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Aehr Test Systems (AEHR) Financials

Aehr Test Systems logo
$56.98 -4.06 (-6.65%)
Closing price 11/13/2026 04:00 PM Eastern
Extended Trading
$55.54 -1.44 (-2.52%)
As of 11/13/2026 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Aehr Test Systems

Annual Income Statements for Aehr Test Systems

This table shows Aehr Test Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/30/2025 5/29/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.79 -5.65 0.53 -5.24 -2.73 -2.03 9.45 15 33 -3.91 -7.13
Consolidated Net Income / (Loss)		 -6.79 -5.65 0.53 -5.24 -2.80 -2.03 9.45 15 33 -3.91 -7.13
Net Income / (Loss) Continuing Operations		 -6.79 -5.65 0.53 -5.24 -2.73 -2.03 9.45 15 33 -3.91 -7.13
Total Pre-Tax Income 		-6.78 -5.63 0.46 -5.21 -2.77 -2.20 9.54 15 12 -4.29 -12
Total Operating Income		 -6.15 -4.93 0.92 -5.00 -2.77 -4.18 7.80 13 10 -5.68 -14
Total Gross Profit		 5.15 6.78 12 7.60 8.37 6.03 24 33 33 24 18
Total Revenue		 15 19 30 21 22 17 51 65 66 59 50
Operating Revenue		 15 19 30 21 22 17 51 65 66 59 50
Total Cost of Revenue		 9.36 12 17 13 14 11 27 32 34 35 32
Operating Cost of Revenue		 9.36 12 17 13 14 11 27 32 34 35 32
Total Operating Expenses		 11 12 11 13 11 10 16 19 22 30 32
Selling, General & Admin Expense		 6.98 7.05 7.29 7.72 7.53 6.56 10 12 14 18 19
Research & Development Expense		 4.32 4.66 4.18 4.15 3.39 3.65 5.82 7.13 8.72 10 13
Restructuring Charge		 - 0.00 0.00 0.73 0.22 - - 0.00 0.00 0.86 0.01
Total Other Income / (Expense), net		 -0.62 -0.70 -0.46 -0.21 -0.00 1.98 1.74 1.24 2.38 1.39 2.41
Interest Expense		 0.61 0.68 0.40 0.25 -0.01 0.05 -0.01 -1.25 -2.39 -1.40 -1.36
Other Income / (Expense), net		 -0.02 -0.02 -0.06 0.04 -0.01 2.02 1.73 -0.00 -0.01 -0.02 1.05
Income Tax Expense		 0.01 0.03 -0.07 0.03 -0.04 -0.18 0.09 0.06 -21 -0.38 -4.61
Basic Earnings per Share		 ($0.52) ($0.35) $0.02 ($0.23) ($0.12) ($0.09) $0.36 $0.52 $1.15 ($0.13) ($0.23)
Weighted Average Basic Shares Outstanding		 13.09M 16.27M 21.73K 22.39M 22.88M 23.46M 26.01M 27.79M 28.82M 29.58M 30.67M
Diluted Earnings per Share		 ($0.52) ($0.35) $0.02 ($0.23) ($0.12) ($0.09) $0.34 $0.50 $1.12 ($0.13) ($0.23)
Weighted Average Diluted Shares Outstanding		 13.09M 16.27M 22.78K 22.39M 22.88M 23.46M 27.77M 29.22M 29.62M 29.58M 30.67M
Weighted Average Basic & Diluted Shares Outstanding		 13M 16.20M 26.40M 22.80M 23.29M 24.17M 27.34M 28.76M 29.01M 29.92M 32.62M

Quarterly Income Statements for Aehr Test Systems

This table shows Aehr Test Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026 9/25/2026
Total Costs & Expenses		 - - - - - - 7.79 - - - 9.62
Net Income / (Loss) Attributable to Common Shareholders		 -1.47 24 0.66 -1.03 -0.64 -2.90 -2.08 -3.23 -3.20 1.39 7.18
Consolidated Net Income / (Loss)		 -1.47 24 0.66 -1.03 -0.64 -2.90 -2.08 -3.23 -3.20 1.39 7.18
Net Income / (Loss) Continuing Operations		 -1.47 24 0.66 -1.03 -0.64 -2.90 -2.08 -3.23 -3.20 1.39 7.18
Total Pre-Tax Income 		-1.46 3.12 0.81 -1.25 -0.87 -2.99 -2.84 -4.44 -4.00 -0.46 6.93
Total Operating Income		 -2.05 2.54 0.16 -1.51 -1.12 -3.20 -4.07 -4.65 -4.23 -1.21 6.05
Total Gross Profit		 3.16 8.45 7.08 5.40 7.18 4.27 3.72 2.55 3.37 8.02 16
Total Revenue		 7.56 17 13 13 18 14 11 9.88 10 19 33
Operating Revenue		 7.56 17 13 13 18 14 11 9.88 10 19 33
Total Cost of Revenue		 4.41 8.15 6.04 8.05 11 9.82 7.25 7.34 6.95 11 17
Operating Cost of Revenue		 4.41 8.15 6.04 8.05 11 9.82 7.25 7.34 6.95 11 17
Total Operating Expenses		 5.20 5.91 6.92 6.91 8.30 7.48 7.79 7.19 7.60 9.23 9.62
Selling, General & Admin Expense		 3.06 3.76 4.56 4.64 5.16 3.93 4.72 4.43 4.43 5.58 5.47
Research & Development Expense		 2.14 2.15 2.36 2.28 3.14 2.69 2.85 2.97 3.17 3.65 4.14
Restructuring Charge		 - - 0.00 0.00 0.00 - 0.22 -0.21 0.00 - 0.00
Total Other Income / (Expense), net		 0.58 0.58 0.66 0.27 0.25 0.22 1.23 0.20 0.23 0.75 0.88
Interest Expense		 -0.58 -0.59 -0.68 -0.23 -0.27 -0.22 -0.18 -0.19 -0.24 -0.75 -0.90
Other Income / (Expense), net		 -0.00 -0.01 -0.03 0.04 -0.03 -0.00 1.05 0.01 -0.01 0.00 -0.02
Income Tax Expense		 0.01 -21 0.15 -0.22 -0.23 -0.09 -0.75 -1.21 -0.80 -1.85 -0.25
Basic Earnings per Share		 ($0.05) $0.83 $0.02 ($0.03) ($0.02) ($0.10) ($0.07) ($0.11) ($0.10) $0.05 $0.22
Weighted Average Basic Shares Outstanding		 28.87M 28.82M 29.11M 29.66M 29.73M 29.58M 29.92M 30.18M 30.70M 30.67M 32.62M
Diluted Earnings per Share		 ($0.05) $0.81 $0.02 ($0.03) ($0.02) ($0.10) ($0.07) ($0.11) ($0.10) $0.05 $0.21
Weighted Average Diluted Shares Outstanding		 28.87M 29.62M 29.63M 29.66M 29.73M 29.58M 29.92M 30.18M 30.70M 30.67M 33.52M
Weighted Average Basic & Diluted Shares Outstanding		 28.91M 29.01M 29.63M 29.71M 29.77M 29.92M 30.01M 30.63M 31.45M 32.62M 32.79M

