Estados financieros detallados de Aehr Test Systems (AEHR): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Aehr Test Systems registró ingresos de $50.0M en el último ejercicio fiscal, con un CAGR de 5 años del 24.7%.
Márgenes de los últimos 12 meses: margen bruto 34.7%, margen operativo -27.8%, margen neto -14.0%.
Al precio actual de $84.25, AEHR presenta beneficios negativos (P/E no significativo) y un ROE del -4.66%. La capitalización bursátil es de $2.7B.
Cuenta de Resultados (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $18.9M | $29.6M | $21.1M | $22.3M | $16.6M | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Coste de Ventas | $12.1M | $17.2M | $13.5M | $13.9M | $10.6M | $27.2M | $32.2M | $33.7M | $35.0M | $32.4M |
| Beneficio Bruto | $6.8M | $12.4M | $7.6M | $8.4M | $6.0M | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M |
| I+D | $4.7M | $4.2M | $4.2M | $3.4M | $3.7M | $5.8M | $7.1M | $8.7M | $10.5M | $12.6M |
| Generales y Administrativos | $7.1M | $7.3M | $7.7M | $7.5M | $6.6M | $10.0M | $12.2M | $13.7M | $17.8M | $19.2M |
| Gastos Operativos | $11.7M | $11.5M | $11.9M | $10.9M | $10.2M | $15.9M | $19.4M | $22.5M | $28.2M | $31.8M |
| Beneficio Operativo | -$4.9M | $915000 | -$4.3M | -$2.5M | -$4.2M | $7.8M | $13.4M | $10.1M | -$4.3M | -$14.1M |
| EBITDA | -$4.7M | $1.3M | -$4.5M | -$2.4M | -$1.8M | $9.8M | $15.1M | $13.8M | -$903000 | -$11.7M |
| Gastos por Intereses | $678000 | $399000 | $252000 | 0 | $46000 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Antes de Impuestos | -$5.6M | $455000 | -$5.2M | -$2.8M | -$2.2M | $9.5M | $14.6M | $12.5M | -$4.3M | -$11.7M |
| Impuestos | $25000 | -$73000 | $27000 | $36000 | -$177000 | $91000 | $60000 | -$20.7M | -$381000 | -$4.6M |
| Beneficio Neto | -$5.7M | $528000 | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| BPA | $-0.35 | $0.02 | $-0.23 | $-0.12 | $-0.09 | $0.36 | $0.52 | $1.15 | $-0.13 | $-0.23 |
| BPA Diluido | $-0.35 | $0.02 | $-0.23 | $-0.12 | $-0.09 | $0.34 | $0.50 | $1.12 | $-0.13 | $-0.23 |
| Acciones en Circulación (Diluidas) | $16.3M | $22.8M | $22.4M | $22.9M | $23.5M | $27.8M | $29.2M | $29.6M | $29.6M | $30.7M |
Balance (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $17.8M | $16.8M | $5.4M | $5.4M | $4.6M | $31.5M | $30.1M | $49.2M | $25.2M | $116.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | $17.9M | 0 | 0 | 0 |
| Cuentas por Cobrar | $4.0M | $2.9M | $4.9M | $3.7M | $5.2M | $12.9M | $16.6M | $10.0M | $17.8M | $17.5M |
| Inventario | $6.6M | $9.0M | $9.1M | $8.0M | $8.8M | $15.1M | $23.9M | $37.5M | $42.0M | $41.4M |
| Activos Corrientes | $29.4M | $29.5M | $20.0M | $17.7M | $19.2M | $60.0M | $89.0M | $97.8M | $88.8M | $184.4M |
| Inmovilizado Material | $1.4M | $1.2M | $1.0M | $2.8M | $2.3M | $2.1M | $8.9M | $9.0M | $18.6M | $17.8M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.7M | $10.7M |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.8M | $9.6M |
| Activos Totales | $30.9M | $31.0M | $21.3M | $20.6M | $21.7M | $62.3M | $98.1M | $127.9M | $148.5M | $246.7M |
| Cuentas por Pagar | $2.8M | $1.8M | $1.9M | $945000 | $2.9M | $4.2M | $9.2M | $5.3M | $6.7M | $6.8M |
| Deuda a Corto | 0 | $6.1M | 0 | $1.3M | $3.8M | $794000 | $137000 | $465000 | $909000 | $626000 |
| Pasivos Corrientes | $7.9M | $11.1M | $5.5M | $3.9M | $9.1M | $11.0M | $16.3M | $10.5M | $15.6M | $17.9M |
| Deuda a Largo | $6.1M | 0 | 0 | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $14.1M | $11.7M | $5.9M | $6.5M | $10.2M | $11.3M | $22.5M | $16.3M | $25.6M | $27.2M |
| Reservas | -$66.8M | -$66.2M | -$71.5M | -$74.3M | -$76.3M | -$66.9M | -$52.3M | -$19.1M | -$23.1M | -$30.2M |
| Patrimonio Neto | $16.8M | $19.3M | $15.5M | $14.1M | $11.4M | $51.0M | $75.6M | $111.6M | $122.9M | $219.5M |
| Deuda Total | $6.1M | $6.1M | 0 | $3.9M | $4.8M | $1.0M | $6.3M | $6.2M | $10.8M | $9.9M |
| Deuda Neta | -$11.7M | -$10.7M | -$5.4M | -$1.5M | $241000 | -$30.5M | -$41.6M | -$43.0M | -$14.4M | -$106.5M |
| Capital Circulante | $21.5M | $18.3M | $14.5M | $13.8M | $10.1M | $49.0M | $72.7M | $87.3M | $73.1M | $166.6M |
