Stocks · Technology · Semiconductors
Aehr Test Systems AEHR
$107.21 +5.52% Close, Oct 2, 2026 · NASDAQ · Market cap $3.50B
Strong trendExpensive vs sectorHigh risk
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Operating margin narrowed to -27.8% from -8.2% a year earlier.
- Over the past year the stock returned +222.4%, ahead of the S&P 500 by 207.4 percentage points.
- The stock is in an uptrend: above its 200-day average for 322 trading days, with the 50-day average above the 200-day.
PromtFinance scores
Each score is a percentile within the Technology sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Bottom 5%
- Revenue growth, 3-year CAGRBottom 11%
- Revenue growth accelerationTop 9%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 29%
- Gross marginBottom 27%
- Operating marginBottom 18%
- Accruals (lower is better)Bottom 20%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldBottom 39%
- Free-cash-flow yieldBottom 26%
- EBITDA / enterprise valueBottom 27%
- Sales / enterprise valueBottom 4%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 5%
- 6-month returnTop 5%
- 1-year return vs S&P 500Top 4%
- Distance from 52-week highTop 45%
- Trend checklist (0–4)Top 18%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 4%
- Consecutive EPS beatsTop 48%
- Share of analysts rating BuyBottom 10%
- Upside to consensus price targetBottom 47%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 2%
- Maximum drawdown, 3 yearsBottom 9%
- Beta vs S&P 500 (lower is better)Bottom 6%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | -26.4% | -13.7% | ↑ |
| Gross margin | 40.6% | 34.7% | ↓ |
| Operating margin | -8.2% | -27.8% | ↓ |
| FCF margin | -21.0% | -10.6% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | -13.7% | -26.4% | ↑ | Bottom 5% |
| Gross margin | 34.7% | 40.6% | ↓ | Bottom 27% |
| Operating margin | -27.8% | -8.2% | ↓ | Bottom 18% |
| Net margin | -14.0% | -6.6% | ↓ | — |
| Free-cash-flow margin | -10.6% | -21.0% | ↑ | — |
| Return on invested capital | -3.7% | — | Bottom 29% | |
| Revenue growth, 3-year CAGR | -8.4% | — | Bottom 11% |
Quality of earnings and balance sheet
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -1.5%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 13.3%
- Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
- +11.9 pp
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- Net cash
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 0.00%
- Net buyback yield (TTM)
- -2.78%
- Shareholder yield
- -2.78%
- Share count change, 1 year
- +2.8%
- Share count change, 3-year CAGR
- +1.2%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through May 29, 2026 (filed Jul 27, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 3
- Beats in the last 8 reports
- 6 of 8
- Average EPS surprise, last 4
- +100.0%
- Average 2-day reaction, last 8
- -0.9%
- Positive 20 days after report
- 4 of 8
Analysts
- Consensus price target
- $132.50
- Target vs current price
- +23.6%
- Analysts with a rating
- 3
- Share rating Buy or Strong Buy
- 33%
- Consensus rating
- Hold
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 14, 2026 | +1200.0% | +5.9% | +13.7% | +56.1% | — |
| Apr 7, 2026 | +28.6% | -3.7% | +37.4% | +64.1% | +61.9% |
| Jan 8, 2026 | +50.0% | -6.1% | +7.4% | -4.9% | +115.7% |
| Oct 6, 2025 | +0.0% | +2.0% | -24.3% | -16.2% | -34.4% |
| Jul 8, 2025 | +33.3% | +2.4% | -6.5% | +28.4% | +103.2% |
| Apr 8, 2025 | +600.0% | -6.1% | +15.0% | +13.4% | +116.1% |
| Jan 13, 2025 | -33.3% | -2.4% | -24.0% | -34.7% | -58.6% |
