Aehr Test Systems
AEHR Nasdaq Instruments For Meas & Testing Of Electricity & Elec Signals Financials FY2017–FY2026
Revenue
Total sales reported in the income statement.
$50.0M
15.2%
vs prior year
Operating margin
Operating income as a share of revenue.
−28.3%
18.7 pts
Net income
Profit after all expenses, interest and tax.
−$7.1M
Free cash flow
Cash from operations minus capital spending.
−$5.4M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.23 EPS (TTM)
What Aehr Test Systems does
No business description yet.
- Legal name
- AEHR TEST SYSTEMS
- Fiscal year ends
- May 29, 2026
- Latest annual report
- 10-K · Jul 27, 2026
- Accession · CIK
- 0001654954-26-006919
0001040470
Revenue and margins
Aehr Test Systems had $50.0M of revenue in fiscal 2026, down 15.2% on the year before.
FY17
Revenue $18.9M
FY18
Revenue $29.6M
FY19
Revenue $21.1M
FY20
Revenue $22.3M
FY21
Revenue $16.6M
FY22
Revenue $50.8M
FY23
Revenue $65.0M
FY24
Revenue $66.2M
FY25
Revenue $59.0M
FY26
Revenue $50.0M
Q1 '24
Revenue $20.6M
Q2 '24
Revenue $21.4M
Q3 '24
Revenue $7.6M
Q4 '24
Revenue $16.6M
Q1 '25
Revenue $13.1M
Q2 '25
Revenue $13.5M
Q3 '25
Revenue $18.3M
Q4 '25
Revenue $14.1M
Q1 '26
Revenue $11.0M
Q2 '26
Revenue $9.9M
Q3 '26
Revenue $10.3M
Q4 '26
Revenue $18.8M
FY17
Gross 35.9%
Operating −26.1%
Net −29.9%
FCF −26.3%
FY18
Gross 41.9%
Operating 3.1%
Net 1.8%
FCF −6.5%
FY19
Gross 36.1%
Operating −23.7%
Net −24.9%
FCF −27.6%
FY20
Gross 37.6%
Operating −12.4%
Net −12.6%
FCF −9.8%
FY21
Gross 36.3%
Operating −25.2%
Net −12.2%
FCF −17.6%
FY22
Gross 46.6%
Operating 15.3%
Net 18.6%
FCF 2.1%
FY23
Gross 50.4%
Operating 20.6%
Net 22.4%
FCF 13.3%
FY24
Gross 49.1%
Operating 15.2%
Net 50.1%
FCF 1.5%
FY25
Gross 40.6%
Operating −9.6%
Net −6.6%
FCF −21.0%
FY26
Gross 35.3%
Operating −28.3%
Net −14.3%
FCF −10.8%
Gross
Operating
Net
FCF
Q1 '24
Gross 48.4%
Operating 20.0%
Net 22.7%
FCF 17.5%
Q2 '24
Gross 51.1%
Operating 25.5%
Net 28.4%
FCF −3.3%
Q3 '24
Gross 41.7%
Operating −27.1%
Net −19.5%
FCF −40.8%
Q4 '24
Gross 50.9%
Operating 15.3%
Net 143.8%
FCF 7.1%
Q1 '25
Gross 54.0%
Operating 1.2%
Net 5.0%
FCF 16.6%
Q2 '25
Gross 40.1%
Operating −11.2%
Net −7.6%
FCF −46.0%
Q3 '25
Gross 39.2%
Operating −6.1%
Net −3.5%
FCF −17.8%
Q4 '25
Gross 30.3%
Operating −22.7%
Net −20.6%
FCF −36.3%
Q1 '26
Gross 33.9%
Operating −37.1%
Net −19.0%
FCF −15.3%
Q2 '26
Gross 25.7%
Operating −47.0%
Net −32.7%
FCF −16.6%
Q3 '26
Gross 32.7%
Operating −41.0%
Net −31.1%
FCF −36.5%
Q4 '26
Gross 42.6%
Operating −6.4%
Net 7.4%
FCF 9.0%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$5.7M
FY18
Net income $0.5M
FY19
Net income −$5.2M
FY20
Net income −$2.8M
FY21
Net income −$2.0M
FY22
Net income $9.5M
FY23
Net income $14.6M
FY24
Net income $33.2M
FY25
Net income −$3.9M
FY26
Net income −$7.1M
Q1 '24
Net income $4.7M
Q2 '24
Net income $6.1M
Q3 '24
Net income −$1.5M
Q4 '24
Net income $23.9M
