Aehr Test Systems, Inc. (AEHR) Stock Price & Analysis
Aehr Test Systems, Inc. (AEHR) closed at USD 55.65 on Thursday, October 22, 2026, down 12.88% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 63.88; the Oct 22, 2026 session ranged USD 54.6–60.28 on volume of 3,012,037 shares. Market capitalization is $1.82B, with a 52-week range of USD 18.7–147.4 (NCM). Source: Nexqual, retrieved October 23, 2026 at 08:42 UTC.
Also available as compact Markdown for AI agents: nexqual.com/AEHR.md
Key facts (AEHR)
- Last four reported quarters (through May 29, 2026): revenue $50.0M, net income -$7.1M (-14.3% margin), free cash flow -$5.4M (SEC filings).
- 1 of 80 tracked superinvestors hold AEHR (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (6 analysts), mean target USD 128 (range 110–175).
- Total return with dividends: 1Y +121.8% vs S&P 500 +14.9%; 5Y +175.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.13, revenue estimate $27.5M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (AEHR)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M | $50.0M |
| Gross profit | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M | — |
| Operating income | $7.8M | $13.4M | $10.1M | -$5.7M | -$14.1M | -$14.1M |
| Net income | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M | -$7.1M |
| EPS (diluted) | $0.34 | $0.50 | $1.12 | -$0.13 | -$0.23 | — |
| Free cash flow | $1.1M | $8.6M | $1.0M | -$12.4M | -$5.4M | -$5.4M |
| Gross margin | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% | — |
| Operating margin | 15.3% | 20.6% | 15.2% | -9.6% | -28.3% | -28.3% |
| Net margin | 18.6% | 22.4% | 50.1% | -6.6% | -14.3% | -14.3% |
| Revenue growth | +206.2% | +27.8% | +1.9% | -10.9% | -15.2% | — |
| Cash + short-term investments | $31.5M | $47.9M | $49.2M | — | — | — |
Fiscal years end May. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through May 29, 2026) (AEHR)
P/S 36.4x · P/B 8.3x · FCF yield -0.30% · Earnings yield -0.39%
P/E at fiscal year-ends: May 2024 10.3x.
Superinvestors (SEC 13F-HR, Q2 2026) (AEHR)
1 of 80 tracked investors hold AEHR. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.05% | $6.4M | Reduced -16.7% |
Analysts (AEHR)
Consensus Buy (mean 2.00 on a 1–5 scale), 6 analysts; mean target USD 128 (low 110, high 175).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-10 | Oppenheimer | Initiated | Outperform | $120 |
| 2026-08-14 | Jefferies | Initiated | Buy | $175 |
Total return (dividends reinvested) (AEHR)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | +121.8% | +175.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +122.4% | +22.4% |
| Volatility (annualized) | 121.4% | 94.8% |
| Max drawdown | -61.8% (Aug 2026→Oct 2026) | -85.9% (Aug 2023→Mar 2025) |
AEHR revenue by product line (quarter ended May 29, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Systems | $11.1M | 59.2% | +43.6% |
| Contactors | $5.8M | 30.9% | +37.4% |
| Services | $1.9M | 9.9% | -10.8% |
| Total revenue | $18.8M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
AEHR company outlook (results filed Jul 14, 2026)
- “Financial Guidance: For the fiscal year ending June 25, 2027, Aehr expects total company revenue to be between $130 million and $150 million, representing approximately 160%-200% year-over-year growth.”
- “Aehr also expects non-GAAP net income to be 18% to 22% of total revenue.”
- “This outlook reflects the company's current effective backlog of approximately $100 million and expected customer demand from existing production programs.”
Quoted word-for-word from the SEC 8-K results press release.
AEHR analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $0.13 | $0.13 | -2.6% | $27.5M | 3 |
| Next quarter (ends Dec 2026) | $0.23 | $0.22 | +4.5% | $38.9M | 3 |
| Current fiscal year (ends Jun 2027) | $0.77 | $0.74 | +4.1% | $137.8M | 3 |
| Next fiscal year (ends Jun 2028) | $1.38 | $0.00 | — | $211.8M | 2 |
AEHR options: expected move
Options price a move of about ±22.1% (±$12.25) by Nov 6, 2026, which includes earnings on Nov 2, 2026; the earnings reaction alone is priced at about ±12.7%. Over the last 8 reports the stock moved ±19.5% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Oct 30, 2026 | 7 | 114.8% | ±13.6% |
| Nov 6, 2026 | 14 | 136.5% | ±22.1% |
| Nov 13, 2026 | 21 | 127.7% | ±25.0% |
| Nov 20, 2026 | 28 | 121.0% | ±27.1% |
| Nov 27, 2026 | 35 | 113.9% | ±28.4% |
| Dec 4, 2026 | 42 | 115.7% | ±31.5% |
| Dec 18, 2026 | 56 | 109.2% | ±34.1% |
| Jan 15, 2027 | 84 | 100.0% | ±38.0% |
30-day implied volatility 116.6% vs 94.8% realized over the last 30 trading days. Put/call ratio (volume) 1.08. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 08:42 UTC)
| Price | USD 55.65 |
|---|---|
| Change | ▼ 12.88% (down) |
| Previous Close | USD 63.88 |
| Open | USD 59.04 |
| Day Range | USD 54.6 – 60.28 |
| 52-Week Range | USD 18.7 – 147.4 |
| Volume | 3,012,037 shares |
| Market Cap | $1.82B |
| Exchange | NCM |
Technical Analysis (AEHR)
Nexqual's technical model rates AEHR "SELL" based on 2 bullish and 5 bearish signals across 127 daily candles, as of October 23, 2026 at 08:42 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 28.08 (oversold) |
| vs SMA50 | Below (USD 91.34) |
| MACD | -9.35 (negative) |
Analyst Ratings (AEHR)
Wall Street analysts rate AEHR "Buy" based on 6 analysts, with a mean price target of USD 128 (range USD 110–175), per Nexqual as of October 23, 2026 at 08:42 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 6 |
| Mean Target | USD 128 |
| High Target | USD 175 |
| Low Target | USD 110 |
| Buy / Hold / Sell | 6 / 0 / 0 |
Earnings (AEHR)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 0.13 |
| Revenue Estimate | $27.53M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-05-31 | USD 0.11 vs est -0.01 ▲ beat |
| 2026-02-28 | USD -0.05 vs est -0.07 ▲ beat |
| 2025-11-30 | USD -0.04 vs est -0.04 ▼ miss |
| 2025-08-31 | USD 0.01 vs est 0 ▲ beat |
Source: Nexqual, October 23, 2026 at 08:42 UTC.
