What is Aehr Test Systems's earnings per share (EPS)?

Aehr Test Systems (AEHR) reported diluted earnings per share of -$0.23 for fiscal year 2026. This represents a -76.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Aehr Test Systems (AEHR) Financials

AEHR

FY2026 annual

Revenue $50.0M -15.2% YoY

Net Income -$7.1M -82.3% YoY

EPS (Diluted) -$0.23 -76.9% YoY

Free Cash Flow -$5.4M +56.6% YoY

Market Cap $2.5B as of Oct 14, 2026

Price / Sales 50.6x on $50.0M revenue, FY2026

Price / Earnings n/m net loss, so no earnings multiple, FY2026

Price / Book 11.5x on $219.5M equity, Q4 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2026, ended May 29, 2026 Reported Jul 27, 2026 Currency USD FYE May

Newest figures come from the 10-K for FY2026, filed Jul 27, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the AEHR SEC filings page.

Aehr Test Systems (AEHR) reported $50.0M in revenue for fiscal year 2026, down 15.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AEHR FY2026 2026-10-04

A shrinking revenue base is colliding with rising operating costs, while recent balance-sheet growth has depended on financing rather than cash generation.

FY2024’s 50.1% net margin was not matched by operating cash flow of $1.8M; a tax benefit also boosted earnings. By FY2026, losses coincided with negative operating and free cash flow, making the recent weakness look operational rather than merely accounting-driven.

Gross margin reached 35.3% in FY2026, down from 50.4% in FY2023. Operating margin was -28.3% in FY2026, indicating that falling sales made the operating cost base harder to absorb.

The 2026 balance-sheet expansion occurred alongside a $97.2M financing inflow, lifting assets to $246.7M despite negative operating cash flow. A 10.3x current ratio indicates that short-term liquidity is not the immediate constraint shown by these statements.

Financial Health Signals

Financial Health Score 39/100

Scored against operating companies for FY2026. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Aehr Test Systems's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Aehr Test Systems has an operating margin of -28.3%, meaning the company loses $28 on every $100 of revenue. This results in a profitability score of 13/100. This is down from -9.6% the prior year.

Growth

Aehr Test Systems's revenue declined 15.2% year-over-year, from $59.0M to $50.0M. This contraction results in a growth score of 7/100.

Leverage

Aehr Test Systems carries a low D/E ratio of 0.12, meaning only $0.12 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 79/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 10.33, Aehr Test Systems holds $10.33 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 98/100.

Cash Flow

Aehr Test Systems's operations used $3.3M of cash, and capex of $2.1M added to the outflow, for a free cash flow shortfall of $5.4M. This results in a cash flow score of 11/100.

Returns

Aehr Test Systems posts a -3.3% return on equity (ROE), meaning it loses $3 for every $100 of shareholders' equity. This results in a returns score of 26/100. This is down from -3.2% the prior year.

Altman Z-Score Safe

56.53

Aehr Test Systems scores 56.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.5B) relative to total liabilities ($27.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

2/8

Aehr Test Systems passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality No Cash Backing

N/A

Aehr Test Systems reported a net loss of $7.1M while operations used $3.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Aehr Test Systems reported an operating loss of $14.1M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$18.8M

YoY+33.7%

QoQ+82.6%

5Y CAGR+19.8%

10Y CAGR+28.2%

Aehr Test Systems generated $18.8M in revenue in Q4 2026. This represents an increase of 33.7% from the same quarter a year earlier. Against the prior quarter it is up 82.6%.

EBITDA

-$550K

YoY+76.5%

QoQ+84.4%

Aehr Test Systems's EBITDA was -$550K in Q4 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 76.5% from the same quarter a year earlier. Against the prior quarter it is up 84.4%.

Net Income

$1.4M

YoY+148.0%

QoQ+143.4%

5Y CAGR+19.7%

Aehr Test Systems reported $1.4M in net income in Q4 2026. This represents an increase of 148.0% from the same quarter a year earlier. Against the prior quarter it is up 143.4%.

EPS (Diluted)

$0.05

YoY+150.0%

QoQ+150.0%

5Y CAGR+20.1%

Aehr Test Systems earned $0.05 per diluted share (EPS) in Q4 2026. This represents an increase of 150.0% from the same quarter a year earlier. Against the prior quarter it is up 150.0%.

Cash & Balance Sheet

Free Cash Flow

$1.7M

YoY+133.2%

QoQ+145.1%

Aehr Test Systems generated $1.7M in free cash flow in Q4 2026, representing cash available after capex. This represents an increase of 133.2% from the same quarter a year earlier. Against the prior quarter it is up 145.1%.