Annual Cash Flow Statements for Aehr Test Systems

This table details how cash moves in and out of Aehr Test Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/30/2025 5/29/2026
Net Change in Cash & Equivalents		 -4.59 17 -0.96 -11 0.01 0.87 27 -1.36 19 -23 90
Net Cash From Operating Activities		 -6.28 -4.50 -1.35 -5.64 -2.02 -2.70 1.51 10 1.76 -7.40 -3.31
Net Cash From Continuing Operating Activities		 -8.22 3.07 -1.35 -5.64 -7.31 1.82 1.51 10 1.76 -7.40 -3.31
Net Income / (Loss) Continuing Operations		 -6.79 -5.65 0.53 -5.24 -2.80 -2.03 9.45 15 33 -3.91 -7.13
Consolidated Net Income / (Loss)		 -6.79 -5.65 0.53 -5.24 -2.80 -2.03 9.45 15 33 -3.91 -7.13
Depreciation Expense		 0.20 0.27 0.42 0.43 0.38 0.33 0.36 0.45 0.66 2.31 2.80
Amortization Expense		 0.18 0.15 - - - 0.00 0.69 0.07 0.58 1.08 0.73
Non-Cash Adjustments To Reconcile Net Income		 1.01 1.05 0.94 0.90 0.87 -0.27 1.31 2.77 2.52 5.75 6.76
Changes in Operating Assets and Liabilities, net		 -0.88 -0.31 -3.23 -1.74 -5.75 3.80 -10 -7.84 -35 -13 -6.48
Net Cash From Investing Activities		 -0.92 -0.48 -0.57 -0.17 -0.16 -0.23 -0.42 -19 17 -16 -3.87
Net Cash From Continuing Investing Activities		 -0.92 -0.48 -0.57 -0.17 -0.16 -0.23 -0.42 -19 17 -16 -3.87
Purchase of Property, Plant & Equipment		 -0.92 -0.48 -0.57 -0.17 -0.16 -0.23 -0.42 -1.36 -0.75 -4.99 -2.07
Acquisitions		 - - - - - - - 0.00 0.00 -11 -1.80
Sale and/or Maturity of Investments		 - - - - - 0.00 0.00 16 18 0.00 0.00
Net Cash From Financing Activities		 2.51 22 0.93 -5.55 2.17 1.96 26 7.32 0.14 0.63 97
Net Cash From Continuing Financing Activities		 2.51 22 0.93 -5.55 2.17 -0.84 26 7.32 0.14 0.63 97
Issuance of Common Equity		 0.51 22 0.93 0.56 0.50 0.58 28 9.38 1.74 1.41 100
Other Financing Activities, net		 - - 0.00 0.00 -0.01 -0.02 -0.43 -2.06 -1.60 -0.78 -2.38
Effect of Exchange Rate Changes		 0.11 0.00 0.04 -0.06 - - - -0.04 -0.04 0.01 -0.01
Cash Interest Paid		 0.30 0.52 0.55 0.61 0.00 0.01 0.01 0.02 0.00 0.00 0.00
Cash Income Taxes Paid		 0.05 0.02 0.04 0.04 0.04 0.02 0.00 0.02 0.09 0.10 0.06

Quarterly Cash Flow Statements for Aehr Test Systems

This table details how cash moves in and out of Aehr Test Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026 9/25/2026
Net Change in Cash & Equivalents		 19 1.58 -8.53 -4.29 -3.81 -4.88 -1.82 6.33 6.08 79 -7.41
Net Cash From Operating Activities		 -2.82 1.22 2.38 -5.87 -1.61 -2.30 -0.28 -1.17 -3.69 1.83 -3.05
Net Cash From Continuing Operating Activities		 19 -5.82 2.38 -4.32 -1.84 -2.30 -0.28 -1.17 -3.69 1.83 -3.05
Net Income / (Loss) Continuing Operations		 20 24 0.66 1.03 -1.38 -2.90 -2.08 -3.23 -3.20 1.39 7.18
Consolidated Net Income / (Loss)		 20 24 0.66 1.03 -1.38 -2.90 -2.08 -3.23 -3.20 1.39 7.18
Depreciation Expense		 0.19 0.19 0.35 0.61 0.62 0.74 0.74 0.69 0.68 0.69 0.71
Amortization Expense		 0.19 0.45 0.22 -0.22 0.80 0.28 0.18 0.18 0.18 0.19 0.20
Non-Cash Adjustments To Reconcile Net Income		 0.58 1.03 0.87 0.60 2.27 2.01 1.67 1.84 1.38 1.87 1.88
Changes in Operating Assets and Liabilities, net		 -2.39 -31 0.28 -6.34 -4.15 -2.43 -0.79 -0.65 -2.73 -2.30 -13
Net Cash From Investing Activities		 -0.26 -0.05 -11 -0.32 -2.12 -2.82 -1.39 -2.27 -0.07 -0.13 -0.05
Net Cash From Continuing Investing Activities		 -0.26 -0.05 -11 -0.32 -2.12 -2.82 -1.39 -2.27 -0.07 -0.13 -0.05
Purchase of Property, Plant & Equipment		 -0.26 -0.05 -0.20 -0.32 -1.66 -2.82 -1.39 -0.47 -0.07 -0.13 -0.05
Net Cash From Financing Activities		 0.16 0.42 -0.11 0.59 -0.11 0.25 -0.16 9.78 9.83 78 -4.30
Net Cash From Continuing Financing Activities		 0.16 0.42 -0.11 0.59 -0.11 0.25 -0.16 9.78 9.83 78 -4.30
Issuance of Common Equity		 0.18 0.54 0.06 0.78 0.06 0.52 0.17 10 10 79 0.18
Other Financing Activities, net		 -0.02 -0.12 -0.16 -0.18 -0.18 -0.26 -0.33 -0.49 -0.45 -1.11 -4.47
Effect of Exchange Rate Changes		 - - 0.01 - - -0.01 0.01 -0.01 0.01 -0.02 -0.01

