Aehr Test Systems
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
No substance risk: $116.4 million in cash, no financial debt, minimal cash burn, a clean audit opinion. But the central operating question is open — whether $80.6 million in backlog really turns into $130 million to $150 million in revenue and a pre-tax profit is announced, not proven, and it depends on a few large customers. At a market value of roughly $2.0 billion, that outcome is already largely priced in. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Aehr Test Systems sits between an order book that quintupled within a year to $80.6 million and revenue that shrank two years in a row to $50.0 million. The old engine, electric vehicles (92 percent of revenue in fiscal 2024, 17 percent in fiscal 2026), has stalled; AI processors and silicon photonics are meant to replace it, and management promises $130 million to $150 million for fiscal 2027. The balance sheet is debt-free and well stocked — paid for with roughly 1.94 million new shares while insiders sold roughly 677,000 in the open market. Not investment advice.
Order situation
Backlog rose from $15.2 million (May 30, 2025) to $80.6 million (May 29, 2026), and fourth-quarter bookings hit a record $60.7 million; management guides to $130 million to $150 million in revenue for the fiscal year ending June 25, 2027 (8-K, July 14, 2026).
Revenue and profitability
Revenue fell two years in a row ($66.2 million → $59.0 million → $50.0 million), gross margin dropped from 49.1 to 35.3 percent, and fiscal 2026 brought a pre-tax loss of $11.7 million; even the record fourth quarter of fiscal 2026 was −$0.5 million before taxes (10-K, July 27, 2026).
Customer concentration
The five largest customers accounted for 70 percent of fiscal 2026 revenue, the largest for 26 percent; in fiscal 2024 a single customer had brought in 67 percent. Dependence is declining, but the 2027 guidance hinges on a few anchor customers (10-K 2026, Item 1A).
Balance sheet and liquidity
$116.4 million in cash, no financial debt, total liabilities of $27.2 million and shareholders' equity of $219.5 million as of May 29, 2026; operating cash outflow was just $3.3 million in fiscal 2026 (10-K, July 27, 2026).
Dilution and insiders
Roughly 1.94 million new shares in fiscal 2026 (share count up just over 9 percent through August 27, 2026); in parallel, executives and board directors sold roughly 677,000 shares for about $60.1 million in the open market between April 9 and August 17, 2026, with no flagged 10b5-1 plan (Form 4 incl. Form 4/A).
Worth Noting
Fiscal year: fiscal 2026 ran from May 31, 2025, through May 29, 2026. From 2027 on, the fiscal year ends on the Friday closest to June 30 (fiscal 2027: June 27, 2026, to June 25, 2027); the four weeks in between will be included in the first quarterly report for the quarter ended September 25, 2026, which had not been filed as of our press date (October 18, 2026).
Price data dated and evergreen: $9.54 (May 30, 2025), high of $145.61 (August 17, 2026), price anchor $60.60 (October 16, 2026); analyses are evergreen, daily prices are not a buy argument.
Fiscal 2024 net income ($33.2 million) includes the release of a $21.9 million valuation allowance on deferred tax assets; pre-tax income was $12.5 million. For year-over-year comparisons, pre-tax income is therefore more meaningful.
