Detailed financial statements for Aehr Test Systems (AEHR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Aehr Test Systems, founded in 1977 and based in Fremont, California, specializes in the global provision of advanced burn-in and test systems for integrated circuits, encompassing logic, optical, and memory devices. Its extensive product lineup includes the ABTS and FOX-P families of test and burn-in solutions, complemented by specialized components such as the FOX WaferPak Aligner, FOX-XP WaferPak Contactor, FOX DiePak Carrier, and FOX DiePak Loader.
Analysis Summary
Aehr Test Systems reported revenue of $50.0M in the most recent fiscal year, growing at a 5-year CAGR of 24.7%.
Trailing-twelve-month margins: gross margin 40.6%, operating margin -5.5%, net margin 2.9%.
At $60.84 (closing price, November 4, 2026), AEHR trades at a P/E of 1,226.61 and an ROE of 1.20%. Market capitalisation stands at $2.0B.
Balance sheet quality for AEHR: debt-to-equity ratio of 0.04, current ratio of 7.15 over the last 12 months, net cash position of $106.5M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue | $18.9M | $29.6M | $21.1M | $22.3M | $16.6M | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Cost of Revenue | $12.1M | $17.2M | $13.5M | $13.9M | $10.6M | $27.2M | $32.2M | $33.7M | $35.0M | $32.4M |
| Gross Profit | $6.8M | $12.4M | $7.6M | $8.4M | $6.0M | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M |
| Research & Development | $4.7M | $4.2M | $4.2M | $3.4M | $3.7M | $5.8M | $7.1M | $8.7M | $10.5M | $12.6M |
| Selling, General & Admin | $7.1M | $7.3M | $7.7M | $7.5M | $6.6M | $10.0M | $12.2M | $13.7M | $17.8M | $19.2M |
| Operating Expenses | $11.7M | $11.5M | $11.9M | $10.9M | $10.2M | $15.9M | $19.4M | $22.5M | $28.2M | $31.8M |
| Operating Income | -$4.9M | $915,000 | -$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 | -$903,000 | -$8.2M |
| Interest Expense | $678,000 | $399,000 | $252,000 | 0 | $46,000 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$5.6M | $455,000 | -$5.2M | -$2.8M | -$2.2M | $9.5M | $14.6M | $12.5M | -$4.3M | -$11.7M |
| Income Tax | $25,000 | -$73,000 | $27,000 | $36,000 | -$177,000 | $91,000 | $60,000 | -$20.7M | -$381,000 | -$4.6M |
| Net Income | -$5.7M | $528,000 | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| EPS | -$0.35 | $0.02 | -$0.23 | -$0.12 | -$0.09 | $0.36 | $0.52 | $1.15 | -$0.13 | -$0.23 |
| EPS (Diluted) | -$0.35 | $0.02 | -$0.23 | -$0.12 | -$0.09 | $0.34 | $0.50 | $1.12 | -$0.13 | -$0.23 |
| Shares Outstanding (Diluted) | 16.3 M | 22.8 M | 22.4 M | 22.9 M | 23.5 M | 27.8 M | 29.2 M | 29.6 M | 29.6 M | 30.7 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|
| Revenue | $9.9M | $10.3M | $19.8M | $33.0M |
| Gross Profit | $2.5M | $3.4M | $8.0M | $15.7M |
| Operating Income | -$4.9M | -$4.2M | -$993,000 | $6.0M |
| EBITDA | -$3.6M | -$3.1M | $1.4M | $7.6M |
| Net Income | -$3.2M | -$3.2M | $1.4M | $7.2M |
| EPS | -$0.11 | -$0.10 | $0.05 | $0.22 |
