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AEHR.NASDAQ
Aehr Test Systems
Information Technology · Semiconductor Materials & Equipment

Semiconductor test equipment company supplying wafer-level burn-in and test systems for silicon carbide, sensors, and photonics.

HQ: United StatesListed: United States

Profile & Fundamentals

Aehr Test Systems: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.

Profile & Fundamentals

Aehr Test Systems Profile & Fundamentals

Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.

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Profile & Fundamentals contents

Company and Market Context

Company Profile & Ownership

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.

AEHR.NASDAQ

Company profile record

Aehr Test Systems

Common Stock · Information Technology · Semiconductor Materials & Equipment

Official website

Company

Company / asset
Aehr Test Systems
Security type
Common Stock
Sector
Information Technology
Industry
Semiconductor Materials & Equipment
HQ
🇺🇸 United States
Head office
400 Kato Terrace, Fremont, CA, United States, 94539

Leadership & scale

Chief executive
Mr. Gayn Erickson
CEO year born
1964
Full-time employees
138
Fiscal year end
May
IPO date
1997-08-14

Fundamentals snapshot

Updated 2026-09-27
Market Cap
USD 2.8B
P/E
--
Revenue (Q2 26)
USD 19.8M
Profit (Q2 26)
USD 1.4M
Dividend Yield
--
Revenue (FY 26)
USD 50.0M
Shares in public float
31.3M
Insider ownership
3.85%

Reporting & identifiers

Symbol
AEHR.NASDAQ
Listing
🇺🇸 United States | Dividend Tax: 30%
Ticker Currency
USD
Income Statement Currency
USD
Balance Sheet Currency
USD
Cash Flow Currency
USD
EPS Currency
USD
Contract Type
SPOT
ISIN
US00760J1088
Asset ID
equity_3ed5998a-59fd-53b0-a4f4-bc8470ba84d4

Ownership

Shares Outstanding

Latest: 30.7M | Max: 30.7M | Min: 22.3M

Shares Outstanding
38.6M29.0M19.3M9.7M0.00
30.7M
'17
'19
'21
'23
'25
'26

Latest reported ownership snapshot

As of Oct 1, 2026

Float Shares

101.97%

31.3M latest reported shares

Insider Ownership

3.85%

Latest reported insider stake

Short Float

0.17%

Latest reported short interest / float

Top Holders

Top 5 concentration: 26.50%
BlackRock Inc
institution
Filed 2026-03-31 • Change +159.8K (+7.51%)
7.00%(2.3M shares)
FMR Inc
institution
Filed 2026-03-31 • Change -365.3K (-14.57%)
6.56%(2.1M shares)
Awm Investment Company Inc
institution
Filed 2026-03-31 • Change +57.2K (+3.72%)
4.88%(1.6M shares)
T. Rowe Price Associates, Inc.
institution
Filed 2026-03-31 • Change +1.3M (+3824.36%)
4.13%(1.3M shares)
Vanguard Capital Management, LLC
institution
Filed 2026-03-31 • Change +1.3M (0.00%)
3.92%(1.3M shares)
The Goldman Sachs Group Inc
institution
Filed 2026-03-31 • Change +1.1M (+616.90%)
3.86%(1.3M shares)
D. E. Shaw & Co LP
institution
Filed 2026-06-30 • Change +835.8K (+244.64%)
3.61%(1.2M shares)
Source tablesView ownership tables

Shares Outstanding

Annual reported shares outstanding; up to 10 reporting dates.

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Shares outstanding — reported values
Reporting dateShares outstanding
2017-01-0122,883,000
2018-01-0122,294,000
2019-01-0122,912,000
2020-01-0123,396,000
2021-01-0128,342,000
2022-01-0129,080,000
2023-01-0129,769,000
2024-01-0129,659,000
2025-01-0130,050,000
2026-01-0130,669,000

Top Holders

Available reported ownership records.

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Largest reported holders
HolderSharesOwnershipReported date
BlackRock Inc2,286,8997%2026-03-31
FMR Inc2,142,6396.56%2026-03-31
Awm Investment Company Inc1,593,9714.88%2026-03-31
T. Rowe Price Associates, Inc.1,349,3514.13%2026-03-31
Vanguard Capital Management, LLC1,281,8573.92%2026-03-31
The Goldman Sachs Group Inc1,262,0433.86%2026-03-31
D. E. Shaw & Co LP1,177,4213.61%2026-06-30
Two Sigma Investments LLC1,164,6143.57%2026-06-30
Vanguard MStar Total Stk Mkt Idx Invest953,0532.92%2026-08-31
Vanguard Portfolio Management, LLC917,8762.81%2026-03-31
iShares Russell 2000 ETF782,1542.39%2026-08-31
Geode Capital Management, LLC725,7112.22%2026-03-31
Vanguard Information Technology ETF711,5422.18%2026-08-31
Fidelity Small Cap Growth660,3312.02%2026-06-30
State Street Corp623,3061.91%2026-03-31

