Aehr Test Systems vs Cohu
Cohu reported revenue of $453 million in fiscal 2025, 9.1 times Aehr Test Systems' $50 million in fiscal 2026. Aehr Test Systems' revenue fell 15.2% in its latest year, and Cohu's grew 12.7%. Aehr Test Systems had an operating margin of -28.3%, against -15.4% at Cohu. Free cash flow was −$5 million at Aehr Test Systems and $11 million at Cohu. Their fiscal years end in different months (May 29 and December 27), so the periods don't line up exactly.
Side by side
| Aehr Test Systems | Cohu | |
|---|---|---|
| Latest fiscal year | FY2026, May 29, 2026 | FY2025, Dec 27, 2025 |
| Revenue | $50M | $453M |
| Revenue growth | −15.2% | 12.7% |
| Revenue growth a year, last 5 years | 24.7% | −6.6% |
| Gross margin | 35.3% | — |
| Operating margin | −28.3% | −15.4% |
| Net margin | −14.2% | −16.4% |
| Free cash flow | −$5M | $11M |
| Free cash flow margin | −10.8% | 2.4% |
| Return on capital | −11.1% | −9.1% |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $9M |
| Change in diluted share count | 3.7% | −0.4% |
| Last close | $53.57 | $38.49 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | sold $60.4 million | sold $11.4 million |
| Piotroski F-score | 2 of 9 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Aehr Test SystemsCohu
Operating margin
Percent of revenue
Aehr Test SystemsCohu
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Aehr Test SystemsCohu
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Aehr Test Systems and Cohu pages.