Cash & Debt

$116.4M

YoY+374.4%

QoQ+215.2%

5Y CAGR+91.0%

10Y CAGR+61.9%

Aehr Test Systems held $116.4M in cash as of Q4 2026; long-term debt is not reported for that period.

Shares Outstanding

33M

YoY+9.0%

QoQ+3.7%

5Y CAGR+6.2%

10Y CAGR+9.4%

Aehr Test Systems had 33M shares outstanding in Q4 2026. This represents an increase of 9.0% from the same quarter a year earlier. Against the prior quarter it is up 3.7%.

Dividends Per Share

Not reported for Q4 2026.

Margins & Returns

Gross Margin

42.6%

YoY+12.3pp

QoQ+9.9pp

5Y change-3.7pp

10Y change+48.8pp

Aehr Test Systems's gross margin was 42.6% in Q4 2026, indicating the percentage of revenue retained after direct costs. This is up 12.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 9.9 percentage points.

Operating Margin

-6.4%

YoY+16.3pp

QoQ+34.6pp

Aehr Test Systems's operating margin was -6.4% in Q4 2026, reflecting core business profitability. This is up 16.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 34.6 percentage points.

Net Margin

7.4%

YoY+28.0pp

QoQ+38.4pp

5Y change0.0pp

Aehr Test Systems's net profit margin was 7.4% in Q4 2026, showing the share of revenue converted to profit. This is up 28.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 38.4 percentage points.

Return on Equity

0.6%

YoY+3.0pp

QoQ+2.9pp

5Y change-4.3pp

Aehr Test Systems's ROE was 0.6% in Q4 2026, measuring profit generated per dollar of shareholder equity. This is up 3.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.9 percentage points.

Capital Allocation

R&D Spending

$3.6M

YoY+35.7%

QoQ+15.1%

Aehr Test Systems invested $3.6M in research and development in Q4 2026. This represents an increase of 35.7% from the same quarter a year earlier. Against the prior quarter it is up 15.1%.

Capital Expenditures

$134K

YoY-95.2%

QoQ+81.1%

5Y CAGR+43.5%

10Y CAGR+16.5%

Aehr Test Systems invested $134K in capex in Q4 2026, funding long-term assets and infrastructure. This represents a decrease of 95.2% from the same quarter a year earlier. Against the prior quarter it is up 81.1%.

Share Buybacks

Not reported for Q4 2026.

