# Advanced Energy Industries, Inc. (AEIS)

> Source: Nexqual · https://nexqual.com/AEIS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Advanced Energy Industries, Inc. (AEIS), nexqual.com/AEIS" · informational, not investment advice.

**Price:** USD 216.64 (-12.49% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 216.64 · day 214.03–236.95 · 52w 187.71–397.44 · market cap null · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.04B, net income $219M (10.8% margin), free cash flow $86.7M (SEC filings).
- Valuation: P/E 39.5x (avg 55.7x at the last 3 fiscal year-ends), EV/EBITDA 25.8x, net cash $132M.
- 3 of 80 tracked superinvestors hold AEIS (13F, Q2 2026): 2 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $9.7M; 0 not under a Rule 10b5-1 plan ($0K); 4 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.92 on a 1–5 scale) (12 analysts), mean target USD 420.33 (range 360–535).
- Total return with dividends: 1Y +9.3% vs S&P 500 +14.9%; 5Y +158.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 3.05, revenue estimate $645M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.85B | $1.66B | $1.48B | $1.80B | $2.04B |
| Gross profit | $532M | $676M | $592M | $529M | $677M | — |
| Operating income | $152M | $233M | $114M | $36.6M | $168M | $269M |
| Net income | $135M | $200M | $128M | $54.2M | $148M | $219M |
| EPS (diluted) | $3.51 | $5.29 | $3.40 | $1.43 | $3.84 | — |
| Free cash flow | $111M | $125M | $148M | $74.0M | $126M | $86.7M |
| Gross margin | 36.6% | 36.6% | 35.8% | 35.7% | 37.7% | — |
| Operating margin | 10.4% | 12.6% | 6.9% | 2.5% | 9.3% | 13.2% |
| Net margin | 9.3% | 10.8% | 7.7% | 3.7% | 8.2% | 10.8% |
| Revenue growth | +2.8% | +26.8% | -10.3% | -10.5% | +21.4% | — |
| Cash + short-term investments | $547M | — | — | $722M | $791M | — |
| Total debt | $393M | $373M | $916M | $565M | $1.14B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 39.5x · P/S 4.3x · EV/EBITDA 25.8x · EV/Sales 4.2x · P/FCF 100.1x · P/B 6.0x · FCF yield 1.00% · Earnings yield 2.53% · Dividend yield (paid, TTM) 0.18% · Buyback yield (TTM) 0.08% · Net cash $132M · EV $8.54B
P/E at fiscal year-ends: Dec 2025 54.5x, Dec 2024 80.6x, Dec 2023 32.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold AEIS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.06% | $34.1M | Added +11.9% |
| Lee Ainslie | Maverick Capital | 0.01% | $596K | New position |
| Polen Capital | Polen Capital Management | <0.01% | $560K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-05 | Delsanto Anne | Director | 270 | $82K | 3.4% | Yes (adopted March 10, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-08 | Vonne Elizabeth Karpinski | EVP, General Counsel | 632 | $182K | 6.4% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-08 | Delsanto Anne | Director | 265 | $76K | 3.2% | Yes (adopted March 10, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-27 | Vonne Elizabeth Karpinski | EVP, General Counsel | 907 | $263K | 8.5% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-18 | Acebedo Eduardo Bernal | EVP and COO | 24,771 | $7.8M | 51.7% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-18 | Vonne Elizabeth Karpinski | EVP, General Counsel | 908 | $302K | 7.8% | Yes (adopted May 19, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Delsanto Anne | Director | 270 | $93K | 3.2% | Yes (adopted March 10, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-15 | Shirley Brian | Director | 1,234 | $459K | 15.6% | Yes (adopted December 12, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-16 | Vonne Elizabeth Karpinski | EVP, General Counsel | 966 | $357K | 7.7% | Yes (adopted November 12, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-04-15 | Delsanto Anne | Director | 240 | $91K | 3.7% | Yes (adopted March 13, 2025) | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.92 on a 1–5 scale), 12 analysts; mean target USD 420.33 (low 360, high 535).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-05 | Seaport Global | Upgrade | Neutral → Buy | $410 |
| 2026-08-04 | TD Cowen | Target raised | Hold | $350 → $370 |
| 2026-08-04 | Citigroup | Target raised | Buy | $435 → $460 |
| 2026-08-04 | Morgan Stanley | Target raised | Overweight | $421 → $439 |
| 2026-08-04 | Needham | Reiterated | Buy | $400 |
| 2026-07-22 | Citigroup | Target raised | Buy | $410 → $435 |
| 2026-07-22 | Morgan Stanley | Initiated | Overweight | $421 |
| 2026-07-01 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $345 → $465 |
| 2026-06-30 | Susquehanna | Target raised | Positive | $430 → $535 |
| 2026-06-29 | Cantor Fitzgerald | Target raised | Overweight | $400 → $450 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.3% | +158.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +9.4% | +20.9% |
| Volatility (annualized) | 64.8% | 41.3% |
| Max drawdown | -44.3% (May 2026→Oct 2026) | -44.3% (Apr 2026→Oct 2026) |

## Peers (Electrical Equipment & Parts)
FPS (Forgent Power Solutions, Inc.) USD 24.92 -21.54% · AYI (Acuity Inc.) USD 317.23 +0.15% · ENS (EnerSys) USD 168.67 -4.65% · POWL (Powell Industries, Inc.) USD 150.71 -11.51% · NVT (nVent Electric plc) USD 127.67 -12.63% · HUBB (Hubbell Inc) USD 445.8 -3.25%

## More
Full page: https://nexqual.com/AEIS · 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 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $526.3M | 91.7% | +32.9% |
| Semiconductor Equipment | $278.3M | 48.5% | +32.8% |
| Data Center Computing | $191.5M | 33.4% | +35.2% |
| Industrial & Medical | $80.0M | 13.9% | +16.6% |
| Service & Other | $47.8M | 8.3% | +5.3% |
| Telecom & Networking | $24.3M | 4.2% | +11.5% |
| Total revenue | $574.1M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other Countries | $190.4M | 33.2% | +16.4% |
| United States | $132.3M | 23.0% | -6.6% |
| Mexico | $124.1M | 21.6% | +201.9% |
| Malaysia | $66.5M | 11.6% | +118.0% |
| Japan | $60.8M | 10.6% | -5.9% |
| Total revenue | $574.1M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 23%, 19%, 12% of revenue from unnamed direct customers (10-K, filed 2026-02-13).

## Company outlook (8-K filed 2026-08-03)

- "Based on the Company's current view, beliefs, and assumptions, guidance is within the following ranges: ​ ​ ​ ​ ​ ​ ​ ​ Q3 2026 Revenue $640 million +/- $20 million GAAP EPS from continuing operations $2.38 +/- $0.25 Non-GAAP EPS $3.00 +/- $0.25 ​ Conference Call Management will host a conference call today, August 3, 2026, at 4:30 p.m."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.05 | $2.44 | +24.8% | $644.8M | 12 |
| Next quarter (ends 2026-12-31) | $3.41 | $2.68 | +27.6% | $693.6M | 12 |
| Current fiscal year (ends 2026-12-31) | $11.27 | $9.42 | +19.6% | $2.42B | 12 |
| Next fiscal year (ends 2027-12-31) | $15.51 | $12.07 | +28.4% | $3.02B | 12 |