Annual Balance Sheets for Aehr Test Systems

This table presents Aehr Test Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/30/2025 6/26/2026
Total Assets		 10 31 31 21 21 22 62 98 128 149 245
Total Current Assets		 8.75 29 29 20 18 19 60 89 98 89 182
Cash & Equivalents		 0.94 18 17 5.43 5.43 4.58 31 30 49 25 112
Accounts Receivable		 0.52 4.01 2.86 4.86 3.72 5.20 13 17 9.80 14 16
Inventories, net		 7.03 6.60 9.05 9.06 7.99 8.85 15 24 37 42 44
Prepaid Expenses		 0.25 0.96 0.70 0.69 0.51 0.55 0.61 0.62 1.42 8.06 9.75
Plant, Property, & Equipment, net		 1.20 1.42 1.20 1.05 0.66 0.68 1.20 2.76 3.25 8.97 8.81
Total Noncurrent Assets		 0.09 0.10 0.30 0.23 2.26 1.80 1.12 6.35 27 51 54
Goodwill		 - - - - - - - - 0.00 11 11
Intangible Assets		 - - - - - - - - 0.00 11 9.45
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - 0.00 21 19 25
Other Noncurrent Operating Assets		 0.09 0.10 0.30 0.23 2.26 1.80 1.12 6.35 6.04 10 9.14
Total Liabilities & Shareholders' Equity		 10 31 31 21 21 22 62 98 128 149 245
Total Liabilities		 11 14 12 5.85 6.52 10 11 23 16 26 28
Total Current Liabilities		 4.68 7.88 11 5.51 3.87 9.06 11 16 11 16 19
Accounts Payable		 1.41 2.81 1.76 1.93 0.95 2.89 4.20 9.21 5.33 6.73 6.35
Accrued Expenses		 1.55 1.61 1.65 2.03 1.44 2.16 3.61 4.14 3.37 6.02 5.21
Current Deferred Revenue		 1.71 3.47 1.63 - - - - 2.82 1.35 1.98 6.70
Other Current Liabilities		 - - - 0.00 0.66 0.74 0.79 0.14 0.47 0.91 0.59
Total Noncurrent Liabilities		 6.09 6.21 0.52 0.34 2.65 1.16 0.33 6.24 5.81 10.00 9.30
Noncurrent Deferred Revenue		 0.13 0.10 0.52 0.34 0.02 0.10 0.07 0.03 0.04 0.04 0.06
Other Noncurrent Operating Liabilities		 - - - 0.00 1.61 1.06 0.26 6.20 5.77 9.96 9.24
Total Equity & Noncontrolling Interests		 -0.72 17 19 15 14 11 51 76 112 123 217
Total Preferred & Common Equity		 -0.70 17 19 15 14 11 51 76 112 123 217
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -0.70 17 19 15 14 11 51 76 112 123 217
Common Stock		 58 81 83 85 86 0.24 118 0.29 0.29 0.30 0.33
Retained Earnings		 -61 -67 -66 -71 -74 -76 -67 -52 -19 -23 -33
Accumulated Other Comprehensive Income / (Loss)		 2.24 2.25 2.29 2.23 2.23 -0.03 -0.11 -0.16 -0.16 -0.13 -0.13
Other Equity Adjustments		 - - - - - 88 - 128 131 146 250

Quarterly Balance Sheets for Aehr Test Systems

This table presents Aehr Test Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026 Q1 2027
Period end date 8/31/2023 11/30/2023 2/29/2024 8/30/2024 11/29/2024 2/28/2025 8/29/2025 11/28/2025 2/27/2026 9/25/2026
Total Assets		 105 101 102 146 142 146 144 149 157 259
Total Current Assets		 96 92 92 93 89 92 84 88 96 196
Cash & Equivalents		 51 51 48 38 32 29 23 31 37 105
Accounts Receivable		 13 4.57 5.47 8.56 7.33 12 13 10 12 27
Inventories, net		 32 34 38 43 44 42 42 43 41 53
Prepaid Expenses		 0.54 2.86 1.22 3.56 5.20 7.97 6.45 4.35 6.02 11
Plant, Property, & Equipment, net		 3.08 3.19 3.15 3.50 4.31 7.03 9.00 8.99 9.28 8.82
Total Noncurrent Assets		 6.17 6.23 6.10 49 49 47 51 52 52 54
Goodwill		 - - - 10 11 11 11 11 11 11
Intangible Assets		 - - - 12 12 11 10 10 9.85 9.16
Noncurrent Deferred & Refundable Income Taxes		 - - - 18 19 19 20 21 22 25
Other Noncurrent Operating Assets		 6.17 6.23 6.10 8.88 8.61 6.20 10 9.62 9.42 9.09
Total Liabilities & Shareholders' Equity		 105 101 102 146 142 146 144 149 157 259
Total Liabilities		 25 14 15 23 19 21 22 18 18 37
Total Current Liabilities		 19 7.96 9.18 15 12 16 12 8.31 8.74 27
Accounts Payable		 8.33 4.18 4.98 5.57 4.85 6.96 3.38 3.55 2.10 13
Accrued Expenses		 4.54 3.23 3.29 5.48 5.39 7.09 6.51 3.73 4.18 6.30
Current Deferred Revenue		 6.11 0.15 0.49 3.54 0.61 0.84 1.12 0.44 1.86 7.94
Other Current Liabilities		 0.28 0.40 0.43 0.83 0.86 1.17 0.91 0.59 0.61 0.65
Total Noncurrent Liabilities		 6.07 6.06 5.92 7.96 7.38 5.33 9.79 9.65 9.51 9.27
Noncurrent Deferred Revenue		 0.03 0.00 0.00 0.06 0.05 0.03 0.04 0.04 0.05 0.09
Other Noncurrent Operating Liabilities		 6.04 6.06 5.92 7.90 7.33 5.31 9.75 9.62 9.46 9.19
Total Equity & Noncontrolling Interests		 80 87 86 122 123 124 122 131 139 222
Total Preferred & Common Equity		 80 87 86 122 123 124 122 131 139 222
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 80 87 86 122 123 124 122 131 139 222
Common Stock		 128 0.29 0.29 0.30 0.30 0.30 148 0.31 0.31 0.33
Retained Earnings		 -48 -42 -43 -18 -20 -20 -25 -28 -32 -26
Accumulated Other Comprehensive Income / (Loss)		 -0.14 -0.13 -0.14 -0.13 -0.19 -0.18 -0.10 -0.11 -0.08 -0.14
Other Equity Adjustments		 - 129 129 141 143 144 - 159 170 248

Annual Metrics And Ratios for Aehr Test Systems

This table displays calculated financial ratios and metrics derived from Aehr Test Systems' official financial filings.

