Aehr Test Systems

AEHR · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

AEHR · Last close · November 6, 2026

$53.57

Aehr Test Systems' revenue fell 15.2% to $50 million in fiscal 2026. Its operating margin was −28.3%, down from −9.6% a year earlier. Free cash flow was −$5 million. The diluted share count rose 3.7%.

AEHR TEST SYSTEMS Latest fiscal year ended May 29, 2026 10-K filed July 27, 2026 · 0001654954-26-006919 Updated November 7, 2026

Revenue

$50M

15.2%

Operating margin

−28.3%

18.7 pts

Net income

−$7M

Free cash flow

−$5M

Return on capital

−11.1%

5.5 pts

Market cap

$1.6B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Aehr Test Systems does

Aehr Test Systems, based in Fremont, California, makes equipment that tests semiconductor chips for early failures. Its machines run a process called burn-in, which operates chips at high voltage and heat to weed out weak ones before they reach customers. The company says it has installed thousands of systems worldwide.

Aehr sells these test systems, along with the consumables that go with them, such as the carriers and contactors that hold wafers and individual chips during testing. Its FOX family tests whole wafers or single chips, and its Sonoma systems test chips after they are packaged. The chips it tests go into artificial intelligence data centers, electric vehicles and chargers, solar and wind power, data and telecommunications networks, and memory storage.

Aehr says it competes with established equipment makers, many with more money, engineering and manufacturing capacity than it has. Its customers are semiconductor makers, and it sells in large, high-value orders.

Its biggest risks, as it describes them

Depending on a small number of large customers, so losing one could hurt results sharply.
Sales that come in a few large, high-value orders, which makes results uneven.
Intense competition from larger equipment makers with more resources.
Needing its FOX and Sonoma systems to win acceptance from new and existing customers.
Supply chain problems and tariff changes that could delay shipments or raise costs.

From Aehr Test Systems's annual report on Form 10-K, filed July 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2018 to 2024, earnings per share grew 95.6% a year and net income 101.2% a year, as new shares raised the share count by 30% and diluted each share's earnings. Aehr Test Systems then lost money in fiscal 2025 and 2026.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	32	48	49	24	116
Debt incl. finance leases	0	0	0	0	0
Net debt (negative means net cash)	−32	−48	−49	−24	−116
Net debt to EBITDA	−3.9x	−3.5x	−4.6x	—	—
Debt to equity	0.0x	0.0x	0.0x	0.0x	0.0x
Interest coverage	650.0x	891.7x	—	—	—
Current ratio	5.5x	5.5x	9.3x	5.7x	10.3x
Quick ratio	4.1x	4.0x	5.8x	3.0x	8.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Aehr Test Systems' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Aehr Test Systems' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Aehr Test Systems shares on the open market, and 13 insiders sold $60.4 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 17, 2026	Vernon RogersExec VP of Sales & Mktg.	Sold	3,994	$143.77	$574,217	Form 4
Aug 14, 2026	Rhea J PosedelDirector	Sold	5,973	$140.00	$836,220	Form 4
Aug 14, 2026	Howard T SlayenDirector	Sold	5,700	$133.03	$758,271	Form 4
Aug 14, 2026	Vernon RogersExec VP of Sales & Mktg.	Sold	2,000	$136.50	$273,000	Form 4
Aug 13, 2026	Alberto SalamoneEVP, Ppbi Business	Sold	9,672	$127.72	$1.2 million	Form 4
Aug 12, 2026	Gayn EricksonPresident and CEO, Director	Sold	40,000	$130.85	$5.2 million	Form 4
Aug 12, 2026	Geoffrey Gates ScottDirector	Sold	20,000	$131.51	$2.6 million	Form 4
Aug 12, 2026	Adil EngineerChief Operating Officer	Sold	15,000	$131.03	$2.0 million	Form 4
Aug 12, 2026	Rhea J PosedelDirector	Sold	8,413	$130.00	$1.1 million	Form 4
Aug 12, 2026	Laura OliphantDirector	Sold	1,717	$133.00	$228,361	Form 4
Aug 10, 2026	Alistair N SporckVP Contactor Business Unit	Sold	1,000	$108.49	$108,490	Form 4
Aug 4, 2026	Howard T SlayenDirector	Sold	20,000	$108.30	$2.2 million	Form 4