Financials & Fundamentals (AEHR)
| Total Revenue | $50.00M |
|---|---|
| Revenue Growth (latest quarter, YoY) | +33.70% |
| Gross Margin | +35.30% |
| Operating Margin | -6.40% |
| Profit Margin | -14.25% |
| ROE | -4.16% |
| Debt / Equity | 0.05 |
| Current Ratio | 10.33 |
| Total Cash | $116.36M |
| Total Debt | $9.88M |
| Free Cash Flow (last four quarters to May 2026, SEC 10-Q / 10-K) | -$5.38M (-10.8% of revenue) |
Source: Nexqual, October 23, 2026 at 08:42 UTC.
Financial Health Score (AEHR)
Nexqual rates Aehr Test Systems, Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 08:42 UTC.
| Growth | Critical — Revenue -15% YoY (annual), sharp decline |
|---|---|
| Profitability | Weak — Gross margin 35%, operating -6% (last 12 months) |
| Balance Sheet | Strong — $116M cash vs $10M debt, net cash position |
| Cash Flow | Weak — FCF negative: -$5M (last 4 quarters to May 2026, SEC), burning cash |
| Efficiency | Critical — ROE -4%, ROA -4.5% |
Ownership (AEHR)
| Insider Ownership | +3.34% |
|---|---|
| Institutional Ownership | +76.75% |
| Shares Outstanding | 32.66M |
| Float | 31.25M |
| Short % of Float | +16.75% |
Source: Nexqual, October 23, 2026 at 08:42 UTC.
Leadership (AEHR)
Aehr Test Systems, Inc. is led by Gayn Erickson, President, CEO & Director, per Nexqual as of October 23, 2026 at 08:42 UTC.
| President, CEO & Director | Gayn Erickson |
|---|---|
| Founder & Independent Chairman | Rhea J. Posedel |
| CFO, Executive VP of Finance & Secretary | Chris P. Siu |
| Executive Vice President of Packaged Parts Burn-in Business | Alberto Salamone |
| Chief Operating Officer | Adil Engineer |
Major Backers & Investors (AEHR)
Notable institutional backers of Aehr Test Systems, Inc. include Fidelity, Shaw D.E. & Co., Inc., Two Sigma Investments, LP, according to Nexqual as of October 23, 2026 at 08:42 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Fidelity | 4.1% |
| Shaw D.E. & Co., Inc. | 3.61% |
| Two Sigma Investments, LP | 3.57% |
| FMR, LLC | 3.08% |
| Goldman Sachs | 2.48% |
| Jane Street Group, LLC | 2.31% |
| JPMorgan | 2.24% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| BlackRock | 8.14% |
| Vanguard Group | 7% |
| Geode Capital | 2.68% |
Source: Nexqual, October 23, 2026 at 08:42 UTC.
From Aehr Test Systems, Inc.'s Latest SEC 10-K Filing (filed 2026-07-27)
Key Strengths & Strategy (as disclosed to the SEC)
- We have developed and introduced several innovative products including the FOX-PTM family of test and burn-in systems and FOX WaferPakTM Aligner, FOX WaferPak Contactor, FOX DiePak® Carrier and FOX DiePak Loader.
- Implementing this approach along with our proprietary full wafer contactors and device interface carriers provides our customers with the ability to configure a system for engineering characterization and reliability qualification and high-volume production applications.
- The Company's strategy is to use in-house manufacturing only when necessary to protect a proprietary process or when a significant improvement in quality, cost or lead time can be achieved and relies on subcontractors to manufacture many of the components and subassemblies used in its products.
- The Company's ability to compete successfully is dependent in part upon its ability to protect its proprietary technology and information.
Legal & Regulatory Risks (Item 1A, quoted)
- Compliance with federal securities laws, rules and regulations, as well as NASDAQ requirements, has become increasingly complex, and the significant attention and expense we must devote to those areas may have an adverse impact on our business.
- We have been and may in the future be subject to litigation relating to intellectual property infringement which would be time-consuming, expensive and a distraction from our business.
- We cannot assure that we have complied with all applicable environmental laws, and our failure to do so could adversely affect our business as a result of having to pay substantial amounts in damages or fees.
- We are exposed to risks associated with shareholder class action lawsuits, which are expensive and could divert management attention.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 08:42 UTC. This page is informational and not investment advice.
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