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 5/31/2016 5/31/2017 5/31/2018 5/31/2019 5/31/2020 5/31/2021 5/31/2022 5/31/2023 5/31/2024 5/30/2025 5/29/2026
DEI Shares Outstanding		 13,164,396.00 16,786,235.00 21,953,730.00 22,562,044.00 23,014,962.00 23,597,730.00 26,922,827.00 28,338,209.00 - 29,771,410.00 31,453,254.00
DEI Adjusted Shares Outstanding		 13,164,396.00 16,786,235.00 21,953,730.00 22,562,044.00 23,014,962.00 23,597,730.00 26,922,827.00 28,338,209.00 - 29,771,410.00 31,453,254.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.52 -0.34 0.02 -0.23 -0.12 -0.09 0.35 0.51 - -0.13 -0.23
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 44.75% 30.32% 56.39% -28.76% 5.87% -25.53% 206.20% 27.80% 1.94% -10.95% -15.21%
EBITDA Growth		 8.34% 21.74% 128.05% -456.02% 47.14% 23.50% 677.76% 31.42% -18.65% -120.38% -315.23%
EBIT Growth		 4.83% 19.77% 117.25% -680.33% 43.99% 22.26% 541.52% 40.34% -24.69% -156.52% -130.09%
NOPAT Growth		 8.07% 19.91% 130.77% -429.63% 44.70% -51.25% 363.91% 72.41% 101.36% -114.82% -149.23%
Net Income Growth		 -2.08% 16.68% 109.34% -1,091.48% 46.48% 27.66% 566.21% 54.04% 127.77% -111.79% -82.25%
EPS Growth		 5.45% 32.69% 105.71% -1,250.00% 47.83% 25.00% 477.78% 47.06% 124.00% -111.61% -76.92%
Operating Cash Flow Growth		 -178.41% 28.44% 69.94% -317.25% 64.09% -33.45% 155.83% 563.86% -82.46% -521.41% 55.27%
Free Cash Flow Firm Growth		 -154.14% 26.62% 43.92% -108.79% 55.55% -16.22% 28.70% 379.92% -254.31% -403.61% 63.10%
Invested Capital Growth		 52.81% 18.63% 67.56% 17.29% 2.76% -3.46% 96.11% 41.98% 125.45% 57.51% 4.89%
Revenue Q/Q Growth		 -1.67% 37.08% 2.02% -0.13% -13.47% 30.35% 33.14% 3.14% -7.89% -4.08% 10.49%
EBITDA Q/Q Growth		 -21.51% 32.52% 374.25% -3.83% -487.06% 65.27% 126.16% -0.39% -14.21% -182.67% 16.29%
EBIT Q/Q Growth		 -21.41% 31.00% 962.63% -3.08% -1,350.45% 61.42% 120.35% -1.09% -23.56% -12,210.64% 13.28%
NOPAT Q/Q Growth		 -20.69% 31.44% 2,428.10% -2.59% -1,233.88% 45.15% 176.88% -1.33% 104.28% -564.90% 12.37%
Net Income Q/Q Growth		 -20.54% 28.57% 215.28% -1.57% -739.73% 66.93% 104.15% 2.23% 115.26% -117.11% 37.58%
EPS Q/Q Growth		 -18.18% 35.19% 166.67% 0.00% -1,300.00% 60.87% 112.50% 2.04% 115.38% -116.67% 39.47%
Operating Cash Flow Q/Q Growth		 -18.00% 25.60% 56.74% -84.94% -36.39% 30.65% -27.67% 196.53% -72.56% -91.02% 55.53%
Free Cash Flow Firm Q/Q Growth		 -7.13% 13.44% 46.14% -103.87% 10.62% -103.14% -4.66% 1,380.03% -9,644.78% 27.52% 19.96%
Invested Capital Q/Q Growth		 -21.43% -4.69% -12.97% 13.26% -10.39% 33.93% 62.98% 7.05% 60.43% 3.74% 1.25%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 35.48% 35.88% 41.91% 36.10% 37.55% 36.34% 46.56% 50.41% 49.15% 40.59% 35.30%
EBITDA Margin		 -39.93% -23.98% 4.30% -21.49% -10.73% -11.02% 20.80% 21.39% 17.07% -3.91% -19.13%
Operating Margin		 -42.44% -26.08% 3.10% -23.75% -12.40% -25.19% 15.35% 20.59% 15.22% -9.63% -28.30%
EBIT Margin		 -42.55% -26.19% 2.89% -23.54% -12.45% -13.00% 18.75% 20.58% 15.21% -9.65% -26.19%
Profit (Net Income) Margin		 -46.79% -29.91% 1.79% -24.86% -12.57% -12.21% 18.59% 22.41% 50.07% -6.63% -14.25%
Tax Burden Percent		 100.15% 100.44% 116.04% 100.52% 101.30% 91.97% 99.05% 99.59% 266.14% 91.12% 60.72%
Interest Burden Percent		 109.81% 113.70% 53.28% 105.08% 99.64% 102.13% 100.14% 109.31% 123.71% 75.39% 89.61%
Effective Tax Rate		 0.00% 0.00% -16.04% 0.00% 0.00% 0.00% 0.95% 0.41% -166.14% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -121.11% -73.40% 15.56% -37.69% -19.04% -28.92% 52.46% 56.44% 59.52% -4.94% -9.83%
ROIC Less NNEP Spread (ROIC-NNEP)		 -271.83% -7.35% 20.32% -16.23% -0.17% -63.17% 42.01% 53.33% 46.47% -5.12% -13.77%
Return on Net Nonoperating Assets (RNNOA)		 -233.48% 3.05% -12.63% 7.55% 0.05% 13.02% -22.19% -33.44% -24.10% 1.61% 5.67%
Return on Equity (ROE)		 -354.59% -70.35% 2.93% -30.14% -18.99% -15.89% 30.27% 23.00% 35.42% -3.34% -4.16%
Cash Return on Invested Capital (CROIC)		 -162.88% -90.44% -34.94% -53.61% -21.77% -25.40% -12.45% 21.75% -17.57% -49.61% -14.61%
Operating Return on Assets (OROA)		 -49.53% -24.18% 2.76% -18.97% -13.26% -10.22% 22.69% 16.67% 8.91% -4.12% -6.63%
Return on Assets (ROA)		 -54.47% -27.62% 1.71% -20.03% -13.38% -9.60% 22.50% 18.14% 29.33% -2.83% -3.61%
Return on Common Equity (ROCE)		 -358.11% -70.52% 2.93% -30.17% -19.02% -15.91% 30.27% 23.00% 35.42% -3.34% -4.16%
Return on Equity Simple (ROE_SIMPLE)		 965.15% -33.62% 2.74% -33.84% -19.90% -17.70% 18.53% 0.00% 29.71% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.31 -3.45 1.06 -3.50 -1.94 -2.93 7.73 13 27 -3.97 -9.90
NOPAT Margin		 -29.71% -18.26% 3.59% -16.62% -8.68% -17.63% 15.20% 20.50% 40.51% -6.74% -19.81%
Net Nonoperating Expense Percent (NNEP)		 150.73% -66.05% -4.76% -21.46% -18.87% 34.26% 10.46% 3.12% 13.05% 0.17% 3.94%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 17.62% - -3.23% -4.51%
Cost of Revenue to Revenue		 64.52% 64.12% 58.09% 63.90% 62.45% 63.66% 53.44% 49.59% 50.85% 59.41% 64.70%
SG&A Expenses to Revenue		 48.10% 37.32% 24.67% 36.68% 33.78% 39.53% 19.77% 18.84% 20.76% 31.01% 38.32%
R&D to Revenue		 29.82% 24.64% 14.15% 19.72% 15.19% 22.00% 11.45% 10.98% 13.17% 17.74% 25.27%
Operating Expenses to Revenue		 77.92% 61.96% 38.81% 59.85% 49.96% 61.53% 31.21% 29.82% 33.93% 50.21% 63.60%
Earnings before Interest and Taxes (EBIT)		 -6.17 -4.95 0.85 -4.96 -2.78 -2.16 9.53 13 10 -5.69 -13
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -5.79 -4.53 1.27 -4.53 -2.39 -1.83 11 14 11 -2.30 -9.57
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 4.57 2.96 2.55 2.70 4.64 4.42 12.38 2.98 2.31 13.23
Price to Tangible Book Value (P/TBV)		 0.00 4.57 2.96 2.55 2.70 4.64 4.42 12.38 2.98 2.80 14.58
Price to Revenue (P/Rev)		 0.92 4.07 1.93 1.88 1.70 3.20 4.44 14.40 5.03 4.82 58.08
Price to Earnings (P/E)		 0.00 0.00 108.11 0.00 0.00 0.00 23.87 64.28 10.04 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.93% 0.00% 0.00% 0.00% 4.19% 1.56% 9.96% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 4.26 12.78 5.42 3.40 3.32 5.19 9.95 32.06 4.54 2.64 27.03
Enterprise Value to Revenue (EV/Rev)		 1.26 3.45 1.57 1.62 1.53 3.11 3.82 13.67 4.28 4.40 55.75
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 36.45 0.00 0.00 0.00 18.36 63.90 25.10 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 54.24 0.00 0.00 0.00 20.37 66.39 28.17 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 43.63 0.00 0.00 0.00 25.13 66.65 10.58 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 128.73 88.68 161.53 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 172.99 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -8.25 0.36 0.32 0.00 0.12 0.27 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 -8.25 0.36 0.00 0.00 0.07 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 0.86 -0.42 -0.62 -0.47 -0.31 -0.21 -0.53 -0.63 -0.52 -0.31 -0.41
