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Advanced Energy

AEIS Nasdaq Semiconductor Materials & Equipment Financials FY2016–FY2025

Advanced Energy's revenue rose 21.4% to $1.8 billion in fiscal 2025. Its operating margin was 9.3%, up from 2.5% a year earlier. Free cash flow was $126 million, up 70.1%. It paid out $46 million in dividends and buybacks, 36% of free cash flow. The diluted share count rose 2.1%.

Last close · Oct 23, 2026

$216.63

0.0%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
21.4% vs prior year
Operating margin Operating income as a share of revenue.
9.3%
6.9 pts
Net income Profit after all expenses, interest and tax.
$148M
173.8%
Free cash flow Cash from operations minus capital spending.
$126M
70.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.6%
10.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
40.3x
On $5.38 EPS (TTM)

What Advanced Energy does

No business description yet.

Legal name
ADVANCED ENERGY INDUSTRIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-014731
0000927003

Revenue and margins

Advanced Energy had $1.8B of revenue in fiscal 2025, up 21.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 2.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $126M in fiscal 2025, 7.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Advanced Energy returned $45.8M to shareholders in fiscal 2025, 36% of free cash flow. The diluted share count rose 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Advanced Energy yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $224M and divides by 38.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 40.3x · peers 71.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Advanced Energy can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $547M$459M$1.0B$722M$791M
Debt incl. finance leases $393M$373M$916M$565M$568M
Net debt / EBITDA −0.8x−0.3x−0.7x−1.5x−1.0x
Debt / equity 0.5x0.4x0.8x0.5x0.4x
Interest coverage 42.4x31.8x6.9x1.5x10.1x
Current ratio 3.1x3.0x5.1x4.4x1.6x
Quick ratio 2.2x2.1x4.1x3.3x1.2x
Total assets $1.8B$2.0B$2.6B$2.3B$2.5B
Total liabilities $946M$926M$1.4B$1.1B$1.2B
Shareholders' equity $871M$1.1B$1.1B$1.2B$1.4B
Net debt (− = net cash) −$154M−$85.5M−$129M−$157M−$224M

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

$11.5M

5 insiders

Of sales under plans

100%

$11.5M

DateInsiderTradeSharesPriceValueFiling
Sep 8, 2026 Anne DelSantoDirector Sold plan 265 $288.14 $0.1M Form 4
Sep 8, 2026 Elizabeth Karpinski VonneEVP, General Counsel Sold plan 632 $288.14 $0.2M Form 4
Aug 27, 2026 Elizabeth Karpinski VonneEVP, General Counsel Sold plan 907 $290.05 $0.3M Form 4
Aug 18, 2026 Eduardo Bernal AcebedoEVP and COO Sold plan 24,771 $315.48 $7.8M Form 4
Aug 18, 2026 Elizabeth Karpinski VonneEVP, General Counsel Sold plan 908 $332.68 $0.3M Form 4
Aug 5, 2026 Anne DelSantoDirector Sold plan 270 $345.00 $0.1M Form 4
Jun 15, 2026 Brian ShirleyDirector Sold plan 1,234 $372.35 $0.5M Form 4
Apr 16, 2026 Elizabeth Karpinski VonneEVP, General Counsel Sold plan 966 $369.40 $0.4M Form 4
Apr 15, 2026 Anne DelSantoDirector Sold plan 240 $380.52 $0.1M Form 4
Mar 18, 2026 Paul R OldhamEVP, CFO Sold plan 4,314 $315.99 $1.4M Form 4
Mar 16, 2026 Anne DelSantoDirector Sold plan 240 $312.59 $0.1M Form 4
Mar 13, 2026 Brian ShirleyDirector Sold plan 1,234 $310.19 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
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 4 / 95 / 96 / 9
Accruals ratio −3.5%−3.2%−3.5%
Altman Z'' 5.945.904.61

