14.3 24.4 26.1 27.7 29.4 25.3
P/EBIT 22.3 15.1 24.9 25.5 23.9 28.4 24.4
P/E 27.4 21.7 32.0 29.8 28.7 34.6 29.2
P/CFO 35.3 17.9 25.1 33.2 31.6 40.3 32.4
Total Yield 3.9% 5.1% 3.7% 3.9% 4.1% 3.5% 3.9%
Dividend Yield 0.2% 0.5% 0.6% 0.5% 0.6% 0.6% 0.5%
FCF Yield 3Y Avg 1.6% 5.1% 3.8% 3.1% 3.0% 2.4% 3.1%
D/E 0.2 0.3 0.1 0.0 0.0 0.0 0.1
Net D/E -0.0 0.3 0.1 -0.0 -0.0 0.0 0.0
				Returns
 AEIS MKSI AME LRCX AMAT KLAC Median
Name Advanced. MKS      AMETEK   Lam Rese. Applied . KLA       
1M Rtn -30.3% -25.9% -8.0% -37.2% -34.4% -29.2% -29.8%
3M Rtn -39.0% -36.7% -10.1% -35.3% -37.9% -29.6% -36.0%
6M Rtn -44.5% -38.3% -1.8% -31.4% -23.0% -25.3% -28.4%
12M Rtn -8.5% 25.2% 16.7% 26.9% 46.2% 17.3% 21.3%
3Y Rtn 130.3% 185.2% 56.9% 218.6% 137.4% 179.1% 158.2%
1M Excs Rtn -25.3% -20.9% -3.1% -32.2% -29.3% -24.2% -24.7%
3M Excs Rtn -32.1% -29.1% -5.0% -29.4% -31.0% -22.8% -29.2%
6M Excs Rtn -44.2% -38.0% -1.5% -31.1% -22.7% -25.0% -28.1%
12M Excs Rtn -20.7% 29.9% 7.1% 13.9% 31.0% 5.5% 10.5%
3Y Excs Rtn 61.6% 125.2% -10.8% 165.7% 78.6% 124.8% 101.7%
				Comparison Analyses
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				 Clinical Pipeline
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				 Financials
				
					Annual
					Quarterly
				
									$ Mil | FY: 12/31 LTM 2025 2024 2023 2022 2021 2020
Period End 9/30/2026 12/31/2025 12/31/2024 12/31/2023 12/31/2022 12/31/2021 12/31/2020
Filing Date 11/2/2026 2/13/2026 2/18/2025 2/20/2024 2/17/2023 3/16/2022 2/24/2021

Key Financials              
Total Revenue 2,271 1,799 1,482 1,656 1,845 1,456 1,416
Gross Profit 915 677 529 592 676 532 542
EBITDA 421 244 143 204 309 205 237
Operating Income 371 180 67 141 240 156 189
Net Income 289 148 54 128 200 135 135
EPS 7.44 3.95 1.45 3.42 5.33 3.53 3.52

Growth Rates              
Total Revenue Growth 31.7% 21.4% -10.5% -10.3% 26.8% 2.8% 79.5%
EBITDA Growth 83.1% 71.0% -30.0% -34.0% 50.8% -13.4% 176.9%
Operating Income Growth 139.1% 169.8% -52.5% -41.4% 53.4% -17.3% 218.4%
Net Income Growth 99.2% 173.8% -57.8% -35.7% 48.2% 0.0% 107.4%

Margins              
Gross Margin 40.3% 37.7% 35.7% 35.8% 36.6% 36.6% 38.3%
EBITDA Margin 18.5% 13.6% 9.6% 12.3% 16.8% 14.1% 16.7%
Operating Income Margin 16.3% 10.0% 4.5% 8.5% 13.0% 10.7% 13.4%
Net Income Margin 12.7% 8.2% 3.7% 7.7% 10.8% 9.3% 9.5%

Cash & Debt              
Total Cash 1,425 791 722 1,045 459 547 483
Total Debt 1,392 679 672 1,023 484 504 435
Net Debt / (Cash) -33 -112 -50 -22 26 -43 -48

Cash Flows & CapEx              
Net Cash from Operations 225 233 131 209 184 140 201
Total CapEx -155 -107 -57 -61 -59 -29 -36
Free Cash from Operations 70 126 74 148 125 111 165

Returns to Shareholders              
Dividends 16 16 15 15 15 15 -0
Share Repurchases 7 30 2 40 27 78 12
					$ Mil | FY: 12/31 2026Q3 2026Q2 2026Q1 2025Q4 2025Q3 2025Q2 2025Q1 2024Q4 2024Q3 2024Q2 2024Q1 2023Q4
Period End 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
Filing Date 11/2/2026 8/3/2026 5/4/2026 2/13/2026 11/4/2025 8/5/2025 4/30/2025 2/18/2025 10/30/2024 7/30/2024 5/1/2024 2/20/2024

Key Financials Quarterly                        
Total Revenue 696 574 511 489 463 442 405 415 374 365 328 405
Ebitda 170 86 89 76 71 48 50 61 9 42 31 39
Operating Income 143 96 71 60 50 39 32 35 18 14 1 32
Net Income 116 54 67 52 46 25 25 49 -15 15 5 38
EPS 2.89 1.39 1.77 1.39 1.23 0.67 0.66 1.30 -0.40 0.39 0.14 1.01