Leverage Ratio		 6.51 2.55 1.71 1.50 1.42 1.66 1.35 1.27 1.21 1.18 1.15
Compound Leverage Factor		 7.15 2.90 0.91 1.58 1.41 1.69 1.35 1.39 1.49 0.89 1.03
Debt to Total Capital		 113.80% 26.68% 24.06% 0.00% 10.67% 21.19% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 24.06% 0.00% 4.15% 21.19% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 113.80% 26.68% 0.00% 0.00% 6.52% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 -0.38% -0.08% -0.08% -0.12% -0.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -13.42% 73.41% 76.02% 100.12% 89.46% 78.81% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -1.03 -1.35 4.81 0.00 -0.70 -1.68 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 -0.87 2.58 -8.45 0.00 1.57 0.82 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -1.03 -1.35 0.00 0.00 -0.43 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -1.38 -1.77 5.75 0.00 -0.87 -1.05 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 -1.17 3.39 -10.11 0.00 1.94 0.51 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -1.38 -1.77 0.00 0.00 -0.53 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -7.87 1.16 1.69 0.39 -0.12 -0.81 12.70 26.16 13.62 7.29 64.77
Noncontrolling Interest Sharing Ratio		 -0.99% -0.24% -0.11% -0.11% -0.14% -0.08% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.87 3.73 2.64 3.63 4.57 2.12 5.45 5.46 9.31 5.68 10.33
Quick Ratio		 0.31 2.77 1.77 1.87 2.37 1.08 4.03 3.96 5.61 2.48 7.50
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.79 -4.25 -2.38 -4.98 -2.21 -2.57 -1.83 5.13 -7.92 -40 -15
Operating Cash Flow to CapEx		 -683.46% -942.35% -236.19% -3,258.38% -1,241.72% -1,189.87% 362.50% 735.02% 234.45% -148.24% -160.21%
Free Cash Flow to Firm to Interest Expense		 -9.58 -6.27 -5.98 -19.75 0.00 -55.90 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -10.38 -6.63 -3.39 -22.37 0.00 -58.72 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -11.90 -7.33 -4.82 -23.06 0.00 -63.65 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.16 0.92 0.96 0.81 1.06 0.79 1.21 0.81 0.59 0.43 0.25
Accounts Receivable Turnover		 15.22 8.34 8.61 5.46 5.20 3.72 5.63 4.41 5.02 4.92 3.16
Inventory Turnover		 1.32 1.78 2.19 1.49 1.63 1.26 2.27 1.65 1.10 0.88 0.78
Fixed Asset Turnover		 17.24 14.41 22.54 18.73 26.10 24.78 54.07 32.79 22.03 9.65 5.58
Accounts Payable Turnover		 8.76 5.74 7.51 7.28 9.67 5.51 7.66 4.81 4.63 5.81 4.80
Days Sales Outstanding (DSO)		 23.98 43.77 42.40 66.87 70.21 98.06 64.85 82.74 72.73 74.24 115.57
Days Inventory Outstanding (DIO)		 276.13 205.38 166.39 245.66 223.54 290.78 160.57 220.71 332.64 413.95 470.22
Days Payable Outstanding (DPO)		 41.68 63.57 48.58 50.12 37.73 66.28 47.62 75.92 78.79 62.82 76.06
Cash Conversion Cycle (CCC)		 258.42 185.57 160.21 262.40 256.02 322.55 177.80 227.53 326.58 425.37 509.73
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 4.30 5.10 8.55 10 10 9.95 20 28 62 98 103
Invested Capital Turnover		 4.08 4.02 4.33 2.27 2.19 1.64 3.45 2.75 1.47 0.73 0.50
Increase / (Decrease) in Invested Capital		 1.49 0.80 3.45 1.48 0.28 -0.36 9.56 8.19 35 36 4.81
Enterprise Value (EV)		 18 65 46 34 34 52 194 888 284 259 2,788
Market Capitalization		 13 77 57 39 38 53 226 936 333 284 2,904
Book Value per Share		 ($0.05) $1.00 $0.88 $0.69 $0.61 $0.49 $1.89 $2.67 $3.86 $4.13 $6.98
Tangible Book Value per Share		 ($0.05) $1.00 $0.88 $0.69 $0.61 $0.49 $1.89 $2.67 $3.86 $3.41 $6.33
Total Capital		 5.24 23 25 15 16 15 51 76 112 123 220
Total Debt		 5.96 6.11 6.11 0.00 1.68 3.08 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 5.96 6.11 0.00 0.00 1.03 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 5.02 -12 -11 -5.43 -3.75 -1.50 -31 -48 -49 -25 -116
Capital Expenditures (CapEx)		 0.92 0.48 0.57 0.17 0.16 0.23 0.42 1.36 0.75 4.99 2.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 3.13 3.69 7.57 9.09 9.01 8.62 18 25 38 49 50
Debt-free Net Working Capital (DFNWC)		 4.07 21 24 15 14 13 49 73 87 73 167
Net Working Capital (NWC)		 4.07 21 18 15 14 10 49 73 87 73 167
Net Nonoperating Expense (NNE)		 2.48 2.20 0.53 1.74 0.87 -0.90 -1.72 -1.24 -6.33 -0.06 -2.78
Net Nonoperating Obligations (NNO)		 5.02 -12 -11 -5.43 -3.75 -1.50 -31 -48 -49 -25 -116
Total Depreciation and Amortization (D&A)		 0.38 0.42 0.42 0.43 0.38 0.33 1.05 0.52 1.23 3.39 3.53
Debt-free, Cash-free Net Working Capital to Revenue		 21.58% 19.53% 25.61% 43.19% 40.40% 51.93% 34.45% 38.20% 57.66% 82.44% 100.47%
Debt-free Net Working Capital to Revenue		 28.05% 113.74% 82.62% 68.97% 64.78% 79.53% 96.39% 111.95% 131.90% 124.03% 333.18%
Net Working Capital to Revenue		 28.05% 113.74% 61.95% 68.97% 61.85% 60.98% 96.39% 111.95% 131.90% 124.03% 333.18%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.52) ($0.35) $0.02 ($0.23) ($0.12) ($0.09) $0.36 $0.52 $1.15 ($0.13) ($0.23)
Adjusted Weighted Average Basic Shares Outstanding		 13.09M 16.27M 21.73M 22.39M 22.88M 23.46M 26.01M 27.79M 28.82M 29.58M 30.67M
Adjusted Diluted Earnings per Share		 ($0.52) ($0.35) $0.02 ($0.23) ($0.12) ($0.09) $0.34 $0.50 $1.12 ($0.13) ($0.23)
Adjusted Weighted Average Diluted Shares Outstanding		 13.09M 16.27M 22.78M 22.39M 22.88M 23.46M 27.77M 29.22M 29.62M 29.58M 30.67M
Adjusted Basic & Diluted Earnings per Share		 ($0.52) ($0.35) $0.02 ($0.23) ($0.12) ($0.09) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.33M 21.42M 22.22M 22.72M 23.29M 24.17M 27.34M 28.76M 29.01M 29.92M 32.62M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.31 -3.45 0.64 -2.99 -1.78 -2.93 7.73 13 7.05 -3.37 -9.90
Normalized NOPAT Margin		 -29.71% -18.26% 2.17% -14.21% -7.99% -17.63% 15.20% 20.50% 10.65% -5.71% -19.80%
Pre Tax Income Margin		 -46.72% -29.78% 1.54% -24.73% -12.41% -13.28% 18.77% 22.50% 18.81% -7.28% -23.47%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -10.20 -7.30 2.14 -19.67 0.00 -46.91 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 -7.12 -5.09 2.66 -13.89 0.00 -63.64 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -11.72 -8.00 0.71 -20.35 0.00 -51.85 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -8.64 -5.79 1.23 -14.58 0.00 -68.57 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Aehr Test Systems