AEHR Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AEHR quarterly income statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Revenue	$50.0M-15.2%	$59.0M-10.9%	$66.2M+1.9%	$65.0M+27.8%	$50.8M+206.2%	$16.6M-25.5%	$22.3M+5.9%	$21.1M-28.8%	$29.6M+56.4%	$18.9M+30.3%	$14.5M+44.7%	$10.0M-49.1%	$19.7M+19.4%	$16.5M+6.2%	$15.5M
Cost of Revenue	$32.4M-7.7%	$35.0M+4.0%	$33.7M+4.5%	$32.2M+18.6%	$27.2M+157.0%	$10.6M-24.1%	$13.9M+3.5%	$13.5M-21.6%	$17.2M+41.7%	$12.1M+29.5%	$9.4M+51.4%	$6.2M-34.7%	$9.5M-2.6%	$9.7M+4.3%	$9.3M
Gross Profit	$17.7M-26.2%	$23.9M-26.5%	$32.5M-0.6%	$32.7M+38.4%	$23.7M+292.3%	$6.0M-27.9%	$8.4M+10.1%	$7.6M-38.6%	$12.4M+82.7%	$6.8M+31.8%	$5.1M+34.1%	$3.8M-62.5%	$10.2M+50.9%	$6.8M+9.2%	$6.2M
R&D Expenses	$12.6M+20.7%	$10.5M+20.0%	$8.7M+22.2%	$7.1M+22.6%	$5.8M+59.3%	$3.7M+7.9%	$3.4M-18.5%	$4.2M-0.7%	$4.2M-10.2%	$4.7M+7.7%	$4.3M+6.5%	$4.1M+19.4%	$3.4M+5.9%	$3.2M-23.3%	$4.2M
SG&A Expenses	$19.2M+4.8%	$18.3M+33.0%	$13.7M+12.3%	$12.2M+21.8%	$10.0M+53.1%	$6.6M-12.9%	$7.5M-2.5%	$7.7M+6.0%	$7.3M+3.4%	$7.1M+1.1%	$7.0M+7.8%	$6.5M+2.3%	$6.3M-8.0%	$6.9M+5.3%	$6.5M
Operating Income	-$14.1M-149.2%	-$5.7M-156.3%	$10.1M-24.7%	$13.4M+71.5%	$7.8M+286.5%	-$4.2M-51.2%	-$2.8M+44.7%	-$5.0M-646.4%	$915K+118.6%	-$4.9M+19.9%	-$6.2M+8.1%	-$6.7M-1446.9%	$497K+115.0%	-$3.3M+26.6%	-$4.5M
EBITDA	-$11.3M-237.3%	-$3.4M-131.3%	$10.7M-22.4%	$13.8M+69.5%	$8.2M+311.6%	-$3.9M-61.9%	-$2.4M+47.9%	-$4.6M-443.0%	$1.3M+128.6%	-$4.7M+21.7%	-$6.0M+9.3%	-$6.6M-1128.1%	$638K+121.4%	-$3.0M+25.7%	-$4.0M
Interest Expense	$1.4M-2.9%	$1.4M-41.3%	$2.4M+91.8%	$1.2M+9476.9%	$13K+128.3%	-$46K-560.0%	$10K-96.0%	$252K-36.8%	$399K-41.2%	$678K+12.1%	$605K+365.4%	$130K+400.0%	$26K-46.9%	$49K+1125.0%	$4K
Income Tax	-$4.6M-1110.0%	-$381K+98.2%	-$20.7M-34596.7%	$60K-34.1%	$91K+151.4%	-$177K-391.7%	-$36K-233.3%	$27K+137.0%	-$73K-392.0%	$25K+150.0%	$10K-70.6%	$34K+326.7%	-$15K-150.0%	$30K+300.0%	-$15K
Net Income	-$7.1M-82.3%	-$3.9M-111.8%	$33.2M+127.8%	$14.6M+54.0%	$9.4M+566.2%	-$2.0M+27.7%	-$2.8M+46.5%	-$5.2M-1091.5%	$528K+109.3%	-$5.7M+16.7%	-$6.8M-2.1%	-$6.6M-1675.1%	$422K+112.3%	-$3.4M-0.9%	-$3.4M
EPS (Basic)	-$0.23-76.9%	-$0.13-111.3%	$1.15+121.2%	$0.52+44.4%	$0.36+500.0%	-$0.09+25.0%	-$0.12+47.8%	-$0.23-1250.0%	$0.02+105.7%	-$0.35+32.7%	-$0.52+5.5%	-$0.55-1475.0%	$0.04+111.1%	-$0.36+5.3%	-$0.38
EPS (Diluted)	-$0.23-76.9%	-$0.13-111.6%	$1.12+124.0%	$0.50+47.1%	$0.34+477.8%	-$0.09+25.0%	-$0.12+47.8%	-$0.23-1250.0%	$0.02	-$0.35+32.7%	-$0.52+5.5%	-$0.55-1475.0%	$0.04+111.1%	-$0.36+5.3%	-$0.38
Diluted Shares (Avg)	31M+3.7%	30M-0.1%	30M+1.4%	29M+5.2%	28M+18.4%	23M+2.5%	23M+102111.1%	22,387-1.7%	22,782	16,267-99.9%	13M+8.7%	12M+101229.0%	11,889-99.9%	10M+105811.7%	9,016

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Revenue	$18.8M+33.7%	$10.3M-43.7%	$9.9M-26.5%	$11.0M-16.4%	$14.1M-15.1%	$18.3M+142.1%	$13.5M-37.2%	$13.1M-36.4%
Cost of Revenue	$10.8M+10.2%	$6.9M-37.6%	$7.3M-8.9%	$7.3M+20.0%	$9.8M+20.4%	$11.1M+152.4%	$8.1M-23.1%	$6.0M-43.2%
Gross Profit	$8.0M+87.7%	$3.4M-53.1%	$2.5M-52.9%	$3.7M-47.5%	$4.3M-49.4%	$7.2M+127.6%	$5.4M-50.7%	$7.1M-29.1%
R&D Expenses	$3.6M+35.7%	$3.2M+0.9%	$3.0M+30.6%	$2.8M+20.7%	$2.7M+24.9%	$3.1M+46.8%	$2.3M+15.4%	$2.4M-3.9%
SG&A Expenses	$5.6M+42.1%	$4.4M-14.2%	$4.4M-4.4%	$4.7M+3.5%	$3.9M+4.5%	$5.2M+68.5%	$4.6M+31.8%	$4.6M+33.7%
Operating Income	-$1.2M+62.4%	-$4.2M-277.9%	-$4.6M-207.2%	-$4.1M-2657.2%	-$3.2M-226.1%	-$1.1M+45.3%	-$1.5M-127.7%	$159K-96.1%
EBITDA	-$550K+76.5%	-$3.5M-580.0%	-$3.9M-289.7%	-$3.3M-756.7%	-$2.3M-184.3%	-$519K+72.1%	-$1.0M-118.2%	$506K-88.1%
Interest Expense	$748K+236.9%	$240K-11.1%	$194K-14.9%	$179K-73.7%	$222K-62.5%	$270K-53.8%	$228K-63.9%	$681K+17.2%
Income Tax	-$1.8M-2021.8%	-$798K-245.5%	-$1.2M-459.4%	-$752K-588.3%	-$87K+99.6%	-$231K-3400.0%	-$217K-1185.0%	$154K+862.5%
Net Income	$1.4M+148.0%	-$3.2M-398.1%	-$3.2M-214.2%	-$2.1M-415.8%	-$2.9M-112.1%	-$643K+56.3%	-$1.0M-116.9%	$660K-85.9%
EPS (Basic)	$0.05+150.0%	-$0.10-400.0%	-$0.11-266.7%	-$0.07-450.0%	-$0.10-106.8%	-$0.02+60.0%	-$0.03-114.3%	$0.02-87.5%
EPS (Diluted)	$0.05+150.0%	-$0.10-400.0%	-$0.11-266.7%	-$0.07-450.0%	-$0.10-112.3%	-$0.02+60.0%	-$0.03-115.0%	$0.02-87.5%
Diluted Shares (Avg)	N/A	31M+3.2%	30M+1.7%	30M+1.0%	N/A	30M+3.0%	30M-0.4%	30M0.0%

