Shareholders being diluted. Shares outstanding up 14% from May 2023 to July 2026.
Aehr Test Systems had 14% more shares at July 2026 than at May 2023, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aehr Test Systems had 14% more shares at July 2026 than at May 2023, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Operating margin at a 6-year low.-28% in FY May 2026, the weakest of the last 6 years.
Aehr Test Systems's operating margin fell to -28% in FY May 2026, its lowest in the 6 years of filings we have.
Stock-based pay is a large cost. Stock pay was 14% of revenue in FY May 2026.
Aehr Test Systems paid employees $7M in stock in FY May 2026, 14% of its $50M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Loss over 12 months, profit last quarter. Lost money in the 12 months to May 2026, but made a $1.4M profit in the quarter to May 2026.
Aehr Test Systems reported a net loss over the last twelve months, but its most recent quarter was profitable ($1.4M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-0.3%
SEC filings · 12 months to May 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0225 · MAD: 0.0225
EBITDA yield-0.6%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.17Sector median: 0.0423 · MAD: 0.0361
Free cash flow yield-0.3%
SEC filings · 12 months to May 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.00Sector median: 0.0274 · MAD: 0.0274
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 0.90Sector median: 0.2495 · MAD: 0.2270
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Aehr Test Systems
Is Aehr Test Systems getting weaker?
Its latest SEC filing (Jul 27, 2026) was mixed: some things better, some worse: operating margin rose 7.4 points to -28.3%; share count up 3.7%. Its overall score is unchanged at 30/100 since Oct 28, 2026.
How is Aehr Test Systems valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 1,711 technology peers.Earnings yield -0.3% vs a peer median of 2.2% (weaker than 100% of peers).Earnings yield -0.3% vs peers 2.2% (weaker than 100% of peers).
Is Aehr Test Systems growing?
More slowly than most of its peers. Growth scores 10/100 against 1,711 technology peers.Revenue growth -15.2% vs a peer median of 8.5% (weaker than 92% of peers).Revenue growth -15.2% vs peers 8.5% (weaker than 92% of peers).
How profitable is Aehr Test Systems?
Less profitable than most of its peers. Profitability scores 9/100 against 1,711 technology peers.Operating margin -28.3% vs a peer median of 6.3% (weaker than 93% of peers).Operating margin -28.3% vs peers 6.3% (weaker than 93% of peers).
How risky is Aehr Test Systems?
Lower risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings.Current ratio 10.33× vs a peer median of 1.83× (stronger than 95% of peers).Current ratio 10.33× vs peers 1.83× (stronger than 95% of peers).Beta 3.48 vs a peer median of 0.87 (weaker than 100% of peers).Beta 3.48 vs peers 0.87 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended May 29, 2026 · filed Jul 27, 2026 · compared with the quarter ended Feb 27, 2026
Mixed: some things better, some worse
Operating margin rose 7.4 points to -28.3%
Share count up 3.7% (existing holders diluted)
Worth watching: Aehr Test Systems is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
45.3M USD
50.0M USD
+10.5%
Net income (12 months)
−11.4M USD
−7.1M USD
−37.6%
Operating margin
-35.7%
-28.3%
+7.4 pts
Free cash flow (12 months)
−12.2M USD
−5.4M USD
−55.9%
Cash
36.9M USD
116.4M USD
+215.2%
Shares outstanding
31.5M
32.6M
+3.7%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Valuations in Semiconductor Equipment & Materials are near the top of their range since Feb 2021.
84% of months since Feb 2021 were valued lower than now.
81% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +95% vs the whole market, against a usual +84%.
Feb 2021Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Feb 2021; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY May 2022
FY May 2023
FY May 2024
FY May 2025
FY May 2026
Change
Gross margin
46.6%
50.4%
49.1%
40.6%
35.3%
▼ 5.3 pts
Operating margin
15.3%
20.6%
15.2%
-9.6%
-28.3%
▼ 19 pts
Net margin
18.6%
22.4%
50.1%
-6.6%
-14.3%
▼ 7.6 pts
Return on assets (ROA)
15.2%
14.8%
25.9%
-2.6%
-2.9%
▼ 0.3 pts
Return on equity (ROE)
18.5%
19.3%
29.7%
-3.2%
-3.2%
▼ 0.1 pts
Free cash flow margin
2.1%
13.3%
1.5%
-21.0%
-10.8%
▲ 10 pts
Current ratio
5.45×
5.46×
9.31×
5.68×
10.33×
▲ 82%
Quick ratio
4.08×
3.99×
5.75×
2.99×
8.01×
▲ 168%
Debt to equity
0.00×
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AEHR price history
Price history is added with the daily price update and will appear after the next one.