AEHR Stock Analysis: Aehr Test Systems | NASDAQ

Wafer Testing, Burn-in Equipment, Die Carriers, Wafer Contactors

Total Rating 50

Safety 98

Buy Signal 1.11

Semiconductor Equipment & Materials
Industry Rotation: +30.0

Market Cap: 3.18B
Avg Turnover: 242M

Risk 3d forecast

Volatility139%

VaR 5^th Pctl21.7%

VaR vs Median-5.44%

Reward TTM

Sharpe Ratio1.52

Rel. Str. IBD99.5

Rel. Str. Peer Group88.2

Character TTM

Beta4.769

Beta Downside2.707

Hurst Exponent0.512

Drawdowns 3y

Max DD85.50%

CAGR/Max DD0.33

CAGR/Mean DD0.53

EPS (Earnings per Share)

Last SUE: 0.43
Qual. Beats: 0

Revenue

Rev. CAGR: -15.69%
Rev. Trend: -87.7%

Last SUE: 0.14
Qual. Beats: 0

Warnings

High Debt/EBITDA With Thin Interest Coverage

High Debt While Negative Cash Flow

Interest Coverage Ratio Critical

Tailwinds

Rs Leader

Idiosyncratic Leader

Confidence

Seasonality 11.7 years of data

Jan -5.8% 28

Feb -0.0% 7

Mar -14.8% 52

Apr +1.7% 5

May -1.0% 7

Jun -0.7% 7

Jul +8.8% 38

Aug +8.3% 5

Sep +0.3% 0

Oct -4.3% 11

Nov -6.5% 14

Dec +5.9% 14

How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.

Description: AEHR Aehr Test Systems

Aehr Test Systems (NASDAQ: AEHR) is a Fremont, California-based provider of test, burn-in, and stabilization equipment for the semiconductor industry, founded in 1977 and publicly listed since 1997. The company serves customers across the U.S., Germany, Japan, the Philippines, and Taiwan, including semiconductor manufacturers, contract assemblers, electronics OEMs, and third-party test service providers. It operates in the GICS Semiconductor Materials & Equipment sub-industry, supplying capital equipment to chip makers and related supply chain participants.

The companys product portfolio centers on its FOX platform family. The FOX-XP and FOX-NP systems perform full-wafer contact and singulated die/module test and burn-in, while the FOX-CP is a compact single-wafer solution for logic, memory, and photonic devices. Supporting accessories include the FOX WaferPak Contactor (supporting wafers up to 300mm), the FOX DiePak Carrier for bare die and module testing, and alignment and loading tools. The systems are designed to handle a broad range of devices, including silicon carbide (SiC) and gallium nitride (GaN) power semiconductors, 2D/3D sensors, memory, processors, microcontrollers, SoCs, and photonics and integrated optical devices used in AI applications.

In addition to equipment, Aehr generates recurring revenue through system installation, repair, applications engineering, spare parts, customer training, and documentation services. Its product line is notably relevant to two secular growth areas: power semiconductors driven by electrification (EVs, renewable energy, industrial), and AI-related photonics and optical devices, both of which require wafer-level burn-in and reliability testing before singulation to screen for early-life failures.

Headlines to Watch Out For

SiC power semiconductor demand accelerates FOX-XP system bookings
AI photonics device testing expands with data center buildout
EV adoption fuels gallium nitride and silicon carbide wafer-level test growth

Piotroski VR-10 (Strict) 0.0

Net Income: -7.13m TTM > 0 and > 6% of Revenue
FCF/TA: -0.02 > 0.02 and ΔFCF/TA 6.17 > 1.0
NWC/Revenue: 327.2% < 20% (prev 124.0%; Δ 203.2% < -1%)
CFO/TA -0.01 > 3% & CFO -3.31m > Net Income -7.13m
Net Debt/EBITDA: error (EBITDA <= 0)
Current Ratio: 10.33 > 1.5 & < 3
Outstanding Shares: last quarter (30.7m) vs 12m ago 2.84% < -2%
Gross Margin: 34.67% > 18% (prev 40.59%; Δ -5.92% > 0.5%)
Asset Turnover: 25.77% > 50% (prev 39.71%; Δ -13.94% > 0%)
Interest Coverage Ratio: -1.96k > 6 (EBIT TTM -11.7m / Interest Expense TTM 6.00k)

Altman Z'' 10.00

A: 0.68 (Total Current Assets 184.4m - Total Current Liabilities 17.9m) / Total Assets 246.7m
B: -0.12 (Retained Earnings -30.2m / Total Assets 246.7m)
C: -0.06 (EBIT TTM -11.7m / Avg Total Assets 197.6m)
D: 8.08 (Book Value of Equity 219.5m / Total Liabilities 27.2m)
Altman-Z'' = 12.11 = AAA

Beneish M -3.07

DSRI: 1.14 (Receivables 17.5m/17.8m, Revenue 50.9m/59.0m)
GMI: 1.17 (GM 40.59% / 34.67%)
AQI: 0.65 (AQ_t 0.18 / AQ_t-1 0.28)
SGI: 0.86 (Revenue 50.9m / 59.0m)
TATA: -0.02 (NI -7.13m - CFO -3.31m) / TA 246.7m)
Beneish M = -3.07 (Cap -4..+1) = AA

What is the price of AEHR shares?