Key Financials TTM                        
Total Revenue TTM 2,271 2,038 1,905 1,799 1,725 1,636 1,559 1,482 1,472 1,508 1,558 1,656
Ebitda TTM 421 322 284 244 230 168 161 143 121 167 177 204
Operating Income TTM 371 278 220 180 155 123 98 67 64 81 101 141
Net Income TTM 289 219 190 148 145 84 74 54 43 90 103 128

Growth Rates Quarterly                        
Total Revenue Growth 50.3% 30.0% 26.3% 17.8% 23.8% 21.0% 23.5% 2.5% -8.7% -12.2% -22.9% -17.4%
EBITDA Growth 139.8% 77.6% 80.6% 23.7% 686.7% 16.1% 59.2% 57.7% -83.7% -19.3% -47.1% -56.3%
Operating Income Growth 187.0% 150.0% 123.0% 73.0% 185.1% 185.9% 2790.9% 9.2% -49.7% -59.1% -97.3% -50.0%
Net Income Growth 150.2% 114.7% 170.4% 7.0% 410.1% 70.3% 357.4% 30.3% -145.5% -45.5% -82.5% -14.2%

Margins Quarterly                        
EBITDA Margin 24.4% 14.9% 17.5% 15.5% 15.3% 10.9% 12.2% 14.7% 2.4% 11.4% 9.5% 9.6%
Operating Income Margin 20.6% 16.8% 13.9% 12.3% 10.8% 8.7% 7.9% 8.4% 4.7% 3.7% 0.3% 7.9%
Net Income Margin 16.6% 9.4% 13.1% 10.7% 10.0% 5.7% 6.1% 11.8% -4.0% 4.1% 1.6% 9.3%

Cash & Debt                        
Total Cash 1,425 1,396 700 791 759 714 723 722 657 986 1,018 1,045
Total Debt 1,392 1,377 683 679 683 688 681 672 663 1,021 1,028 1,023
Net Debt / (Cash) -33 -20 -16 -112 -76 -26 -42 -50 5 35 11 -22

Cash Flows Quarterly                        
FCF from Operations 65 85 -6 80 79 45 29 83 34 7 7 84

Cash Flows TTM                        
FCF from Operations TTM 225 238 198 233 235 191 152 131 132 170 186 209

Returns to Shareholders Quarterly                        
Dividends 4 4 4 4 4 4 4 4 4 4 4 4
Share Repurchases -0 -0 0 6 -0 23 0 -0 2 -0 -0 -0

Return on Invested Capital (ROIC) Quarterly                        
ROIC 202.4% 150.0% 144.0% 181.2% 122.9% 72.5% 74.8% 110.5% 36.2% 22.6% 2.1% 96.1%

Return on Invested Capital (ROIC) TTM                        
ROIC TTM 144.3% 118.2% 106.5% 130.9% 103.2% 66.2% 68.9% 53.1% 34.0% 41.1% 62.0% 106.1%

			
		
	

	
		
			
				
				 Segment Financials
Revenue by Segment
$ Mil 2025 2024 2023 2022 2021
Product 1,615 1,316 1,484 1,686 1,318
Services and other 184 166 172 159 138
Total 1,799 1,482 1,656 1,845 1,456


Operating Income by Segment
$ Mil 2014 2013 2012 2011
Precision Power Products 95      
Unallocated corporate assets -2      
Inverters -52      
Corporate expenses   -46 -2 -23
Solar Energy   -4 14 4
Thin Films   65 23 68
Restructuring charges     -7  
Total 40 15 27 49


Assets by Segment
$ Mil 2014 2013 2012 2011
Unallocated corporate assets 561 508 417 411
Inverters 70      
Precision Power Products 51      
Unallocated corporate property and equipment 3 1 4 1
Solar Energy   104 76 63
Thin Films   39 41 59
Total 685 653 538 533



			
		
	

	
		
			
				
				 Price Behavior
				
					Behavior Stats
					Betas Matrix
					Behavior vs Other Asset Classes
				
				
										Price Behavior
Market Price $197.01  
Market Cap ($ Bil) 7.9  
First Trading Date 11/17/1995  
Distance from 52W High -49.3%  
    50 Days 200 Days
DMA Price $260.11 $307.32
DMA Trend down up
Distance from DMA -24.3% -35.9%
  3M 1YR
Volatility 72.8% 66.2%
Downside Capture 366.81 253.67
Upside Capture 178.74 215.04
Correlation (S&P 500) 46.3% 53.8%
					
AEIS Betas & Captures as of 10/31/2026


  1M 2M 3M 6M 1Y 3Y
Beta 4.82 3.37 3.59 3.30 2.78 2.12
Up Beta 0.92 -0.13 4.06 4.20 3.10 2.07
Down Beta 4.50 5.67 4.99 2.80 2.50 1.88
Up Capture 373% 284% 272% 321% 611% 2789%
Bmk +ve Days 12 18 28 62 130 427
Stock +ve Days 9 22 33 60 130 395
Down Capture 543% 333% 325% 261% 171% 113%
Bmk -ve Days 10 25 36 64 121 325
Stock -ve Days 13 21 31 66 121 357