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Advanced Energy AEIS $9.2B 21.4% 9.3% 7.0% 13.6% 40.3x 6
Teradyne TER $49.3B 13.1% 20.4% 14.1% 23.0% — 5 Compare →
Entegris ENTG $20.7B −1.4% 14.3% 12.4% 5.8% 67.3x 6 Compare →
Onto Innovation ONTO $9.9B 1.8% 13.2% 29.8% 8.8% 74.7x 4 Compare →
MKS Instruments MKSI $14.3B 9.6% 13.4% 12.6% 7.9% 31.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $327M $453M $719M $789M $1.4B $1.5B $1.8B $1.7B $1.5B $1.8B
Gross profit $253M $356M $366M $316M $542M $532M $676M $592M $529M $677M
Research and development $44.4M $58.0M $76.0M $102M $144M $162M $191M $202M $212M $232M
Operating income $127M $201M $172M $54.4M $176M $152M $233M $114M $36.6M $168M
Interest expense $0.2M $0.1M $0.2M $3.0M $5.1M $3.6M $7.3M $16.6M $25.1M $16.7M
Pretax income $128M $198M $172M $67.2M $158M $149M $242M $123M $52.4M $169M
Income tax $11.1M $62.1M $25.2M $10.7M $23.0M $14.0M $39.9M −$8.3M −$3.9M $19.4M
Net income $128M $138M $147M $64.9M $135M $135M $200M $128M $54.2M $148M
Diluted EPS $3.18 $3.43 $3.74 $1.69 $3.50 $3.51 $5.29 $3.40 $1.43 $3.84
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $119M $183M $151M $48.4M $201M $140M $184M $209M $131M $233M
Capital expenditure $6.8M $9.0M $20.3M $25.2M $36.4M $28.8M $58.9M $61.0M $56.8M $107M
Free cash flow $112M $174M $131M $23.2M $165M $111M $125M $148M $74.0M $126M
Depreciation and amortization $7.8M $9.4M $13.6M $26.1M $47.8M $52.9M $60.3M $66.5M $68.5M $62.0M
Stock-based compensation $6.3M $12.5M $9.7M $7.3M $12.3M $15.7M $19.8M $31.0M $45.9M $55.7M
Acquisitions $0.0M $17.3M $93.8M $366M $5.5M $21.5M $149M $0.0M $13.8M $0.0M
Share buybacks $0.0M $30.0M $95.1M $0.0M $11.6M $78.1M $26.6M $40.0M $1.8M $30.2M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $15.4M $15.2M $15.2M $15.4M $15.6M
Dividends and buybacks $0.0M $30.0M $95.1M $0.0M $11.6M $93.5M $41.8M $55.2M $17.2M $45.8M
Balance sheet
Cash and short-term investments $282M $410M $352M $349M $483M $547M $459M $1.0B $722M $791M
Total debt — — — $339M $322M $393M $373M $916M $565M $568M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $438M $595M $568M $867M $980M $1.2B $1.2B $1.7B $1.4B $1.6B
Current liabilities $95.0M $106M $110M $320M $296M $370M $393M $336M $314M $991M
Inventory $55.8M $78.5M $98.0M $230M $221M $338M $376M $336M $360M $411M
Property and equipment, net $13.3M $17.8M $31.3M $108M $115M $115M $149M $168M $186M $273M
Total assets $572M $733M $817M $1.5B $1.6B $1.8B $2.0B $2.6B $2.3B $2.5B
Total liabilities $180M $213M $209M $855M $832M $946M $926M $1.4B $1.1B $1.2B
Shareholders' equity $392M $521M $607M $677M $815M $871M $1.1B $1.1B $1.2B $1.4B
Margins
Gross margin 77.3% 78.7% 50.9% 40.0% 38.3% 36.6% 36.6% 35.8% 35.7% 37.7%
Operating margin 38.8% 44.3% 23.9% 6.9% 12.4% 10.4% 12.6% 6.9% 2.5% 9.3%
EBITDA margin 41.1% 46.4% 25.8% 10.2% 15.8% 14.1% 15.9% 10.9% 7.1% 12.8%
Net margin 38.9% 30.4% 20.5% 8.2% 9.5% 9.3% 10.8% 7.8% 3.7% 8.3%
FCF margin 34.4% 38.3% 18.2% 2.9% 11.6% 7.7% 6.8% 8.9% 5.0% 7.0%
Returns
Return on capital — — — — 22.8% 20.0% 22.9% 11.4% 3.6% 13.6%
Return on capital employed 30.4% 36.4% 25.7% 5.7% 13.7% 10.8% 15.3% 6.0% 1.8% 9.6%
Return on equity 38.9% 30.2% 26.1% 10.1% 18.1% 16.0% 20.6% 11.6% 4.6% 11.6%
Return on assets 24.7% 21.1% 19.0% 5.5% 8.5% 7.8% 10.5% 5.6% 2.3% 6.2%
Growth
Revenue growth 22.1% 38.4% 58.7% 9.7% 79.5% 2.8% 26.8% −10.3% −10.5% 21.4%
Net income growth — 8.2% 6.7% −55.8% 107.4% 0.1% 48.2% −35.8% −57.7% 173.7%
EPS growth — 7.9% 9.0% −54.8% 107.1% 0.3% 50.7% −35.7% −57.9% 168.5%
FCF growth 11.7% 54.4% −24.6% −82.3% 610.5% −32.4% 11.9% 18.6% −50.0% 70.1%
Share count change −2.6% 0.4% −2.1% −2.2% 0.1% −0.5% −1.7% 0.2% 0.0% 2.1%
Financial health
Net debt / EBITDA — — — −0.1x −0.7x −0.8x −0.3x −0.7x −1.5x −1.0x
Debt / equity — — — 0.5x 0.4x 0.5x 0.4x 0.8x 0.5x 0.4x
Interest coverage 733.3x 3,042.0x 752.4x 18.2x 34.7x 42.4x 31.8x 6.9x 1.5x 10.1x
Current ratio 4.6x 5.6x 5.2x 2.7x 3.3x 3.1x 3.0x 5.1x 4.4x 1.6x
Quick ratio 4.0x 4.9x 4.3x 2.0x 2.6x 2.2x 2.1x 4.1x 3.3x 1.2x
Capital allocation
Capex / revenue 2.1% 2.0% 2.8% 3.2% 2.6% 2.0% 3.2% 3.7% 3.8% 6.0%
Stock comp / revenue 1.9% 2.8% 1.4% 0.9% 0.9% 1.1% 1.1% 1.9% 3.1% 3.1%
Payouts / FCF 0.0% 17.3% 72.7% 0.0% 7.1% 83.9% 33.6% 37.3% 23.2% 36.4%
Quality scores
Piotroski F-score — — — — 6.0 4.0 7.0 4.0 5.0 6.0
Altman Z'' 8.8 10.3 10.2 4.6 5.9 5.7 6.1 5.9 5.9 4.6
Accruals ratio 1.6% −6.9% −0.6% 1.4% −4.2% −0.3% 0.8% −3.5% −3.2% −3.5%

Source: SEC EDGAR XBRL filings (CIK 0000927003). Data updated October 16, 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.

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