This table displays calculated financial ratios and metrics derived from Aehr Test Systems' official financial filings.

Metric Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q4 2026 Q1 2027
Period end date 2/29/2024 5/31/2024 8/30/2024 11/29/2024 2/28/2025 5/30/2025 8/29/2025 11/28/2025 2/27/2026 5/29/2026 9/25/2026
DEI Shares Outstanding		 28,849,237.00 - - - - 29,771,410.00 29,915,061.00 30,006,590.00 30,627,342.00 31,453,254.00 32,620,450.00
DEI Adjusted Shares Outstanding		 28,849,237.00 - - - - 29,771,410.00 29,915,061.00 30,006,590.00 30,627,342.00 31,453,254.00 32,620,450.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.05 - - - - -0.10 -0.07 -0.11 -0.10 0.04 0.22
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -56.04% -25.46% -36.39% -37.23% 142.06% -15.13% -16.39% -26.53% -43.67% 33.69% 200.91%
EBITDA Growth		 -136.40% -37.17% -83.70% -118.76% 116.16% -175.37% -399.43% -549.48% -1,338.72% 85.10% 431.34%
EBIT Growth		 -154.25% -55.08% -96.76% -126.89% 44.14% -226.75% -2,366.92% -214.87% -270.72% 62.50% 299.93%
NOPAT Growth		 -137.91% 244.95% -96.86% -119.43% 45.31% -111.55% -2,307.74% -207.20% -277.93% 62.36% 320.25%
Net Income Growth		 -135.60% 290.51% -85.88% -116.88% 56.29% -112.15% -415.76% -214.20% -398.13% 147.98% 444.58%
EPS Growth		 -135.71% 285.71% -87.50% -115.00% 60.00% -112.35% -450.00% -266.67% -400.00% 150.00% 400.00%
Operating Cash Flow Growth		 -151.47% -79.14% -38.99% -977.61% 43.17% -288.07% -111.85% 80.06% -129.84% 179.58% -982.98%
Free Cash Flow Firm Growth		 -43.03% -498.81% -469.40% -398.64% -291.36% -148.96% 67.69% 77.92% 82.28% 85.18% 37.05%
Invested Capital Growth		 50.43% 125.45% 190.01% 148.26% 143.60% 57.51% 17.76% 9.87% 7.47% 4.89% 17.58%
Revenue Q/Q Growth		 -64.71% 119.49% -20.97% 2.55% 36.08% -23.04% -22.14% -9.89% 4.34% 82.63% 75.24%
EBITDA Q/Q Growth		 -128.97% 269.98% -77.91% -255.36% 124.95% -907.38% 4.34% -79.98% 10.25% 90.36% 2,227.30%
EBIT Q/Q Growth		 -137.39% 223.58% -94.75% -1,207.52% 22.34% -180.42% 6.02% -53.83% 8.56% 71.63% 601.08%
NOPAT Q/Q Growth		 -126.28% 1,455.73% -99.34% -921.52% 26.04% -186.33% -26.90% -14.31% 9.01% 71.48% 842.56%
Net Income Q/Q Growth		 -124.16% 1,722.30% -97.23% -255.76% 37.45% -350.86% 28.11% -54.99% 0.84% 143.43% 416.25%
EPS Q/Q Growth		 -125.00% 1,720.00% -97.53% -250.00% 33.33% -400.00% 30.00% -57.14% 9.09% 150.00% 320.00%
Operating Cash Flow Q/Q Growth		 -418.17% 143.34% 94.44% -346.76% 72.67% -43.43% 87.75% -315.25% -215.03% 149.66% -266.70%
Free Cash Flow Firm Q/Q Growth		 -30.36% -5.84% -261.09% -0.09% -2.32% 32.67% 53.14% 31.59% 17.89% 43.69% -53.21%
Invested Capital Q/Q Growth		 6.21% 60.43% 35.59% 7.46% 4.22% 3.74% 1.37% 0.26% 1.94% 1.25% 11.79%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 41.73% 50.89% 53.95% 40.14% 39.24% 30.32% 33.90% 25.75% 32.66% 42.58% 47.45%
EBITDA Margin		 -22.17% 19.07% 5.33% -8.07% 1.48% -15.53% -19.08% -38.11% -32.78% -1.73% 21.01%
Operating Margin		 -27.05% 15.31% 1.21% -11.25% -6.11% -22.74% -37.07% -47.03% -41.01% -6.40% 18.32%
EBIT Margin		 -27.08% 15.25% 1.01% -10.95% -6.25% -22.77% -27.49% -46.92% -41.12% -6.39% 18.26%
Profit (Net Income) Margin		 -19.45% 143.76% 5.03% -7.64% -3.51% -20.58% -19.00% -32.68% -31.06% 7.39% 21.76%
Tax Burden Percent		 100.48% 764.14% 81.08% 82.57% 73.57% 97.09% 73.48% 72.68% 80.06% -305.71% 103.67%
Interest Burden Percent		 71.48% 123.39% 612.03% 84.52% 76.40% 93.08% 94.06% 95.82% 94.34% 37.82% 114.91%
Effective Tax Rate		 0.00% -664.14% 18.92% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -3.67%
Return on Invested Capital (ROIC)		 -42.03% 171.88% 1.01% -6.26% -3.93% -11.68% -16.00% -18.36% -13.21% -2.22% 12.62%
ROIC Less NNEP Spread (ROIC-NNEP)		 -41.94% 162.71% -0.18% -6.34% -4.30% -9.90% -18.51% -18.44% -12.48% -5.40% 11.19%
Return on Net Nonoperating Assets (RNNOA)		 24.43% -84.37% 0.08% 2.49% 1.57% 3.11% 4.58% 4.58% 3.15% 2.22% -4.14%
Return on Equity (ROE)		 -17.60% 87.50% 1.09% -3.77% -2.36% -8.57% -11.42% -13.79% -10.06% 0.00% 8.47%
Cash Return on Invested Capital (CROIC)		 0.26% -17.57% -60.92% -109.29% -82.31% -49.61% -23.83% -18.97% -18.70% -14.61% -18.76%
Operating Return on Assets (OROA)		 -20.93% 8.93% 0.47% -4.56% -3.11% -9.71% -10.77% -17.17% -12.30% -1.62% 6.53%
Return on Assets (ROA)		 -15.04% 84.22% 2.35% -3.18% -1.75% -8.78% -7.45% -11.96% -9.29% 1.87% 7.78%
Return on Common Equity (ROCE)		 -17.60% 87.50% 1.09% -3.77% -2.36% -8.57% -11.42% -13.79% -10.06% 0.00% 8.47%
Return on Equity Simple (ROE_SIMPLE)		 17.81% 0.00% 23.79% 17.88% 18.40% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -1.43 19 0.13 -1.06 -0.78 -2.24 -2.85 -3.25 -2.96 -0.84 6.27
NOPAT Margin		 -18.94% 116.97% 0.98% -7.87% -4.28% -15.92% -25.95% -32.92% -28.70% -4.48% 18.99%
Net Nonoperating Expense Percent (NNEP)		 -0.09% 9.16% 1.20% 0.08% 0.36% -1.78% 2.52% 0.07% -0.73% 3.17% 1.43%
Return On Investment Capital (ROIC_SIMPLE)		 -1.66% - - -0.86% -0.63% -1.83% -2.33% -2.49% -2.13% -0.38% 2.82%
Cost of Revenue to Revenue		 58.27% 49.11% 46.05% 59.86% 60.76% 69.68% 66.10% 74.25% 67.34% 57.43% 52.55%
SG&A Expenses to Revenue		 40.50% 22.63% 34.74% 34.47% 28.20% 27.87% 43.00% 44.86% 42.96% 29.63% 16.58%
R&D to Revenue		 28.28% 12.96% 18.00% 16.92% 17.15% 19.06% 25.97% 30.07% 30.71% 19.35% 12.55%
Operating Expenses to Revenue		 68.78% 35.58% 52.74% 51.39% 45.35% 53.06% 70.97% 72.77% 73.66% 48.98% 29.13%
Earnings before Interest and Taxes (EBIT)		 -2.05 2.53 0.13 -1.47 -1.14 -3.21 -3.02 -4.64 -4.24 -1.20 6.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.68 3.17 0.70 -1.09 0.27 -2.19 -2.09 -3.77 -3.38 -0.33 6.94
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.43 2.98 3.60 2.86 2.31 2.31 6.10 5.27 8.26 13.23 15.33
Price to Tangible Book Value (P/TBV)		 5.43 2.98 4.40 3.49 2.80 2.80 7.37 6.27 9.70 14.58 16.84