[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
					
					1Y
					5Y
					10Y
				
					Based On 1-Year Data
 Annualized
Return Annualized
Volatility Sharpe
Ratio Correlation
with AEIS
AEIS -12.7% 66.2% 0.06 -
Sector ETF (XLK) 12.1% 28.4% 0.39 67.9%
Equity (SPY) 9.5% 13.6% 0.40 53.9%
Gold (GLD) 1.6% 28.7% 0.05 22.0%
Commodities (DBC) 38.4% 21.2% 1.42 -6.3%
Real Estate (VNQ) 11.3% 14.2% 0.51 -3.4%
Bitcoin (BTCUSD) -27.2% 43.6% -0.61 18.5%

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 AEIS
AEIS 16.9% 47.4% 0.48 -
Sector ETF (XLK) 16.2% 26.4% 0.55 69.7%
Equity (SPY) 11.3% 17.3% 0.48 63.1%
Gold (GLD) 17.5% 19.1% 0.74 14.3%
Commodities (DBC) 8.1% 19.6% 0.30 8.5%
Real Estate (VNQ) 1.3% 18.9% -0.04 34.4%
Bitcoin (BTCUSD) 4.0% 51.6% 0.26 25.8%

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 AEIS
AEIS 15.6% 47.0% 0.48 -
Sector ETF (XLK) 22.6% 25.3% 0.82 68.0%
Equity (SPY) 15.0% 18.0% 0.70 64.2%
Gold (GLD) 11.9% 16.5% 0.59 11.1%
Commodities (DBC) 7.5% 18.1% 0.33 18.3%
Real Estate (VNQ) 5.9% 20.7% 0.24 40.2%
Bitcoin (BTCUSD) 60.0% 66.3% 1.00 19.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How


				
			
		
		
			
				
				 Short Interest
Short Interest: As Of Date 10152026
Short Interest: Shares Quantity 1.5 Mil
Short Interest: % Change Since 9302026 -17.6%
Average Daily Volume 0.5 Mil
Days-to-Cover Short Interest 3.0 days
Basic Shares Quantity 40.0 Mil
Short % of Basic Shares 3.8%
			
		
	

	
		
			
				 Returns Analyses
 Title
0 Would You Still Hold Advanced Energy Industries Stock If It Fell 30%?
1 Advanced Energy Industries Stock Return Comparison
2 Advanced Energy Industries Total Shareholder Return (TSR): -5.4% in 2022 and 6.7% 3-yr returns (below peer average)
3 Advanced Energy Industries (AEIS) Stock Return: AI Predicts AEIS Average and Excess Return After a Fall or Rise
			
		
	

	
		
			
				
				
				    Earnings Returns History
				    Updated 11/5/2026
				

				Expand for More  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
11/2/2026 9.6%    
8/3/2026 15.2% 6.1% -9.9%
5/4/2026 -10.7% -8.3% -16.6%
2/10/2026 10.7% 15.2% 9.6%
11/4/2025 15.8% 10.7% 12.5%
8/5/2025 0.2% 13.8% 7.6%
4/30/2025 11.2% 12.7% 17.9%
2/12/2025 11.1% 17.2% -4.4%
... 
SUMMARY STATS      
# Positive 12 14 10
# Negative 13 10 14
Median Positive 10.0% 7.8% 12.2%
Median Negative -4.5% -7.8% -4.0%
Max Positive 15.8% 17.2% 32.6%
Max Negative -12.1% -15.7% -16.6%
				Collapse to Preview  Forward Returns
Earnings Date 1D Returns 5D Returns 21D Returns
11/2/2026 9.6%    
8/3/2026 15.2% 6.1% -9.9%
5/4/2026 -10.7% -8.3% -16.6%
2/10/2026 10.7% 15.2% 9.6%
11/4/2025 15.8% 10.7% 12.5%
8/5/2025 0.2% 13.8% 7.6%
4/30/2025 11.2% 12.7% 17.9%
2/12/2025 11.1% 17.2% -4.4%
10/30/2024 0.7% 9.5% 6.8%
7/30/2024 7.4% -9.0% -1.6%
5/1/2024 -0.5% 5.7% 11.9%
2/6/2024 -5.8% -6.2% -0.7%
10/31/2023 -3.0% 0.3% 9.0%
8/3/2023 -7.9% -7.3% -3.5%
5/3/2023 -3.9% -1.9% 13.7%
2/8/2023 -4.3% 1.2% -4.7%
11/1/2022 0.6% 3.7% 16.9%
8/3/2022 1.3% 1.3% -6.1%
5/4/2022 -4.5% -11.0% -3.1%
2/9/2022 -0.1% 4.0% -2.4%
11/8/2021 -2.5% -4.6% -1.9%
8/4/2021 -12.1% -12.9% -12.7%
5/5/2021 -9.3% -15.7% -2.3%
2/10/2021 -8.2% -3.7% -5.3%
11/5/2020 10.4% 13.5% 32.6%
SUMMARY STATS      
# Positive 12 14 10
# Negative 13 10 14
Median Positive 10.0% 7.8% 12.2%
Median Negative -4.5% -7.8% -4.0%
Max Positive 15.8% 17.2% 32.6%
Max Negative -12.1% -15.7% -16.6%
			
		
		
			
				
