Advanced Energy Industries (AEIS) Financials

$302.84 -6.22 (-2.01%)

Closing price 05/19/2026 04:00 PM Eastern

Extended Trading

$305.92 +3.08 (+1.02%)

As of 07:15 AM Eastern

Annual Income Statements for Advanced Energy Industries

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-158	127	138	147	65	135	135	200	128	54	148
Consolidated Net Income / (Loss)	-158	127	138	147	65	135	135	200	128	54	148
Net Income / (Loss) Continuing Operations	83	117	136	147	56	135	135	202	131	56	149
Total Pre-Tax Income	105	128	198	172	67	158	149	242	123	52	169
Total Operating Income	107	127	201	172	54	176	152	233	114	37	168
Total Gross Profit	217	253	356	366	316	542	532	676	592	529	677
Total Revenue	415	484	671	719	789	1,416	1,456	1,845	1,656	1,482	1,799
Operating Revenue	415	484	671	719	789	1,416	1,456	1,845	1,656	1,482	1,799
Total Cost of Revenue	198	231	315	353	473	874	924	1,170	1,063	953	1,121
Operating Cost of Revenue	198	231	315	353	473	874	924	1,170	1,063	953	1,121
Total Operating Expenses	110	126	156	194	261	366	381	442	479	493	509
Selling, General & Admin Expense	66	78	93	108	143	189	192	218	221	225	242
Research & Development Expense	40	44	58	76	102	144	162	191	202	212	232
Amortization Expense	4.37	4.17	4.35	5.77	12	20	22	26	28	26	22
Restructuring Charge	0.20	0.00	0.00	4.24	5.04	13	4.75	6.81	27	30	13
Total Other Income / (Expense), net	-1.21	1.22	-2.58	0.82	13	-18	-2.97	8.65	8.80	16	0.70
Interest Expense	-	-	-	-	-	-	3.58	7.33	17	25	17
Interest & Investment Income	-	-	-	-	-	-	0.45	4.15	27	43	27
Other Income / (Expense), net	-1.21	1.22	-2.58	0.82	13	-18	0.15	12	-1.70	-2.00	-9.20
Income Tax Expense	22	11	62	25	11	23	14	40	-8.30	-3.90	19
Net Income / (Loss) Discontinued Operations	-242	11	1.76	-0.04	8.48	-0.42	0.07	-2.22	-2.50	-2.10	-0.90
Basic Earnings per Share	($3.89)	$3.21	$3.47	$3.76	$1.70	$3.52	$3.53	$5.33	$3.42	$1.45	$3.95
Weighted Average Basic Shares Outstanding	40.75M	39.72M	39.75M	39.08M	38.28M	38.31M	38.14M	37.46M	37.50M	37.50M	37.60M
Diluted Earnings per Share	($3.89)	$3.18	$3.43	$3.74	$1.69	$3.50	$3.51	$5.29	$3.40	$1.43	$3.84
Weighted Average Diluted Shares Outstanding	41.08M	40.03M	40.18M	39.35M	38.50M	38.54M	38.36M	37.72M	37.80M	37.80M	38.60M
Weighted Average Basic & Diluted Shares Outstanding	40.70M	39.70M	39.70M	39.10M	38.41M	38.30M	37.56M	37.47M	37.32M	37.72M	37.75M
Cash Dividends to Common per Share	-	-	-	-	-	-	$0.10	$0.10	$0.10	$0.10	$0.10

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	33	38	5.40	15	-15	49	25	25	46	52	67
Consolidated Net Income / (Loss)	33	38	5.40	15	-15	49	25	25	46	52	67
Net Income / (Loss) Continuing Operations	34	38	6.00	15	-14	49	25	26	46	53	67
Total Pre-Tax Income	35	16	7.80	19	-15	41	30	29	52	57	70
Total Operating Income	30	14	0.90	13	-11	34	31	32	49	57	68
Total Gross Profit	147	143	113	128	134	155	151	163	174	189	201
Total Revenue	410	405	328	365	374	415	405	442	463	489	511
Operating Revenue	410	405	328	365	374	415	405	442	463	489	511
Total Cost of Revenue	263	262	215	237	240	261	254	278	289	300	310
Operating Cost of Revenue	263	262	215	237	240	261	254	278	289	300	310
Total Operating Expenses	117	129	112	115	145	121	120	132	125	133	133
Selling, General & Admin Expense	55	55	55	55	56	58	59	60	60	63	62
Research & Development Expense	50	49	50	52	54	56	54	59	59	60	62
Amortization Expense	7.05	7.07	6.90	6.80	6.80	5.53	5.50	5.60	5.60	5.40	5.30
Restructuring Charge	4.71	18	0.20	0.60	29	0.90	1.20	7.00	0.70	3.60	2.60
Total Other Income / (Expense), net	4.46	2.43	6.90	5.70	-3.50	6.57	-0.70	-2.30	3.10	0.60	1.70
Interest Expense	3.78	7.20	7.10	7.00	6.40	4.64	4.20	4.20	4.20	4.10	4.10
Interest & Investment Income	6.40	13	13	12	11	7.08	6.90	6.60	6.60	6.50	5.80
Other Income / (Expense), net	1.85	-3.18	1.40	0.60	-8.10	4.14	-3.40	-4.70	0.70	-1.80	0.00
Income Tax Expense	0.87	-22	1.80	3.20	-0.40	-8.48	5.00	3.80	5.90	4.70	2.70
Net Income / (Loss) Discontinued Operations	-0.93	-0.39	-0.60	-0.60	-0.80	-0.19	-0.20	-0.30	-0.20	-0.20	-0.50
Basic Earnings per Share	$0.87	$1.00	$0.14	$0.39	($0.40)	$1.31	$0.66	$0.67	$1.23	$1.39	$1.77
Weighted Average Basic Shares Outstanding	37.58M	37.48M	37.40M	37.50M	37.50M	37.48M	37.60M	37.60M	37.60M	37.60M	37.70M
Diluted Earnings per Share	$0.86	$1.00	$0.14	$0.39	($0.40)	$1.29	$0.65	$0.67	$1.20	$1.32	$1.58
Weighted Average Diluted Shares Outstanding	37.85M	37.75M	37.70M	37.80M	37.50M	37.84M	38.10M	37.80M	38.50M	38.60M	42.20M
Weighted Average Basic & Diluted Shares Outstanding	37.28M	37.32M	37.44M	37.67M	37.67M	37.72M	37.66M	37.72M	37.75M	37.75M	38.03M
Cash Dividends to Common per Share	$0.10	-	$0.10	$0.10	$0.10	-	$0.10	$0.10	$0.10	-	$0.10