As of September 29, 2026, the stock is trading at USD 98.49 with a total of 2,104,382 shares traded. Over the past week, the price has changed by +1.61%, over one month by +21.88%, over three months by +3.93% and over the past year by +223.45%.

Current recommended Stop Loss: 88.00 (which is 10.7% or 1.2 ATR below the current price).

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?

Analysts Target Price	128	30%

Aehr Test Systems (AEHR) - Fundamental Data Overview as of 26 September 2026

Market Cap USD = 3.18b (3.18b USD * 1.0 USD.USD)
P/E Forward = 126.5823
P/S = 63.6326
P/B = 14.5026
P/EG = 0.9173
Revenue TTM = 50.9m USD
EBIT TTM = -11.7m USD
EBITDA TTM = -8.21m USD
Long Term Debt = 9.26m USD (estimated: total debt 9.88m - short term 626k)
Short Term Debt = 626k USD (from shortTermDebt, last quarter)
Debt = 9.88m USD (from shortLongTermDebtTotal, last quarter) (leases 9.88m already included)
Net Debt = -106.5m USD (calculated: Debt 9.88m - CCE 116.4m)
Enterprise Value = 3.08b USD (3.18b + Debt 9.88m - CCE 116.4m)
Interest Coverage Ratio = -1.96k (Ebit TTM -11.7m / Interest Expense TTM 6.00k)
EV/FCF = -572.0x (Enterprise Value 3.08b / FCF TTM -5.38m)
FCF Yield = -0.17% (FCF TTM -5.38m / Enterprise Value 3.08b)
FCF Margin = -10.56% (FCF TTM -5.38m / Revenue TTM 50.9m)
Net Margin = -14.00% (Net Income TTM -7.13m / Revenue TTM 50.9m)
Gross Margin = 34.67% ((Revenue TTM 50.9m - Cost of Revenue TTM 33.3m) / Revenue TTM)
Gross Margin QoQ = 40.60% (prev 32.66%)
Tobins Q-Ratio = 12.47 (Enterprise Value 3.08b / Total Assets 246.7m)
Interest Expense / Debt = 0.06% (Interest Expense 6.00k / Debt 9.88m)
Taxrate = 21.0% (US federal default 21%)
NOPAT = -9.27m (EBIT -11.7m * (1 - 21.00%)) [loss with tax shield]
Current Ratio = 10.33 (Total Current Assets 184.4m / Total Current Liabilities 17.9m)
Debt / Equity = 0.05 (Debt 9.88m / totalStockholderEquity, last quarter 219.5m)
Debt / EBITDA = 12.98 (negative EBITDA) (Net Debt -106.5m / EBITDA -8.21m)
Debt / FCF = 19.81 (negative FCF - burning cash) (Net Debt -106.5m / FCF TTM -5.38m)
Total Stockholder Equity = 152.9m (last 4 quarters mean from totalStockholderEquity)
RoA = -3.61% (Net Income -7.13m / Total Assets 246.7m)
RoE = -4.66% (Net Income TTM -7.13m / Total Stockholder Equity 152.9m)
RoCE = -7.24% (EBIT -11.7m / Capital Employed (Equity 152.9m + L.T.Debt 9.26m))
RoIC = -4.09% (negative operating profit) (NOPAT -9.27m / Invested Capital 226.9m)
WACC = 22.69% (E(3.18b)/V(3.19b) * Re(22.76%) + D(9.88m)/V(3.19b) * Rd(0.06%) * (1-Tc(0.21)))
Discount Rate = 22.76% (= CAPM, Blume Beta Adj.) -> capped to 13.17%
Shares (quarterly) Correlation: 94.19 | Cagr: 2.73%
[DCF] Fair Price = unknown (Cash Flow -5.38m)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.43 | # QB: 0
Revenue Correlation: -87.67 | Revenue CAGR: -15.69% | SUE: 0.14 | # QB: 0
EPS current Quarter (2026-08-31): EPS=0.09 | Chg30d=N/A | Revisions=+50% | Analysts=3
EPS next Quarter (2026-11-30): EPS=0.20 | Chg30d=N/A | Revisions=+40% | Analysts=2
EPS current Year (2027-05-31): EPS=0.75 | Chg30d=+400.00% | Revisions=+50% | GrowthEPS=+2400.0% | GrowthRev=+172.5%
EPS next Year (2028-05-31): EPS=1.38 | Chg30d=+361.10% | Revisions=+25% | GrowthEPS=+84.4% | GrowthRev=+48.1%
[Analyst] Revisions Ratio: +75% (up=9, down=0)