Is the business good?
How good a business is AEHR?
Aehr Test Systems, Inc. earns −11% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−11%
Return on invested capital · cost of capital 9.0% · 20 points below what the capital costs: growth destroys value
- Operating margin
- −28%
Operating margin · Semiconductor Equipment & Materials median 8.4% · 12 months to Q4 2026
- R&D as % of revenue
- 25%
R&D as % of revenue
- Gross margin
- 35%
Gross margin
| Year | Operating margin |
|---|---|
| FY2021 | −25% |
| FY2022 | 15% |
| FY2023 | 21% |
| FY2024 | 15% |
| FY2025 | −9.6% |
| FY2026 | −28% |
Details›
- Gross margin12 months to Q4 2026
- 35%
- Operating margin12 months to Q4 2026
- −28%
- Net margin12 months to Q4 2026
- −14%
- Free cash flow margin
- −11%
- R&D as % of revenue
- 25%
- Revenue, trailing twelve months
- $50M
- Free cash flow, trailing twelve months
- −$5.4M
- Net income, trailing twelve months
- −$7.1M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −11%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Semiconductor Equipment & Materials
Ranks #8 of 22 by Smart Score