| Oct 10, 2024 | +250.0% | +0.7% | +7.5% | -8.5% | +27.4% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 14, 2026 | $0.11 | -$0.01 | +1200.0% | $18.8M |
| Apr 7, 2026 | -$0.05 | -$0.07 | +28.6% | $10.3M |
| Jan 8, 2026 | -$0.04 | -$0.08 | +50.0% | $9.9M |
| Oct 6, 2025 | $0.01 | $0.01 | +0.0% | $11.0M |
| Jul 8, 2025 | -$0.01 | -$0.02 | +33.3% | $14.1M |
| Apr 8, 2025 | $0.07 | $0.01 | +600.0% | $18.3M |
| Jan 13, 2025 | $0.02 | $0.03 | -33.3% | $13.5M |
| Oct 10, 2024 | $0.07 | $0.02 | +250.0% | $13.1M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (forward) | 141.4× | — | — | — |
| EV / Sales | 66.59× | — | — | Bottom 4% |
| Free-cash-flow yield | -0.15% | — | — | Bottom 26% |
| Earnings yield | -0.21% | — | — | Bottom 39% |
P/E over the past five years
Range 10.5× – 296.0× since Nov 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✓ MACD histogram positive
Trend quality
- Days above the 50-day average
- 11
- Days above the 200-day average
- 322
- 50-day average slope (20 days)
- +5.6%
- 200-day average slope (20 days)
- +11.6%
- Distance from 50-day average
- +11.5%
- Distance from 200-day average
- +54.0%
- RSI (14)
- 59.5
- Relative volume
- 0.81×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 133.3%
- Volatility vs own 5-year history
- 93th percentile · High for this stock
- Beta vs S&P 500 (2 years, weekly)
- 2.84
- Correlation with S&P 500
- 0.41
- Current drawdown from 1-year high
- -26.4%
- Maximum drawdown, 3 years
- -85.5%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Aug 1, 2023 | Apr 8, 2025 | -87.4% | 423 days | 250 days (Apr 8, 2026) |
| Nov 5, 2021 | Jul 1, 2022 | -73.0% | 163 days | 101 days (Nov 23, 2022) |
| Aug 17, 2026 | Sep 3, 2026 | -47.6% | 13 days | Not yet recovered |
| Jun 4, 2026 | Jul 29, 2026 | -43.9% | 37 days | 9 days (Aug 11, 2026) |
| Feb 18, 2021 | May 13, 2021 | -41.5% | 59 days | 44 days (Jul 16, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $3.50B
- EPS, diluted (TTM)
- -$0.23
- Revenue (TTM)
- $50.9M
- 52-week range
- $18.70 – $147.40
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|
| Revenue | $50.8M | $65.0M | $66.2M | $59.0M | $50.0M |
| Gross profit | $23.7M | $32.7M | $32.5M | $23.9M | $17.7M |
| Operating income | $7.8M | $13.4M | $10.1M | -$4.3M | -$14.1M |
| Net income | $9.4M | $14.6M | $33.2M | -$3.9M | -$7.1M |
| EPS (diluted) | $0.34 | $0.50 | $1.12 | -$0.13 | -$0.23 |
| Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | Q3 2026 | Q4 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $13.1M | $13.5M | $18.3M | $14.1M | $11.0M | $9.9M | $10.3M | $19.8M |
| Net income | $660,000 | -$1.0M | -$643,000 | -$2.9M | -$2.1M | -$3.2M | -$3.2M | $1.4M |
| EPS (diluted) | $0.02 | -$0.03 | -$0.02 | -$0.10 | -$0.07 | -$0.11 | -$0.10 | $0.05 |
| FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.5M | $10.0M | $1.8M | -$7.4M | -$3.3M |
| Capital expenditure | -$416,000 | -$1.4M | -$749,000 | -$5.0M | -$2.1M |
| Free cash flow | $1.1M | $8.6M | $1.0M | -$12.4M | -$5.4M |
| Dividends paid | $0 | $0 | $0 | $0 | $0 |
| Net share buybacks | $27.2M | $7.3M | $139,000 | $625,000 | $97.2M |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $116.4M
- Total assets
- $246.7M
- Total liabilities
- $27.2M
- Total debt
- $9.9M
- Net debt
- -$106.5M
- Shareholders’ equity
- $219.5M
As of May 29, 2026 (filed Jul 27, 2026).
Short interest
- Shares sold short
- 5,118,430
- Days to cover
- 1.52
- Change vs previous report
- +17.7%
FINRA short interest, settlement date Sep 15, 2026.