(AEHR) Aehr Test Systems - Overview

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US00760J1088

Stock: Wafer Test, Burn-In, FOX-XP, FOX-NP, FOX-CP

Total Rating 44
Risk 70
Buy Signal -0.17
Semiconductor Equipment & Materials » Semiconductor Materials & Equipment
Age: 28.5y
Market Cap: 785m
Avg Trading Vol: 34.1M USD
ATR: 11.04%
Peers RS (IBD): 64.10

EPS (Earnings per Share)

EPS (Earnings per Share) of AEHR over the last years for every Quarter: "2021-02": -0.02, "2021-05": 0.04, "2021-08": -0.02, "2021-11": 0.05, "2022-02": 0.14, "2022-05": 0.23, "2022-08": 0.05, "2022-11": 0.16, "2023-02": 0.16, "2023-05": 0.23, "2023-08": 0.18, "2023-11": 0.23, "2024-02": -0.03, "2024-05": 0.84, "2024-08": 0.07, "2024-11": 0.02, "2025-02": 0.07, "2025-05": -0.01, "2025-08": 0.01, "2025-11": -0.04,
EPS CAGR: -53.83%
EPS Trend: -26.6%
Last SUE: -0.04
Qual. Beats: 0

Revenue

Revenue of AEHR over the last years for every Quarter: 2021-02: 5.267, 2021-05: 7.638, 2021-08: 5.646, 2021-11: 9.611, 2022-02: 15.283, 2022-05: 20.289, 2022-08: 10.671, 2022-11: 14.815, 2023-02: 17.206, 2023-05: 22.269, 2023-08: 20.624, 2023-11: 21.431, 2024-02: 7.563, 2024-05: 16.6, 2024-08: 13.119, 2024-11: 13.453, 2025-02: 18.307, 2025-05: 14.089, 2025-08: 10.969, 2025-11: 9.884,
Rev. CAGR: -10.97%
Rev. Trend: -34.5%
Last SUE: -1.60
Qual. Beats: 0
Risk 5d forecast
Volatility 98.3%
Relative Tail Risk -14.1%
Reward TTM
Sharpe Ratio 1.32
Alpha 105.40
Character TTM
Beta 2.522
Beta Downside 1.128
Drawdowns 3y
Max DD 87.37%
CAGR/Max DD -0.06

Description: AEHR Aehr Test Systems December 28, 2025

Aehr Test Systems (NASDAQ:AEHR) designs, manufactures, and services semiconductor test and burn-in equipment for wafer-level, singulated-die, and packaged-part applications across the United States, Asia, and Europe. Its flagship platforms-FOX-XP, FOX-NP, FOX-CP, FOX WaferPak Contactor, and FOX DiePak Carrier/Loader-support a broad device mix that includes silicon-carbide (SiC) power semiconductors, 2-D/3-D image sensors, memory, CPUs, microcontrollers, SoCs, and photonic/optical components.

Key operating metrics (Q3 2024) show AEHR generated $152 million in revenue, up 12 % YoY, with a gross margin of 38 % and a backlog of roughly $210 million, reflecting strong demand for SiC and advanced-node testing as automotive electrification and 5G infrastructure expand. The semiconductor test-equipment market is projected to grow at a 9 % CAGR through 2028, driven by the rollout of 300 mm fabs and the shift toward heterogeneous integration, which directly benefits AEHR’s large-wafer (300 mm) contactor offering.

For a deeper quantitative assessment, you may want to explore the ValueRay model on AEHR to see how these drivers translate into projected valuation scenarios.

Piotroski VR‑10 (Strict, 0-10) 1.5

Net Income: -8.86m TTM > 0 and > 6% of Revenue
FCF/TA: -0.08 > 0.02 and ΔFCF/TA -3.84 > 1.0
NWC/Revenue: 150.0% < 20% (prev 151.4%; Δ -1.36% < -1%)
CFO/TA -0.04 > 3% & CFO -5.58m > Net Income -8.86m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 10.62 > 1.5 & < 3
Outstanding Shares: last quarter (30.1m) vs 12m ago 1.32% < -2%
Gross Margin: 33.28% > 18% (prev 0.47%; Δ 3280 % > 0.5%)
Asset Turnover: 36.60% > 50% (prev 35.66%; Δ 0.94% > 0%)
Interest Coverage Ratio: -12.02 > 6 (EBITDA TTM -9.30m / Interest Expense TTM -1.01m)

Altman Z'' 0.69

A: 0.54 (Total Current Assets 88.2m - Total Current Liabilities 8.30m) / Total Assets 148.7m
B: -0.19 (Retained Earnings -28.4m / Total Assets 148.7m)
C: -0.08 (EBIT TTM -12.2m / Avg Total Assets 145.5m)
D: -1.57 (Book Value of Equity -28.2m / Total Liabilities 18.0m)
Altman-Z'' Score: 0.69 = B

Beneish M -2.42

DSRI: 1.30 (Receivables 10.3m/7.53m, Revenue 53.2m/50.7m)
GMI: 1.43 (GM 33.28% / 47.47%)
AQI: 0.93 (AQ_t 0.28 / AQ_t-1 0.31)
SGI: 1.05 (Revenue 53.2m / 50.7m)
TATA: -0.02 (NI -8.86m - CFO -5.58m) / TA 148.7m)
Beneish M-Score: -2.42 (Cap -4..+1) = BBB

What is the price of AEHR shares?

