AEHR
Aehr Test Systems
AEHR's fundamentals are mixed, but it looks expensive: trading at 1221x earnings, about 28 times its usual 44x.
AEHR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Under pressure | |
| Strong |
AEHR's revenue and balance sheet are currently strong, and its profitability is stable, but its cash flow is under pressure.
AEHR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $0.69 | -99% |
| Fair | 44x | $2.18 | -96% |
| Expensive | 83x | $4.16 | -93% |
| Current | 1,221x | $61.04 | — |
Historical ranges are pointers, not guarantees.
AEHR's PE is in its expensive range at 1221x.
AEHR Forward outlook
There aren't enough analyst estimates for AEHR to show an outlook.
AEHR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.05 | +$0.27 |
| Q2 2026 | -$0.23 | -$0.10 |
| Q1 2026 | -$0.38 | -149% |
| Q4 2025 | -$0.30 | -140% |
| Q3 2025 | -$0.22 | -122% |
| Q2 2025 | -$0.13 | -112% |
| Q1 2025 | $0.78 | +50% |
| Q4 2024 | $0.75 | +5.6% |
AEHR has returned to profit: it earned $0.05 per share over the past year, after losing money the year before.
AEHR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $33M | +201% |
| Q2 2026 | $18.8M | +34% |
| Q1 2026 | $10.3M | -44% |
| Q4 2025 | $9.9M | -27% |
| Q3 2025 | $11M | -16% |
| Q2 2025 | $14.1M | -15% |
| Q1 2025 | $18.3M | +142% |
| Q4 2024 | $13.5M | -37% |
AEHR's revenue is growing: $33M last quarter, up 201% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +55 points |
| Q2 2026 | -6.4% | +16 points |
| Q1 2026 | -41% | -35 points |
| Q4 2025 | -47% | -36 points |
| Q3 2025 | -37% | -38 points |
| Q2 2025 | -23% | -38 points |
| Q1 2025 | -6.1% | +21 points |
| Q4 2024 | -11% | -37 points |
AEHR's operating margin was 18% last quarter, up 55 points from the same quarter a year ago.
AEHR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$3.1M | -$1.4M |
| Q2 2026 | $1.7M | +$6.8M |
| Q1 2026 | -$3.8M | -$502K |
| Q4 2025 | -$1.6M | +$4.6M |
| Q3 2025 | -$1.7M | -177% |
| Q2 2025 | -$5.1M | -535% |
| Q1 2025 | -$3.3M | -$174K |
| Q4 2024 | -$6.2M | -$5.5M |
AEHR has burned cash in most quarters: −$7M over the past year, against −$16M the year before.
AEHR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +9.3% | +2.9M shares |
| 1 year | +12% | +3.6M shares |
| 3 years | +15% | +4.3M shares |
AEHR has 34M diluted shares, up 12% from a year ago.
AEHR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2025 | -16.1x | Net Cash |
| Q4 2024 | -68.8x | Net Cash |
| Q3 2024 | -5.4x | Net Cash |
| Q2 2024 | -4.6x | Net Cash |
| Q1 2024 | -3.5x | Net Cash |
| Q4 2023 | -2.6x | Net Cash |
| Q3 2023 | -2.9x | Net Cash |
| Q2 2023 | -2.2x | Net Cash |
AEHR has more cash than debt.
AEHR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.9 | Neutral |
| Stochastic | 7.9 | Oversold |
AEHR's weekly RSI is 44 (neutral) and its Stochastic is 8 (oversold).
AEHR PE vs Technology Sector
| Metric | AEHR | Sector median | Relative |
|---|---|---|---|
| PE | 1,221x | 28x | 4,282% above |
| PE % | 100 | 35 | 65 pts above |
AEHR is trading at 1221x earnings, a 4282% premium to the Technology sector's median of 28x.
AEHR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.7 | 16% below |
| 20 week MA | $82.8 | 26% below |
| 50 week MA | $66.6 | 8.3% below |
| 100 week MA | $41.3 | 48% above |
| 200 week MA | $32.9 | 85% above |
AEHR has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 85% above its 200-week average.
AEHR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.00 | $2.47 | +24% |
| 2021 | $2.47 | $20.5 | +729% |
| 2022 | $20.5 | $21.0 | +2.5% |
| 2023 | $21.0 | $26.5 | +26% |
| 2024 | $26.5 | $16.5 | -38% |
| 2025 | $16.5 | $21.5 | +30% |
| 2026 YTD | $21.5 | $61.0 | +184% |
AEHR has finished higher in five of the last six years. It's up 184% so far in 2026.