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AEHR · NasdaqCM

Aehr Test Systems, Inc.

Semiconductor Equipment & Materials · United States

USD 93.493.2% daily changeQuote 2026-09-18 · USD
Market cap (USD)
US$3.05B
Trailing P/E
Forward P/E
67.58x
Quarterly revenue growth
33.7%
Trailing net margin
-14.3%
Indicated dividend yield

Snapshot 2026-09-20 · Latest financial period 2026-05-29 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.

Next earnings: 2026-11-02 (provider estimate, not issuer-confirmed).

Company background

Aehr Test Systems, Inc. provides test solutions for testing, burn-in, and semiconductor devices at wafer level, singulated die, and package level in the United States, Asia, Europe, and the Middle East. The company offers FOX-XP and FOX-NP systems, which are full wafer contact and singulated die/module test and burn-in systems that test, burn-in, and stabilize a range of devices, including silicon carbide-based (SIC) and gallium nitride (GAN) power semiconductors; 2D and 3D sensors used in mobile phones, tablets, and other computing devices; memory semiconductors; processors; microcontrollers; systems-on-a-chip; and photonics and integrated optical devices used in AI. It also provides the FOX-CP system, a single-wafer compact test solution for logic, memory, and photonic devices; and the FOX WaferPak Contactor, a full wafer contactor capable of testing wafers up to 300mm that enables integrated circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems. In addition, the company offers the FOX DiePak Carrier, which allows testing, burn-in, and stabilization of singulated bare die and modules; FOX WaferPak Aligner; and FOX DiePak Loader. Further, it provides system installation and repair, applications engineering support, spare parts inventories, customer training, and documentation services. The company sells its products in the United States, Germany, Japan, the Philippines, and Taiwan through distributors and sales representatives. It serves semiconductor manufacturers, semiconductor contract assemblies, electronics manufacturers, and burn-in and test service companies. Aehr Test Systems, Inc. was incorporated in 1977 and is headquartered in Fremont, California.

Company website

Q4 FY2026

Go beyond the headline.

AEHR Stock: The AI Burn-In Company Just Guided to Triple — Is It a Buy?

Published 2026-07-15

Comparable businesses

AEHR peer comparison

Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.

Comparison stocks

Market metrics · missing or inapplicable values shown as —
MetricAEHRAehr Test Systems, Inc.Snapshot 2026-09-20Financial period: 2026-05-29AMBAAmbarella, Inc.Snapshot 2026-09-20Financial period: 2026-07-31AXTIAXT, Inc.Snapshot 2026-09-20Financial period: 2026-06-30Peer medianSimilar-size peers only
Market capMarket value, converted to USDUS$3.05BUS$2.92BUS$4.59BUS$3.76Bn=2
Forward P/EProvider forward earnings estimate67.58x59.03x31.12x45.08xn=2
EV / EBITDAEnterprise value / trailing EBITDA315.89x
Revenue growthLatest quarter vs prior-year quarter33.7%13.2%164.8%89.0%n=2
Operating marginLatest reported quarter-6.4%-7.5%21.9%7.2%n=2
Free cash flow yieldTrailing cash flow / market cap-0.1%1.1%-1.0%0.1%n=2
Net debt / EBITDANet debt / trailing EBITDA-23.47x
Debt / equityTotal debt / positive book equity0.05x0.02x0.11x0.06xn=2
Trailing P/ETrailing twelve-month earnings2,334.33x
Price / bookPrice / positive book equity per share13.83x4.71x5.09x4.90xn=2
EV / salesEnterprise value / trailing revenue58.86x6.37x33.85x20.11xn=2
Earnings growthLatest quarter vs prior-year quarter
Gross marginTrailing twelve months35.3%58.5%32.2%45.4%n=2
Net marginTrailing twelve months-14.3%-13.5%3.2%-5.1%n=2
Return on equityProvider trailing return; positive equity only-4.2%-9.4%1.0%-4.2%n=2
Free cash flow marginTrailing free cash flow / revenue-3.9%7.9%-35.4%-13.8%n=2
Dividend yieldIndicated annual dividend / price
Earnings payoutProvider trailing dividend payout0.0%0.0%0.0%0.0%n=2
Current ratioCurrent assets / current liabilities10.33x2.85x4.76x3.81xn=2
BetaProvider historical market sensitivity3.072.091.922.00n=2

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Comparison methodology & limitations

Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.

Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.

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Adjusted closing price

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Earnings-multiple scenario

Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.

Starting assumptions, when available, use provider forward estimates as of 2026-09-20. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.

THE RESEARCH RECORD

Research history for AEHR

All available reporting periods
Q4 FY20262026-07-15

Reported figures

Verify material figures against company filings. Market data and AI-assisted analysis may contain errors.