AEHR Balance Sheet

AEHR quarterly balance sheet

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Total Assets	$246.7M+66.1%	$148.5M+16.1%	$127.9M+30.3%	$98.1M+57.5%	$62.3M+187.7%	$21.7M+5.3%	$20.6M-3.4%	$21.3M-31.2%	$31.0M+0.2%	$30.9M+207.5%	$10.0M-32.4%	$14.9M+21.6%	$12.2M+11.4%	$11.0M-5.5%	$11.6M
Current Assets	$184.4M+107.8%	$88.8M-9.3%	$97.8M+9.9%	$89.0M+48.4%	$60.0M+212.8%	$19.2M+8.7%	$17.7M-11.9%	$20.0M-32.0%	$29.5M+0.3%	$29.4M+235.8%	$8.7M-38.8%	$14.3M+22.5%	$11.7M+10.1%	$10.6M-3.0%	$10.9M
Cash & Equivalents	$116.4M+374.4%	$24.5M-50.1%	$49.2M+63.6%	$30.1M-4.5%	$31.5M+587.1%	$4.6M-15.7%	$5.4M+0.1%	$5.4M-67.8%	$16.8M-5.4%	$17.8M+1796.0%	$939K-83.0%	$5.5M+205.5%	$1.8M-22.2%	$2.3M+12.1%	$2.1M
Short-Term Investments	$0	$0	$0-100.0%	$17.9M	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$41.4M-1.5%	$42.0M+12.1%	$37.5M+56.7%	$23.9M+58.8%	$15.1M+70.1%	$8.8M+10.8%	$8.0M-11.8%	$9.1M+0.1%	$9.0M+37.0%	$6.6M-6.1%	$7.0M-1.3%	$7.1M+15.9%	$6.1M+14.5%	$5.4M-11.5%	$6.1M
Accounts Receivable	$17.5M+23.1%	$14.2M+44.9%	$9.8M-41.0%	$16.6M+29.0%	$12.9M+147.2%	$5.2M+40.0%	$3.7M-23.5%	$4.9M+70.1%	$2.9M-28.8%	$4.0M+668.2%	$522K-62.3%	$1.4M-59.2%	$3.4M+28.8%	$2.6M+1.7%	$2.6M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$10.7M0.0%	$10.7M	$0	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$27.2M+6.0%	$25.6M+57.1%	$16.3M-27.6%	$22.5M+98.8%	$11.3M+11.0%	$10.2M+56.7%	$6.5M+11.3%	$5.9M-49.8%	$11.7M-17.2%	$14.1M+30.9%	$10.8M+4.4%	$10.3M+98.6%	$5.2M-13.1%	$6.0M+15.9%	$5.2M
Current Liabilities	$17.9M+14.2%	$15.6M+48.8%	$10.5M-35.6%	$16.3M+48.1%	$11.0M+21.6%	$9.1M+134.4%	$3.9M-29.9%	$5.5M-50.6%	$11.1M+41.4%	$7.9M+68.5%	$4.7M-28.2%	$6.5M+27.4%	$5.1M-10.2%	$5.7M+18.6%	$4.8M
Non-Current Liabilities	$9.3M-6.7%	$10.0M+72.1%	$5.8M-6.8%	$6.2M+1818.5%	$325K-71.9%	$1.2M-56.5%	$2.7M+675.7%	$342K-34.5%	$522K-91.6%	$6.2M+2.1%	$6.1M+60.3%	$3.8M+4708.9%	$79K-71.8%	$280K-20.2%	$351K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$0-100.0%	$1.0M	$0	$0-100.0%	$6.1M+2.5%	$6.0M+57.3%	$3.8M	$0	N/A	N/A
Total Equity	$219.5M+78.7%	$122.9M+10.1%	$111.6M+47.6%	$75.6M+48.3%	$51.0M+345.4%	$11.4M-18.5%	$14.1M-9.2%	$15.5M-19.9%	$19.3M+14.8%	$16.8M+2491.6%	-$703K-115.4%	$4.6M-35.2%	$7.0M+40.6%	$5.0M-22.6%	$6.5M
Retained Earnings	-$30.2M-30.9%	-$23.1M-20.4%	-$19.1M+63.4%	-$52.3M+21.8%	-$66.9M+12.4%	-$76.3M-2.7%	-$74.3M-3.9%	-$71.5M-7.9%	-$66.2M+0.8%	-$66.8M-9.2%	-$61.1M-12.5%	-$54.3M-13.9%	-$47.7M+0.9%	-$48.1M-7.6%	-$44.7M