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	44	120	126	-60	-8.11	134	64	-86	586	-323	69
Net Cash From Operating Activities	105	119	183	151	48	201	140	184	209	131	233
Net Cash From Continuing Operating Activities	124	127	190	151	48	202	141	184	213	133	235
Net Income / (Loss) Continuing Operations	83	234	136	147	56	135	135	202	131	56	149
Consolidated Net Income / (Loss)	-158	127	138	147	65	135	135	200	128	54	148
Net Income / (Loss) Discontinued Operations	-242	11	-1.76	0.04	8.48	-0.42	0.07	-2.22	-2.50	-2.10	-0.90
Depreciation Expense	8.83	7.81	9.42	14	26	48	53	60	67	69	62
Amortization Expense	-	-	-	-	-	-	-	0.55	1.30	3.80	3.20
Non-Cash Adjustments To Reconcile Net Income	7.76	6.65	13	10	-5.67	14	17	18	32	46	59
Changes in Operating Assets and Liabilities, net	24	-4.27	28	-19	-29	4.95	-63	-97	-18	-42	-39
Net Cash From Discontinued Operating Activities	-19	-7.86	-7.26	-0.16	0.49	-0.92	-0.67	-0.14	-4.00	-2.20	-1.40
Net Cash From Investing Activities	-13	0.30	-28	-114	-394	-43	-47	-208	-65	-74	-110
Net Cash From Continuing Investing Activities	-13	0.30	-25	-114	-394	-43	-47	-208	-65	-74	-110
Purchase of Property, Plant & Equipment	-4.01	-6.82	-9.04	-20	-25	-36	-29	-59	-61	-57	-107
Acquisitions	-0.13	0.00	-17	-94	-366	-5.48	-22	-149	0.00	-14	0.00
Purchase of Investments	-30	-0.76	-0.11	-	-	-	0.00	0.00	-3.70	-3.00	-2.40
Net Cash From Financing Activities	-46	2.14	-31	-97	339	-30	-25	-62	446	-377	-56
Net Cash From Continuing Financing Activities	-46	2.17	-31	-97	339	-30	-25	-62	446	-377	-56
Repayment of Debt	-0.00	-	0.00	0.00	-8.75	-18	-15	-20	-34	-355	-1.90
Repurchase of Common Equity	-50	0.00	-30	-95	0.00	-12	-78	-27	-40	-1.80	-30
Payment of Dividends	-	-	-	-	0.00	0.00	-15	-15	-15	-15	-16
Issuance of Debt	-	-	0.00	0.00	347	0.00	85	0.00	575	0.00	0.00
Other Financing Activities, net	4.48	2.17	-1.31	-2.01	0.10	-0.48	-1.76	-0.03	-40	-4.80	-8.40
Effect of Exchange Rate Changes	-1.47	-1.93	-	-	-	-	-	1.00	-	-	1.70

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	531	59	-27	-32	-329	65	0.90	-9.50	45	33	-90
Net Cash From Operating Activities	73	84	7.30	6.71	34	83	29	45	79	81	-6.00
Net Cash From Continuing Operating Activities	73	85	8.00	6.88	35	83	29	47	79	80	-5.60
Net Income / (Loss) Continuing Operations	34	38	6.00	16	-14	49	25	26	46	53	67
Consolidated Net Income / (Loss)	33	38	5.40	15	-15	49	25	25	46	52	67
Net Income / (Loss) Discontinued Operations	-0.93	-0.39	-0.60	-0.58	-0.76	-0.19	-0.20	-0.30	-0.20	-0.20	-0.50
Depreciation Expense	17	17	17	17	18	17	16	16	15	15	16
Amortization Expense	0.12	0.95	0.80	0.81	1.41	0.74	0.70	0.90	0.80	0.80	0.80
Non-Cash Adjustments To Reconcile Net Income	8.28	8.82	9.50	11	14	11	14	17	10	17	18
Changes in Operating Assets and Liabilities, net	14	20	-25	-38	17	5.43	-27	-13	6.20	-5.60	-107
Net Cash From Discontinued Operating Activities	-0.22	-0.68	-0.70	-0.17	-1.32	0.01	-0.30	-1.30	-0.20	0.40	-0.40
Net Cash From Investing Activities	-13	-15	-19	-29	-13	-13	-15	-29	-28	-38	-38
Net Cash From Continuing Investing Activities	-13	-15	-19	-29	-13	-13	-15	-29	-28	-38	-38
Purchase of Property, Plant & Equipment	-13	-14	-17	-15	-13	-13	-14	-28	-28	-38	-37
Purchase of Investments	-0.32	-0.30	-2.10	-0.31	-0.30	-0.29	-1.20	-0.40	-0.40	-0.40	-1.40
Net Cash From Financing Activities	473	-8.52	-14	-9.02	-351	-2.66	-13	-29	-4.20	-9.10	-45
Net Cash From Continuing Financing Activities	473	-8.52	-14	-9.02	-351	-2.66	-13	-29	-4.20	-9.10	-45
Repurchase of Common Equity	-	-	0.00	-	-	-	-0.50	-23	-	-6.50	-0.50
Payment of Dividends	-3.83	-3.80	-3.80	-3.85	-3.87	-3.84	-3.80	-3.90	-3.90	-4.00	-3.80
Other Financing Activities, net	-115	1.18	-5.30	-0.17	-0.53	1.18	-9.10	-0.40	-0.30	1.40	-41
Other Net Changes in Cash	-	-2.34	-	-	-	-	0.50	-	-	-	-0.90

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	463	572	733	816	1,532	1,648	1,817	1,992	2,557	2,262	2,546
Total Current Assets	322	438	595	568	867	980	1,162	1,189	1,712	1,389	1,574
Cash & Equivalents	158	282	407	349	346	480	544	459	1,045	722	791
Accounts Receivable	55	76	87	100	247	235	237	301	282	265	325
Inventories, net	53	56	78	98	230	221	338	376	336	360	411
Other Current Assets	7.87	9.32	8.13	10	37	36	42	53	49	42	46
Plant, Property, & Equipment, net	9.65	13	18	31	108	115	115	148	168	186	273
Total Noncurrent Assets	130	120	120	217	558	553	540	655	677	687	699
Goodwill	43	42	54	102	203	210	212	281	284	296	301
Intangible Assets	34	28	33	55	184	169	159	190	161	139	118
Other Noncurrent Operating Assets	1.73	1.84	3.05	6.87	128	123	169	184	232	252	281
Total Liabilities & Shareholders' Equity	463	572	733	816	1,532	1,648	1,817	1,992	2,557	2,262	2,546
Total Liabilities	199	179	213	209	855	832	946	926	1,413	1,055	1,175
Total Current Liabilities	104	95	106	110	320	296	370	393	336	314	991
Short-Term Debt	-	-	-	0.00	18	18	20	20	20	0.00	568
Accounts Payable	27	46	48	40	171	125	194	170	142	144	224
Accrued Expenses	-	-	-	-	42	50	63	77	67	74	78
Current Deferred Revenue	3.21	5.77	6.40	7.35	11	12	22	26	16	12	13
Current Employee Benefit Liabilities	9.18	13	18	22	52	63	56	83	74	68	93
Other Current Liabilities	14	15	20	23	18	17	16	17	18	18	16
Total Noncurrent Liabilities	95	84	107	99	535	536	576	533	1,077	745	192
Long-Term Debt	-	-	-	0.00	322	305	373	353	896	565	0.00
Noncurrent Employee Benefit Liabilities	-	-	-	19	68	80	67	44	49	53	57
Other Noncurrent Operating Liabilities	19	21	36	18	111	121	136	136	132	127	135
Commitments & Contingencies	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	264	392	521	607	677	815	871	1,066	1,144	1,203	1,363
Total Preferred & Common Equity	264	392	521	607	677	815	871	1,066	1,144	1,203	1,363
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	264	392	521	607	677	815	871	1,066	1,144	1,203	1,363
Common Stock	195	204	185	97	105	105	116	135	148	189	231
Retained Earnings	68	195	333	513	578	712	756	915	990	1,027	1,129
Accumulated Other Comprehensive Income / (Loss)	0.53	-6.93	2.53	-3.45	-5.90	-2.61	-1.22	16	6.11	-12	6.20
Other Equity Adjustments	-	-	-	-	-	-	-	-	0.00	-0.90	-2.60