Flujo de Caja (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$5.7M | $528000 | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| Amortizaciones | $271000 | $417000 | $431000 | $384000 | $310000 | $307000 | $450000 | $1.4M | $3.4M | $2.8M |
| Compensación en Acciones | $999000 | $996000 | $905000 | $910000 | 0 | $3.0M | 0 | $2.5M | $5.2M | $6.8M |
| Cambio en Capital Circulante | -$313000 | -$3.2M | -$1.7M | -$561000 | $316000 | -$9.6M | -$7.3M | -$14.4M | -$12.2M | -$1.8M |
| Flujo de Caja Operativo | -$4.5M | -$1.4M | -$5.6M | -$2.0M | -$2.7M | $1.5M | $10.0M | $1.8M | -$7.4M | -$3.3M |
| Inversiones (CapEx) | -$477000 | -$572000 | -$173000 | -$163000 | -$227000 | -$416000 | -$1.4M | -$749000 | -$5.0M | -$2.1M |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$11.1M | -$1.8M |
| Recompra de Acciones | 0 | 0 | 0 | -$10000 | -$20000 | -$429000 | -$2.1M | -$1.6M | -$784000 | -$2.4M |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$5.0M | -$1.9M | -$5.8M | -$2.2M | -$2.9M | $1.1M | $8.6M | $1.0M | -$12.4M | -$5.4M |
Crecimiento y Márgenes (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +56.4% | -28.8% | +5.9% | -25.5% | +206.2% | +27.8% | +1.9% | -10.9% | -15.2% | |
| Crecimiento Beneficio Neto (anual) | +109.3% | -1091.5% | +46.5% | +27.7% | +566.2% | +54.0% | +127.8% | -111.8% | -82.3% | |
| Crecimiento BPA (anual) | +105.7% | -1269.0% | +48.7% | +28.0% | +516.7% | +44.4% | +121.2% | -111.3% | -76.9% | |
| Cambio en Acciones (anual) | +40.1% | -1.7% | +2.2% | +2.5% | +18.4% | +5.2% | +1.4% | -0.1% | +3.7% | |
| Crecimiento FCF (anual) | +61.3% | -202.1% | +62.4% | -33.9% | +137.3% | +692.0% | -88.4% | -1330.6% | +56.6% | |
| Margen Bruto | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Margen Operativo | -26.1% | 3.1% | -20.3% | -11.4% | -25.2% | 15.3% | 20.6% | 15.2% | -7.3% | -28.3% |
| Margen EBITDA | -24.8% | 4.3% | -21.5% | -10.7% | -11.1% | 19.4% | 23.2% | 20.9% | -1.5% | -23.5% |
| Margen Neto | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
| Margen FCF | -26.3% | -6.5% | -27.6% | -9.8% | -17.6% | 2.1% | 13.3% | 1.5% | -21.0% | -10.8% |
| Tasa Impositiva Efectiva | -0.4% | -16.0% | -0.5% | -1.3% | 8.0% | 1.0% | 0.4% | -166.1% | 8.9% | 39.3% |
Datos por Acción (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-0.31 | $-0.08 | $-0.26 | $-0.10 | $-0.12 | $0.04 | $0.30 | $0.03 | $-0.42 | $-0.18 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $16.3M | $21.7M | $22.4M | $22.9M | $23.5M | $26.0M | $27.8M | $28.8M | $29.6M | $30.7M |
Qué mirar en empresas de Technology
- Crecimiento de ingresos 3a (≥15%/año) — Valida tracción sostenida, no un año puntual.
- Margen bruto (Depende del sub-sector) — SaaS ≥70%, Internet ≥55%, Semis ≥45%, Hardware ≥35%.
- FCF / Ingresos (≥20%) — Caja real generada. Muchas tech maquillan beneficios non-GAAP.
- ROIC (≥15%) — Eficiencia del capital reinvertido — la primera métrica de Buffett.
- SBC / Ingresos (<10% saludable) — Stock-based compensation. Dilución silenciosa: >20% destruye valor.
- Deuda Neta / EBITDA (≤2x (1,5x SaaS)) — Resistencia en recesiones y subidas de tipos.
Rentabilidad
| Rentabilidad sobre capital | -4.66% |
| Rentabilidad sobre capital invertido | -3.74% |
| Rentabilidad sobre activos | -2.89% |
| Margen bruto | 34.67% |
| Margen operativo | -27.80% |
| Margen neto | -14.00% |
Salud financiera
| Deuda / Patrimonio | 0.05 |
| Ratio corriente | 10.33 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 63.15 |
Ratios Clave (10 años)
| Año | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -13.09 | 130.00 | -7.49 | -13.58 | -29.05 | 23.28 | 63.50 | 10.01 | -73.38 | -401.43 |
| P/VC | 4.43 | 2.93 | 2.53 | 2.65 | 5.14 | 4.28 | 12.14 | 2.97 | 2.30 | 12.90 |
| P/V | 3.94 | 1.91 | 1.86 | 1.67 | 3.55 | 4.29 | 14.12 | 5.01 | 4.79 | 56.63 |
| Margen Bruto | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Margen Operativo | -26.1% | 3.1% | -20.3% | -11.4% | -25.2% | 15.3% | 20.6% | 15.2% | -7.3% | -28.3% |
| Margen Neto | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
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