Stock Watch
This analysis is as of October 18, 2026. Stock Watch will tell you what's changed at AEHR since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 19.40 $ to 145.60 $ · Last price: 51.50 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductor Equipment & Materials
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Aehr Test Systems AEHR | 1.6 | – | 29.8 | 35.3 | -41.0 | -11.0 | 98.0 |
| ASML Holding N.V. New York Registry Shares ASML | 567.7 | 51.4 | 34.6 | 54.3 | 37.1 | 15.6 | 45.0 |
| Lam Research Corp LRCX | 313.9 | 40.1 | 30.5 | 51.1 | 35.0 | 23.7 | 45.2 |
| Applied Materials Inc AMAT | 297.3 | 32.5 | 28.9 | 49.4 | 31.9 | 4.4 | 61.6 |
| KLA Corporation KLAC | 200.0 | 41.2 | 30.5 | 61.5 | 41.2 | 23.9 | 27.4 |
| Teradyne Inc TER | 42.6 | 42.8 | 32.2 | 59.2 | 37.6 | 13.1 | 55.4 |
| Entegris Inc ENTG | 25.3 | 76.1 | 26.9 | 45.6 | 18.0 | -1.4 | 77.0 |
| Qnity Electronics, Inc Q | 24.2 | 46.1 | 19.8 | 46.2 | 22.8 | 9.7 | 25.2 |
| Onto Innovation Inc ONTO | 10.5 | 83.0 | 39.1 | 55.5 | 16.8 | 1.8 | 47.1 |
| Median of companies shown | 42.6 | 44.4 | 30.5 | 51.1 | 31.9 | 9.7 | 47.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 19 | -5 | -6 | -0.35 | -5 | 17 | 31 |
| 2018 | 30 | 1 | 1 | 0.02 | -1 | 19 | 31 |
| 2019 | 21 | -4 | -5 | -0.23 | -6 | 15 | 21 |
| 2020 | 22 | -3 | -3 | -0.12 | -2 | 14 | 21 |
| 2021 | 17 | -4 | -2 | -0.09 | -3 | 11 | 22 |
| 2022 | 51 | 8 | 9 | 0.34 | 2 | 51 | 62 |
| 2023 | 65 | 13 | 15 | 0.50 | 10 | 76 | 98 |
| 2024 | 66 | 10 | 33 | 1.12 | 2 | 112 | 128 |
| 2025 | 59 | -4 | -4 | -0.13 | -7 | 123 | 149 |
| 2026 | 50 | -14 | -7 | -0.23 | -3 | 220 | 247 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.03 | -116.90 | 14 | -37.20 | -7.60 | -6 | -6 |
| 2025: Q1 | -0.02 | – | 18 | 142.10 | -3.50 | -2 | -3 |
| 2025: Q2 | -0.10 | -112.00 | 14 | -15.10 | -20.60 | -2 | -5 |
| 2025: Q3 | -0.07 | -412.70 | 11 | -16.40 | -19.00 | 0 | -2 |
| 2025: Q4 | -0.11 | – | 10 | -26.50 | -32.70 | -1 | -2 |
| 2026: Q1 | -0.10 | – | 10 | -43.70 | -31.10 | -3 | -3 |
| 2026: Q2 | 0.05 | 150.00 | 19 | 33.30 | 7.40 | 2 | 2 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Quality & Balance Sheet
Momentum & Trend
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- High ADR (≥5%)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Oliver Kell: Doublers
- Qullamaggie: Top Gainers 6M
- RS Leader (≥90)
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 05/31/2027 | 0.75 | 0.70 – 0.78 | 136 | 2,400.0% | 3 |
| 06/30/2027 | 0.77 | 0.74 – 0.80 | 138 | 2,466.7% | 3 |
| 05/31/2028 | 1.38 | 1.13 – 1.54 | 202 | 84.4% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Aehr verkauft Burn-in-Testsysteme, die laut Geschäftsbericht 2026 eigens für KI-Beschleuniger und Grafikprozessoren ausgelegt sind (Sonoma-Linie), und weist in Geschäfts- und Quartalsberichten Umsatzwachstum mit Kunden aus KI-Anwendungen aus — KI-Chip-Test ist damit nachweislich Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„The Sonoma line, with its ultra-high-power capabilities, is specifically designed to address the reliability and burn-in needs of the burgeoning demand for AI accelerators, GPUs, HPC processors, and devices that can reach levels of power as high as 1600 or more watts."
Die Sonoma-Linie mit ihren Ultrahochleistungs-Fähigkeiten ist eigens dafür ausgelegt, den Zuverlässigkeits- und Burn-in-Bedarf der stark wachsenden Nachfrage nach KI-Beschleunigern, Grafikprozessoren, Hochleistungsrechner-Prozessoren und Bauteilen zu decken, die Leistungen von 1.600 Watt oder mehr erreichen können.
10-K · 2026-07-27 · View SEC filing
„This decline was partially offset by revenue growth in the United States, driven by much higher systems and contactors sales to customers that focus on the artificial intelligence market."
Dieser Rückgang wurde teilweise durch Umsatzwachstum in den Vereinigten Staaten ausgeglichen, getragen von deutlich höheren Verkäufen von Systemen und Kontaktoren an Kunden, die sich auf den Markt für künstliche Intelligenz konzentrieren.