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	1,974	2,009	1,950	2,494	2,524	2,542	2,193	2,302	2,380	2,438	2,593
Total Current Assets	1,182	1,210	1,153	1,673	1,672	1,678	1,346	1,414	1,460	1,503	1,589
Cash & Equivalents	409	462	455	986	1,018	986	657	723	714	759	700
Accounts Receivable	307	292	259	270	248	262	259	277	304	300	377
Inventories, net	409	402	392	364	361	383	378	369	398	400	459
Other Current Assets	56	55	47	53	45	46	51	46	44	45	54
Plant, Property, & Equipment, net	137	153	159	162	175	181	182	194	218	240	304
Total Noncurrent Assets	656	646	638	659	677	683	665	694	702	696	699
Goodwill	279	283	283	282	281	297	299	297	301	301	300
Intangible Assets	196	183	175	168	154	152	145	134	129	123	112
Other Noncurrent Operating Assets	136	180	179	209	242	234	221	263	272	272	287
Total Liabilities & Shareholders' Equity	1,974	2,009	1,950	2,494	2,524	2,542	2,193	2,302	2,380	2,438	2,593
Total Liabilities	984	913	825	1,393	1,381	1,377	1,028	1,068	1,117	1,124	1,190
Total Current Liabilities	433	384	303	315	298	307	292	319	357	367	1,001
Short-Term Debt	20	20	20	20	20	20	0.00	-	-	-	568
Accounts Payable	220	186	149	140	138	158	133	157	192	195	272
Accrued Expenses	45	78	44	51	60	47	66	82	73	67	72
Current Deferred Revenue	25	29	15	17	14	12	11	14	15	13	12
Current Employee Benefit Liabilities	74	56	60	69	49	54	63	48	58	74	60
Other Current Liabilities	16	16	15	17	17	16	18	19	19	18	16
Total Noncurrent Liabilities	551	529	521	1,078	1,083	1,070	737	753	765	764	208
Long-Term Debt	358	348	344	900	891	887	564	565	566	567	0.00
Noncurrent Employee Benefit Liabilities	58	45	46	44	49	48	50	56	60	61	67
Other Noncurrent Operating Liabilities	126	135	132	134	143	135	123	132	140	137	141
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	990	1,096	1,125	1,101	1,143	1,165	1,164	1,230	1,257	1,307	1,384
Total Preferred & Common Equity	989	1,096	1,125	1,101	1,143	1,165	1,164	1,230	1,257	1,307	1,384
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	989	1,096	1,125	1,101	1,143	1,165	1,164	1,230	1,257	1,307	1,384
Common Stock	128	139	147	139	154	170	181	193	205	217	218
Retained Earnings	876	942	966	956	991	1,002	982	1,047	1,046	1,087	1,179
Accumulated Other Comprehensive Income / (Loss)	-15	14	12	5.39	-1.86	-6.82	2.09	-7.30	8.80	5.30	2.90
Other Equity Adjustments	-	-	-	-	-	-	-	-2.60	-2.60	-2.60	-15

