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Aehr Test Systems

AEHR on Nasdaq. Aehr Test Systems sells test and burn-in systems to semiconductor manufacturers. Market value $3.4bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to May 2026. Quality checks use five annual reports, the latest for the year to May 2026.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Industrials stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to May 2026
-0.2%low

For every $100 of what the whole company costs, it produced $-0.18 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to May 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to May 2026
n/a

The filings do not give us enough to work this out.

Quality score: 72 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.

$92.14 a share, 393% above its 1-year low

Over the past year the price has ranged from $18.70 to $147.40.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
0.0
0.0
-0.0
-0.0
20222023202420252026
Revenue
$51m$65m$66m$59m$50m
Operating margin
15.3%20.6%15.2%-9.6%-28.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.03bn0.03bn0.03bn0.03bn0.03bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting checksSkipped: company is not yet profitable
  • DebtUnknown
  • Revenue growth, five yearsStrong, 24.7% a year
  • Buying back its own sharesNo, 15% more shares since 2022

The quarter to May 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $19 million last quarter, up 34% on a year ago.
  • Profit: $1 million, after a loss of $3 million a year ago.
  • It loses 28 cents on each $1 of sales, compared with 10 cents a year earlier.
  • Over the past 12 months it spent $5 million more cash than it brought in, compared with $12 million a year earlier.
  • Sales grew on a year ago in 1 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
August 2024$13m
November 2024$13m
February 2025$18m
May 2025$14m
August 2025$11m
November 2025$10m
February 2026$10m
May 2026$19m
Profit by quarter
Profit by quarter
Quarter toAmount
August 2024$660,000
November 2024-$1m
February 2025-$643,000
May 2025-$3m
August 2025-$2m
November 2025-$3m
February 2026-$3m
May 2026$1m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 July 2026
Next quarterly (estimated, 10-Q)
8 July 2026

Who owns it

4 long-term investors we follow own it, up from 3 last quarter. 262 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 13 sold $61m.

  • ROGERS VERNON
    Exec VP of Sales & Mktg.
    Sold
    Date
    17 August 2026
    Shares
    3,994
    Price
    $143.77
    Value
    $574,217
  • ROGERS VERNON
    Exec VP of Sales & Mktg.
    Sold
    Date
    14 August 2026
    Shares
    2,000
    Price
    $136.50
    Value
    $273,000
  • SLAYEN HOWARD T
    Director
    Sold
    Date
    14 August 2026
    Shares
    5,700
    Price
    $133.03
    Value
    $758,264
  • POSEDEL RHEA J
    Director
    Sold
    Date
    14 August 2026
    Shares
    5,973
    Price
    $140.00
    Value
    $836,220
  • SALAMONE ALBERTO
    EVP, PPBI BUSINESS
    Sold
    Date
    13 August 2026
    Shares
    9,672
    Price
    $127.72
    Value
    $1m
  • Erickson Gayn
    President and CEO, Director
    Sold
    Date
    12 August 2026
    Shares
    40,000
    Price
    $130.84
    Value
    $5m
  • POSEDEL RHEA J
    Director
    Sold
    Date
    12 August 2026
    Shares
    8,413
    Price
    $130.00
    Value
    $1m
  • SCOTT GEOFFREY GATES
    Director
    Sold
    Date
    12 August 2026
    Shares
    20,000
    Price
    $131.51
    Value
    $3m
  • ENGINEER ADIL
    Chief Operating Officer
    Sold
    Date
    12 August 2026
    Shares
    15,000
    Price
    $131.03
    Value
    $2m
  • OLIPHANT LAURA
    Director
    Sold
    Date
    12 August 2026
    Shares
    1,717
    Price
    $133.00
    Value
    $228,361

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Jul 2026, and no later 8-Ks.

  • One big customer

    Worth knowing

    One customer brings in a big share of sales: 26% last year. Losing that customer would hurt.

    “During fiscal 2026, three customers accounted for approximately 26%, 14% and 11% of the Company’s net revenues.”

    From the 10-K filed 27 July 2026, Item 1. Business. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.