Q1 '25
Net income $0.7M
Q2 '25
Net income −$1.0M
Q3 '25
Net income −$0.6M
Q4 '25
Net income −$2.9M
Q1 '26
Net income −$2.1M
Q2 '26
Net income −$3.2M
Q3 '26
Net income −$3.2M
Q4 '26
Net income $1.4M
FY17
Diluted EPS −$0.35
FY18
Diluted EPS $0.02
FY19
Diluted EPS −$0.23
FY20
Diluted EPS −$0.12
FY21
Diluted EPS −$0.09
FY22
Diluted EPS $0.34
FY23
Diluted EPS $0.50
FY24
Diluted EPS $1.12
FY25
Diluted EPS −$0.13
FY26
Diluted EPS −$0.23
Q1 '24
Diluted EPS $0.16
Q2 '24
Diluted EPS $0.20
Q3 '24
Diluted EPS −$0.05
Q4 '24
Diluted EPS $0.81
Q1 '25
Diluted EPS $0.02
Q2 '25
Diluted EPS −$0.03
Q3 '25
Diluted EPS −$0.02
Q4 '25
Diluted EPS −$0.10
Q1 '26
Diluted EPS −$0.07
Q2 '26
Diluted EPS −$0.11
Q3 '26
Diluted EPS −$0.10
Q4 '26
Diluted EPS $0.05
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital −76.1%
Return on equity −33.6%
Return on assets −18.3%
FY18
Return on capital 37.2%
Return on equity 2.9%
Return on assets 1.7%
FY19
Return on capital −39.3%
Return on equity −30.1%
Return on assets −20.0%
FY20
Return on capital −21.2%
Return on equity −19.0%
Return on assets −13.4%
FY21
Return on capital −38.7%
Return on equity −15.9%
Return on assets −9.6%
FY22
Return on capital 39.6%
Return on equity 30.3%
Return on assets 22.5%
FY23
Return on capital —
Return on equity 23.0%
Return on assets 18.1%
FY24
Return on capital —
Return on equity 35.4%
Return on assets 29.3%
FY25
Return on capital —
Return on equity −3.3%
Return on assets −2.8%
FY26
Return on capital —
Return on equity −4.2%
Return on assets −3.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$5.4M in fiscal 2026, −10.8% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow −$5.0M
FY18
Free cash flow −$1.9M
FY19
Free cash flow −$5.8M
FY20
Free cash flow −$2.2M
FY21
Free cash flow −$2.9M
FY22
Free cash flow $1.1M
FY23
Free cash flow $8.6M
FY24
Free cash flow $1.0M
FY25
Free cash flow −$12.4M
FY26
Free cash flow −$5.4M
Q1 '24
Free cash flow $3.6M
Q2 '24
Free cash flow −$0.7M
Q3 '24
Free cash flow −$3.1M
Q4 '24
Free cash flow $1.2M
Q1 '25
Free cash flow $2.2M
Q2 '25
Free cash flow −$6.2M
Q3 '25
Free cash flow −$3.3M
Q4 '25
Free cash flow −$5.1M
Q1 '26
Free cash flow −$1.7M
Q2 '26
Free cash flow −$1.6M
Q3 '26
Free cash flow −$3.8M
Q4 '26
Free cash flow $1.7M
FY17
Cash from operations −$4.5M
Capital spending $0.5M
FY18
Cash from operations −$1.4M
Capital spending $0.6M
FY19
Cash from operations −$5.6M
Capital spending $0.2M
FY20
Cash from operations −$2.0M
Capital spending $0.2M
FY21
Cash from operations −$2.7M
Capital spending $0.2M
FY22
Cash from operations $1.5M
Capital spending $0.4M
FY23
Cash from operations $10.0M
Capital spending $1.4M
FY24
Cash from operations $1.8M
Capital spending $0.7M
FY25
Cash from operations −$7.4M
Capital spending $5.0M
FY26
Cash from operations −$3.3M
Capital spending $2.1M
Cash from operations
Capital spending
Q1 '24