This table displays calculated financial ratios and metrics derived from Advanced Energy Industries' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.93%	16.61%	38.72%	7.14%	9.75%	79.46%	2.83%	26.75%	-10.27%	-10.49%	21.38%
EBITDA Growth	18.46%	18.92%	52.78%	-10.43%	-49.81%	120.61%	-0.58%	49.35%	-41.20%	-40.57%	109.54%
EBIT Growth	22.60%	21.47%	54.74%	-13.03%	-61.02%	135.36%	-3.99%	61.31%	-54.30%	-69.07%	358.96%
NOPAT Growth	21.39%	37.18%	19.02%	6.22%	-68.77%	228.96%	-8.66%	41.68%	-37.64%	-67.58%	278.09%
Net Income Growth	-437.33%	180.42%	8.17%	6.71%	-55.83%	107.36%	0.04%	48.15%	-35.75%	-57.74%	173.80%
EPS Growth	-441.23%	181.75%	7.86%	9.04%	-54.81%	107.10%	0.29%	50.71%	-35.73%	-57.94%	168.53%
Operating Cash Flow Growth	35.70%	13.92%	53.16%	-17.20%	-68.01%	315.85%	-30.31%	30.90%	13.81%	-37.42%	78.36%
Free Cash Flow Firm Growth	-51.27%	-5.07%	22.13%	-100.35%	-74,414.93%	145.13%	-55.97%	-192.04%	231.14%	-89.77%	519.11%
Invested Capital Growth	-24.22%	1.03%	-1.89%	130.30%	156.93%	-1.93%	10.01%	36.24%	3.53%	3.00%	8.93%
Revenue Q/Q Growth	56.61%	11.13%	7.00%	-3.37%	30.44%	2.36%	1.82%	5.36%	-4.91%	0.69%	4.29%
EBITDA Q/Q Growth	-19.24%	21.38%	11.10%	-16.48%	4.07%	19.57%	-1.06%	5.26%	-20.29%	41.23%	7.41%
EBIT Q/Q Growth	-24.67%	23.20%	11.22%	-18.13%	-4.40%	25.57%	-2.27%	5.40%	-30.01%	390.33%	11.89%
NOPAT Q/Q Growth	-18.05%	30.97%	-34.05%	48.40%	-4.81%	28.17%	-5.61%	4.69%	-10.14%	49.13%	6.73%
Net Income Q/Q Growth	14.53%	6.71%	-34.89%	49.94%	-12.33%	30.63%	-1.63%	2.10%	-4.64%	26.54%	2.33%
EPS Q/Q Growth	14.13%	7.80%	-34.79%	50.20%	-12.89%	30.11%	-1.13%	2.32%	-4.49%	25.44%	0.52%
Operating Cash Flow Q/Q Growth	13.94%	7.68%	4.90%	-7.55%	-27.24%	31.02%	-18.82%	24.67%	6.81%	-1.00%	-0.87%
Free Cash Flow Firm Q/Q Growth	-68.78%	180.27%	-7.65%	-102.02%	-0.67%	39.19%	-40.27%	21.62%	46.29%	189.43%	-41.82%
Invested Capital Q/Q Growth	48.97%	-7.24%	-37.81%	1.46%	0.58%	-1.37%	4.53%	2.26%	-1.88%	-2.36%	2.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	52.28%	52.34%	53.11%	50.86%	40.01%	38.27%	36.56%	36.60%	35.78%	35.72%	37.66%
EBITDA Margin	27.55%	28.09%	30.94%	25.87%	11.83%	14.54%	14.06%	16.57%	10.86%	7.21%	12.45%
Operating Margin	25.71%	26.23%	29.92%	23.86%	6.89%	12.43%	10.42%	12.63%	6.87%	2.47%	9.34%
EBIT Margin	25.42%	26.48%	29.54%	23.98%	8.52%	11.17%	10.43%	13.27%	6.76%	2.34%	8.83%
Profit (Net Income) Margin	-38.21%	26.35%	20.55%	20.46%	8.24%	9.52%	9.26%	10.82%	7.75%	3.66%	8.25%
Tax Burden Percent	-150.31%	99.51%	69.56%	85.34%	96.70%	85.19%	90.63%	82.60%	104.76%	103.51%	87.97%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	97.94%	98.70%	109.40%	151.28%	106.23%
Effective Tax Rate	20.83%	8.69%	31.33%	14.63%	15.92%	14.54%	9.42%	16.48%	-6.77%	-7.50%	11.50%
Return on Invested Capital (ROIC)	64.00%	101.30%	121.11%	78.64%	9.87%	22.76%	20.00%	22.89%	12.16%	3.82%	13.61%
ROIC Less NNEP Spread (ROIC-NNEP)	166.36%	95.86%	121.11%	78.46%	-0.90%	41.12%	21.67%	18.67%	5.73%	-6.56%	13.76%
Return on Net Nonoperating Assets (RNNOA)	-106.92%	-62.42%	-90.90%	-52.55%	0.25%	-4.71%	-4.02%	-2.29%	-0.56%	0.80%	-2.04%
Return on Equity (ROE)	-42.92%	38.88%	30.21%	26.08%	10.12%	18.05%	15.98%	20.61%	11.61%	4.62%	11.57%
Cash Return on Invested Capital (CROIC)	91.56%	100.28%	123.01%	-0.26%	-78.07%	24.71%	10.46%	-7.78%	8.70%	0.86%	5.06%
Operating Return on Assets (OROA)	18.38%	24.77%	30.38%	22.25%	5.72%	9.95%	8.76%	12.86%	4.92%	1.44%	6.61%
Return on Assets (ROA)	-27.63%	24.65%	21.13%	18.98%	5.53%	8.47%	7.78%	10.48%	5.64%	2.25%	6.17%
Return on Common Equity (ROCE)	-42.92%	38.88%	30.21%	26.07%	10.11%	18.04%	15.97%	20.60%	11.61%	4.62%	11.57%
Return on Equity Simple (ROE_SIMPLE)	-60.13%	32.51%	26.48%	24.24%	9.60%	16.54%	15.48%	18.73%	11.21%	4.51%	0.00%
Net Operating Profit after Tax (NOPAT)	84	116	138	146	46	150	137	195	121	39	149
NOPAT Margin	20.36%	23.95%	20.55%	20.37%	5.80%	10.62%	9.44%	10.55%	7.33%	2.66%	8.27%
Net Nonoperating Expense Percent (NNEP)	-102.36%	5.44%	0.00%	0.18%	10.76%	-18.36%	-1.67%	4.22%	6.43%	10.38%	-0.15%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.52%	5.89%	2.23%	7.70%
Cost of Revenue to Revenue	47.72%	47.66%	46.89%	49.14%	59.99%	61.73%	63.44%	63.40%	64.22%	64.28%	62.34%
SG&A Expenses to Revenue	15.93%	16.06%	13.90%	15.03%	18.07%	13.32%	13.19%	11.84%	13.35%	15.15%	13.48%
R&D to Revenue	9.53%	9.19%	8.64%	10.57%	12.87%	10.17%	11.12%	10.35%	12.23%	14.29%	12.92%
Operating Expenses to Revenue	26.57%	26.11%	23.19%	26.99%	33.12%	25.84%	26.14%	23.97%	28.91%	33.25%	28.32%
Earnings before Interest and Taxes (EBIT)	105	128	198	172	67	158	152	245	112	35	159
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	114	136	208	186	93	206	205	306	180	107	224
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.33	5.46	5.06	2.68	3.97	4.49	3.90	2.98	3.54	3.62	5.80
Price to Tangible Book Value (P/TBV)	6.11	6.65	6.08	3.62	9.28	8.39	6.80	5.35	5.79	5.67	8.37
Price to Revenue (P/Rev)	2.75	4.43	3.93	2.26	3.41	2.58	2.33	1.72	2.44	2.94	4.39
Price to Earnings (P/E)	0.00	16.80	19.13	11.07	41.41	27.15	25.19	15.94	31.54	80.35	53.25
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.44%	0.47%	0.37%	0.35%	0.19%
Earnings Yield	0.00%	5.95%	5.23%	9.03%	2.42%	3.68%	3.97%	6.27%	3.17%	1.24%	1.88%
Enterprise Value to Invested Capital (EV/IC)	8.54	16.13	19.74	4.92	4.02	5.34	4.51	3.16	3.86	4.01	6.74
Enterprise Value to Revenue (EV/Rev)	2.34	3.83	3.32	1.78	3.40	2.47	2.23	1.68	2.37	2.83	4.27
Enterprise Value to EBITDA (EV/EBITDA)	8.50	13.65	10.72	6.87	28.71	16.98	15.84	10.13	21.78	39.30	34.28
Enterprise Value to EBIT (EV/EBIT)	9.21	14.48	11.23	7.41	39.88	22.11	21.36	12.64	34.99	121.27	48.36
Enterprise Value to NOPAT (EV/NOPAT)	11.50	16.01	16.15	8.72	58.60	23.24	23.60	15.91	32.27	106.69	51.65
Enterprise Value to Operating Cash Flow (EV/OCF)	9.27	15.54	12.19	8.44	55.37	17.37	23.13	16.87	18.75	32.11	32.92
Enterprise Value to Free Cash Flow (EV/FCFF)	8.04	16.17	15.90	0.00	0.00	21.41	45.10	0.00	45.13	472.94	138.91
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.50	0.40	0.45	0.35	0.80	0.47	0.42
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.47	0.37	0.43	0.33	0.78	0.47	0.00