As of February 08, 2026, the stock is trading at USD 26.39 with a total of 842,840 shares traded.
Over the past week, the price has changed by +2.93%, over one month by +6.71%, over three months by +11.40% and over the past year by +140.57%.

Is AEHR a buy, sell or hold?

Aehr Test Systems has received a consensus analysts rating of 4.00. Therefore, it is recommended to buy AEHR.
  • StrongBuy: 1
  • Buy: 0
  • Hold: 1
  • Sell: 0
  • StrongSell: 0

What are the forecasts/targets for the AEHR price?

Issuer Target Up/Down from current
Wallstreet Target Price 24.3 -7.8%
Analysts Target Price 24.3 -7.8%
ValueRay Target Price 28.2 7%

AEHR Fundamental Data Overview February 02, 2026

P/S = 14.7474
P/B = 6.2952
P/EG = 5.92
Revenue TTM = 53.2m USD
EBIT TTM = -12.2m USD
EBITDA TTM = -9.30m USD
Long Term Debt = 10.2m USD (from capitalLeaseObligations, last quarter)
Short Term Debt = 585.0k USD (from shortTermDebt, last quarter)
Debt = 10.2m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -20.7m USD (from netDebt column, last quarter)
Enterprise Value = 764.6m USD (785.3m + Debt 10.2m - CCE 30.8m)
Interest Coverage Ratio = -12.02 (Ebit TTM -12.2m / Interest Expense TTM -1.01m)
EV/FCF = -64.22x (Enterprise Value 764.6m / FCF TTM -11.9m)
FCF Yield = -1.56% (FCF TTM -11.9m / Enterprise Value 764.6m)
FCF Margin = -22.36% (FCF TTM -11.9m / Revenue TTM 53.2m)
Net Margin = -16.63% (Net Income TTM -8.86m / Revenue TTM 53.2m)
Gross Margin = 33.28% ((Revenue TTM 53.2m - Cost of Revenue TTM 35.5m) / Revenue TTM)
Gross Margin QoQ = 25.75% (prev 33.90%)
Tobins Q-Ratio = 5.14 (Enterprise Value 764.6m / Total Assets 148.7m)
Interest Expense / Debt = 4.75% (Interest Expense 483.0k / Debt 10.2m)
Taxrate = 21.0% (US default 21%)
NOPAT = -9.60m (EBIT -12.2m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 10.62 (Total Current Assets 88.2m / Total Current Liabilities 8.30m)
Debt / Equity = 0.08 (Debt 10.2m / totalStockholderEquity, last quarter 130.8m)
Debt / EBITDA = 2.22 (negative EBITDA) (Net Debt -20.7m / EBITDA -9.30m)
Debt / FCF = 1.74 (negative FCF - burning cash) (Net Debt -20.7m / FCF TTM -11.9m)
Total Stockholder Equity = 125.1m (last 4 quarters mean from totalStockholderEquity)
RoA = -6.09% (Net Income -8.86m / Total Assets 148.7m)
RoE = -7.08% (Net Income TTM -8.86m / Total Stockholder Equity 125.1m)
RoCE = -8.99% (EBIT -12.2m / Capital Employed (Equity 125.1m + L.T.Debt 10.2m))
RoIC = -7.68% (negative operating profit) (NOPAT -9.60m / Invested Capital 125.1m)
WACC = 15.06% (E(785.3m)/V(795.4m) * Re(15.21%) + D(10.2m)/V(795.4m) * Rd(4.75%) * (1-Tc(0.21)))
Discount Rate = 15.21% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 0.47%
Fair Price DCF = unknown (Cash Flow -11.9m)
EPS Correlation: -26.61 | EPS CAGR: -53.83% | SUE: -0.04 | # QB: 0
Revenue Correlation: -34.45 | Revenue CAGR: -10.97% | SUE: -1.60 | # QB: 0
EPS current Year (2026-05-31): EPS=-0.12 | Chg30d=-0.210 | Revisions Net=-2 | Growth EPS=-183.3% | Growth Revenue=-19.2%
EPS next Year (2027-05-31): EPS=0.07 | Chg30d=-0.245 | Revisions Net=-1 | Growth EPS=+160.0% | Growth Revenue=+60.2%

Additional Sources for AEHR Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
Fund Manager Positions: Dataroma | Stockcircle