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Total Assets	$246.7M+66.1%	$157.0M+7.9%	$148.7M+4.5%	$144.1M-1.2%	$148.5M+16.1%	$145.6M+43.3%	$142.3M+40.6%	$145.9M+38.3%
Current Assets	$184.4M+107.8%	$95.9M+4.6%	$88.2M-0.4%	$84.1M-9.5%	$88.8M-9.3%	$91.7M-0.7%	$88.5M-3.5%	$92.9M-3.4%
Cash & Equivalents	$116.4M+374.4%	$36.9M+25.5%	$30.8M-4.3%	$22.7M-40.0%	$24.5M-50.1%	$29.4M-38.2%	$32.2M-36.2%	$37.8M-25.8%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$41.4M-1.5%	$41.2M-2.8%	$42.7M-2.4%	$41.8M-2.6%	$42.0M+12.1%	$42.3M+11.1%	$43.8M+29.4%	$43.0M+36.2%
Accounts Receivable	$17.5M+23.1%	$11.8M-1.5%	$10.3M+40.2%	$13.1M+52.5%	$14.2M+44.9%	$12.0M+119.3%	$7.3M+60.4%	$8.6M-35.0%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$10.7M0.0%	$10.7M-0.2%	$10.7M-0.2%	$10.7M+3.5%	$10.7M	$10.7M	$10.7M	$10.4M
Total Liabilities	$27.2M+6.0%	$18.3M-14.7%	$18.0M-6.0%	$21.7M-7.2%	$25.6M+57.1%	$21.4M+41.7%	$19.1M+36.2%	$23.4M-7.7%
Current Liabilities	$17.9M+14.2%	$8.7M-45.6%	$8.3M-29.1%	$11.9M-22.7%	$15.6M+48.8%	$16.1M+75.0%	$11.7M+47.2%	$15.4M-19.9%
Non-Current Liabilities	$9.3M-6.7%	$9.5M+78.4%	$9.7M+30.8%	$9.8M+22.9%	$10.0M+72.1%	$5.3M-9.9%	$7.4M+21.8%	$8.0M+31.1%
Total Equity	$219.5M+78.7%	$138.8M+11.7%	$130.8M+6.2%	$122.4M-0.1%	$122.9M+10.1%	$124.2M+43.6%	$123.2M+41.3%	$122.5M+52.8%
Retained Earnings	-$30.2M-30.9%	-$31.6M-56.6%	-$28.4M-45.4%	-$25.1M-36.0%	-$23.1M-20.4%	-$20.2M+53.1%	-$19.5M+53.0%	-$18.5M+61.2%

Not reported in any period shown, so not listed: Long-Term Debt.