| EPS (Diluted) | -$0.11 | -$0.10 | $0.05 | $0.21 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Cash & Equivalents | $17.8M | $16.8M | $5.4M | $5.4M | $4.6M | $31.5M | $30.1M | $49.2M | $25.2M | $116.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | $17.9M | 0 | 0 | 0 |
| Receivables | $4.0M | $2.9M | $4.9M | $3.7M | $5.2M | $12.9M | $16.6M | $10.0M | $17.8M | $17.5M |
| Inventory | $6.6M | $9.0M | $9.1M | $8.0M | $8.8M | $15.1M | $23.9M | $37.5M | $42.0M | $41.4M |
| Total Current Assets | $29.4M | $29.5M | $20.0M | $17.7M | $19.2M | $60.0M | $89.0M | $97.8M | $88.8M | $184.4M |
| Property, Plant & Equipment | $1.4M | $1.2M | $1.0M | $2.8M | $2.3M | $2.1M | $8.9M | $9.0M | $18.6M | $17.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.7M | $10.7M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.8M | $9.6M |
| Total Assets | $30.9M | $31.0M | $21.3M | $20.6M | $21.7M | $62.3M | $98.1M | $127.9M | $148.5M | $246.7M |
| Accounts Payable | $2.8M | $1.8M | $1.9M | $945,000 | $2.9M | $4.2M | $9.2M | $5.3M | $6.7M | $6.8M |
| Short-term Debt | 0 | $6.1M | 0 | $1.3M | $3.8M | $794,000 | $137,000 | $465,000 | $909,000 | $626,000 |
| Total Current Liabilities | $7.9M | $11.1M | $5.5M | $3.9M | $9.1M | $11.0M | $16.3M | $10.5M | $15.6M | $17.9M |
| Long-term Debt | $6.1M | 0 | 0 | $1.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $14.1M | $11.7M | $5.9M | $6.5M | $10.2M | $11.3M | $22.5M | $16.3M | $25.6M | $27.2M |
| Retained Earnings | -$66.8M | -$66.2M | -$71.5M | -$74.3M | -$76.3M | -$66.9M | -$52.3M | -$19.1M | -$23.1M | -$30.2M |
| Total Equity | $16.8M | $19.3M | $15.5M | $14.1M | $11.4M | $51.0M | $75.6M | $111.6M | $122.9M | $219.5M |
| Total Debt | $6.1M | $6.1M | 0 | $3.9M | $4.8M | $1.0M | $6.3M | $6.2M | $10.8M | $9.9M |
| Net Debt | -$11.7M | -$10.7M | -$5.4M | -$1.5M | $241,000 | -$30.5M | -$41.6M | -$43.0M | -$14.4M | -$106.5M |
| Working Capital | $21.5M | $18.3M | $14.5M | $13.8M | $10.1M | $49.0M | $72.7M | $87.3M | $73.1M | $166.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $22.7M | $30.8M | $36.9M | $116.4M |
| Total Assets | $144.1M | $148.7M | $157.0M | $246.7M |
| Total Liabilities | $21.7M | $18.0M | $18.3M | $27.2M |
| Total Equity | $122.4M | $130.8M | $138.8M | $219.5M |
| Total Debt | $10.6M | $10.2M | $10.0M | $9.9M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Net Income | -$5.7M | $528,000 | -$5.2M | -$2.8M | -$2.0M | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| Depreciation & Amortization | $271,000 | $417,000 | $431,000 | $384,000 | $310,000 | $307,000 | $450,000 | $1.4M | $3.4M | $3.5M |
| Stock-based Compensation | $999,000 | $996,000 | $905,000 | $910,000 | 0 | $3.0M | 0 | $2.5M | $5.2M | $6.8M |
| Change in Working Capital | -$313,000 | -$3.2M | -$1.7M | -$561,000 | $316,000 | -$9.6M | -$7.3M | -$14.4M | -$12.2M | -$1.8M |
| Operating Cash Flow | -$4.5M | -$1.4M | -$5.6M | -$2.0M | -$2.7M | $1.5M | $10.0M | $1.8M | -$7.4M | -$3.3M |