Financial Leverage	-0.64	-0.65	-0.75	-0.67	-0.28	-0.11	-0.19	-0.12	-0.10	-0.12	-0.15
Leverage Ratio	1.55	1.58	1.43	1.37	1.83	2.13	2.05	1.97	2.06	2.05	1.87
Compound Leverage Factor	1.55	1.58	1.43	1.37	1.83	2.13	2.01	1.94	2.25	3.11	1.99
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	33.36%	28.31%	31.07%	25.93%	44.45%	31.94%	29.40%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	1.72%	1.54%	1.58%	1.39%	0.97%	0.00%	29.40%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	31.64%	26.78%	29.48%	24.54%	43.48%	31.94%	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%	0.08%	0.05%	0.05%	0.05%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	99.92%	66.59%	71.63%	68.88%	74.07%	55.55%	68.06%	70.60%
Debt to EBITDA	0.00	0.00	0.00	0.00	3.63	1.56	1.92	1.22	5.09	5.29	2.53
Net Debt to EBITDA	0.00	0.00	0.00	0.00	-0.11	-0.78	-0.74	-0.28	-0.72	-1.47	-1.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	3.44	1.48	1.82	1.16	4.98	5.29	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	7.41	2.14	2.86	1.92	7.54	14.35	3.82
Net Debt to NOPAT	0.00	0.00	0.00	0.00	-0.22	-1.07	-1.10	-0.44	-1.06	-4.00	-1.50
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	7.03	2.02	2.71	1.81	7.38	14.35	0.00
Altman Z-Score	5.86	9.94	10.68	7.80	3.50	4.92	4.34	4.52	3.70	4.39	5.84
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.05%	0.08%	0.08%	0.07%	0.03%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.10	4.61	5.61	5.15	2.71	3.31	3.14	3.02	5.10	4.42	1.59
Quick Ratio	2.17	3.81	4.69	4.10	1.86	2.42	2.11	1.93	3.95	3.14	1.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	121	115	140	-0.49	-362	163	72	-66	87	8.88	55
Operating Cash Flow to CapEx	2,608.59%	1,748.82%	2,020.58%	744.08%	192.12%	553.39%	544.28%	311.77%	342.49%	230.24%	217.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	20.11	-9.04	5.24	0.35	3.31
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	39.22	25.06	12.61	5.21	13.97
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	32.01	17.02	8.93	2.95	7.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.94	1.03	0.93	0.67	0.89	0.84	0.97	0.73	0.62	0.75
Accounts Receivable Turnover	6.19	7.41	8.23	7.65	4.55	5.88	6.16	6.86	5.68	5.41	6.09
Inventory Turnover	4.01	4.26	4.69	4.00	2.89	3.87	3.30	3.28	2.99	2.74	2.91
Fixed Asset Turnover	42.76	42.09	43.11	29.30	11.32	12.71	12.68	14.02	10.48	8.39	7.85
Accounts Payable Turnover	7.64	6.27	6.66	8.05	4.50	5.91	5.79	6.43	6.81	6.68	6.10
Days Sales Outstanding (DSO)	58.96	49.28	44.36	47.69	80.27	62.10	59.21	53.20	64.27	67.45	59.91
Days Inventory Outstanding (DIO)	90.97	85.76	77.85	91.14	126.48	94.25	110.60	111.45	122.22	133.43	125.57
Days Payable Outstanding (DPO)	47.75	58.18	54.77	45.37	81.10	61.79	63.02	56.81	53.60	54.66	59.82
Cash Conversion Cycle (CCC)	102.18	76.86	67.44	93.47	125.65	94.56	106.80	107.83	132.89	146.22	125.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	114	115	113	260	667	654	720	981	1,015	1,046	1,139
Invested Capital Turnover	3.14	4.23	5.89	3.86	1.70	2.14	2.12	2.17	1.66	1.44	1.65
Increase / (Decrease) in Invested Capital	-36	1.17	-2.17	147	408	-13	65	261	35	30	93
Enterprise Value (EV)	971	1,854	2,226	1,277	2,680	3,496	3,243	3,096	3,917	4,199	7,679
Market Capitalization	1,142	2,141	2,637	1,628	2,689	3,657	3,394	3,182	4,046	4,356	7,903
Book Value per Share	$6.42	$9.88	$13.13	$15.77	$17.65	$21.29	$23.12	$28.52	$30.69	$31.94	$36.11
Tangible Book Value per Share	$4.55	$8.11	$10.93	$11.69	$7.56	$11.39	$13.25	$15.92	$18.75	$20.38	$25.02
Total Capital	264	392	521	607	1,016	1,137	1,264	1,440	2,060	1,768	1,930
Total Debt	0.00	0.00	0.00	0.00	339	322	393	373	916	565	568
Total Long-Term Debt	0.00	0.00	0.00	0.00	322	305	373	353	896	565	0.00
Net Debt	-170	-287	-410	-352	-10	-161	-152	-86	-129	-157	-224
Capital Expenditures (CapEx)	4.01	6.82	9.04	20	25	36	26	59	61	57	107
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	57	79	106	215	218	268	357	351	353	359
Debt-free Net Working Capital (DFNWC)	219	343	489	458	564	701	812	815	1,396	1,075	1,150
Net Working Capital (NWC)	219	343	489	458	546	684	792	795	1,376	1,075	583
Net Nonoperating Expense (NNE)	243	-12	0.01	-0.66	-19	16	2.62	-5.01	-6.90	-15	0.28
Net Nonoperating Obligations (NNO)	-150	-277	-408	-348	-10	-161	-152	-86	-129	-157	-224
Total Depreciation and Amortization (D&A)	8.83	7.81	9.42	14	26	48	53	61	68	72	65
Debt-free, Cash-free Net Working Capital to Revenue	11.59%	11.70%	11.73%	14.80%	27.23%	15.42%	18.38%	19.33%	21.23%	23.82%	19.96%
Debt-free Net Working Capital to Revenue	52.68%	70.97%	72.89%	63.73%	71.48%	49.54%	55.77%	44.19%	84.31%	72.54%	63.94%
Net Working Capital to Revenue	52.68%	70.97%	72.89%	63.73%	69.26%	48.30%	54.40%	43.11%	83.10%	72.54%	32.39%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$3.21	$3.47	$0.00	$0.00	$3.52	$3.53	$5.33	$3.42	$1.45	$3.95
Adjusted Weighted Average Basic Shares Outstanding	0.00	39.72M	39.75M	0.00	0.00	38.31M	38.14M	37.46M	37.48M	37.48M	37.60M
Adjusted Diluted Earnings per Share	$0.00	$3.18	$3.43	$0.00	$0.00	$3.50	$3.51	$5.29	$3.40	$1.43	$3.84
Adjusted Weighted Average Diluted Shares Outstanding	0.00	40.03M	40.18M	0.00	0.00	38.54M	38.36M	37.72M	37.75M	37.84M	38.60M
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	0.00	39.73M	39.63M	0.00	0.00	38.30M	37.56M	37.47M	37.32M	37.72M	37.75M
Normalized Net Operating Profit after Tax (NOPAT)	85	116	138	150	50	162	142	200	98	47	160
Normalized NOPAT Margin	20.39%	23.95%	20.55%	20.87%	6.33%	11.42%	9.73%	10.86%	5.95%	3.16%	8.88%
Pre Tax Income Margin	25.42%	26.48%	29.54%	23.98%	8.52%	11.17%	10.21%	13.10%	7.40%	3.53%	9.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	42.46	33.44	6.76	1.38	9.51
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	38.42	26.58	7.33	1.57	8.90
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	35.25	25.40	3.07	-0.88	3.08
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	31.22	18.54	3.65	-0.69	2.47
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	11.41%	7.61%	11.87%	28.35%	10.51%
Augmented Payout Ratio	-31.55%	0.00%	21.76%	64.66%	0.00%	8.63%	69.38%	20.95%	43.05%	31.61%	30.86%

