AEHR · Aehr Test Systems - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $66.22M | $66.22M | $64.96M | $50.83M | $16.60M | $22.29M |
| Cost of Revenue | $35.03M | $33.67M | $32.22M | $27.16M | $10.57M | $13.92M |
| Gross Profit | $23.93M | $32.54M | $32.75M | $23.66M | $6.03M | $8.37M |
| R&D | $10.46M | $8.72M | $7.13M | $5.82M | $3.65M | $3.39M |
| SG&A | $18.28M | $13.75M | $12.24M | $10.05M | $6.56M | $7.53M |
| Total Operating Expenses | $29.61M | $22.46M | $19.37M | $15.87M | $10.21M | $11.14M |
| D&A | $2.31M | $657.0K | $450.0K | $307.0K | $310.0K | $384.0K |
| Operating Income | ($5.68M) | $10.08M | $13.38M | $7.80M | ($4.18M) | ($2.77M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | ($381.0K) | ($20.70M) | $60.0K | ($91.0K) | ($177.0K) | $36.0K |
| Net Income | ($3.91M) | $33.16M | $14.56M | $9.45M | ($2.03M) | ($2.80M) |
| EPS - Basic | ($0.13) | $1.15 | $0.52 | $0.36 | ($0.09) | ($0.12) |
| EPS - Diluted | ($0.13) | $1.12 | $0.50 | $0.34 | ($0.09) | ($0.12) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $24.53M | $49.16M | $30.05M | $31.48M | $4.58M | $5.43M |
| Accounts Receivable | - | - | - | $12.86M | $5.20M | $3.72M |
| Inventory | $42.00M | $37.47M | $23.91M | $15.05M | $8.85M | $7.99M |
| Accounts Payable | $6.73M | $5.33M | $9.21M | $4.20M | $2.89M | $945.0K |
| Current Assets | $88.78M | $97.85M | $89.03M | $60.01M | $19.18M | $17.65M |
| Total Assets | $148.51M | $127.91M | $98.14M | $62.33M | $21.66M | $20.57M |
| Current Liabilities | $15.64M | $10.51M | $16.31M | $11.01M | $9.06M | $3.87M |
| Long-term Debt | - | - | - | - | $0 | $0 |
| Total Liabilities | $25.64M | $16.32M | $22.54M | $11.34M | $10.22M | $6.52M |
| Stockholders' Equity | $122.87M | $111.59M | $75.60M | $50.99M | $11.45M | $14.08M |
| Retained Earnings | ($23.06M) | ($19.15M) | ($52.31M) | ($66.86M) | ($76.31M) | ($74.29M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($7.40M) | $1.76M | $10.01M | $1.51M | ($2.70M) | ($2.02M) |
| Investing Cash Flow | ($16.07M) | $17.25M | ($18.66M) | ($416.0K) | ($227.0K) | ($163.0K) |
| Financing Cash Flow | $625.0K | $139.0K | $7.32M | $25.76M | $1.96M | $2.17M |
| CapEx | $4.99M | $749.0K | $1.36M | $416.0K | $227.0K | $163.0K |
| Free Cash Flow | ($12.39M) | $1.01M | $8.65M | $1.09M | ($2.93M) | ($2.19M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 36.1% | 49.1% | 50.4% | 46.6% | 36.3% | 37.6% |
| Operating margin | -8.6% | 15.2% | 20.6% | 15.3% | -25.2% | -12.4% |
| EBITDA margin | -5.1% | 16.2% | 21.3% | 15.9% | -23.3% | -10.7% |
| Net margin | -5.9% | 50.1% | 22.4% | 18.6% | -12.2% | -12.6% |
| Free cash flow margin | -18.7% | 1.5% | 13.3% | 2.1% | -17.6% | -9.8% |
| FCF / Net income | 3.17 | 0.03 | 0.59 | 0.12 | 1.44 | 0.78 |
| R&D / Revenue | 15.8% | 13.2% | 11.0% | 11.4% | 22.0% | 15.2% |
| SG&A / Revenue | 27.6% | 20.8% | 18.8% | 19.8% | 39.5% | 33.8% |
| Effective tax rate | - | -166.1% | 0.4% | -1.0% | - | - |
| Return on assets | -2.6% | 25.9% | 14.8% | 15.2% | -9.4% | -13.6% |
| Return on equity | -3.2% | 29.7% | 19.3% | 18.5% | -17.7% | -19.9% |
| Return on invested capital | - | - | - | - | -28.9% | -15.5% |
| Liquidity | ||||||
| Current ratio | 5.68 | 9.31 | 5.46 | 5.45 | 2.12 | 4.57 |
| Quick ratio | 2.99 | 5.75 | 3.99 | 4.08 | 1.14 | 2.50 |
| Cash ratio | 1.57 | 4.68 | 1.84 | 2.86 | 0.51 | 1.41 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | 0.00 | 0.00 |
| Debt / Assets | - | - | - | - | 0.00 | 0.00 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 1.21 | 1.15 | 1.30 | 1.22 | 1.89 | 1.46 |
| Liabilities / Assets | 0.17 | 0.13 | 0.23 | 0.18 | 0.47 | 0.32 |
| Efficiency | ||||||
| Asset turnover | 0.45 | 0.52 | 0.66 | 0.82 | 0.77 | 1.08 |
| Inventory turnover | 0.83 | 0.90 | 1.35 | 1.80 | 1.19 | 1.74 |
| Days sales outstanding | - | - | - | 92d | 114d | 61d |
| Days inventory outstanding | 438d | 406d | 271d | 202d | 306d | 209d |
| Days payable outstanding | 70d | 58d | 104d | 56d | 100d | 25d |
| Cash conversion cycle | - | - | - | 238d | 320d | 246d |
| Valuation | ||||||
| P / E | - | 10.3x | 66.0x | 24.6x | - | - |
| P / B | 2.3x | 3.1x | 12.8x | 4.6x | 0.0x | 0.0x |
| P / S | 4.3x | 5.1x | 14.9x | 4.6x | 0.0x | 0.0x |
| EV / EBITDA | - | 27.2x | 67.6x | 24.8x | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 0.0% | 1.9% | 27.8% | 206.2% | -25.5% | -24.6% |
| Revenue CAGR (3y) | 9.2% | 58.6% | 42.8% | 19.8% | -17.5% | 5.7% |
| Revenue CAGR (5y) | 24.3% | 17.5% | 17.1% | 21.9% | 2.7% | 17.3% |
| Gross profit growth (YoY) | -26.5% | -0.6% | 38.4% | 292.3% | -27.9% | 10.1% |
| Operating income growth (YoY) | - | -24.7% | 71.5% | - | -51.2% | 44.7% |
| Net income growth (YoY) | - | 127.8% | 54.0% | - | 27.7% | 46.5% |
| EPS growth (YoY) | - | 124.0% | 47.1% | - | 25.0% | 47.8% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | 90.4% | - | - | - |
| FCF growth (YoY) | - | -88.4% | 692.0% | - | -33.9% | 62.4% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 10.1% | 47.6% | 48.3% | 345.4% | -18.7% | -9.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-05-30.
Product / service
$58.97M totalContactors$30.85M · 52.3%
Systems$21.98M · 37.3%
Services$6.14M · 10.4%
Geographic
$58.97M totalAsia$37.09M · 62.9%
US$17.67M · 30.0%
Europe$4.20M · 7.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
2.56
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
1/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Instruments For Meas & Testing of Electricity & Elec Signals
Comparing AEHR TEST SYSTEMS against the 5 most active filers in the same SIC group.