AEHR Cash Flow Statement

AEHR quarterly cash flow statement

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Operating Cash Flow	-$3.3M+55.3%	-$7.4M-521.4%	$1.8M-82.5%	$10.0M+563.9%	$1.5M+155.8%	-$2.7M-33.4%	-$2.0M+64.1%	-$5.6M-317.2%	-$1.4M+69.9%	-$4.5M+28.4%	-$6.3M-178.4%	-$2.3M-271.7%	-$607K-95.8%	-$310K+93.6%	-$4.9M
Depreciation & Amortization	$2.8M+21.1%	$2.3M+251.9%	$657K+46.0%	$450K+26.4%	$356K+8.5%	$328K-14.6%	$384K-10.9%	$431K+3.4%	$417K+53.9%	$271K+33.5%	$203K+50.4%	$135K-4.3%	$141K-56.2%	$322K-34.4%	$491K
Stock-Based Compensation	$6.8M+31.0%	$5.2M+105.0%	$2.5M-8.4%	$2.7M-8.6%	$3.0M+173.0%	$1.1M+21.0%	$910K+0.6%	$905K-9.1%	$996K-0.3%	$999K-1.7%	$1.0M+1.9%	$997K+20.3%	$829K+37.9%	$601K-15.2%	$709K
Capital Expenditures	$2.1M-58.6%	$5.0M+566.5%	$749K-45.0%	$1.4M+227.4%	$416K+83.3%	$227K+39.3%	$163K-5.8%	$173K-69.8%	$572K+19.9%	$477K-48.1%	$919K+678.8%	$118K-65.2%	$339K+166.9%	$127K+182.2%	$45K
Free Cash Flow	-$5.4M+56.6%	-$12.4M-1330.6%	$1.0M-88.4%	$8.6M+692.0%	$1.1M+137.3%	-$2.9M-33.9%	-$2.2M+62.4%	-$5.8M-202.1%	-$1.9M+61.3%	-$5.0M+30.9%	-$7.2M-203.3%	-$2.4M-151.0%	-$946K-116.5%	-$437K+91.1%	-$4.9M
Investing Cash Flow	-$3.9M+75.9%	-$16.1M-193.1%	$17.3M+192.5%	-$18.7M-4384.6%	-$416K-83.3%	-$227K-39.3%	-$163K+5.8%	-$173K+69.8%	-$572K-19.9%	-$477K+48.1%	-$919K-678.8%	-$118K+59.2%	-$289K-127.6%	-$127K-109.5%	$1.3M
Financing Cash Flow	$97.2M+15453.8%	$625K+349.6%	$139K-98.1%	$7.3M-71.6%	$25.8M+1214.3%	$2.0M-9.8%	$2.2M+139.1%	-$5.6M-700.1%	$925K-95.8%	$21.8M+771.3%	$2.5M-60.9%	$6.4M+1539.9%	$391K-63.3%	$1.1M-32.4%	$1.6M

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Operating Cash Flow	$1.8M+179.6%	-$3.7M-129.8%	-$1.2M+80.1%	-$282K-111.8%	-$2.3M-288.1%	-$1.6M+43.2%	-$5.9M-977.6%	$2.4M-39.0%
Depreciation & Amortization	$689K-6.8%	$700K+16.7%	$700K+40.0%	$743K+114.1%	$739K+293.1%	$600K+222.6%	$500K+400.0%	$347K+151.4%
Stock-Based Compensation	N/A	$1.4M-22.9%	$1.8M+71.3%	$1.7M+92.1%	N/A	$1.8M+208.1%	$1.1M+68.5%	$870K+66.7%
Capital Expenditures	$134K-95.2%	$74K-95.5%	$467K+45.5%	$1.4M+606.1%	$2.8M+6026.1%	$1.7M+529.7%	$321K+105.8%	$197K-30.6%
Free Cash Flow	$1.7M+133.2%	-$3.8M-15.4%	-$1.6M+73.6%	-$1.7M-176.6%	-$5.1M-534.6%	-$3.3M-5.6%	-$6.2M-783.6%	$2.2M-39.6%
Investing Cash Flow	-$134K+95.2%	-$74K+96.5%	-$2.3M-606.5%	-$1.4M+87.1%	-$2.8M-6026.1%	-$2.1M-704.6%	-$321K-105.8%	-$10.8M-161.0%
Financing Cash Flow	$77.8M+30881.7%	$9.8M+8721.1%	$9.8M+1546.0%	-$158K-49.1%	$251K-40.4%	-$114K-172.2%	$594K+133.9%	-$106K+84.7%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

