Advanced Energy Financials
This page shows Advanced Energy (AEIS) financial statements, including the 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).
AEIS's earnings rebound in FY2025 came from restored fixed-cost absorption, even as working-capital needs tightened liquidity.
Gross margin moved only from35.7% in FY2024 to37.7% in FY2025, which says the core product economics improved modestly rather than resetting. The stronger cash engine—operating cash flow of$233.3M versus free cash flow of$125.9M —suggests the bigger FY2025 earnings rebound came from fixed-cost absorption while a capex step-up kept part of that recovery from turning into fully disposable cash.
FY2025's liquidity cushion remained positive, but the current ratio fell to 1.6x from 4.4x in FY2024 as current liabilities expanded faster than liquid resources. With inventory rising to
Despite that tighter working-capital posture, AEIS is not leaning on a larger debt stack: long-term debt was roughly flat at
Financial Health Signals
Scored against operating companies for FY2025. 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 Advanced Energy'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.
Advanced Energy has an operating margin of 9.3%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 59/100, indicating healthy but not exceptional operating efficiency. This is up from 2.5% the prior year.
Advanced Energy's revenue surged 21.4% year-over-year to $1.8B, reflecting rapid business expansion. This strong growth earns a score of 47/100.
Advanced Energy carries a low D/E ratio of 0.42, meaning only $0.42 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
Advanced Energy's current ratio of 1.59 indicates adequate short-term liquidity, earning a score of 44/100. The company can meet its near-term obligations, though with limited headroom.
Advanced Energy has a free cash flow margin of 7.0%, earning a moderate score of 56/100. The company generates positive cash flow after capital investments, but with room for improvement.
Advanced Energy's ROE of 10.9% shows moderate profitability relative to equity, earning a score of 56/100. This is up from 4.5% the prior year.
Advanced Energy scores 8.14, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($12.4B) relative to total liabilities ($1.2B). 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.
Advanced Energy passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Advanced Energy generates $1.57 in operating cash flow ($233.3M OCF vs $148.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Advanced Energy earns $10.1 in operating income for every $1 of interest expense ($168.0M vs $16.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Advanced Energy generated $1.8B in revenue in fiscal year 2025. This represents an increase of 21.4% from the prior year.
Advanced Energy's EBITDA was $230.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 118.8% from the prior year.
Advanced Energy reported $148.4M in net income in fiscal year 2025. This represents an increase of 173.7% from the prior year.
Advanced Energy earned $3.84 per diluted share (EPS) in fiscal year 2025. This represents an increase of 168.5% from the prior year.
Cash & Balance Sheet
Advanced Energy generated $125.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 70.1% from the prior year.
Advanced Energy held $791.2M in cash against $567.5M in long-term debt as of fiscal year 2025.
Advanced Energy paid $0.10 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Advanced Energy had 38M shares outstanding in fiscal year 2025. This represents an increase of 0.1% from the prior year.
Margins & Returns
Advanced Energy's gross margin was 37.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Advanced Energy's operating margin was 9.3% in fiscal year 2025, reflecting core business profitability. This is up 6.9 percentage points from the prior year.
Advanced Energy's net profit margin was 8.3% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.6 percentage points from the prior year.
Advanced Energy's ROE was 10.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.4 percentage points from the prior year.
Capital Allocation
Advanced Energy invested $232.4M in research and development in fiscal year 2025. This represents an increase of 9.7% from the prior year.
Advanced Energy spent $30.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1577.8% from the prior year.
Advanced Energy invested $107.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 89.1% from the prior year.