				 SEC Filings
				Expand for MoreReport Date Filing Date Filing
09/30/2026 11/02/2026 10-Q
06/30/2026 08/03/2026 10-Q
03/31/2026 05/04/2026 10-Q
12/31/2025 02/13/2026 10-K
09/30/2025 11/04/2025 10-Q
06/30/2025 08/05/2025 10-Q
03/31/2025 04/30/2025 10-Q
12/31/2024 02/18/2025 10-K
09/30/2024 10/30/2024 10-Q
06/30/2024 07/30/2024 10-Q
03/31/2024 05/01/2024 10-Q
12/31/2023 02/20/2024 10-K
09/30/2023 10/31/2023 10-Q
06/30/2023 08/03/2023 10-Q
03/31/2023 05/03/2023 10-Q
12/31/2022 02/17/2023 10-K
				Collapse to PreviewReport Date Filing Date Filing
09/30/2026 11/02/2026 10-Q
06/30/2026 08/03/2026 10-Q
03/31/2026 05/04/2026 10-Q
12/31/2025 02/13/2026 10-K
09/30/2025 11/04/2025 10-Q
06/30/2025 08/05/2025 10-Q
03/31/2025 04/30/2025 10-Q
12/31/2024 02/18/2025 10-K
09/30/2024 10/30/2024 10-Q
06/30/2024 07/30/2024 10-Q
03/31/2024 05/01/2024 10-Q
12/31/2023 02/20/2024 10-K
09/30/2023 10/31/2023 10-Q
06/30/2023 08/03/2023 10-Q
03/31/2023 05/03/2023 10-Q
12/31/2022 02/17/2023 10-K
09/30/2022 11/01/2022 10-Q
06/30/2022 08/03/2022 10-Q
03/31/2022 05/04/2022 10-Q
12/31/2021 03/16/2022 10-K
09/30/2021 11/09/2021 10-Q
06/30/2021 08/04/2021 10-Q
03/31/2021 05/05/2021 10-Q
12/31/2020 02/24/2021 10-K
09/30/2020 11/05/2020 10-Q
06/30/2020 08/05/2020 10-Q
03/31/2020 05/06/2020 10-Q
12/31/2019 03/02/2020 10-K
			
		
	

	
		
			
				
				
				    Recent Forward Guidance
				    Updated 11/3/2026
				
				Latest: Q3 2026 Earnings Reported 11/2/2026
				Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q4 2026 Revenue Reported 710.00 Mil 735.00 Mil 760.00 Mil 14.8%   Higher New Guidance: 640.00 Mil for Q3 2026
Q4 2026 GAAP EPS from continuing operations Reported 3 3.3 3.6 38.7%   Higher New Guidance: 2.38 for Q3 2026
Q4 2026 Non-GAAP EPS Reported 3.6 3.9 4.2 30.0%   Higher New Guidance: 3 for Q3 2026
				
Prior: Q2 2026 Earnings Reported 8/3/2026
				Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q3 2026 Revenue Reported 620.00 Mil 640.00 Mil 660.00 Mil 18.5%   Higher New Guidance: 540.00 Mil for Q2 2026
Q3 2026 GAAP EPS Reported 2.13 2.38 2.63 54.5%   Higher New Guidance: 1.54 for Q2 2026
Q3 2026 Non-GAAP EPS Reported 2.75 3 3.25 37.6%   Higher New Guidance: 2.18 for Q2 2026

Q1 2026 Earnings Reported 5/4/2026
Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q2 2026 Revenue Reported 520.00 Mil 540.00 Mil 560.00 Mil 8.0%   Higher New Actual: 500.00 Mil for Q1 2026
Q2 2026 GAAP EPS from continuing operations Reported 1.31 1.54 1.77 6.9%   Higher New Actual: 1.44 for Q1 2026
Q2 2026 Non-GAAP EPS Reported 1.93 2.18 2.43 12.4%   Higher New Actual: 1.94 for Q1 2026

Q4 2025 Earnings Reported 2/10/2026
Forward Guidance Guidance Change
Metric Source Low Mid High % Chg % Delta Change Prior
Q1 2026 Revenue Reported 480.00 Mil 500.00 Mil 520.00 Mil 6.4%   Higher New Guidance: 470.00 Mil for Q4 2025
Q1 2026 GAAP EPS Reported 1.19 1.44 1.69 28.6%   Higher New Guidance: 1.12 for Q4 2025
Q1 2026 Non-GAAP EPS Reported 1.69 1.94 2.19 10.9%   Higher New Guidance: 1.75 for Q4 2025
			
		
	

	
		
			
				
