AEIS
Advanced Energy Industries, Inc.
AEIS's fundamentals are strong: revenue grew 32% and its operating margin rose 8 points to 16%, though free cash flow fell 54%. At 33x earnings, it's trading in line with its usual 34x. Analysts expect that strong growth to continue, though they disagree widely on how much.
AEIS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Under pressure | |
| Strong |
AEIS's revenue, profitability and balance sheet are currently strong, but its cash flow is under pressure.
AEIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $229 | — |
| Cheap | 21x | $150 | -35% |
| Current | 33x | $229 | — |
| Fair | 34x | $234 | +2.5% |
| Expensive | 67x | $465 | +103% |
Historical ranges are pointers, not guarantees.
AEIS's PE is in its fair range at 33x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
AEIS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for AEIS, with profitability improving. However, they disagree widely on these estimates.
AEIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $16.91 | +143% |
| Q3 2026 | $6.97 | +83% |
| Q2 2026 | $5.38 | +143% |
| Q1 2026 | $4.77 | +146% |
| Q4 2025 | $3.84 | +169% |
| Q3 2025 | $3.81 | +234% |
| Q2 2025 | $2.21 | -7.9% |
| Q1 2025 | $1.94 | -29% |
| Q4 2024 | $1.43 | -58% |
AEIS earned $6.97 per share over the past year, up 83% from the year before.
AEIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $696.4M | +50% |
| Q2 2026 | $574.1M | +30% |
| Q1 2026 | $511M | +26% |
| Q4 2025 | $489.4M | +18% |
| Q3 2025 | $463.3M | +24% |
| Q2 2025 | $441.5M | +21% |
| Q1 2025 | $404.6M | +24% |
| Q4 2024 | $415.4M | +2.5% |
AEIS's revenue has grown year over year for eight quarters in a row: $696M last quarter, up 50% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +9.9 points |
| Q2 2026 | 17% | +9.4 points |
| Q1 2026 | 13% | +5.8 points |
| Q4 2025 | 12% | +3.4 points |
| Q3 2025 | 11% | +14 points |
| Q2 2025 | 7.2% | +3.6 points |
| Q1 2025 | 7.6% | +7.3 points |
| Q4 2024 | 8.2% | +4.8 points |
AEIS's operating margin was 21% last quarter, up 9.9 points from the same quarter a year ago, near the top of its range since 2019.
AEIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $34M | -33% |
| Q2 2026 | $35.5M | +108% |
| Q1 2026 | -$42.6M | -384% |
| Q4 2025 | $43M | -39% |
| Q3 2025 | $50.8M | +137% |
| Q2 2025 | $17.1M | +$25.2M |
| Q1 2025 | $15M | +$24.3M |
| Q4 2024 | $69.9M | +0.2% |
AEIS still generates free cash flow, though less than at its 2024 peak: $70M over the past year.
AEIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.1% | -900K shares |
| 1 year | +7.5% | +2.9M shares |
| 3 years | +9.4% | +3.5M shares |
| 5 years | +7.9% | +3M shares |
| Available history | +7.5% | +2.9M shares |
AEIS has 41M diluted shares, up 7.5% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $500,000 |
| Q4 2025 | $6.5M |
| Q3 2025 | — |
| Q2 2025 | $23.2M |
| Q1 2025 | $500,000 |
| Q4 2024 | — |
AEIS has spent almost nothing on buybacks in the past year.
AEIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -0.5x | Net Cash |
| Q4 2025 | -1.0x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -1.0x | Net Cash |
| Q1 2025 | -1.2x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
AEIS has more cash than debt.
AEIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 41.9 | Neutral |
| Stochastic | 16.2 | Oversold |
AEIS's weekly RSI is 42 (neutral) and its Stochastic is 16 (oversold).
AEIS PE vs Industrials Sector
| Metric | AEIS | Sector median | Relative |
|---|---|---|---|
| PE | 33x | 24x | 37% above |
| PE % | 48 | 58 | 10 pts below |
AEIS is trading at 33x earnings, a 37% premium to the Industrials sector's median of 24x.
AEIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $246.9 | 7.3% below |
| 20 week MA | $275.8 | 17% below |
| 50 week MA | $292.3 | 22% below |
| 100 week MA | $214.9 | 6.5% above |
| 200 week MA | $158.7 | 44% above |
AEIS has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 44% above its 200-week average.
AEIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $71.5 | $98.9 | +38% |
| 2021 | $98.9 | $89.1 | -10% |
| 2022 | $89.1 | $83.7 | -6% |
| 2023 | $83.7 | $108.9 | +30% |
| 2024 | $108.9 | $115.1 | +5.7% |
| 2025 | $115.1 | $217.9 | +89% |
| 2026 YTD | $217.9 | $228.8 | +5% |
AEIS has finished higher in four of the last six years. It's up 5% so far in 2026.