Stocktoria

AEHR TEST SYSTEMS AEHR

Nasdaq · stock · Instruments For Meas & Testing of Electricity & Elec Signals · website · IPO 1997-08-15 · LEI

AEHR TEST SYSTEMS statistics & valuation

Market cap$2.9B
P / S57.8×
P / B13.2×
Net margin-14.3%
Return on equity-3.2%
FCF margin-10.8%
Return on capital-6.2%

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports.

Profitability & efficiency

Net margin (%)
-29.90% 1.80% -24.90% -12.60% -12.20% 18.60% 22.40% 50.10% -6.60% -14.30% 2017201820192020202120222023202420252026
Gross margin (%)
35.90% 41.90% 36.10% 37.60% 36.30% 46.60% 50.40% 49.10% 40.60% 35.30% 2017201820192020202120222023202420252026
Operating margin (%)
-26.10% 3.10% -23.70% -12.40% -25.20% 15.30% 20.60% 15.20% -9.60% -28.30% 2017201820192020202120222023202420252026
Return on equity (%)
-33.60% 2.70% -33.80% -19.90% -17.70% 18.50% 19.30% 29.70% -3.20% -3.20% 2017201820192020202120222023202420252026
Shares outstanding
21.3M 22782 22669 22.9M 23.5M 27.8M 29.2M 29.6M 29.9M 32.5M 2017201820192020202120222023202420252026
Net debt ($)
-$11.7M -$16.8M -$5.4M -$4.4M -$4.6M 2017201820192020202120222023202420252026
Share buybacks ($)
2017201820192020202120222023202420252026
Return on assets (%)
-18.30% 1.70% -24.60% -13.60% -9.40% 15.20% 14.80% 25.90% -2.60% -2.90% 2017201820192020202120222023202420252026
Free cash flow margin (%)
-26.30% -6.50% -27.60% -9.80% -17.60% 2.10% 13.30% 1.50% -21.00% -10.80% 2017201820192020202120222023202420252026
Debt / equity (×)
0.36× 0.00× 0.00× 0.07× 0.00× 2017201820192020202120222023202420252026
EPS ($)
-$0.35 $0.02 -$0.23 -$0.12 -$0.09 $0.34 $0.50 $1.12 -$0.13 -$0.23 2017201820192020202120222023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

AEHR TEST SYSTEMS trades at about 115.4× earnings — above its 10-year norm (10-year range 10×–117.5×, median 53.8×).

10× 117.5×

Shaded band = 10-year range (10×–117.5×); dot = today's 115.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
Gross margin35.3%40.6%49.1%50.4%46.6%36.3%37.6%36.1%41.9%35.9%
Operating margin-28.3%-9.6%15.2%20.6%15.3%-25.2%-12.4%-23.7%3.1%-26.1%
Net margin-14.3%-6.6%50.1%22.4%18.6%-12.2%-12.6%-24.9%1.8%-29.9%
FCF margin-10.8%-21.0%1.5%13.3%2.1%-17.6%-9.8%-27.6%-6.5%-26.3%
Return on assets-2.9%-2.6%25.9%14.8%15.2%-9.4%-13.6%-24.6%1.7%-18.3%
Return on equity-3.2%-3.2%29.7%19.3%18.5%-17.7%-19.9%-33.8%2.7%-33.6%
Debt / equity—————0.00×0.07×0.00×0.00×0.36×
Current ratio10.335.689.315.465.452.124.573.632.643.73

Computed from company filings · US · as of 2026-05-29. Facts plus Stocktoria's own computed scores — not investment advice.