This table displays calculated financial ratios and metrics derived from Advanced Energy Industries' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,750,990.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,750,990.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.77
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-20.59%	-17.42%	-22.95%	-12.17%	-8.73%	2.50%	23.54%	20.99%	23.81%	17.81%	26.30%
EBITDA Growth	-52.16%	-61.97%	-64.14%	-33.75%	-99.74%	96.11%	118.91%	39.10%	32,800.00%	27.80%	92.95%
EBIT Growth	-63.12%	-81.93%	-94.68%	-55.83%	-160.13%	260.35%	1,082.61%	99.26%	361.26%	44.59%	151.10%
NOPAT Growth	-56.36%	-32.27%	-98.39%	-57.54%	-126.39%	27.65%	3,580.87%	157.49%	666.88%	27.03%	157.68%
Net Income Growth	-55.89%	-14.27%	-83.13%	-44.62%	-145.55%	30.32%	357.41%	70.27%	410.07%	6.95%	170.45%
EPS Growth	-56.35%	-13.79%	-82.93%	-44.44%	-146.51%	29.00%	364.29%	71.79%	400.00%	1.54%	143.08%
Operating Cash Flow Growth	11.05%	18.84%	-75.57%	-70.30%	-53.03%	-1.57%	295.89%	574.63%	130.12%	-2.54%	-120.76%
Free Cash Flow Firm Growth	77.14%	98.88%	83.67%	42.55%	5.19%	546.67%	68.08%	109.14%	98.53%	-494.81%	-980.46%
Invested Capital Growth	7.90%	3.53%	3.39%	5.10%	3.51%	3.00%	3.48%	2.18%	4.14%	8.93%	16.82%
Revenue Q/Q Growth	-1.33%	-1.15%	-19.20%	11.44%	2.54%	11.01%	-2.60%	9.12%	4.94%	5.63%	4.41%
EBITDA Q/Q Growth	3.07%	-42.03%	-19.87%	58.32%	-99.60%	44,310.40%	-20.74%	-1.36%	51.61%	7.60%	19.92%
EBIT Q/Q Growth	3.58%	-66.82%	-74.20%	561.77%	-241.02%	298.82%	-28.70%	-1.10%	85.50%	9.82%	24.64%
NOPAT Q/Q Growth	15.40%	9.94%	-98.39%	1,984.26%	-171.73%	631.68%	-38.02%	7.92%	58.72%	19.01%	26.40%
Net Income Q/Q Growth	20.56%	14.61%	-86.09%	188.13%	-199.17%	427.90%	-49.46%	2.02%	83.33%	13.20%	27.72%
EPS Q/Q Growth	19.44%	16.28%	-86.00%	185.71%	-200.00%	422.50%	-49.61%	3.08%	79.10%	10.00%	19.70%
Operating Cash Flow Q/Q Growth	220.84%	15.84%	-91.33%	-7.81%	407.33%	142.76%	-65.05%	56.40%	74.12%	2.29%	-107.45%
Free Cash Flow Firm Q/Q Growth	36.32%	94.87%	-1,303.62%	-25.32%	-5.10%	124.16%	-199.78%	136.15%	-116.84%	-6,313.67%	-176.80%
Invested Capital Q/Q Growth	0.12%	-1.88%	2.10%	4.79%	-1.39%	-2.36%	2.57%	3.47%	0.50%	2.12%	10.01%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.94%	35.25%	34.45%	35.00%	35.83%	37.24%	37.20%	37.01%	37.64%	38.64%	39.32%
EBITDA Margin	11.91%	6.98%	6.05%	8.60%	0.03%	13.36%	10.87%	9.83%	14.20%	14.47%	16.61%
Operating Margin	7.33%	3.40%	0.21%	3.55%	-2.95%	8.19%	7.56%	7.16%	10.62%	11.57%	13.37%
EBIT Margin	7.78%	2.61%	0.63%	3.73%	-5.13%	9.18%	6.72%	6.09%	10.77%	11.20%	13.37%
Profit (Net Income) Margin	7.98%	9.25%	1.59%	4.12%	-3.98%	11.77%	6.10%	5.71%	9.97%	10.69%	13.07%
Tax Burden Percent	94.77%	231.52%	68.87%	80.07%	102.46%	120.44%	82.61%	86.01%	88.34%	91.43%	95.43%
Interest Burden Percent	108.20%	153.01%	368.39%	137.95%	75.82%	106.38%	109.93%	108.92%	104.81%	104.38%	102.49%
Effective Tax Rate	2.53%	-133.92%	23.59%	16.86%	0.00%	-20.90%	16.72%	12.97%	11.28%	8.22%	3.86%
Return on Invested Capital (ROIC)	12.48%	13.19%	0.24%	4.20%	-2.89%	14.23%	9.31%	9.28%	14.86%	17.48%	21.05%
ROIC Less NNEP Spread (ROIC-NNEP)	5.43%	8.25%	-4.47%	-0.78%	6.11%	8.82%	9.90%	11.31%	13.08%	17.30%	20.27%
Return on Net Nonoperating Assets (RNNOA)	-0.25%	-0.80%	0.40%	0.06%	-0.43%	-1.08%	-1.10%	-1.06%	-1.51%	-2.57%	-2.24%
Return on Equity (ROE)	12.23%	12.39%	0.64%	4.26%	-3.32%	13.16%	8.21%	8.22%	13.36%	14.91%	18.81%
Cash Return on Invested Capital (CROIC)	5.95%	8.70%	5.11%	1.57%	-0.94%	0.86%	2.93%	5.60%	8.69%	5.06%	0.73%
Operating Return on Assets (OROA)	6.07%	1.90%	0.43%	2.50%	-3.22%	5.65%	4.34%	4.05%	8.02%	8.38%	10.40%
Return on Assets (ROA)	6.22%	6.74%	1.10%	2.76%	-2.50%	7.24%	3.94%	3.79%	7.43%	8.00%	10.18%
Return on Common Equity (ROCE)	12.23%	12.39%	0.64%	4.26%	-3.32%	13.16%	8.21%	8.22%	13.36%	14.91%	18.81%
Return on Equity Simple (ROE_SIMPLE)	12.22%	0.00%	8.98%	7.77%	3.68%	0.00%	5.98%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	29	32	0.52	11	-7.73	41	25	28	44	52	66
NOPAT Margin	7.15%	7.95%	0.16%	2.95%	-2.07%	9.90%	6.30%	6.23%	9.42%	10.61%	12.85%
Net Nonoperating Expense Percent (NNEP)	7.05%	4.93%	4.71%	4.98%	-9.00%	5.42%	-0.59%	-2.03%	1.79%	0.18%	0.79%
Return On Investment Capital (ROIC_SIMPLE)	-	1.56%	-	-	-	2.33%	1.42%	1.51%	2.33%	2.69%	3.36%
Cost of Revenue to Revenue	64.06%	64.75%	65.55%	65.00%	64.17%	62.76%	62.80%	62.99%	62.36%	61.36%	60.68%
SG&A Expenses to Revenue	13.45%	13.55%	16.83%	15.07%	15.03%	14.00%	14.58%	13.64%	12.91%	12.95%	12.19%
R&D to Revenue	12.29%	12.10%	15.22%	14.34%	14.31%	13.51%	13.40%	13.36%	12.76%	12.28%	12.21%
Operating Expenses to Revenue	28.61%	31.85%	34.25%	31.45%	38.78%	29.05%	29.63%	29.85%	27.02%	27.07%	25.95%
Earnings before Interest and Taxes (EBIT)	32	11	2.06	14	-19	38	27	27	50	55	68
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	49	28	20	31	0.13	56	44	43	66	71	85
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.51	3.54	3.32	3.50	3.40	3.62	2.92	3.97	4.91	5.80	8.80
Price to Tangible Book Value (P/TBV)	5.94	5.79	5.37	5.69	5.51	5.67	4.50	6.03	7.26	8.37	12.54
Price to Revenue (P/Rev)	2.22	2.44	2.44	2.70	2.69	2.94	2.31	3.05	3.72	4.39	6.39
Price to Earnings (P/E)	28.75	31.54	37.03	45.01	92.54	80.35	48.91	59.46	44.26	53.25	63.95
Dividend Yield	0.39%	0.37%	0.39%	0.37%	0.38%	0.35%	0.42%	0.30%	0.24%	0.19%	0.12%
Earnings Yield	3.48%	3.17%	2.70%	2.22%	1.08%	1.24%	2.04%	1.68%	2.26%	1.88%	1.56%
Enterprise Value to Invested Capital (EV/IC)	3.67	3.86	3.56	3.68	3.61	4.01	3.20	4.36	5.58	6.74	9.62
Enterprise Value to Revenue (EV/Rev)	2.18	2.37	2.37	2.65	2.63	2.83	2.20	2.96	3.61	4.27	6.33
Enterprise Value to EBITDA (EV/EBITDA)	16.85	21.78	25.94	31.78	51.17	39.30	26.29	33.87	29.85	34.28	45.49
Enterprise Value to EBIT (EV/EBIT)	23.77	34.99	48.99	68.67	548.28	121.27	57.75	66.40	43.87	48.36	60.29
Enterprise Value to NOPAT (EV/NOPAT)	28.14	32.27	42.92	57.62	146.71	106.69	51.34	56.87	44.69	51.65	63.81
Enterprise Value to Operating Cash Flow (EV/OCF)	19.43	18.75	19.81	23.42	29.31	32.11	22.56	25.37	26.45	32.92	60.74
Enterprise Value to Free Cash Flow (EV/FCFF)	64.07	45.13	70.92	240.34	0.00	472.94	111.42	78.77	65.53	138.91	1,425.54
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.84	0.80	0.80	0.78	0.48	0.47	0.46	0.45	0.43	0.42	0.41