				
				    Insider Activity
				    Updated 11/6/2026
				
				Expand for More# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Delsanto, Anne   The Delsanto Family Trust Sell 11062026 200.02 265 53,005 1,483,548 Form
2 Delsanto, Anne   The Delsanto Family Trust Sell 10072026 304.76 270 82,285 2,341,166 Form
3 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 9102026 288.14 632 182,104 2,644,261 Form
4 Delsanto, Anne   The Delsanto Family Trust Sell 9102026 288.14 265 76,357 2,291,289 Form
5 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 8272026 290.05 907 263,075 2,843,940 Form
				Collapse to Preview# Owner Title Holding Action Filing Date Price Shares Transacted
Value Value of
Held Shares Form
1 Delsanto, Anne   The Delsanto Family Trust Sell 11062026 200.02 265 53,005 1,483,548 Form
2 Delsanto, Anne   The Delsanto Family Trust Sell 10072026 304.76 270 82,285 2,341,166 Form
3 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 9102026 288.14 632 182,104 2,644,261 Form
4 Delsanto, Anne   The Delsanto Family Trust Sell 9102026 288.14 265 76,357 2,291,289 Form
5 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 8272026 290.05 907 263,075 2,843,940 Form
6 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 8192026 332.68 908 302,073 3,563,668 Form
7 Delsanto, Anne   The Delsanto Family Trust Sell 8052026 345.00 270 93,150 2,834,865 Form
8 Shirley, Brian   Direct Sell 6172026 372.35 1,234 459,480 2,480,968 Form
9 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 4202026 369.40 966 356,840 4,290,950 Form
10 Delsanto, Anne   The Delsanto Family Trust Sell 4162026 380.52 240 91,325 2,349,330 Form
11 Delsanto, Anne   The Delsanto Family Trust Sell 3182026 312.59 240 75,022 2,004,952 Form
12 Kelley, Stephen Douglas President and CEO Direct Sell 3122026 316.62 50,000 15,830,829 25,448,374 Form
13 Roush, John A   Direct Sell 3062026 323.56 10,225 3,308,397 8,927,980 Form
14 Colpitts, Bernard Raymond JR SVP, Chief Accounting Officer Direct Sell 3032026 325.60 1,104 359,462 536,263 Form
15 Vonne, Elizabeth Karpinski EVP, General Counsel Direct Sell 2242026 328.42 964 316,597 3,836,931 Form
16 Delsanto, Anne   The Delsanto Family Trust Sell 2182026 311.04 240 74,650 2,069,660 Form
17 Minnix, Lanesha   Direct Sell 2182026 316.62 1,000 316,625 1,451,726 Form
18 Delsanto, Anne   The Delsanto Family Trust Sell 1162026 247.00 240 59,280 1,702,818 Form
19 Delsanto, Anne   The Delsanto Family Trust Sell 12162025 218.40 240 52,416 1,558,066 Form
20 Donikowski, Tina   Direct Sell 12052025 210.33 2,257 474,715 1,734,802 Form
21 Oldham, Paul R EVP, CFO Direct Sell 11212025 203.11 8,174 1,660,221 5,035,503 Form
22 Colpitts, Bernard Raymond JR SVP, Chief Accounting Officer Direct Sell 11202025 196.82 2,407 473,746 324,163 Form
23 Delsanto, Anne   The Delsanto Family Trust Sell 11182025 200.27 240 48,065 1,476,791 Form
			
		
	
	
	
		
			
				
				
					Investor Activity (13F)
					Updated Nov 8, 2026
				
				13F holdings as of Mar 31, 2026 (Q1 2026)
				Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
				
					
					
					
					
				
				
					Active Manager Value % of Portfolio Total Positions QoQ Filing
Steelhead Partners LLC $97.5 Mil 7.0% 24 Hold 13F
Oribel Capital Management, LP $36.7 Mil 5.6% 41 New 13F
Analog Century Management LP $104.8 Mil 5.0% 25 TRIM -30.0% 13F
Whale Rock Capital Management LLC $329.8 Mil 4.3% 35 New 13F
Amanah Holdings Trust $27.4 Mil 3.0% 20 Hold 13F
Thames Capital Management LLC $12.3 Mil 2.2% 43 New 13F
Southernsun Asset Management, LLC $15.2 Mil 2.2% 31 TRIM -61.8% 13F
					Active Manager Value % of Portfolio Total Positions QoQ Filing
Whale Rock Capital Management LLC $329.8 Mil 4.3% 35 New 13F
Oribel Capital Management, LP $36.7 Mil 5.6% 41 New 13F
Thames Capital Management LLC $12.3 Mil 2.2% 43 New 13F
					Active Manager Value % of Portfolio Total Positions QoQ As Of Filing
Opti Capital Management, LP $23.6 Mil 1.7% 43 Exited Dec 31, 2025 13F
Socorro Asset Management LP $8.2 Mil 3.2% 32 Exited Dec 31, 2025 13F
Southernsun Asset Management, LLC $15.2 Mil 2.2% 31 TRIM -61.8% Mar 31, 2026 13F
Analog Century Management LP $104.8 Mil 5.0% 25 TRIM -30.0% Mar 31, 2026 13F
					Active Manager Value % of Portfolio Total Positions QoQ Filing
Whale Rock Capital Management LLC $329.8 Mil 4.3% 35 New 13F
Analog Century Management LP $104.8 Mil 5.0% 25 TRIM -30.0% 13F
Steelhead Partners LLC $97.5 Mil 7.0% 24 Hold 13F
Oribel Capital Management, LP $36.7 Mil 5.6% 41 New 13F
Amanah Holdings Trust $27.4 Mil 3.0% 20 Hold 13F
Southernsun Asset Management, LLC $15.2 Mil 2.2% 31 TRIM -61.8% 13F
Thames Capital Management LLC $12.3 Mil 2.2% 43 New 13F
				
			
		
	
	
	
	
	
	
		
			
				
				 AEIS Trade Sentinel
				
				
					
						
					
					
						
					
					
						
					
					
						
					
				
				
				
				
				
					
						
							
								
									
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								Looking for high-conviction positions with a better risk/reward profile? See what's currently in the 
								Trefis High Quality Portfolio.
							