The latest 12 of 51 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	4 of 9	1 of 9	2 of 9
Rule of 40	3.5%	−32.0%	−26.0%
Altman Z''	11.70	7.50	12.12
Accruals ratio	27.8%	2.5%	−1.9%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Fail	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Pass	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Fail	Fail	Fail
F-score	4 of 9	1 of 9	2 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Aehr Test Systems side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

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Aehr Test Systems	FY26	−15.2%	−28.3%	−10.8%	−11.1%	—	2
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Cohu	FY25	12.7%	−15.4%	2.4%	−9.1%	—	5	Compare
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Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	19	30	21	22	17	51	65	66	59	50
Revenue growth	30.3%	56.4%	−28.8%	5.9%	−25.5%	206.2%	27.8%	1.9%	−10.9%	−15.2%
Gross profit	7	12	8	8	6	24	33	32	24	18
Research and development	5	4	4	3	4	6	7	9	10	13
Operating income	−5	1	−5	−3	−4	8	13	10	−6	−14
Net income	−6	0	−5	−3	−2	9	15	33	−4	−7
Diluted EPS (US$)	−0.35	0.02	−0.23	−0.12	−0.09	0.34	0.50	1.12	−0.13	−0.23
Diluted shares (millions)	16	23	22	23	24	28	29	30	30	31
Cash flow
Cash from operations	−4	−1	−6	−2	−3	2	10	2	−7	−3
Capital expenditure	0	1	0	0	0	0	1	1	5	2
Free cash flow	−5	−2	−6	−2	−3	1	9	1	−12	−5
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	11	2
Stock-based compensation	1	1	1	1	1	3	3	2	5	7
Balance sheet at fiscal year end
Cash and short-term investments	16	17	5	5	5	32	48	49	24	116
Debt incl. finance leases	6	0	0	2	2	0	0	0	0	0
Total assets	31	31	21	21	22	62	98	128	148	247
Total liabilities	14	12	6	6	10	11	22	16	26	27
Shareholders' equity	17	19	16	14	11	51	76	112	123	220
Margins and ratios
Gross margin	35.9%	41.9%	36.1%	37.5%	36.3%	46.6%	50.4%	49.1%	40.6%	35.3%
Operating margin	−26.1%	3.1%	−23.8%	−12.4%	−25.2%	15.3%	20.6%	15.2%	−9.6%	−28.3%
Net margin	−29.9%	1.8%	−24.9%	−12.6%	−12.2%	18.6%	22.4%	50.1%	−6.6%	−14.2%
Free cash flow margin	−26.3%	−6.5%	−27.6%	−9.8%	−17.6%	2.1%	13.3%	1.5%	−21.0%	−10.8%
Rule of 40 (growth + FCF margin)	4.0%	49.9%	−56.4%	−4.0%	−43.2%	208.3%	41.1%	3.5%	−32.0%	−26.0%
Return on capital	−66.6%	18.6%	−63.4%	−21.5%	−35.1%	55.1%	56.4%	22.4%	−5.6%	−11.1%
Return on equity	−70.2%	2.9%	−30.1%	−19.0%	−15.9%	30.3%	23.0%	35.4%	−3.3%	−4.2%
Return on assets	−27.6%	1.7%	−20.0%	−13.4%	−9.6%	22.5%	18.1%	29.3%	−2.8%	−3.6%
Net debt to EBITDA	—	−12.7x	—	—	—	−3.9x	−3.5x	−4.6x	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Aehr Test Systems' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Aehr Test Systems.