Cash from operations $3.9M
Capital spending $0.3M
Q2 '24
Cash from operations −$0.5M
Capital spending $0.2M
Q3 '24
Cash from operations −$2.8M
Capital spending $0.3M
Q4 '24
Cash from operations $1.2M
Capital spending $0.0M
Q1 '25
Cash from operations $2.4M
Capital spending $0.2M
Q2 '25
Cash from operations −$5.9M
Capital spending $0.3M
Q3 '25
Cash from operations −$1.6M
Capital spending $1.7M
Q4 '25
Cash from operations −$2.3M
Capital spending $2.8M
Q1 '26
Cash from operations −$0.3M
Capital spending $1.4M
Q2 '26
Cash from operations −$1.2M
Capital spending $0.5M
Q3 '26
Cash from operations −$3.7M
Capital spending $0.1M
Q4 '26
Cash from operations $1.8M
Capital spending $0.1M
Cash from operations
Capital spending
Dividends, buybacks and share count
Aehr Test Systems returned — to shareholders in fiscal 2026. The diluted share count rose 3.7%.
FY17
Dividends —
Buybacks —
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks —
FY20
Dividends —
Buybacks —
FY21
Dividends —
Buybacks —
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
FY26
Dividends —
Buybacks —
Dividends
Buybacks
FY17
Diluted shares 0.00B
FY18
Diluted shares 0.00B
FY19
Diluted shares 0.00B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.03B
FY26
Diluted shares 0.03B
Balance sheet
Cash, debt and the ratios that show how comfortably Aehr Test Systems can carry it.
FY17
Cash $17.8M
Debt $6.1M
FY18
Cash $16.8M
Debt $0.0M
FY19
Cash $5.4M
Debt $0.0M
FY20
Cash $5.4M
Debt $1.7M
FY21
Cash $4.6M
Debt $1.7M
FY22
Cash $31.5M
Debt $0.0M
FY23
Cash $47.9M
Debt —
FY24
Cash $49.2M
Debt —
FY25
Cash $24.5M
Debt —
FY26
Cash $116M
Debt —
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $31.5M | $47.9M | $49.2M | $24.5M | $116M |
| Debt incl. finance leases | $0.0M | — | — | — | — |
| Net debt / EBITDA | −3.9x | — | — | — | — |
| Debt / equity | 0.0x | — | — | — | — |
| Current ratio | 5.4x | 5.5x | 9.3x | 5.7x | 10.3x |
| Quick ratio | 4.1x | 4.0x | 5.7x | 3.0x | 8.0x |
| Total assets | $62.3M | $98.1M | $128M | $149M | $247M |
| Total liabilities | $11.3M | $22.5M | $16.3M | $25.6M | $27.2M |
| Shareholders' equity | $51.0M | $75.6M | $112M | $123M | $220M |
| Net debt (− = net cash) | −$31.5M | — | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✕ |
| Return on assets rose | — | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✕ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ | ✕ | ✓ | ✓ | — | — | — | — |
| Current ratio rose | — | ✕ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Share count didn't rise | — | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✕ | ✕ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✕ | ✕ | ✕ | ✕ |
| F-score | — / 3 | 5 / 9 | 3 / 9 | 5 / 9 | 2 / 9 | 7 / 9 | 4 / 8 | 4 / 8 | 1 / 8 | 2 / 8 |
| Accruals ratio | −3.7% | 6.1% | 1.5% | −3.7% | 3.2% | 18.9% | 5.7% | 27.8% | 2.5% | −1.9% |