							
								
									
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								Key KPI Watchlist
								
									
										
											
												
													KPI
													Status
													Rationale
												
											
											
												
											
										
									
								
							

						
					

					
						
							
								Core Investment Debate
								
							

							
								
									
										BULL VIEW
										
									
								
								
									
										CORE TENSION
										
										
										PREVAILING SENTIMENT
										
										
									
								
								
									
										BEAR VIEW
										
									
								
							

							
								Next 6 months: Risks and Catalysts
								
									
										
											
												
													Timeline
													Event & Metric To Watch
												
											
											
												
											
										
									
								
							

							
								Key Events in Last 6 Months
								
									
										
											
												
													Date
													Event
													Stock Impact
												
											
											
												
											
										
									
								
							

							
								Risk Management
								
									
										
											 Position Sizing
											
											
											
										
										
											 Diversification Alternatives
											
												
											
										
									
								
							
						
					

					
						
							How Is The Market Pricing AEIS?

							
								
									
								
							

							
								
									
								
							

							
								
									
										 What will confirm the thesis
										
									
								

								
									
										 What will damage the thesis
										
									
								

								
									
										 Noise: Real but irrelevant to thesis
										
									
								
							

							
								Repricing Catalyst
								
							

							
								What AEIS Makes & Who Pays

								
									
										TTM figures based on 
									
								
								
								
									
								
							

							
								AEIS Evolution: Price Return by Era
								
								
								

								
									
										
									
								
							

						
					

	
					
						
						
							
							
								
								

								
									
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										 —  trading days ago
									

									
										
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									How the Verdict Is Derived
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								Price Intelligence is derived from price-volume pattern analysis only. All moving averages are simple (SMA). Relative strength benchmarked against SPY.
							
						
					
					
				

				
			
		
	
	
	
		
			
				
				

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		        Core Cache Last Updated: 11/7/2026

Ticker	Name	Rev Growth 3Y Avg	P/E	1Y	3Y	5Y	5Y Gap
AEIS	Advanced Energy Industries	11.1%	27.3x	-9.0%	129.1%	110.6%	—
AXTI	AXT	10.5%	587.2x	311.0%	1751.4%	321.7%	+211pp
KLAC	KLA	12.9%	34.4x	16.7%	177.5%	248.9%	+138pp

Industry	Names	1Y med	3Y med	5Y med	Top 3 by 5Y
Electronic Manufacturing Services	10	5.5%	93.6%	163.4%	FLEX 421% · TTMI 365% · JBL 272%
Technology Distributors	9	43.9%	52.8%	52.9%	AVT 122% · SNX 104% · PLUS 53%
Semiconductor Materials & Equipment ←	28	26.7%	40.7%	33.2%	AXTI 322% · KLAC 249% · LRCX 245%
Electronic Components	24	13.8%	61.0%	21.1%	CLS 1777% · BELFA 985% · APH 283%
Communications Equipment	36	1.6%	71.8%	17.8%	AAOI 755% · LITE 477% · ANET 415%
Electronic Equipment & Instruments	27	-6.4%	27.4%	1.7%	PI 120% · OSIS 105% · MIR 60%
Semiconductors	55	6.4%	37.8%	-12.6%	MU 869% · NVDA 530% · AVGO 474%
Technology Hardware, Storage & Peripherals	21	12.4%	51.8%	-20.2%	DELL 543% · WDC 531% · SMCI 517%
Internet Services & Infrastructure	6	-7.1%	42.2%	-26.0%	GDDY 57% · VRSN 35% · AKAM -23%
IT Consulting & Other Services	30	-17.8%	-9.2%	-28.2%	APLD 253% · IBM 140% · GIB -8%
Application Software	125	-12.3%	-12.0%	-54.5%	PLTR 517% · FROG 159% · AGYS 143%
Systems Software	70	-10.7%	13.7%	-54.6%	ZETA 237% · CRWD 217% · CVLT 133%

	Title	Date
0	DASHBOARDS
1	Advanced Energy Industries Earnings Notes	05/01/2026
2	AEIS Stock (+8.2%): Analyst Upgrades Ignite Institutional Buying	01/16/2026
3	Would You Still Hold Advanced Energy Industries Stock If It Fell 30%?	10/17/2025
4	Is AEIS Stock Still the Best Pick Among Its Peers?	08/14/2025
5	AEIS's 16% One Week Pop Begs The Question: Is AMAT Better Instead?	08/14/2025
6	Advanced Energy Industries vs. Belden: Both Seem Similar Bets	07/11/2025
7	AEIS Dip Buy Analysis	07/10/2025
8	ARTICLES
9	Mid Cap Stocks Trading At 52-Week High	05/02/2026
10	How Will Advanced Energy Industries Stock React To Its Upcoming Earnings?	05/01/2026
11	Advanced Energy (AEIS) Rises 8.2% on Semiconductor Sector Surge	04/01/2026
12	Advanced Energy (+8.1%): Citi Target Hike to $385 Spurs All-Time High	03/25/2026
13	As AEIS Surges 16% in a Week, AMAT’s Story Stands Out	08/14/2025

