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ADVANCED ENERGY INDUSTRIES INC

AEIS Clue Score42
United States Fiscal year ends December CIK 0000927003
$288.66 +1.56% Close, 9 Oct 2026
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Price $288.66 +236.24% 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 2016Revenue483.7Operating income126.9Net income127.5EPS, diluted3.18Fiscal year 2017Revenue671.0 +38.7%Operating income200.8Net income137.9 +8.2%EPS, diluted3.43 +7.9%Fiscal year 2018Revenue718.9 +7.1%Operating income171.6Net income147.0 +6.6%EPS, diluted3.74 +9.0%Fiscal year 2019Revenue788.9 +9.7%Operating income54.4Net income64.9 −55.8%EPS, diluted1.69 −54.8%Fiscal year 2020Revenue1,415.8 +79.5%Operating income176.0Net income134.7 +107.4%EPS, diluted3.50 +107.1%Fiscal year 2021Revenue1,456.0 +2.8%Operating income151.7Net income134.7 +0.0%EPS, diluted3.51 +0.3%Fiscal year 2022Revenue1,845.4 +26.8%Operating income233.1Net income199.7 +48.2%EPS, diluted5.29 +50.7%Fiscal year 2023Revenue1,655.8 −10.3%Operating income113.7Net income128.3 −35.7%EPS, diluted3.40 −35.7%Fiscal year 2024Revenue1,482.0 −10.5%Operating income36.6Net income54.2 −57.7%EPS, diluted1.43 −57.9%Fiscal year 2025Revenue1,798.8 +21.4%Operating income168.0Net income148.4 +173.7%EPS, diluted3.84 +168.5%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 483.7 671.0 718.9 788.9 1,415.8 1,456.0 1,845.4 1,655.8 1,482.0 1,798.8
Growth +38.7% +7.1% +9.7% +79.5% +2.8% +26.8% −10.3% −10.5% +21.4%
Operating income 126.9 200.8 171.6 54.4 176.0 151.7 233.1 113.7 36.6 168.0
Net income 127.5 137.9 147.0 64.9 134.7 134.7 199.7 128.3 54.2 148.4
Growth +8.2% +6.6% −55.8% +107.4% +0.0% +48.2% −35.7% −57.7% +173.7%
EPS, diluted 3.18 3.43 3.74 1.69 3.50 3.51 5.29 3.40 1.43 3.84
Growth +7.9% +9.0% −54.8% +107.1% +0.3% +50.7% −35.7% −57.9% +168.5%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin52.3%Operating margin26.2%Net margin26.3%Free cash flow margin23.3%Fiscal year 2017Gross margin53.1%Operating margin29.9%Net margin20.5%Free cash flow margin25.9%Fiscal year 2018Gross margin50.9%Operating margin23.9%Net margin20.5%Free cash flow margin18.2%Fiscal year 2019Gross margin40.0%Operating margin6.9%Net margin8.2%Free cash flow margin2.9%Fiscal year 2020Gross margin38.3%Operating margin12.4%Net margin9.5%Free cash flow margin11.6%Fiscal year 2021Gross margin36.6%Operating margin10.4%Net margin9.3%Free cash flow margin7.7%Fiscal year 2022Gross margin36.6%Operating margin12.6%Net margin10.8%Free cash flow margin6.8%Fiscal year 2023Gross margin35.8%Operating margin6.9%Net margin7.7%Free cash flow margin8.9%Fiscal year 2024Gross margin35.7%Operating margin2.5%Net margin3.7%Free cash flow margin5.0%Fiscal year 2025Gross margin37.7%Operating margin9.3%Net margin8.2%Free cash flow margin7.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 52.3% 53.1% 50.9% 40.0% 38.3% 36.6% 36.6% 35.8% 35.7% 37.7%
Operating margin 26.2% 29.9% 23.9% 6.9% 12.4% 10.4% 12.6% 6.9% 2.5% 9.3%
Net margin 26.3% 20.5% 20.5% 8.2% 9.5% 9.3% 10.8% 7.7% 3.7% 8.2%
Free cash flow margin 23.3% 25.9% 18.2% 2.9% 11.6% 7.7% 6.8% 8.9% 5.0% 7.0%

