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Makes wafer-level burn-in and test systems, mainly for silicon-carbide power chips used in EVs.
Makes wafer-level burn-in and test systems, mainly for silicon-carbide power chips used in EVs.
Revenue comes in large step orders from very few customers, with one power-chip maker historically accounting for most of it, and each order brings later consumable test cards, called WaferPaks, that must be replaced for each new chip design.
Moat: narrow (process know-how, customer qualification). Qualified into customers' production test flow; a small player but hard to displace once designed in.
Headquarters: Fremont, California, US · Founded: 1977 · Employees: 138
Size Aehr Test Systems (AEHR) is a United States Information Technology company (Electronic Production Equipment) with a market value of $1.75B, the 1885th largest of 3,117 United States companies the cockpit tracks. Shares closed at $53.57 on 6 Nov 2026.
Performance Over six months the shares fell 44.6%, against -20.0% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue fell 15.2% over the last twelve months (peer median +12.0%); the operating margin is -28.3% (peer median 8.0%).
Valuation It trades at 33.1× enterprise value to sales against a peer median of 2.6× (most expensive of 20).
Capital Return on invested capital runs 28.6 points below its cost of capital (19.8% WACC).
Next results Next results expected around 8 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $50.0M | $50.0M | $59.0M | $66.2M | $65.0M |
| Revenue growth | — | -15% | -11% | +2% | — |
| Gross profit | $17.7M | $17.7M | $23.9M | $32.5M | $32.7M |
| EBITDA | -$10.6M | -$10.6M | -$925,000 | $11.4M | $13.8M |
| Net income | -$7.13M | -$7.13M | -$3.91M | $33.2M | $14.6M |
| Free cash flow | -$5.38M | -$5.38M | -$12.4M | $1.01M | $8.65M |
| Capital expenditure | $2.07M | $2.07M | $4.99M | $749,000 | $1.36M |
| Total debt | $9.80M | $9.88M | $10.8M | $6.20M | $6.30M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Aehr Test Systems AEHR | $1.75B | -45% | -15% | -28% | 33.1× | n/a |
| Advantest 6857.T | $124B | -1% | +48% | 50% | 13.3× | 36.4% |
| Teradyne TER | $34.1B | -39% | +75% | 33% | 6.8× | 20.9% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 9.8× | 19.3% |
| Cohu COHU | $1.82B | -22% | +34% | -2% | 2.9× | 21.5% |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 6.1× | 22.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AEHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -38.6% | -14.9% | 2nd lowest of 21 |
| 6-month return | -44.6% | -20.0% | 3rd lowest of 20 |
| Distance from 52-week high | -63.7% | -48.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -15.2% | +12.0% | lowest of 21 |
| Operating margin | -28.3% | 8.0% | 2nd lowest of 21 |
| EV / Sales | 33.1× | 2.6× | most expensive of 20 |
| ROIC minus cost of capital | -28.6 pp | -2.0 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | 33.1× | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 7.1× | 29.9% | +29.0% |
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 4.8× | n/a | n/a |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 13.9× | 38.7% | +5.0% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 1.2× | 3.5% | +31.6% |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 9.1× | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 2.8× | 8.5% | +5.0% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 3.1× | 22.5% | +10.3% |
| Photronics PLAB | United States | $1.61B | -49% | +1% | 22% | 1.6× | 1.9% | +6.9% |
| Shenzhen Sinexcel Electric 300693.SZ | China | $1.57B | -28% | +27% | 15% | 2.6× | 13.1% | +35.0% |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 1.6× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | 3.7× | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 0.5× | 7.0% | +8.9% |
| Suzhou Betely Polymer Materials 301697.SZ | China | $1.44B | n/a | +45% | 5% | 2.6× | n/a | n/a |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 2.9× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 0.7× | 13.8% | +5.3% |
| Nolato NOLA-B.ST | Sweden | $1.40B | +5% | 0% | 10% | 1.4× | 3.9% | +0.2% |
| TKD Science and Technology 603738.SS | China | $1.39B | -37% | +20% | 9% | 8.3× | 44.4% | +8.4% |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 2.5× | n/a | n/a |
| TPV Technology 000727.SZ | China | $1.38B | -23% | +7% | -1% | 0.5× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | n/a | n/a | n/a |