AEHR Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

AEHR quarterly financial ratios

Metric	FY2610-K	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
Gross Margin	35.3%-5.3pp	40.6%-8.6pp	49.1%-1.3pp	50.4%+3.8pp	46.6%+10.2pp	36.3%-1.2pp	37.5%+1.5pp	36.1%-5.8pp	41.9%+6.0pp	35.9%+0.4pp	35.5%-2.8pp	38.3%-13.6pp	51.9%+10.8pp	41.1%+1.1pp	40.0%
Operating Margin	-28.3%-18.7pp	-9.6%-24.9pp	15.2%-5.4pp	20.6%+5.2pp	15.3%+40.5pp	-25.2%-12.8pp	-12.4%+11.3pp	-23.8%-26.8pp	3.1%+29.2pp	-26.1%+16.4pp	-42.4%+24.4pp	-66.8%-69.3pp	2.5%+22.6pp	-20.1%+9.0pp	-29.0%
Net Margin	-14.2%-7.6pp	-6.6%-56.7pp	50.1%+27.7pp	22.4%+3.8pp	18.6%+30.8pp	-12.2%+0.4pp	-12.6%+12.3pp	-24.9%-26.6pp	1.8%+31.7pp	-29.9%+16.9pp	-46.8%+19.6pp	-66.3%-68.5pp	2.1%+22.9pp	-20.7%+1.1pp	-21.8%
Return on Equity	-3.3%-0.1pp	-3.2%-32.9pp	29.7%+10.4pp	19.3%+0.7pp	18.5%+36.2pp	-17.7%+2.2pp	-19.9%+13.9pp	-33.8%-36.6pp	2.7%+36.4pp	-33.6%	N/A	-145.5%-151.5pp	6.0%+74.2pp	-68.2%-15.8pp	-52.3%
Return on Assets	-2.9%-0.3pp	-2.6%-28.5pp	25.9%+11.1pp	14.8%-0.3pp	15.2%+24.5pp	-9.4%+4.3pp	-13.6%+11.0pp	-24.6%-26.3pp	1.7%+20.0pp	-18.3%+49.2pp	-67.5%-22.8pp	-44.7%-48.2pp	3.5%+34.6pp	-31.1%-2.0pp	-29.2%
Current Ratio	10.33+4.7x	5.68-3.6x	9.31+3.9x	5.460.0x	5.45+3.3x	2.12-2.4x	4.57+0.9x	3.63+1.0x	2.64-1.1x	3.73+1.9x	1.87-0.3x	2.19-0.1x	2.28+0.4x	1.86-0.4x	2.27
Debt-to-Equity	0.12-0.1x	0.21+0.1x	0.15-0.2x	0.30+0.1x	0.22+0.2x	0.00-0.1x	0.07+0.1x	0.000.0x	0.00-0.4x	0.36	N/A	0.83+0.8x	0.00-1.2x	1.19+0.4x	0.80
Asset Turnover	0.20-0.2x	0.40-0.1x	0.52-0.1x	0.66-0.2x	0.820.0x	0.77-0.3x	1.08+0.1x	0.990.0x	0.95+0.3x	0.61-0.8x	1.44+0.8x	0.67-0.9x	1.61+0.1x	1.50+0.2x	1.34
FCF Margin	-10.8%+10.3pp	-21.0%-22.5pp	1.5%-11.8pp	13.3%+11.2pp	2.1%+19.8pp	-17.6%-7.8pp	-9.8%+17.8pp	-27.6%-21.1pp	-6.5%+19.8pp	-26.3%+23.3pp	-49.6%-25.9pp	-23.7%-18.9pp	-4.8%-2.2pp	-2.6%+29.0pp	-31.7%

Metric	Q4'2610-K	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q
Gross Margin	42.6%+12.3pp	32.7%-6.6pp	25.8%-14.4pp	33.9%-20.0pp	30.3%-20.6pp	39.2%-2.5pp	40.1%-11.0pp	53.9%+5.5pp
Operating Margin	-6.4%+16.3pp	-41.0%-34.9pp	-47.0%-35.8pp	-37.1%-38.3pp	-22.7%-38.0pp	-6.1%+20.9pp	-11.3%-36.8pp	1.2%-18.7pp
Net Margin	7.4%+28.0pp	-31.1%-27.5pp	-32.7%-25.0pp	-19.0%-24.0pp	-20.6%	-3.5%+15.9pp	-7.6%-36.1pp	5.0%-17.6pp
Return on Equity	0.6%+3.0pp	-2.3%-1.8pp	-2.5%-1.6pp	-1.7%-2.2pp	-2.4%-23.7pp	-0.5%+1.2pp	-0.8%-7.8pp	0.5%-5.3pp
Return on Assets	0.6%+2.5pp	-2.0%-1.6pp	-2.2%-1.5pp	-1.5%-1.9pp	-1.9%-20.6pp	-0.4%+1.0pp	-0.7%-6.7pp	0.4%-4.0pp
Current Ratio	10.33+4.7x	10.97+5.3x	10.62+3.1x	7.06+1.0x	5.68-3.6x	5.71-4.4x	7.55-4.0x	6.03+1.0x
Debt-to-Equity	0.12-0.1x	0.130.0x	0.140.0x	0.180.0x	0.21+0.1x	0.170.0x	0.150.0x	0.19-0.1x
Asset Turnover	0.080.0x	0.07-0.1x	0.070.0x	0.080.0x	0.090.0x	0.13+0.1x	0.09-0.1x	0.09-0.1x
FCF Margin	9.0%+45.4pp	-36.5%-18.7pp	-16.6%+29.5pp	-15.3%-31.9pp	-36.3%-43.4pp	-17.8%+23.0pp	-46.0%-42.8pp	16.6%-0.9pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Aehr Test Systems AEHR	FY2026	$50.0M	-$7.1M	-14.2%	$2.5B	39/100
indie Semiconductor, Inc. INDI	FY2025	$217.4M	-$150.7M	-69.3%	$539.0M	46/100
Cohu Inc COHU	FY2025	$453.0M	-$74.3M	-16.4%	$3.1B	40/100
Ichor Holdings ICHR	FY2025	$947.7M	-$52.8M	-5.6%	$2.0B	49/100
Ultra Clean Holdings, Inc. UCTT	FY2025	$2.1B	-$181.2M	-8.8%	$2.9B	48/100
Veeco Instruments Inc VECO	FY2025	$664.3M	$35.4M	5.3%	$3.0B	57/100