| Altman Z'' | −2.30 | −1.16 | −5.27 | −6.01 | −8.54 | 7.22 | 7.56 | 11.70 | 7.50 | 12.12 |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $18.9M | $29.6M | $21.1M | $22.3M | $16.6M | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Net interest income | — | −$0.4M | −$0.3M | $0.0M | −$0.0M | $0.0M | $1.2M | $2.4M | $1.4M | $1.4M |
| Gross profit | $6.8M | $12.4M | $7.6M | $8.4M | $6.0M | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M |
| Research and development | $4.7M | $4.2M | $4.2M | $3.4M | $3.7M | $5.8M | $7.1M | $8.7M | $10.5M | $12.6M |
| Operating income | −$4.9M | $0.9M | −$5.0M | −$2.8M | −$4.2M | $7.8M | $13.4M | $10.1M | −$5.7M | −$14.1M |
| Interest expense | $0.7M | $0.4M | $0.3M | — | — | — | — | — | — | — |
| Pretax income | −$5.6M | $0.5M | −$5.2M | −$2.8M | −$2.2M | $9.5M | $14.6M | $12.5M | −$4.3M | −$11.7M |
| Income tax | $0.0M | −$0.1M | $0.0M | −$0.0M | −$0.2M | $0.1M | $0.1M | −$20.7M | −$0.4M | −$4.6M |
| Net income | −$5.7M | $0.5M | −$5.2M | −$2.8M | −$2.0M | $9.5M | $14.6M | $33.2M | −$3.9M | −$7.1M |
| Diluted EPS | −$0.35 | $0.02 | −$0.23 | −$0.12 | −$0.09 | $0.34 | $0.50 | $1.12 | −$0.13 | −$0.23 |
| Diluted shares | 0.00B | 0.00B | 0.00B | 0.02B | 0.02B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B |
| Cash flow | ||||||||||
| Cash from operations | −$4.5M | −$1.4M | −$5.6M | −$2.0M | −$2.7M | $1.5M | $10.0M | $1.8M | −$7.4M | −$3.3M |
| Capital expenditure | $0.5M | $0.6M | $0.2M | $0.2M | $0.2M | $0.4M | $1.4M | $0.7M | $5.0M | $2.1M |
| Free cash flow | −$5.0M | −$1.9M | −$5.8M | −$2.2M | −$2.9M | $1.1M | $8.6M | $1.0M | −$12.4M | −$5.4M |
| Depreciation and amortization | $0.3M | $0.4M | $0.4M | $0.4M | $0.3M | $0.4M | $0.5M | $0.7M | $2.3M | $2.8M |
| Stock-based compensation | $1.0M | $1.0M | $0.9M | $0.9M | $1.1M | $3.0M | $2.7M | $2.5M | $5.2M | $6.8M |
| Acquisitions | — | — | — | — | — | — | $0.0M | $0.0M | $11.1M | $1.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $17.8M | $16.8M | $5.4M | $5.4M | $4.6M | $31.5M | $47.9M | $49.2M | $24.5M | $116M |
| Total debt | $6.1M | $0.0M | $0.0M | $1.7M | $1.7M | $0.0M | — | — | — | — |
| Current assets | $29.4M | $29.5M | $20.0M | $17.7M | $19.2M | $60.0M | $89.0M | $97.8M | $88.8M | $184M |
| Current liabilities | $7.9M | $11.1M | $5.5M | $3.9M | $9.1M | $11.0M | $16.3M | $10.5M | $15.6M | $17.9M |
| Inventory | $6.6M | $9.0M | $9.1M | $8.0M | $8.8M | $15.1M | $23.9M | $37.5M | $42.0M | $41.4M |
| Property and equipment, net | $1.4M | $1.2M | $1.0M | $0.7M | $0.7M | $1.2M | $2.8M | $3.3M | $9.0M | $8.9M |
| Goodwill | — | — | — | — | — | — | — | $0.0M | $10.7M | $10.7M |
| Intangible assets | — | — | — | — | — | — | — | $0.0M | $10.8M | $9.6M |
| Total assets | $30.9M | $31.0M | $21.3M | $20.6M | $21.7M | $62.3M | $98.1M | $128M | $149M | $247M |