AEIS Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $511.0M+4.4% | $489.4M+5.6% | $463.3M+4.9% | $441.5M+9.1% | $404.6M-2.6% | $415.4M+11.0% | $374.2M+2.5% | $364.9M |
| Cost of Revenue | $310.1M+3.3% | $300.3M+3.9% | $288.9M+3.9% | $278.1M+9.4% | $254.1M-2.6% | $260.8M+8.6% | $240.1M+1.2% | $237.2M |
| Gross Profit | $200.9M+6.2% | $189.1M+8.4% | $174.4M+6.7% | $163.4M+8.6% | $150.5M-2.7% | $154.6M+15.3% | $134.1M+5.0% | $127.7M |
| R&D Expenses | $62.4M+3.8% | $60.1M+1.7% | $59.1M+0.2% | $59.0M+8.9% | $54.2M-3.4% | $56.1M+4.7% | $53.6M+2.5% | $52.3M |
| SG&A Expenses | $62.3M-1.7% | $63.4M+6.0% | $59.8M-0.7% | $60.2M+2.0% | $59.0M+1.4% | $58.2M+3.6% | $56.2M+2.0% | $55.1M |
| Operating Income | $68.3M+20.7% | $56.6M+15.0% | $49.2M+55.7% | $31.6M+3.3% | $30.6M-9.5% | $33.8M+407.3% | -$11.0M-185.3% | $12.9M |
| Interest Expense | $4.1M0.0% | $4.1M-2.4% | $4.2M0.0% | $4.2M0.0% | $4.2M-8.7% | $4.6M-28.1% | $6.4M-8.6% | $7.0M |
| Income Tax | $2.7M-42.6% | $4.7M-20.3% | $5.9M+55.3% | $3.8M-24.0% | $5.0M+158.8% | -$8.5M-2025.0% | -$400K-112.5% | $3.2M |
| Net Income | $66.8M+27.7% | $52.3M+13.2% | $46.2M+83.3% | $25.2M+2.0% | $24.7M-49.5% | $48.9M+428.2% | -$14.9M-200.7% | $14.8M |
| EPS (Diluted) | $1.58 | N/A | $1.20+79.1% | $0.67+3.1% | $0.65 | N/A | $-0.40-202.6% | $0.39 |
AEIS Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $2.6B+1.9% | $2.5B+4.4% | $2.4B+2.5% | $2.4B+3.4% | $2.3B+1.8% | $2.3B+3.1% | $2.2B-13.7% | $2.5B |
| Current Assets | $1.6B+1.0% | $1.6B+4.7% | $1.5B+3.0% | $1.5B+3.2% | $1.4B+1.8% | $1.4B+3.2% | $1.3B-19.8% | $1.7B |
| Cash & Equivalents | $699.5M-11.6% | $791.2M+4.3% | $758.6M+6.3% | $713.5M-1.3% | $723.0M+0.1% | $722.1M+9.9% | $657.3M-33.3% | $986.1M |
| Inventory | $458.7M+11.6% | $411.2M+2.9% | $399.7M+0.5% | $397.9M+7.9% | $368.8M+2.3% | $360.4M-4.6% | $377.7M-1.4% | $383.1M |
| Accounts Receivable | $376.7M+15.8% | $325.2M+8.6% | $299.5M-1.5% | $304.0M+9.9% | $276.7M+4.3% | $265.3M+2.3% | $259.4M-1.2% | $262.4M |
| Goodwill | $300.2M-0.2% | $300.8M0.0% | $300.7M-0.1% | $300.9M+1.2% | $297.3M+0.4% | $296.0M-1.0% | $299.0M+0.6% | $297.3M |
| Total Liabilities | $1.2B+1.3% | $1.2B+4.6% | $1.1B+0.6% | $1.1B+4.6% | $1.1B+1.2% | $1.1B+2.6% | $1.0B-25.3% | $1.4B |
| Current Liabilities | $1.0B+0.9% | $991.2M+170.5% | $366.5M+2.7% | $356.9M+11.8% | $319.2M+1.6% | $314.3M+7.8% | $291.5M-5.0% | $306.8M |
| Long-Term Debt | $568.2M+0.1% | $567.5M+0.1% | $566.8M+0.1% | $566.1M+0.1% | $565.4M+0.1% | $564.7M+0.1% | $564.0M-36.4% | $887.3M |
| Total Equity | $1.4B+1.6% | $1.4B+4.3% | $1.3B+4.0% | $1.3B+2.2% | $1.2B+2.3% | $1.2B+3.3% | $1.2B-0.1% | $1.2B |
| Retained Earnings | $1.2B+4.4% | $1.1B+3.8% | $1.1B+4.0% | $1.0B-0.1% | $1.0B+2.0% | $1.0B+4.6% | $981.7M-2.0% | $1.0B |
AEIS Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.0M-107.5% | $80.5M+2.3% | $78.7M+74.1% | $45.2M+56.4% | $28.9M-65.0% | $82.6M+141.5% | $34.2M+410.4% | $6.7M |
| Capital Expenditures | $36.6M-2.4% | $37.5M+34.4% | $27.9M-0.7% | $28.1M+102.2% | $13.9M+8.6% | $12.8M+1.6% | $12.6M-14.9% | $14.8M |
| Free Cash Flow | -$42.6M-199.1% | $43.0M-15.4% | $50.8M+197.1% | $17.1M+14.0% | $15.0M-78.5% | $69.8M+223.1% | $21.6M+366.7% | -$8.1M |
| Investing Cash Flow | -$38.0M-0.3% | -$37.9M-33.9% | -$28.3M+0.7% | -$28.5M-88.7% | -$15.1M-15.3% | -$13.1M-1.6% | -$12.9M+55.4% | -$28.9M |
| Financing Cash Flow | -$44.9M-393.4% | -$9.1M-116.7% | -$4.2M+85.7% | -$29.4M-119.4% | -$13.4M-415.4% | -$2.6M+99.3% | -$351.3M-3760.4% | -$9.1M |
| Dividends Paid | $3.8M-5.0% | $4.0M+2.6% | $3.9M0.0% | $3.9M+2.6% | $3.8M0.0% | $3.8M-2.6% | $3.9M0.0% | $3.9M |
| Share Buybacks | $500K-92.3% | $6.5M | $0-100.0% | $23.2M+4540.0% | $500K | $0-100.0% | $1.8M | N/A |
AEIS Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.3%+0.7pp | 38.6%+1.0pp | 37.6%+0.6pp | 37.0%-0.2pp | 37.2%-0.0pp | 37.2%+1.4pp | 35.8%+0.8pp | 35.0% |
| Operating Margin | 13.4%+1.8pp | 11.6%+0.9pp | 10.6%+3.5pp | 7.2%-0.4pp | 7.6%-0.6pp | 8.1%+11.1pp | -2.9%-6.5pp | 3.5% |
| Net Margin | 13.1%+2.4pp | 10.7%+0.7pp | 10.0%+4.3pp | 5.7%-0.4pp | 6.1%-5.7pp | 11.8%+15.8pp | -4.0%-8.0pp | 4.1% |