Long-Term Debt to Equity	0.82	0.78	0.78	0.76	0.48	0.47	0.46	0.45	0.43	0.00	0.00
Financial Leverage	-0.05	-0.10	-0.09	-0.07	-0.07	-0.12	-0.11	-0.09	-0.12	-0.15	-0.11
Leverage Ratio	2.14	2.06	2.02	1.96	2.07	2.05	2.03	2.03	1.87	1.87	1.87
Compound Leverage Factor	2.31	3.15	7.46	2.71	1.57	2.18	2.24	2.21	1.96	1.96	1.92
Debt to Total Capital	45.52%	44.45%	44.37%	43.78%	32.63%	31.94%	31.49%	31.05%	30.25%	29.40%	29.10%
Short-Term Debt to Total Capital	0.99%	0.97%	0.97%	0.97%	0.00%	0.00%	0.00%	0.00%	0.00%	29.40%	29.10%
Long-Term Debt to Total Capital	44.53%	43.48%	43.39%	42.82%	32.63%	31.94%	31.49%	31.05%	30.25%	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	54.48%	55.55%	55.63%	56.22%	67.37%	68.06%	68.51%	68.95%	69.75%	70.60%	70.90%
Debt to EBITDA	4.08	5.09	6.40	7.22	7.46	5.29	4.32	3.96	2.72	2.53	2.15
Net Debt to EBITDA	-0.29	-0.72	-0.75	-0.63	-1.23	-1.47	-1.21	-1.03	-0.92	-1.00	-0.50
Long-Term Debt to EBITDA	3.99	4.98	6.26	7.06	7.46	5.29	4.32	3.96	2.72	0.00	0.00
Debt to NOPAT	6.81	7.54	10.60	13.09	21.37	14.35	8.44	6.65	4.07	3.82	3.01
Net Debt to NOPAT	-0.49	-1.06	-1.24	-1.14	-3.54	-4.00	-2.35	-1.73	-1.38	-1.50	-0.70
Long-Term Debt to NOPAT	6.66	7.38	10.36	12.80	21.37	14.35	8.44	6.65	4.07	0.00	0.00
Altman Z-Score	3.60	3.57	3.47	3.58	4.16	4.39	3.94	4.58	5.38	5.71	7.87
Noncontrolling Interest Sharing Ratio	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	5.32	5.10	5.61	5.47	4.62	4.42	4.43	4.09	4.10	1.59	1.59
Quick Ratio	3.99	3.95	4.25	4.07	3.14	3.14	3.13	2.85	2.89	1.13	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-46	-2.38	-33	-42	-44	11	-11	3.84	-0.65	-41	-115
Operating Cash Flow to CapEx	551.10%	590.62%	43.80%	45.44%	269.50%	648.89%	207.91%	160.85%	282.08%	214.67%	-16.39%
Free Cash Flow to Firm to Interest Expense	-12.29	-0.33	-4.69	-6.03	-6.91	2.29	-2.53	0.91	-0.15	-10.11	-27.98
Operating Cash Flow to Interest Expense	19.18	11.67	1.02	0.97	5.34	17.81	6.88	10.76	18.74	19.63	-1.46
Operating Cash Flow Less CapEx to Interest Expense	15.70	9.69	-1.31	-1.16	3.36	15.06	3.57	4.07	12.10	10.49	-10.39
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.78	0.73	0.69	0.67	0.63	0.62	0.65	0.66	0.74	0.75	0.78
Accounts Receivable Turnover	6.03	5.68	5.78	5.79	5.56	5.41	5.95	5.78	6.17	6.09	5.83
Inventory Turnover	2.88	2.99	2.64	2.52	2.57	2.74	2.72	2.65	2.78	2.91	2.85
Fixed Asset Turnover	11.68	10.48	9.50	8.88	8.57	8.39	8.44	8.20	8.18	7.85	7.65
Accounts Payable Turnover	6.19	6.81	6.23	6.37	6.98	6.68	6.74	5.92	6.60	6.10	5.49
Days Sales Outstanding (DSO)	60.51	64.27	63.14	63.09	65.68	67.45	61.36	63.20	59.14	59.91	62.59
Days Inventory Outstanding (DIO)	126.71	122.22	138.10	144.87	141.83	133.43	134.30	137.97	131.14	125.57	128.26
Days Payable Outstanding (DPO)	59.00	53.60	58.61	57.31	52.27	54.66	54.19	61.67	55.28	59.82	66.47
Cash Conversion Cycle (CCC)	128.23	132.89	142.63	150.65	155.25	146.22	141.46	139.50	135.00	125.66	124.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,035	1,015	1,037	1,086	1,071	1,046	1,073	1,110	1,115	1,139	1,253
Invested Capital Turnover	1.75	1.66	1.53	1.42	1.40	1.44	1.48	1.49	1.58	1.65	1.64
Increase / (Decrease) in Invested Capital	76	35	34	53	36	30	36	24	44	93	180
Enterprise Value (EV)	3,802	3,917	3,692	3,993	3,871	4,199	3,438	4,842	6,226	7,679	12,051
Market Capitalization	3,868	4,046	3,798	4,072	3,965	4,356	3,595	4,989	6,418	7,903	12,183
Book Value per Share	$29.24	$30.69	$30.59	$31.12	$30.91	$31.94	$32.62	$33.39	$34.66	$36.11	$36.67
Tangible Book Value per Share	$17.29	$18.75	$18.94	$19.12	$19.11	$20.38	$21.18	$21.98	$23.42	$25.02	$25.74
Total Capital	2,021	2,060	2,054	2,072	1,728	1,768	1,796	1,823	1,874	1,930	1,953
Total Debt	920	916	911	907	564	565	565	566	567	568	568
Total Long-Term Debt	900	896	891	887	564	565	565	566	567	0.00	0.00
Net Debt	-66	-129	-106	-79	-93	-157	-158	-147	-192	-224	-131
Capital Expenditures (CapEx)	13	14	17	15	13	13	14	28	28	38	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	393	351	376	405	397	353	372	389	378	359	457
Debt-free Net Working Capital (DFNWC)	1,379	1,396	1,394	1,391	1,054	1,075	1,095	1,103	1,136	1,150	1,157
Net Working Capital (NWC)	1,359	1,376	1,374	1,371	1,054	1,075	1,095	1,103	1,136	583	589
Net Nonoperating Expense (NNE)	-3.42	-5.29	-4.70	-4.25	7.17	-7.76	0.78	2.30	-2.55	-0.35	-1.13
Net Nonoperating Obligations (NNO)	-66	-129	-106	-79	-93	-157	-158	-147	-192	-224	-131
Total Depreciation and Amortization (D&A)	17	18	18	18	19	17	17	17	16	16	17
Debt-free, Cash-free Net Working Capital to Revenue	22.55%	21.23%	24.12%	26.85%	26.97%	23.82%	23.86%	23.79%	21.89%	19.96%	24.01%
Debt-free Net Working Capital to Revenue	79.18%	84.31%	89.44%	92.26%	71.62%	72.54%	70.23%	67.41%	65.87%	63.94%	60.72%
Net Working Capital to Revenue	78.03%	83.10%	88.15%	90.93%	71.62%	72.54%	70.23%	67.41%	65.87%	32.39%	30.90%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.87	$1.00	$0.14	$0.40	($0.40)	$1.31	$0.66	$0.67	$1.23	$1.39	$1.77
Adjusted Weighted Average Basic Shares Outstanding	37.58M	37.48M	37.36M	37.47M	37.53M	37.48M	37.60M	37.60M	37.60M	37.60M	37.70M
Adjusted Diluted Earnings per Share	$0.86	$1.00	$0.14	$0.40	($0.40)	$1.29	$0.65	$0.67	$1.20	$1.32	$1.58
Adjusted Weighted Average Diluted Shares Outstanding	37.85M	37.75M	37.69M	37.78M	37.53M	37.84M	38.10M	37.80M	38.50M	38.60M	42.20M
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	37.28M	37.32M	37.44M	37.67M	37.67M	37.72M	37.66M	37.72M	37.75M	37.75M	38.03M
Normalized Net Operating Profit after Tax (NOPAT)	34	22	0.70	11	12	24	26	34	44	55	68
Normalized NOPAT Margin	8.27%	5.50%	0.22%	3.10%	3.27%	5.88%	6.55%	7.61%	9.56%	11.29%	13.34%
Pre Tax Income Margin	8.42%	4.00%	2.31%	5.14%	-3.89%	9.77%	7.39%	6.64%	11.29%	11.69%	13.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.44	1.47	0.29	1.96	-3.01	8.21	6.48	6.40	11.88	13.37	16.66
NOPAT to Interest Expense	7.75	4.48	0.07	1.55	-1.21	8.85	6.07	6.55	10.39	12.67	16.02
EBIT Less CapEx to Interest Expense	4.96	-0.51	-2.04	-0.17	-4.99	5.47	3.17	-0.29	5.24	4.22	7.73
NOPAT Less CapEx to Interest Expense	4.27	2.50	-2.26	-0.57	-3.19	6.11	2.76	-0.14	3.75	3.52	7.09
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	11.31%	11.87%	14.84%	16.90%	35.78%	28.35%	20.91%	18.32%	10.60%	10.51%	8.19%
Augmented Payout Ratio	41.55%	43.05%	14.84%	16.90%	39.91%	31.61%	23.99%	48.67%	26.92%	30.86%	24.04%