	AEIS	MKSI	AME	LRCX	AMAT	KLAC	Median
Name	Advanced.	MKS	AMETEK	Lam Rese.	Applied .	KLA
Mkt Price	198.06	193.00	227.61	201.25	334.50	139.29	199.66
Mkt Cap	7.9	13.1	52.2	251.7	265.6	181.8	117.0
Rev LTM	2,271	4,772	8,192	26,128	30,837	14,506	11,349
Op Inc LTM	371	915	2,134	9,654	9,587	6,185	4,159
FCF LTM	70	552	1,932	6,537	5,623	4,038	2,985
FCF 3Y Avg	99	505	1,753	5,642	6,004	3,688	2,721
CFO LTM	225	730	2,080	7,576	8,396	4,512	3,296
CFO 3Y Avg	197	647	1,889	6,410	7,919	4,060	2,975

$ Mil	2025	2024	2023	2022	2021
Product	1,615	1,316	1,484	1,686	1,318
Services and other	184	166	172	159	138
Total	1,799	1,482	1,656	1,845	1,456

$ Mil	2014	2013	2012	2011
Precision Power Products	95
Unallocated corporate assets	-2
Inverters	-52
Corporate expenses		-46	-2	-23
Solar Energy		-4	14	4
Thin Films		65	23	68
Restructuring charges			-7
Total	40	15	27	49

Market Price	$197.01
Market Cap ($ Bil)	7.9
First Trading Date	11/17/1995
Distance from 52W High	-49.3%
	50 Days	200 Days
DMA Price	$260.11	$307.32
DMA Trend	down	up
Distance from DMA	-24.3%	-35.9%
	3M	1YR
Volatility	72.8%	66.2%
Downside Capture	366.81	253.67
Upside Capture	178.74	215.04
Correlation (S&P 500)	46.3%	53.8%

	1M	2M	3M	6M	1Y	3Y
Beta	4.82	3.37	3.59	3.30	2.78	2.12
Up Beta	0.92	-0.13	4.06	4.20	3.10	2.07
Down Beta	4.50	5.67	4.99	2.80	2.50	1.88
Up Capture	373%	284%	272%	321%	611%	2789%
Bmk +ve Days	12	18	28	62	130	427
Stock +ve Days	9	22	33	60	130	395
Down Capture	543%	333%	325%	261%	171%	113%
Bmk -ve Days	10	25	36	64	121	325
Stock -ve Days	13	21	31	66	121	357

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEIS
AEIS	-12.7%	66.2%	0.06	-
Sector ETF (XLK)	12.1%	28.4%	0.39	67.9%
Equity (SPY)	9.5%	13.6%	0.40	53.9%
Gold (GLD)	1.6%	28.7%	0.05	22.0%
Commodities (DBC)	38.4%	21.2%	1.42	-6.3%
Real Estate (VNQ)	11.3%	14.2%	0.51	-3.4%
Bitcoin (BTCUSD)	-27.2%	43.6%	-0.61	18.5%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEIS
AEIS	16.9%	47.4%	0.48	-
Sector ETF (XLK)	16.2%	26.4%	0.55	69.7%
Equity (SPY)	11.3%	17.3%	0.48	63.1%
Gold (GLD)	17.5%	19.1%	0.74	14.3%
Commodities (DBC)	8.1%	19.6%	0.30	8.5%
Real Estate (VNQ)	1.3%	18.9%	-0.04	34.4%
Bitcoin (BTCUSD)	4.0%	51.6%	0.26	25.8%

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with AEIS
AEIS	15.6%	47.0%	0.48	-
Sector ETF (XLK)	22.6%	25.3%	0.82	68.0%
Equity (SPY)	15.0%	18.0%	0.70	64.2%
Gold (GLD)	11.9%	16.5%	0.59	11.1%
Commodities (DBC)	7.5%	18.1%	0.33	18.3%
Real Estate (VNQ)	5.9%	20.7%	0.24	40.2%
Bitcoin (BTCUSD)	60.0%	66.3%	1.00	19.0%

Short Interest: As Of Date	10152026
Short Interest: Shares Quantity	1.5 Mil
Short Interest: % Change Since 9302026	-17.6%
Average Daily Volume	0.5 Mil
Days-to-Cover Short Interest	3.0 days
Basic Shares Quantity	40.0 Mil
Short % of Basic Shares	3.8%

	Title
0	Would You Still Hold Advanced Energy Industries Stock If It Fell 30%?
1	Advanced Energy Industries Stock Return Comparison
2	Advanced Energy Industries Total Shareholder Return (TSR): -5.4% in 2022 and 6.7% 3-yr returns (below peer average)
3	Advanced Energy Industries (AEIS) Stock Return: AI Predicts AEIS Average and Excess Return After a Fall or Rise

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/2/2026	9.6%
8/3/2026	15.2%	6.1%	-9.9%
5/4/2026	-10.7%	-8.3%	-16.6%
2/10/2026	10.7%	15.2%	9.6%
11/4/2025	15.8%	10.7%	12.5%
8/5/2025	0.2%	13.8%	7.6%
4/30/2025	11.2%	12.7%	17.9%
2/12/2025	11.1%	17.2%	-4.4%
...
SUMMARY STATS
# Positive	12	14	10
# Negative	13	10	14
Median Positive	10.0%	7.8%	12.2%
Median Negative	-4.5%	-7.8%	-4.0%
Max Positive	15.8%	17.2%	32.6%
Max Negative	-12.1%	-15.7%	-16.6%