Price to Revenue (P/Rev)		 6.53 5.03 7.51 6.94 4.66 4.82 13.14 12.94 25.33 58.08 47.27
Price to Earnings (P/E)		 30.47 10.04 15.14 16.00 12.53 0.00 0.00 0.00 0.00 0.00 1,591.98
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.28% 9.96% 6.61% 6.25% 7.98% 0.00% 0.00% 0.00% 0.00% 0.00% 0.06%
Enterprise Value to Invested Capital (EV/IC)		 10.84 4.54 4.77 3.52 2.71 2.64 7.26 6.59 10.89 27.03 28.16
Enterprise Value to Revenue (EV/Rev)		 5.87 4.28 6.87 6.31 4.18 4.40 12.74 12.36 24.52 55.75 45.81
Enterprise Value to EBITDA (EV/EBITDA)		 31.39 25.10 52.30 381.52 92.22 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 32.02 28.17 66.19 0.00 5,468.31 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 32.12 10.58 19.40 0.00 300.67 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 65.91 161.53 1,716.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 5,083.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.58 -0.52 -0.44 -0.39 -0.37 -0.31 -0.25 -0.25 -0.25 -0.41 -0.37
Leverage Ratio		 1.20 1.21 1.24 1.16 1.17 1.18 1.18 1.15 1.15 1.15 1.17
Compound Leverage Factor		 0.86 1.49 7.59 0.98 0.90 1.10 1.11 1.10 1.09 0.44 1.34
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 19.68 13.43 12.19 11.85 8.86 7.35 21.32 23.66 38.26 64.93 56.71
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 10.06 9.31 6.03 7.55 5.71 5.68 7.06 10.62 10.97 10.33 7.15
Quick Ratio		 5.78 5.61 3.01 3.38 2.58 2.48 3.00 4.95 5.57 7.50 4.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -15 -55 -55 -57 -38 -18 -12 -10 -5.66 -11
Operating Cash Flow to CapEx		 -1,073.76% 2,660.87% 1,208.12% -1,829.60% -96.92% -81.69% -20.27% -250.75% -4,985.14% 1,367.16% -6,232.65%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.77 0.59 0.47 0.42 0.50 0.43 0.39 0.37 0.30 0.25 0.36
Accounts Receivable Turnover		 8.53 5.02 5.41 8.52 7.04 4.92 5.26 6.05 3.80 3.16 3.63
Inventory Turnover		 1.22 1.10 0.78 0.69 0.83 0.88 0.85 0.82 0.75 0.78 0.89
Fixed Asset Turnover		 32.45 22.03 17.83 13.55 12.08 9.65 9.09 8.01 5.55 5.58 8.08
Accounts Payable Turnover		 7.29 4.63 4.18 5.90 5.59 5.81 8.10 8.46 6.92 4.80 5.34
Days Sales Outstanding (DSO)		 42.80 72.73 67.52 42.83 51.83 74.24 69.43 60.37 95.97 115.57 100.54
Days Inventory Outstanding (DIO)		 300.06 332.64 467.85 531.30 439.78 413.95 427.07 444.30 486.02 470.22 408.32
Days Payable Outstanding (DPO)		 50.09 78.79 87.25 61.88 65.30 62.82 45.07 43.16 52.76 76.06 68.30
Cash Conversion Cycle (CCC)		 292.76 326.58 448.12 512.25 426.31 425.37 451.43 461.52 529.23 509.73 440.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 39 62 85 91 95 98 100 100 102 103 117
Invested Capital Turnover		 2.22 1.47 1.03 0.80 0.92 0.73 0.62 0.56 0.46 0.50 0.66
Increase / (Decrease) in Invested Capital		 13 35 55 54 56 36 15 8.98 7.08 4.81 18
Enterprise Value (EV)		 422 284 403 320 257 259 724 658 1,109 2,788 3,300
Market Capitalization		 469 333 441 352 286 284 746 689 1,146 2,904 3,405
Book Value per Share		 $3.00 $3.86 $4.22 $4.16 $4.18 $4.13 $4.09 $4.36 $4.53 $6.98 $6.81
Tangible Book Value per Share		 $3.00 $3.86 $3.46 $3.41 $3.44 $3.41 $3.38 $3.66 $3.86 $6.33 $6.20
Total Capital		 86 112 122 123 124 123 122 131 139 220 222
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -48 -49 -38 -32 -29 -25 -23 -31 -37 -116 -105
Capital Expenditures (CapEx)		 0.26 0.05 0.20 0.32 1.66 2.82 1.39 0.47 0.07 0.13 0.05
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 36 38 40 45 46 49 49 49 50 50 64
Debt-free Net Working Capital (DFNWC)		 83 87 77 77 76 73 72 80 87 167 168
Net Working Capital (NWC)		 83 87 77 77 76 73 72 80 87 167 168
Net Nonoperating Expense (NNE)		 0.04 -4.45 -0.53 -0.03 -0.14 0.66 -0.76 -0.02 0.24 -2.24 -0.91
Net Nonoperating Obligations (NNO)		 -48 -49 -38 -32 -29 -25 -23 -31 -37 -116 -105
Total Depreciation and Amortization (D&A)		 0.37 0.63 0.57 0.39 1.42 1.02 0.92 0.87 0.86 0.88 0.91
Debt-free, Cash-free Net Working Capital to Revenue		 49.51% 57.66% 67.56% 87.88% 75.19% 82.44% 87.00% 92.11% 111.03% 100.47% 88.26%
Debt-free Net Working Capital to Revenue		 115.69% 131.90% 132.00% 151.38% 123.03% 124.03% 126.97% 150.02% 192.59% 333.18% 233.87%
Net Working Capital to Revenue		 115.69% 131.90% 132.00% 151.38% 123.03% 124.03% 126.97% 150.02% 192.59% 333.18% 233.87%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.05) $0.83 $0.02 ($0.03) ($0.02) ($0.10) ($0.07) ($0.11) ($0.10) $0.05 $0.22
Adjusted Weighted Average Basic Shares Outstanding		 28.87M 28.82M 29.11M 29.66M 29.73M 29.58M 29.92M 30.18M 30.70M 30.67M 32.62M
Adjusted Diluted Earnings per Share		 ($0.05) $0.81 $0.02 ($0.03) ($0.02) ($0.10) ($0.07) ($0.11) ($0.10) $0.05 $0.21
Adjusted Weighted Average Diluted Shares Outstanding		 28.87M 29.62M 29.63M 29.66M 29.73M 29.58M 29.92M 30.18M 30.70M 30.67M 33.52M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 28.91M 29.01M 29.63M 29.71M 29.77M 29.92M 30.01M 30.63M 31.45M 32.62M 32.79M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.43 1.78 0.13 -1.06 -0.78 -2.24 -2.69 -3.40 -2.96 -0.84 4.23
Normalized NOPAT Margin		 -18.94% 10.72% 0.98% -7.87% -4.28% -15.92% -24.55% -34.43% -28.70% -4.48% 12.82%
Pre Tax Income Margin		 -19.36% 18.81% 6.20% -9.25% -4.77% -21.19% -25.85% -44.96% -38.80% -2.42% 20.99%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Aehr Test Systems (NASDAQ: AEHR) showed a sharp sequential improvement in the latest quarter, but the broader four-year trend remains mixed. Revenue increased to $18.8 million in Q4 fiscal 2026 from $10.3 million in Q3, while gross profit rose to $8.0 million. Gross margin improved to approximately 42.6%, compared with 32.7% in Q3 and 30.1% in Q2. However, the company remained unprofitable at the operating level, reporting a $1.2 million operating loss.

