# Aehr Test Systems (AEHR) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Technology / Semiconductors & Semiconductor Equipment. Price $86.26, market value $2.8 billion.

## Valuation
- **P/E (trailing): n/a** (negative earnings). Aehr Test Systems reported negative earnings over the last twelve months, so the P/E is not meaningful; use price-to-sales, EV/EBITDA and free-cash-flow yield instead.
- **Price / sales: 56.3×**. Each dollar of revenue is priced at 56.3×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 12.8×**. The shares trade at 12.8× book value; most of the value is in earnings power and intangibles rather than the balance sheet.
- **Free-cash-flow yield: -0.2%** (5-yr avg -0.6%). Free cash flow is negative: the business is consuming cash, which is normal for heavy investment phases but a warning otherwise.

## Profitability
- **Gross margin: 35.3%**. Aehr Test Systems keeps 35.3% of revenue after the direct cost of what it sells.
- **Operating margin: -28.3%**. Operating margin is negative: the business loses money before interest and tax.
- **Net margin: -14.3%**. The company reported a net loss over the last twelve months.
- **Return on equity: -3.2%**. Return on equity is negative because earnings are negative.
- **Return on invested capital: -10.8%**. Return on all capital, debt included, is -10.8%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: -2.9%**. Each dollar of assets produces -2.9% of profit.

## Growth
- **Revenue growth (1 yr): -15.2%** (3-yr -8.4%/yr, 5-yr 24.7%/yr). Revenue fell 15.2% over the last year, against 24.7% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -76.9%**. Earnings per share fell 76.9%, slower than revenue, so margins compressed.

## Financial health
- **Debt to equity: 0.00**. Debt is 0.00 times equity: a conservative balance sheet.
- **Net debt / EBITDA: 10.3×**. It would take 10.3 years of operating earnings to repay net borrowings, above the 3× level most lenders treat as comfortable.
- **Current ratio: 10.33** (quick 10.33). Current assets cover the next year's liabilities 10.33 times.
- **Altman Z-score: 64.18**. A Z-score of 64.18 places the company in the safe zone for bankruptcy risk.
- **Piotroski F-score: 1/9**. 1 of 9 checks pass: weak or deteriorating financials.

## Dividends
- **Dividend: none**. Aehr Test Systems does not currently pay a dividend.

## Price and momentum
- **Total return (1 yr): 228.1%** (YTD 327.2%, 3-mo -12.4%). The shares are up 228.1% over twelve months including dividends.
- **From 52-week high: -41.5%** (361.3% above the low). Trading 41% below its 52-week high, deep in a drawdown.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 46**. An RSI of 46 is neutral.
- **Beta (1 yr): 5.33** (volatility 125%). Beta of 5.33 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=AEHR · Page: https://foliofundamentals.com/stocks/aehr

Not investment advice.