| Return on Equity | 4.8%+1.0pp | 3.8%+0.3pp | 3.5%+1.5pp | 2.0%0.0pp | 2.0%-2.1pp | 4.1%+5.3pp | -1.3%-2.6pp | 1.3% |
| Return on Assets | 2.6%+0.5pp | 2.1%+0.2pp | 1.9%+0.8pp | 1.1%0.0pp | 1.1%-1.1pp | 2.2%+2.8pp | -0.7%-1.3pp | 0.6% |
| Current Ratio | 1.590.0 | 1.59-2.5 | 4.10+0.0 | 4.09-0.3 | 4.43+0.0 | 4.42-0.2 | 4.62-0.9 | 5.47 |
| Debt-to-Equity | 0.410.0 | 0.42-0.0 | 0.43-0.0 | 0.450.0 | 0.460.0 | 0.47-0.0 | 0.48-0.3 | 0.76 |
| FCF Margin | -8.3%-17.1pp | 8.8%-2.2pp | 11.0%+7.1pp | 3.9%+0.2pp | 3.7%-13.1pp | 16.8%+11.0pp | 5.8%+8.0pp | -2.2% |
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Frequently Asked Questions
What is Advanced Energy's annual revenue?
Advanced Energy (AEIS) reported $1.8B in total revenue for fiscal year 2025. This represents a 21.4% 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 Advanced Energy's revenue growing?
Advanced Energy (AEIS) revenue grew by 21.4% year-over-year, from $1.5B to $1.8B in fiscal year 2025.
Is Advanced Energy profitable?
Yes, Advanced Energy (AEIS) reported a net income of $148.4M in fiscal year 2025, with a net profit margin of 8.3%.
What is Advanced Energy's EBITDA?
Advanced Energy (AEIS) had EBITDA of $230.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Advanced Energy have?
As of fiscal year 2025, Advanced Energy (AEIS) had $791.2M in cash and equivalents against $567.5M in long-term debt.
What is Advanced Energy's gross margin?
Advanced Energy (AEIS) had a gross margin of 37.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Advanced Energy's operating margin?
Advanced Energy (AEIS) had an operating margin of 9.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Advanced Energy's net profit margin?
Advanced Energy (AEIS) had a net profit margin of 8.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Advanced Energy pay dividends?
Yes, Advanced Energy (AEIS) paid $0.10 per share in dividends during fiscal year 2025.
What is Advanced Energy's return on equity (ROE)?
Advanced Energy (AEIS) has a return on equity of 10.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Advanced Energy's free cash flow?
Advanced Energy (AEIS) generated $125.9M in free cash flow during fiscal year 2025. This represents a 70.1% 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 Advanced Energy's operating cash flow?
Advanced Energy (AEIS) generated $233.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Advanced Energy's total assets?
Advanced Energy (AEIS) had $2.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Advanced Energy's capital expenditures?
Advanced Energy (AEIS) invested $107.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Advanced Energy spend on research and development?
Advanced Energy (AEIS) invested $232.4M in research and development during fiscal year 2025.
What is Advanced Energy's current ratio?
Advanced Energy (AEIS) had a current ratio of 1.59 as of fiscal year 2025, which is generally considered healthy.
What is Advanced Energy's debt-to-equity ratio?
Advanced Energy (AEIS) had a debt-to-equity ratio of 0.42 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Advanced Energy's return on assets (ROA)?
Advanced Energy (AEIS) had a return on assets of 5.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Advanced Energy's Altman Z-Score?
Advanced Energy (AEIS) has an Altman Z-Score of 8.14, 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 Advanced Energy's Piotroski F-Score?
Advanced Energy (AEIS) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. 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 Advanced Energy's earnings high quality?
Advanced Energy (AEIS) has an earnings quality ratio of 1.57x, considered cash-backed (high quality). 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 Advanced Energy cover its interest payments?
Advanced Energy (AEIS) has an interest coverage ratio of 10.1x, meaning it can comfortably cover its interest obligations. 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 Advanced Energy?
Advanced Energy (AEIS) scores 60 out of 100 on our Financial Health Score, indicating moderate 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.