Where Aehr Test Systems Ranks

Frequently Asked Questions

What is Aehr Test Systems's annual revenue?

Aehr Test Systems (AEHR) reported $50.0M in total revenue for fiscal year 2026. This represents a -15.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Aehr Test Systems's revenue growing?

Aehr Test Systems (AEHR) revenue declined by 15.2% year-over-year, from $59.0M to $50.0M in fiscal year 2026.

Is Aehr Test Systems profitable?

No, Aehr Test Systems (AEHR) reported a net income of -$7.1M in fiscal year 2026, with a net profit margin of -14.2%.

What is Aehr Test Systems's EBITDA?

Aehr Test Systems (AEHR) had EBITDA of -$11.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is Aehr Test Systems's gross margin?

Aehr Test Systems (AEHR) had a gross margin of 35.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

What is Aehr Test Systems's operating margin?

Aehr Test Systems (AEHR) had an operating margin of -28.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

What is Aehr Test Systems's net profit margin?

Aehr Test Systems (AEHR) had a net profit margin of -14.2% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

What is Aehr Test Systems's return on equity (ROE)?

Aehr Test Systems (AEHR) has a return on equity of -3.3% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is Aehr Test Systems's free cash flow?

Aehr Test Systems (AEHR) recorded an outflow of $5.4M in free cash flow during fiscal year 2026. This represents a 56.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Aehr Test Systems's operating cash flow?

Aehr Test Systems (AEHR) recorded an outflow of $3.3M in operating cash flow during fiscal year 2026, representing cash used by core business activities.

What are Aehr Test Systems's total assets?

Aehr Test Systems (AEHR) had $246.7M in total assets as of fiscal year 2026, including both current and long-term assets.

What are Aehr Test Systems's capital expenditures?

Aehr Test Systems (AEHR) invested $2.1M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

How much does Aehr Test Systems spend on research and development?

Aehr Test Systems (AEHR) invested $12.6M in research and development during fiscal year 2026.

How many shares does Aehr Test Systems have outstanding?

Aehr Test Systems (AEHR) had 33M shares outstanding as of fiscal year 2026.

What is Aehr Test Systems's current ratio?

Aehr Test Systems (AEHR) had a current ratio of 10.33 as of fiscal year 2026, which is generally considered healthy.

What is Aehr Test Systems's debt-to-equity ratio?

Aehr Test Systems (AEHR) had a debt-to-equity ratio of 0.12 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Aehr Test Systems's return on assets (ROA)?

Aehr Test Systems (AEHR) had a return on assets of -2.9% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is Aehr Test Systems's P/E ratio?

Aehr Test Systems (AEHR) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2026). The market capitalization is $2.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Aehr Test Systems's price-to-sales ratio?

Aehr Test Systems (AEHR) trades at 50.6x sales, its market capitalization divided by revenue of $50.0M revenue, FY2026. The market capitalization is $2.5B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Aehr Test Systems's Altman Z-Score?

Aehr Test Systems (AEHR) has an Altman Z-Score of 56.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Aehr Test Systems's Piotroski F-Score?

Aehr Test Systems (AEHR) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Aehr Test Systems's earnings high quality?

Aehr Test Systems (AEHR) reported a net loss of $7.1M while operations used $3.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Aehr Test Systems cover its interest payments?

Aehr Test Systems (AEHR) reported an operating loss of $14.1M against $1.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Aehr Test Systems?

Aehr Test Systems (AEHR) scores 39 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.