| Capital Expenditure | -$477,000 | -$572,000 | -$173,000 | -$163,000 | -$227,000 | -$416,000 | -$1.4M | -$749,000 | -$5.0M | -$2.1M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$11.1M | -$1.8M |
| Stock Repurchased | 0 | 0 | 0 | -$10,000 | -$20,000 | -$429,000 | -$2.1M | -$1.6M | -$784,000 | -$2.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.0M | -$1.9M | -$5.8M | -$2.2M | -$2.9M | $1.1M | $8.6M | $1.0M | -$12.4M | -$5.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$282,000 | -$1.4M | -$2.9M | $1.2M |
| Capital Expenditure | -$1.4M | -$467,000 | -$74,000 | -$134,000 |
| Free Cash Flow | -$1.7M | -$1.9M | -$2.9M | $1.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $1.7M | $3.5M | -$287,000 | $1.9M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| Revenue Growth (YoY) | | +56.4% | -28.8% | +5.9% | -25.5% | +206.2% | +27.8% | +1.9% | -10.9% | -15.2% |
| Net Income Growth (YoY) | | +109.3% | -1,091.5% | +46.5% | +27.7% | +566.2% | +54.0% | +127.8% | -111.8% | -82.3% |
| EPS Growth (YoY) | | +105.7% | -1,269.0% | +48.7% | +28.0% | +516.7% | +44.4% | +121.2% | -111.3% | -76.9% |
| Shares Change (YoY) | | +40.1% | -1.7% | +2.2% | +2.5% | +18.4% | +5.2% | +1.4% | -0.1% | +3.7% |
| FCF Growth (YoY) | | +61.3% | -202.1% | +62.4% | -33.9% | +137.3% | +692.0% | -88.4% | -1,330.6% | +56.6% |
| Gross Margin | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating Margin | -26.1% | 3.1% | -20.3% | -11.4% | -25.2% | 15.3% | 20.6% | 15.2% | -7.3% | -28.3% |
| EBITDA Margin | -24.8% | 4.3% | -21.5% | -10.7% | -11.1% | 19.4% | 23.2% | 20.9% | -1.5% | -16.4% |
| Net Margin | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |
| FCF Margin | -26.3% | -6.5% | -27.6% | -9.8% | -17.6% | 2.1% | 13.3% | 1.5% | -21.0% | -10.8% |
| Effective Tax Rate | -0.4% | -16.0% | -0.5% | -1.3% | 8.0% | 1.0% | 0.4% | -166.1% | 8.9% | 39.3% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|
| FCF Per Share | -$0.31 | -$0.08 | -$0.26 | -$0.10 | -$0.12 | $0.04 | $0.30 | $0.03 | -$0.42 | -$0.18 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 16.3 M | 21.7 M | 22.4 M | 22.9 M | 23.5 M | 26.0 M | 27.8 M | 28.8 M | 29.6 M | 30.7 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.20% |
| Return on Invested Capital | 1.88% |
| Return on Assets | 0.83% |
| Gross Margin | 40.57% |
| Operating Margin | -5.54% |
| Net Margin | 2.93% |
Financial Health
| Debt / Equity | 0.04 |
| Current Ratio | 7.15 |
| Piotroski F-Score | 2 |
| Altman Z-Score | 63.15 |
Key Ratios (10y)
| Year | 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/B | 4.43 | 2.93 | 2.53 | 2.65 | 5.14 | 4.28 | 12.14 | 2.97 | 2.30 | 12.90 |
| P/S | 3.94 | 1.91 | 1.86 | 1.67 | 3.55 | 4.29 | 14.12 | 5.01 | 4.79 | 56.63 |
| Gross Margin | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating Margin | -26.1% | 3.1% | -20.3% | -11.4% | -25.2% | 15.3% | 20.6% | 15.2% | -7.3% | -28.3% |
| Net Margin | -29.9% | 1.8% | -24.9% | -12.6% | -12.2% | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% |