# Aehr Test Systems, Inc. (AEHR)

> Source: Nexqual · https://nexqual.com/AEHR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Aehr Test Systems, Inc. (AEHR), nexqual.com/AEHR" · informational, not investment advice.

**Price:** USD 55.65 (-12.88% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 63.88 · day 54.6–60.28 · 52w 18.7–147.4 · market cap $1.82B · NCM

## Key facts
- 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)
| 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)
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)
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
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)
|  | 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) |

## Peers (Semiconductor Equipment & Materials)
UCTT (Ultra Clean Holdings, Inc.) USD 44.46 -14.86% · PLAB (Photronics, Inc.) USD 27.9 -3.56% · COHU (Cohu, Inc.) USD 46.26 -16.33% · ICHR (Ichor Holdings) USD 37.86 -12.64% · VECO (Veeco Instruments Inc.) USD 41.15 -11.81% · AMBA (Ambarella, Inc.) USD 63.12 -4.36%

## More
Full page: https://nexqual.com/AEHR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-05-29)

| Line | Revenue | Share | 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% | — |

## Company outlook (8-K filed 2026-07-14)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.13 | $0.13 | -2.6% | $27.5M | 3 |
| Next quarter (ends 2026-12-31) | $0.23 | $0.22 | +4.5% | $38.9M | 3 |
| Current fiscal year (ends 2027-06-30) | $0.77 | $0.74 | +4.1% | $137.8M | 3 |
| Next fiscal year (ends 2028-06-30) | $1.38 | $0.00 | — | $211.8M | 2 |