Report Date	Filing Date	Filing
09/30/2026	11/02/2026	10-Q
06/30/2026	08/03/2026	10-Q
03/31/2026	05/04/2026	10-Q
12/31/2025	02/13/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	08/05/2025	10-Q
03/31/2025	04/30/2025	10-Q
12/31/2024	02/18/2025	10-K
09/30/2024	10/30/2024	10-Q
06/30/2024	07/30/2024	10-Q
03/31/2024	05/01/2024	10-Q
12/31/2023	02/20/2024	10-K
09/30/2023	10/31/2023	10-Q
06/30/2023	08/03/2023	10-Q
03/31/2023	05/03/2023	10-Q
12/31/2022	02/17/2023	10-K

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Delsanto, Anne		The Delsanto Family Trust	Sell	11062026	200.02	265	53,005	1,483,548	Form
2	Delsanto, Anne		The Delsanto Family Trust	Sell	10072026	304.76	270	82,285	2,341,166	Form
3	Vonne, Elizabeth Karpinski	EVP, General Counsel	Direct	Sell	9102026	288.14	632	182,104	2,644,261	Form
4	Delsanto, Anne		The Delsanto Family Trust	Sell	9102026	288.14	265	76,357	2,291,289	Form
5	Vonne, Elizabeth Karpinski	EVP, General Counsel	Direct	Sell	8272026	290.05	907	263,075	2,843,940	Form

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Steelhead Partners LLC	$97.5 Mil	7.0%	24	Hold	13F
Oribel Capital Management, LP	$36.7 Mil	5.6%	41	New	13F
Analog Century Management LP	$104.8 Mil	5.0%	25	TRIM -30.0%	13F
Whale Rock Capital Management LLC	$329.8 Mil	4.3%	35	New	13F
Amanah Holdings Trust	$27.4 Mil	3.0%	20	Hold	13F
Thames Capital Management LLC	$12.3 Mil	2.2%	43	New	13F
Southernsun Asset Management, LLC	$15.2 Mil	2.2%	31	TRIM -61.8%	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	As Of	Filing
Opti Capital Management, LP	$23.6 Mil	1.7%	43	Exited	Dec 31, 2025	13F
Socorro Asset Management LP	$8.2 Mil	3.2%	32	Exited	Dec 31, 2025	13F
Southernsun Asset Management, LLC	$15.2 Mil	2.2%	31	TRIM -61.8%	Mar 31, 2026	13F
Analog Century Management LP	$104.8 Mil	5.0%	25	TRIM -30.0%	Mar 31, 2026	13F

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Advanced Energy Industries (AEIS)

Market Price (11/8/2026): $198.06 | Market Cap: $8.0 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Advanced Energy Industries (AEIS)

Market Price (11/8/2026): $198.06Market Cap: $8.0 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

AEIS in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Advanced Energy Industries (AEIS)

Major Customers of Advanced Energy Industries (AEIS)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Advanced Energy Industries (AEIS)

INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEIS: 11.1% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEIS: 11.1% | 21.3x)

Higher Rev Chg LTM (Value for AEIS: 31.7%)

Higher Rev Chg 3Y Avg (Value for AEIS: 11.1%)

Higher Op Mgn LTM (Value for AEIS: 16.3%)

Higher CFO/Rev LTM (Value for AEIS: 9.9%)

Higher FCF/Rev LTM (Value for AEIS: 3.1%)

Higher Total Yield (Value for AEIS: 3.9%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEIS: 11.1% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEIS: 11.1% | 21.3x)

Higher Rev Chg LTM (Value for AEIS: 31.7%)

Higher Rev Chg 3Y Avg (Value for AEIS: 11.1%)

Higher Op Mgn LTM (Value for AEIS: 16.3%)

Higher CFO/Rev LTM (Value for AEIS: 9.9%)

Higher FCF/Rev LTM (Value for AEIS: 3.1%)

Higher Total Yield (Value for AEIS: 3.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for AEIS: 11.1% | 3.5x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for AEIS: 11.1% | 21.3x)

Higher Rev Chg LTM (Value for AEIS: 31.7%)

Higher Rev Chg 3Y Avg (Value for AEIS: 11.1%)

Higher Op Mgn LTM (Value for AEIS: 16.3%)

Higher CFO/Rev LTM (Value for AEIS: 9.9%)

Higher FCF/Rev LTM (Value for AEIS: 3.1%)

Higher Total Yield (Value for AEIS: 3.9%)

Best Bets in Information Technology

P/EBIT (Value for AEIS: 22.1x)

P/E (Value for AEIS: 27.3x)

Rev Chg 3Y Avg (Value for AEIS: 11.1%)

Rev Chg LTM (Value for AEIS: 31.7%)

Rev Chg Q (Value for AEIS: 50.3%)

FCF/Rev 3Y Avg (Value for AEIS: 5.7%)

Peer Outperformance in Semiconductor Materials & Equipment

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

Market Price (11/8/2026): $198.06
Market Cap: $8.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment