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AEHR TEST SYSTEMS

AEHR Clue Score22
United States Fiscal year ends December CIK 0001040470
$84.64 -2.95% Close, 9 Oct 2026
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Price $84.64 +326.18% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue18.9Operating income−4.9Net income−5.7EPS, diluted−0.35Fiscal year 2018Revenue29.6 +56.4%Operating income0.9Net income0.5EPS, diluted0.02Fiscal year 2019Revenue21.1 −28.8%Operating income−5.0Net income−5.2 −1,091.5%EPS, diluted−0.23Fiscal year 2020Revenue22.3 +5.9%Operating income−2.8Net income−2.8EPS, diluted−0.12Fiscal year 2021Revenue16.6 −25.5%Operating income−4.2Net income−2.0EPS, diluted−0.09Fiscal year 2022Revenue50.8 +206.2%Operating income7.8Net income9.5EPS, diluted0.34Fiscal year 2023Revenue65.0 +27.8%Operating income13.4Net income14.6 +54.0%EPS, diluted0.50Fiscal year 2024Revenue66.2 +1.9%Operating income10.1Net income33.2 +127.8%EPS, diluted1.12Fiscal year 2025Revenue59.0 −10.9%Operating income−5.7Net income−3.9 −111.8%EPS, diluted−0.13Fiscal year 2026Revenue50.0 −15.2%Operating income−14.1Net income−7.1EPS, diluted−0.23
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 18.9 29.6 21.1 22.3 16.6 50.8 65.0 66.2 59.0 50.0
Growth +56.4% −28.8% +5.9% −25.5% +206.2% +27.8% +1.9% −10.9% −15.2%
Operating income −4.9 0.9 −5.0 −2.8 −4.2 7.8 13.4 10.1 −5.7 −14.1
Net income −5.7 0.5 −5.2 −2.8 −2.0 9.5 14.6 33.2 −3.9 −7.1
Growth −1,091.5% +54.0% +127.8% −111.8%
EPS, diluted −0.35 0.02 −0.23 −0.12 −0.09 0.34 0.50 1.12 −0.13 −0.23

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin35.9%Operating margin−26.1%Net margin−29.9%Free cash flow margin−26.3%Fiscal year 2018Gross margin41.9%Operating margin3.1%Net margin1.8%Free cash flow margin−6.5%Fiscal year 2019Gross margin36.1%Operating margin−23.7%Net margin−24.9%Free cash flow margin−27.6%Fiscal year 2020Gross margin37.6%Operating margin−12.4%Net margin−12.6%Free cash flow margin−9.8%Fiscal year 2021Gross margin36.3%Operating margin−25.2%Net margin−12.2%Free cash flow margin−17.6%Fiscal year 2022Gross margin46.6%Operating margin15.3%Net margin18.6%Free cash flow margin2.1%Fiscal year 2023Gross margin50.4%Operating margin20.6%Net margin22.4%Free cash flow margin13.3%Fiscal year 2024Gross margin49.1%Operating margin15.2%Net margin50.1%Free cash flow margin1.5%Fiscal year 2025Gross margin40.6%Operating margin−9.6%Net margin−6.6%Free cash flow margin−21.0%Fiscal year 2026Gross margin35.3%Operating margin−28.3%Net margin−14.3%Free cash flow margin−10.8%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
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%
Net margin −29.9% 1.8% −24.9% −12.6% −12.2% 18.6% 22.4% 50.1% −6.6% −14.3%
Free cash flow margin −26.3% −6.5% −27.6% −9.8% −17.6% 2.1% 13.3% 1.5% −21.0% −10.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−4.5Capital expenditure−0.5Free cash flow−5.0Fiscal year 2018Operating cash flow−1.4Capital expenditure−0.6Free cash flow−1.9Fiscal year 2019Operating cash flow−5.6Capital expenditure−0.2Free cash flow−5.8Fiscal year 2020Operating cash flow−2.0Capital expenditure−0.2Free cash flow−2.2Fiscal year 2021Operating cash flow−2.7Capital expenditure−0.2Free cash flow−2.9Fiscal year 2022Operating cash flow1.5Capital expenditure−0.4Free cash flow1.1Fiscal year 2023Operating cash flow10.0Capital expenditure−1.4Free cash flow8.6 +692.0%Fiscal year 2024Operating cash flow1.8Capital expenditure−0.7Free cash flow1.0 −88.4%Fiscal year 2025Operating cash flow−7.4Capital expenditure−5.0Free cash flow−12.4 −1,330.6%Fiscal year 2026Operating cash flow−3.3Capital expenditure−2.1Free cash flow−5.4
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −4.5 −1.4 −5.6 −2.0 −2.7 1.5 10.0 1.8 −7.4 −3.3
Capital expenditure −0.5 −0.6 −0.2 −0.2 −0.2 −0.4 −1.4 −0.7 −5.0 −2.1
Free cash flow −5.0 −1.9 −5.8 −2.2 −2.9 1.1 8.6 1.0 −12.4 −5.4
Growth +692.0% −88.4% −1,330.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash17.8Total debt6.1Net cash (debt)11.7Shareholders’ equity16.8Debt to equity0.36Fiscal year 2018Cash16.8Total debt6.1Net cash (debt)10.7Shareholders’ equity19.3Debt to equity0.32Fiscal year 2019Cash5.4Total debt0.0Net cash (debt)5.4Shareholders’ equity15.5Debt to equity0.00Fiscal year 2020Cash5.4Total debt1.7Net cash (debt)3.8Shareholders’ equity14.1Debt to equity0.12Fiscal year 2021Cash4.6Total debt1.7Net cash (debt)2.9Shareholders’ equity11.4Debt to equity0.15Fiscal year 2022Cash31.5Total debt0.0Net cash (debt)31.5Shareholders’ equity51.0Debt to equity0.00Fiscal year 2023Cash30.1Shareholders’ equity75.6Fiscal year 2024Cash49.2Shareholders’ equity111.6Fiscal year 2025Cash24.5Shareholders’ equity122.9Fiscal year 2026Cash116.4Shareholders’ equity219.5
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 17.8 16.8 5.4 5.4 4.6 31.5 30.1 49.2 24.5 116.4
Total debt 6.1 6.1 0.0 1.7 1.7 0.0 n/a n/a n/a n/a
Net cash (debt) 11.7 10.7 5.4 3.8 2.9 31.5 n/a n/a n/a n/a
Shareholders’ equity 16.8 19.3 15.5 14.1 11.4 51.0 75.6 111.6 122.9 219.5
Debt to equity 0.36 0.32 0.00 0.12 0.15 0.00 n/a n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending May, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 May 2017 FY2018 31 May 2018 FY2019 31 May 2019 FY2020 31 May 2020 FY2021 31 May 2021 FY2022 31 May 2022 FY2023 31 May 2023 FY2024 31 May 2024 FY2025 30 May 2025 FY2026 29 May 2026
Margins
35.9% 41.9% 36.1% 37.6% 36.3% 46.6% 50.4% 49.1% 40.6% 35.3%
−26.1% 3.1% −23.7% −12.4% −25.2% 15.3% 20.6% 15.2% −9.6% −28.3%
−29.8% 1.5% −24.7% −12.4% −13.3% 18.8% 22.5% 18.8% −7.3% −23.5%
−29.9% 1.8% −24.9% −12.6% −12.2% 18.6% 22.4% 50.1% −6.6% −14.3%
−26.3% −6.5% −27.6% −9.8% −17.6% 2.1% 13.3% 1.5% −21.0% −10.8%
Spending
24.6% 14.1% 19.7% 15.2% 22.0% 11.4% 11.0% 13.2% 17.7% 25.3%
37.3% 24.7% 36.7% 33.8% 39.5% 19.8% 18.8% 20.8% 31.0% 38.3%
2.5% 1.9% 0.8% 0.7% 1.4% 0.8% 2.1% 1.1% 8.5% 4.1%
n/a −16.0% n/a n/a n/a 1.0% 0.4% −166.1% n/a n/a
Returns
−33.6% 2.7% −33.8% −19.9% −17.7% 18.5% 19.3% 29.7% −3.2% −3.2%
−18.3% 1.7% −24.6% −13.6% −9.4% 15.2% 14.8% 25.9% −2.6% −2.9%
Balance and payout
0.36 0.32 0.00 0.12 0.15 0.00 n/a n/a n/a n/a
45.6% 37.7% 27.5% 31.7% 47.2% 18.2% 23.0% 12.8% 17.3% 11.0%