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 2016Operating cash flow119.3Capital expenditure−6.8Free cash flow112.5Buybacks0.0Fiscal year 2017Operating cash flow182.7Capital expenditure−9.0Free cash flow173.7 +54.4%Buybacks−30.0Fiscal year 2018Operating cash flow151.3Capital expenditure−20.3Free cash flow130.9 −24.6%Buybacks−95.1Fiscal year 2019Operating cash flow48.4Capital expenditure−25.2Free cash flow23.2 −82.3%Fiscal year 2020Operating cash flow201.2Capital expenditure−36.4Free cash flow164.9 +610.5%Buybacks−11.6Fiscal year 2021Operating cash flow140.2Capital expenditure−28.8Free cash flow111.4 −32.4%Buybacks−78.1Dividends paid−15.4Fiscal year 2022Operating cash flow183.6Capital expenditure−58.9Free cash flow124.7 +11.9%Buybacks−26.6Dividends paid−15.2Fiscal year 2023Operating cash flow208.9Capital expenditure−61.0Free cash flow147.9 +18.6%Buybacks−40.0Dividends paid−15.2Fiscal year 2024Operating cash flow130.8Capital expenditure−56.8Free cash flow74.0 −50.0%Buybacks−1.8Dividends paid−15.4Fiscal year 2025Operating cash flow233.3Capital expenditure−107.4Free cash flow125.9 +70.1%Buybacks−30.2Dividends paid−15.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 119.3 182.7 151.3 48.4 201.2 140.2 183.6 208.9 130.8 233.3
Capital expenditure −6.8 −9.0 −20.3 −25.2 −36.4 −28.8 −58.9 −61.0 −56.8 −107.4
Free cash flow 112.5 173.7 130.9 23.2 164.9 111.4 124.7 147.9 74.0 125.9
Growth +54.4% −24.6% −82.3% +610.5% −32.4% +11.9% +18.6% −50.0% +70.1%
Buybacks 0.0 −30.0 −95.1 n/a −11.6 −78.1 −26.6 −40.0 −1.8 −30.2
Dividends paid n/a n/a n/a n/a n/a −15.4 −15.2 −15.2 −15.4 −15.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash282.0Shareholders’ equity392.1Fiscal year 2017Cash407.3Shareholders’ equity520.6Fiscal year 2018Cash349.3Shareholders’ equity606.8Fiscal year 2019Cash346.4Total debt339.0Net cash (debt)7.4Shareholders’ equity676.7Debt to equity0.50Fiscal year 2020Cash480.4Total debt322.0Net cash (debt)158.3Shareholders’ equity814.7Debt to equity0.40Fiscal year 2021Cash544.4Total debt392.7Net cash (debt)151.6Shareholders’ equity870.9Debt to equity0.45Fiscal year 2022Cash458.8Total debt373.3Net cash (debt)85.6Shareholders’ equity1,066.1Debt to equity0.35Fiscal year 2023Cash1,044.6Total debt915.7Net cash (debt)128.9Shareholders’ equity1,144.1Debt to equity0.80Fiscal year 2024Cash722.1Total debt564.7Net cash (debt)157.4Shareholders’ equity1,203.1Debt to equity0.47Fiscal year 2025Cash791.2Total debt1,135.0Net cash (debt)−343.8Shareholders’ equity1,362.8Debt to equity0.83
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 282.0 407.3 349.3 346.4 480.4 544.4 458.8 1,044.6 722.1 791.2
Total debt n/a n/a n/a 339.0 322.0 392.7 373.3 915.7 564.7 1,135.0
Net cash (debt) n/a n/a n/a 7.4 158.3 151.6 85.6 128.9 157.4 −343.8
Shareholders’ equity 392.1 520.6 606.8 676.7 814.7 870.9 1,066.1 1,144.1 1,203.1 1,362.8
Debt to equity n/a n/a n/a 0.50 0.40 0.45 0.35 0.80 0.47 0.83

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

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
483.7 671.0 718.9 788.9 1,415.8 1,456.0 1,845.4 1,655.8 1,482.0 1,798.8
Growth +38.7% +7.1% +9.7% +79.5% +2.8% +26.8% −10.3% −10.5% +21.4%
230.6 314.6 353.3 473.3 874.0 923.6 1,169.9 1,063.4 952.7 1,121.4
253.1 356.4 365.6 315.7 541.9 532.3 675.5 592.4 529.3 677.4
Growth +40.8% +2.6% −13.7% +71.7% −1.8% +26.9% −12.3% −10.7% +28.0%
44.4 58.0 76.0 101.5 144.0 161.8 191.0 202.4 211.8 232.4
77.7 93.3 108.0 142.6 188.6 192.0 218.5 221.0 224.6 242.4
126.9 200.8 171.6 54.4 176.0 151.7 233.1 113.7 36.6 168.0
Growth +58.3% −14.6% −68.3% +223.6% −13.8% +53.7% −51.2% −67.8% +359.0%
128.1 198.2 172.4 67.2 158.1 148.7 241.7 122.5 52.4 168.7
11.1 62.1 25.2 10.7 23.0 14.0 39.9 −8.3 −3.9 19.4
127.5 137.9 147.0 64.9 134.7 134.7 199.7 128.3 54.2 148.4
Growth +8.2% +6.6% −55.8% +107.4% +0.0% +48.2% −35.7% −57.7% +173.7%
Per share
3.21 3.47 3.76 1.70 3.52 3.53 5.33 3.42 1.45 3.95
3.18 3.43 3.74 1.69 3.50 3.51 5.29 3.40 1.43 3.84
Growth +7.9% +9.0% −54.8% +107.1% +0.3% +50.7% −35.7% −57.9% +168.5%
39.7 39.8 39.1 38.3 38.3 38.1 37.5 37.5 37.5 37.6
40.0 40.2 39.4 38.5 38.5 38.4 37.7 37.8 37.8 38.6
Growth +0.4% −2.1% −2.2% +0.1% −0.5% −1.7% +0.2% +0.0% +2.1%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.9% a year over five years, and earnings per share grew 1.9% a year.
  • The share count barely moved in five years.
  • Operating margin is down 3.1 points on five years ago, at 9.3%.
  • Profitable in every one of the 10 years on file.