Financials Breakdown Chart

Key Financial Trends

Advanced Energy Industries (AEIS) has presented quarterly results across 2022–2025. Below are the key trends for retail investors, based on the last four years of quarterly statements. Items are organized with positive points first, then neutral, then negative.

Revenue has shown a rebound in 2025, with Q4 2025 operating revenue at $489.4M, up from the 2023 Q4 level of $405.3M and approaching 2022 levels.
Gross margin has remained solid, generally in the high-30s to low-40s range. Notably, Q4 2024 lifted gross margin to about 43%, and Q4 2025 sits around 38–39%, indicating healthy profitability supported by cost discipline.
Free cash flow potential is supported by robust cash generation from operating activities. Q4 2025 showed net cash from continuing operating activities of about $80.1M, a level that supports ongoing investment and shareholder returns.
Liquidity looks strong. In 2025, total current assets were about $1.50B with total current liabilities around $366.5M (Q3 data), yielding a current ratio well above 4x, indicating ample short-term liquidity.
Shareholder returns are active, including a regular quarterly dividend of $0.10 per share and noticeable buyback activity in 2025 (e.g., net purchases of $6.5M in Q4 and $23.2M in Q3).
Earnings per share have trended higher, with Q4 2025 Basic EPS at $1.39 and Diluted EPS at $1.32, reflecting improved profitability versus prior years and quarters.
R&D and SG&A expenditures remained elevated but relatively stable, with R&D around $60M in Q4 2025 and SG&A around $63M, supporting ongoing product development and sales efforts.
Capital spending remained moderate, with purchases of property, plant, and equipment around $37.5M in Q4 2025, indicating ongoing investment while preserving cash flow.
Gross margin compression occurred in 2025 Q4 (about 38.6–39%) versus 2024 Q4 (~43%), signaling some margin pressure that could pressure near-term profitability if input costs or pricing dynamics change.
Longer-term revenue softness was evident in the 2023 period relative to 2022, as 2023 Q4 revenue declined to about $405.3M from 2022 Q4’s $490.7M, highlighting a period of weaker demand that AEIS has since worked to reverse.

05/20/26 06:30 AM ETAI Generated. May Contain Errors.

Advanced Energy Industries Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Advanced Energy Industries' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Advanced Energy Industries' net income appears to be on an upward trend, with a most recent value of $148.40 million in 2025, falling from -$158.49 million in 2015. The previous period was $54.20 million in 2024. See where experts think Advanced Energy Industries is headed by visiting Advanced Energy Industries' forecast page.

Advanced Energy Industries' total operating income in 2025 was $168 million, based on the following breakdown:

Total Gross Profit: $677.40 million
Total Operating Expenses: $509.40 million

Over the last 10 years, Advanced Energy Industries' total revenue changed from $414.81 million in 2015 to $1.80 billion in 2025, a change of 333.6%.

Advanced Energy Industries' total liabilities were at $1.18 billion at the end of 2025, a 11.4% increase from 2024, and a 490.8% increase since 2015.

In the past 10 years, Advanced Energy Industries' cash and equivalents has ranged from $158.44 million in 2015 to $1.04 billion in 2023, and is currently $791.20 million as of their latest financial filing in 2025.

Over the last 10 years, Advanced Energy Industries' book value per share changed from 6.42 in 2015 to 36.11 in 2025, a change of 462.2%.

Related Companies

Financial statements for NASDAQ:AEIS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Advanced Energy Industries (AEIS) Financials

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