Rankings Chip equipment Aehr Test Systems
Aehr Test Systems
51
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history and peers−30
- Margin−6
- Customer concentration−6
Strengths
- Record orders and order book+3
- Net cash+1
How the score is built
From 100 to 51, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 51.47 USD
- Median analyst target
- 120.00 USD
- Upside to median
- +133.1%
- Analysts
- 6
- Target range
- 110.00 – 175.00 USD
- 52-week change
- +98%
- P/E (trailing)
- n/a
- Forward P/E
- 57.7
- PEG
- 0.30
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−10 of −30
- −6MarginOperating margin -28.3% in FY26 (-7.3% in FY25) versus +15-21% in FY22-24; gross margin has fallen from 50.4% (FY23) to 35.3%. ROIC -12.6% (not counted again).
- −4Quality of growthRevenue has fallen three years in a row (66.2 → 59.0 → 50.0m USD), and silicon carbide has gone from over 95% to under 5% of revenue; the business has effectively been reinvented around AI processors and hyperscaler chips, where several opportunities are still at benchmark or pilot stage.
Price
Today's multiples against the company's own history and its peers. · 1 finding−30 of −35
- −30Multiples vs own history and peersP/S 55 versus 4.4-14.4 in FY22-25 and EV/Sales 53 versus 3.8-13.9; P/B 12.5 versus 2.3-12.4; forward P/E 113 versus 13-36 in FY22-24. Even on FY27 guidance (USD 130-150m), forward P/S is about 20. The stock is +227% in a year.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−13 of −35
- −6Customer concentrationGrowth rests on few customers: a 'lead AI production customer', a 'lead hyperscale customer' and a single silicon carbide customer; the order book of about USD 100m equals 2/3 of FY27 guidance, so the loss or delay of one order hits hard.
- −3Dilution97.4m USD raised net in public equity offerings in FY26; share count rose from 29.9m to 32.5m (+8.7%) and +8% in the latest quarter. Stock-based compensation 6.8m USD = 14% of revenue.
- −3Execution and guidance riskFY27 guidance of 130-150m USD requires 160-200% growth; Q4 revenue (18.8m) was below consensus (19.1m), and the history is very uneven with large swings between quarters.
- −1
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Record orders and order bookRecord orders of USD 60.7m in Q4 FY26 and an order book of 80.6m (effective order book 100.6m including post-quarter orders) versus revenue of 50m for the full year.
- +1Net cashCash of USD 116m against debt of 10m, i.e. net cash of 106m (about 4% of market cap).
Caveats
What the score does not capture, or where the data is weak.
The fiscal year has been changed from May to June; Q1 FY27 (to 25/9-2026) will not be published until 2/11-2026. Loss-making TTM, so T2 is based on P/S, EV/Sales and forward P/E. Customers are not named (only 'lead AI production customer' and 'lead hyperscale customer'), and share per customer is not disclosed. Insider trading in 2026 has not been examined (nothing found) - the criterion is therefore 0.
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