10-K · 2026-07-27 · View SEC filing
„Contactors revenue decreased by $5.1 million, partially offset by an increase in package-level burn-in systems revenue of $1.6 million, driven by increased demand from customers in AI-related applications."
Der Umsatz mit Kontaktoren sank um 5,1 Millionen US-Dollar, teilweise ausgeglichen durch einen Anstieg des Umsatzes mit Burn-in-Systemen für verpackte Chips um 1,6 Millionen US-Dollar, getragen von höherer Nachfrage von Kunden mit KI-bezogenen Anwendungen.
10-Q · 2026-01-12 · View SEC filing
Filings Reviewed: 10-K 2026-07-27 · 10-K 2025-07-28 · 10-Q 2026-04-08 · 10-Q 2026-01-12 · 10-Q 2025-10-08 · 10-Q 2025-04-10
Rated on October 18, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -8.4%
- More than 10% revenue growth is expected for the coming year 70.9%
- Share count grows by less than 3% a year 1.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -26.0%
- Gross margin at 40% or higher and without meaningful erosion 35.3%
- Goodwill from acquisitions does not grow faster than revenue 4.4%
- Net debt below twice EBITDA 106 m net cash
- Operating cash flow covers the profits of the last three years -31 m
- Return on capital at 15% or higher, or up versus two years ago -6.2%
- Insiders hold at least 10% or are net buyers 4.6%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 11.4%
- Exp. sales growth 3Y > 5% 59.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 59.2%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 4
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% -3.6%
- ROCE > 15% -6.2%
- Expected return > 10% 58.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 28, 2026 | Vijayrao Narsing Krishna | Director | Other | 2,169 | 0.00 | – |
| Oct 27, 2026 | Sporck Alistair N | VP Contactor Business Unit | Other | 188 | 63.95 | 12,023 |
| Oct 27, 2026 | Rogers Vernon | Exec VP of Sales & Mktg. | Other | 197 | 63.95 | 12,598 |
| Oct 27, 2026 | Richmond Donald P. Ii | CTO | Other | 145 | 63.95 | 9,273 |
| Oct 27, 2026 | Erickson Gayn | President and CEO | Other | 851 | 63.95 | 54,421 |
| Oct 27, 2026 | Engineer Adil | Chief Operating Officer | Other | 202 | 63.95 | 12,918 |
| Oct 20, 2026 | Posedel Rhea J | Director | Other | 18,000 | 1.77 | 31,860 |
| Oct 12, 2026 | Siu Chris | CFO | Other | 987 | 84.64 | 83,540 |
| Oct 12, 2026 | Sporck Alistair N | VP Contactor Business Unit | Other | 295 | 84.64 | 24,969 |
| Oct 12, 2026 | Rogers Vernon | Exec VP of Sales & Mktg. | Other | 426 | 84.64 | 36,057 |
The company
About the Company
Aehr Test Systems, Inc. bietet Testlösungen für Test, Burn-in und Halbleiterbauelemente auf Waferebene, vereinzelten Dies, Gehäuseteilen und installierten Systemen in den USA, Asien und Europa an.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 138
- Headquarters
- Fremont, CA
- Address
- 400 Kato Terrace, 94539 Fremont, United States
- Phone
- 510 623 9400
- Website
- aehr.com
- IPO Date
- 08/14/1997
- ISIN
- US00760J1088
Management
| Name | Title | Birth Year |
|---|---|---|
| Rhea J. Posedel | Founder & Independent Chairman | 1942 |
| Gayn Erickson | President, CEO & Director | 1964 |
| Chris P. Siu | CFO, Executive VP of Finance & Secretary | 1971 |
| Alberto Salamone | Executive Vice President of Packaged Parts Burn-in Business | 1973 |
| Adil Engineer | Chief Operating Officer | 1977 |
| Donald P. Richmond II | Chief Technology Officer | 1956 |
| Vernon Rogers | Executive Vice President of Sales & Marketing | 1967 |
| Didier Wimmers | Executive Vice President of Research & Development | 1962 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/02/2026 AEHR TEST SYSTEMS (AEHR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 10/29/2026 AEHR TEST SYSTEMS (AEHR): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 10/20/2026 AEHR TEST SYSTEMS (AEHR): Submission of Matters to a Vote of Security Holders SEC ↗
- 07/14/2026 AEHR TEST SYSTEMS (AEHR): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.