| Total liabilities | $14.1M | $11.7M | $5.9M | $6.5M | $10.2M | $11.3M | $22.5M | $16.3M | $25.6M | $27.2M |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $16.8M | $19.3M | $15.5M | $14.1M | $11.4M | $51.0M | $75.6M | $112M | $123M | $220M |
| Margins | ||||||||||
| Gross margin | 35.9% | 41.9% | 36.1% | 37.6% | 36.3% | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating margin | −26.1% | 3.1% | −23.7% | −12.4% | −25.2% | 15.3% | 20.6% | 15.2% | −9.6% | −28.3% |
| EBITDA margin | −24.6% | 4.5% | −21.7% | −10.7% | −23.2% | 16.0% | 21.3% | 16.2% | −5.7% | −22.7% |
| Net margin | −29.9% | 1.8% | −24.9% | −12.6% | −12.2% | 18.6% | 22.4% | 50.1% | −6.6% | −14.3% |
| FCF margin | −26.3% | −6.5% | −27.6% | −9.8% | −17.6% | 2.1% | 13.3% | 1.5% | −21.0% | −10.8% |
| Net interest share of revenue | — | −1.4% | −1.2% | 0.0% | −0.3% | 0.0% | 1.9% | 3.6% | 2.4% | 2.7% |
| Returns | ||||||||||
| Return on capital | −76.1% | 37.2% | −39.3% | −21.2% | −38.7% | 39.6% | — | — | — | — |
| Return on capital employed | −21.4% | 4.6% | −31.7% | −16.5% | −33.2% | 15.2% | 16.3% | 8.6% | −4.3% | −6.2% |
| Return on equity | −33.6% | 2.9% | −30.1% | −19.0% | −15.9% | 30.3% | 23.0% | 35.4% | −3.3% | −4.2% |
| Return on assets | −18.3% | 1.7% | −20.0% | −13.4% | −9.6% | 22.5% | 18.1% | 29.3% | −2.8% | −3.6% |
| Return on tangible equity | −33.6% | 2.7% | −33.8% | −19.9% | −17.7% | 18.5% | 19.3% | 29.7% | −3.9% | −3.6% |
| Growth | ||||||||||
| Revenue growth | — | 56.4% | −28.8% | 5.9% | −25.5% | 206.2% | 27.8% | 1.9% | −10.9% | −15.2% |
| Net income growth | — | — | −1,091.5% | — | — | — | 54.0% | 127.8% | −111.8% | — |
| EPS growth | — | — | −1,250.0% | — | — | — | 47.1% | 124.0% | −111.6% | — |
| FCF growth | — | — | — | — | — | — | 692.0% | −88.4% | −1,330.6% | — |
| Share count change | — | 39.9% | −1.8% | 102,051.8% | 2.5% | 18.4% | 5.2% | 1.4% | −0.1% | 3.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −12.6x | — | — | — | −3.9x | — | — | — | — |
| Debt / equity | 0.4x | 0.0x | 0.0x | 0.1x | 0.1x | 0.0x | — | — | — | — |
| Interest coverage | −7.3x | 2.3x | −19.8x | — | — | — | — | — | — | — |
| Current ratio | 3.7x | 2.6x | 3.6x | 4.6x | 2.1x | 5.4x | 5.5x | 9.3x | 5.7x | 10.3x |
| Quick ratio | 2.9x | 1.8x | 2.0x | 2.5x | 1.1x | 4.1x | 4.0x | 5.7x | 3.0x | 8.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.5% | 1.9% | 0.8% | 0.7% | 1.4% | 0.8% | 2.1% | 1.1% | 8.5% | 4.1% |
| Stock comp / revenue | 5.3% | 3.4% | 4.3% | 4.1% | 6.6% | 5.9% | 4.2% | 3.8% | 8.8% | 13.5% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 5.0 | 3.0 | 5.0 | 2.0 | 7.0 | 4.0 | 4.0 | 1.0 | 2.0 |
| Altman Z'' | −2.3 | −1.2 | −5.3 | −6.0 | −8.5 | 7.2 | 7.6 | 11.7 | 7.5 | 12.1 |
| Accruals ratio | −3.7% | 6.1% | 1.5% | −3.7% | 3.2% | 18.9% | 5.7% | 27.8% | 2.5% | −1.9% |
Source: SEC EDGAR XBRL filings (CIK 0001040470). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.