Earnings, Profitability & Valuation

Earnings, Profitability & Valuation

Earnings & Revenue

Earnings and Revenue Trajectory

AI Review

The company's recent earnings show an abrupt turnaround from a painful cyclical downturn into an aggressive order rebound. Fiscal 2026 revenue dropped fifteen percent to fifty million dollars, resulting in an operating loss of fourteen million dollars as older electric-vehicle silicon carbide orders evaporated. However, the fourth quarter rebounded sharply to nearly nineteen million dollars as shipments began for new artificial intelligence and optical networking customers. This dramatic recovery is driven by an effective order backlog reaching one hundred million dollars, supporting management guidance for fiscal 2027 revenue between one hundred thirty and one hundred fifty million dollars. While this incoming wave ensures near-term sales acceleration, profits remain vulnerable to delivery timing and customer concentration.

Revenue, Net Income, and Free Cash Flow

Latest: USD 50.0M | Max: USD 66.2M | Min: USD -12.4M

RevenueFree Cash FlowNet Income
USD 86.7MUSD 59.5MUSD 32.4MUSD 0.00USD -21.8M
50.0M
-5.4M
-7.1M
'17
'19
'21
'23
'25
'26

Valuation

P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.

Latest: 10x

78x58x39x19x0x
26x
10x
'22'24

Profitability & Margins

Margins and Operating Efficiency

AI Review

Profit margins have experienced severe swings due to changing factory production volumes. Gross margin tumbled from forty-nine percent in fiscal 2024 to thirty-five percent in fiscal 2026, pushing operating margins down to negative twenty-eight percent. This margin decay occurred because fixed factory overhead and rising research expenses could not be covered by falling legacy revenues. Profitability should rebound strongly toward twenty percent operating margins as high-volume systems and proprietary replacement contactors ship throughout fiscal 2027. Yet this margin recovery is cyclical rather than permanent. Whenever lead customers pause tooling purchases between chip generations, lower factory throughput will quickly squeeze profit margins back down toward breakeven levels.

Profitability Margins

Latest: 35.3% | Max: 50.4% | Min: -29.9%

Gross MarginOperating MarginNet Margin
71.3%43.6%15.9%0.0%-11.8%-39.6%
35.3%
-28.3%
-14.3%
'17
'19
'21
'23
'25
'26

Latest Profitability Ratios as of 2026-05-31

Gross Margin

35.3%

Gross profit / revenue

Operating Margin

-28.3%

Operating income / revenue

Net Margin

-14.3%

Net income / revenue

FCF Margin

-10.8%

Free cash flow / revenue

Source tablesView earnings, profitability & valuation tables

Revenue, Net Income, and Free Cash Flow

Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.

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Annual earnings and cash flow
Period endRevenue (USD)Net income (USD)Free cash flow (USD)
2017-05-3118,898,000-5,653,000-4,972,000
2018-05-3129,555,000528,000-1,923,000
2019-05-3121,056,000-5,235,000-5,810,000
2020-05-3122,291,000-2,802,000-2,187,000
2021-05-3116,600,000-2,027,000-2,928,000
2022-05-3150,829,0009,450,0001,092,000
2023-05-3164,961,00014,557,0008,649,000
2024-05-3166,218,00033,156,0001,006,999
2025-05-3158,968,000-3,910,000-12,392,000
2026-05-3150,001,000-7,126,000-5,376,000

Published P/E Ratio

Published valuation snapshots retain each observation's earnings basis.

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Published valuation snapshots
Period endP/E (times earnings)Earnings basis
2024-05-3110.3Trailing four quarters
2023-05-3167.53Annual net income
2022-05-3125.79Annual net income

Profitability Margins

Matching annual reporting dates. Values are percentages.

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Annual profitability margins
Period endGross margin (%)Operating margin (%)Net margin (%)Free cash flow margin (%)
2017-05-3135.88-26.08-29.91-26.31
2018-05-3141.913.11.79-6.51
2019-05-3136.1-20.3-24.86-27.59
2020-05-3137.55-11.42-12.57-9.81
2021-05-3136.34-25.19-12.21-17.64
2022-05-3146.5615.3518.592.15
2023-05-3150.4120.5922.4113.31
2024-05-3149.1515.2250.071.52
2025-05-3140.59-7.31-6.63-21.01
2026-05-3135.3-28.3-14.25-10.75

Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-09-29.

Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.

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