The latest $1.4 million net profit was helped by a $1.8 million income-tax benefit and $751,000 of net other income. This means the reported profit was not driven solely by core operations. AEHR posted net losses in each of the prior three reported quarters of fiscal 2026, following profitable quarters in early fiscal 2024 and a large, tax-affected profit in Q4 fiscal 2024.

Revenue has generally weakened from the elevated levels seen in fiscal 2024. Quarterly revenue declined from $22.3 million in Q4 fiscal 2023 and $21.4 million in Q2 fiscal 2024 to $7.6 million in Q3 fiscal 2024, before recovering to $16.6 million in Q4 fiscal 2024. Fiscal 2025 revenue remained in the $13.1 million to $18.3 million range, followed by lower revenue in the first three quarters of fiscal 2026. The Q4 fiscal 2026 rebound is encouraging, but additional quarters are needed to determine whether it represents a sustained recovery.

Cash generation has also been inconsistent. Operating cash flow was positive in Q1 fiscal 2025 and Q4 fiscal 2026, but negative in the other supplied quarters, including negative operating cash flow of $3.7 million in Q3 fiscal 2026. Working-capital changes were a recurring drag, particularly from inventory and other operating assets. In fiscal 2026, cash was primarily supported by equity issuance rather than internally generated cash flow.

AEHR’s balance sheet remains liquid. Cash increased from $22.7 million at the end of Q1 fiscal 2026 to $36.9 million at the end of Q3. Applying the Q4 reported cash-flow change would imply approximately $116.4 million of cash, although a Q4 balance sheet was not provided. At the end of Q3, current assets of $95.9 million substantially exceeded current liabilities of $8.7 million, and the company reported no conventional debt balance in the supplied statements.

  • Q4 fiscal 2026 revenue recovered to $18.8 million, an approximately 83% sequential increase from Q3.
  • Gross margin improved to about 42.6% in Q4 from 32.7% in Q3, suggesting better product mix, pricing, or manufacturing absorption.
  • Q4 operating cash flow turned positive at $1.8 million after three consecutive negative quarters in fiscal 2026.
  • Liquidity strengthened materially. Q3 cash of $36.9 million was more than four times current liabilities of $8.7 million, before considering the large Q4 financing inflow.
  • Capital expenditures moderated. Q4 property and equipment purchases were $134,000, down from $1.4 million in Q1 and $467,000 in Q2.
  • Research and development spending remained elevated at $3.6 million in Q4, or about 19% of revenue. This may support future products but continues to weigh on near-term profitability.
  • Inventory remained high at $41.2 million at the end of Q3, representing roughly 43% of current assets. Future sales growth and inventory turnover will be important to monitor.
  • Core profitability remains weak. AEHR reported a $1.2 million operating loss in Q4 and cumulative operating losses in each quarter of fiscal 2026.
  • Cash flow has depended heavily on equity financing. The company issued $78.9 million of common equity in Q4 fiscal 2026, following roughly $20.7 million of issuance in Q2 and Q3 combined.
  • Equity issuance creates dilution risk. Weighted-average basic shares increased from approximately 29.1 million in Q1 fiscal 2025 to 30.7 million in Q4 fiscal 2026, while the large Q4 financing may increase the future share count further.

Overall, AEHR’s latest quarter provides evidence of a potential revenue and margin recovery, but investors should distinguish that improvement from the company’s underlying earnings quality. The balance sheet appears well funded, yet recent cash growth has relied primarily on issuing stock, while operating losses, volatile working capital, high inventory, and dilution remain significant risks. Sustained positive operating cash flow and operating profitability would provide stronger confirmation that the recovery is durable.

11/14/26 07:44 PM ETAI Generated. May Contain Errors.

Aehr Test Systems Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Aehr Test Systems' fiscal year ends in May. Their fiscal year 2026 ended on May 29, 2026.

Aehr Test Systems' net income appears to be on an upward trend, with a most recent value of -$7.13 million in 2026, falling from -$6.79 million in 2016. The previous period was -$3.91 million in 2025. Find out what analysts predict for Aehr Test Systems in the coming months.

Aehr Test Systems' total operating income in 2026 was -$14.15 million, based on the following breakdown:
  • Total Gross Profit: $17.65 million
  • Total Operating Expenses: $31.80 million

Over the last 10 years, Aehr Test Systems' total revenue changed from $14.50 million in 2016 to $50.00 million in 2026, a change of 244.8%.

In the past 12 quarters, Aehr Test Systems' cash and equivalents has ranged from $22.71 million in Q1 2026 to $104.90 million in Q1 2027, and is currently $104.90 million as of their latest financial filing in Q1 2027.

Aehr Test Systems had total debt of $0.00 at the end of 2026, compared with none in 2025, and a 100.0% decrease since 2016.

Over the last 10 years, Aehr Test Systems' book value per share changed from -0.05 in 2016 to 6.98 in 2026.


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Financial statements for NASDAQ:AEHR last updated on 11/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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