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Scientific & technical instruments · Technology · Fiscal year ends Dec 31
AEHR Test Systems reported revenue of $50M in the fiscal year ended May 2026, down 15.2% from the year before. Operating income was −$14M, an operating margin of −28.3%, and net income was −$7M. Operating cash flow of −$3M less capital expenditure of $2M left free cash flow of −$5M.
Ranks among the 19 scientific & technical instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue | 50.8 | 65.0 | 66.2 | 59.0 | 50.0 |
| Cost of revenue | 27.2 | 32.2 | 33.7 | 35.0 | 32.4 |
| Gross profit | 23.7 | 32.7 | 32.5 | 23.9 | 17.7 |
| Research & development | 5.8 | 7.1 | 8.7 | 10.5 | 12.6 |
| Selling, general & admin | 10.0 | 12.2 | 13.7 | 18.3 | 19.2 |
| Operating income | 7.8 | 13.4 | 10.1 | −5.7 | −14.1 |
| Net interest incomeBanks | 0.0 | 1.2 | 2.4 | 1.4 | 1.4 |
| Pre-tax income | 9.5 | 14.6 | 12.5 | −4.3 | −11.7 |
| Income tax | 0.1 | 0.1 | −20.7 | −0.4 | −4.6 |
| Net income | 9.5 | 14.6 | 33.2 | −3.9 | −7.1 |
| Diluted EPS | 0.34 | 0.50 | 1.12 | −0.13 | −0.23 |
| Diluted shares | 27.8 | 29.2 | 29.6 | 29.6 | 30.7 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 31.5 | 30.1 | 49.2 | 24.5 | 116 |
| Receivables | 12.9 | 16.6 | – | – | – |
| Inventory | 15.1 | 23.9 | 37.5 | 42.0 | 41.4 |
| Current assets | 60.0 | 89.0 | 97.8 | 88.8 | 184 |
| Net PP&E | 1.2 | 2.8 | 3.3 | 9.0 | 8.9 |
| Goodwill | – | – | 0.0 | 10.7 | 10.7 |
| Total assets | 62.3 | 98.1 | 128 | 149 | 247 |
| Payables | 4.2 | 9.2 | 5.3 | 6.7 | 6.8 |
| Deferred revenue | 2.5 | 2.9 | 1.4 | 2.0 | 5.2 |
| Current liabilities | 11.0 | 16.3 | 10.5 | 15.6 | 17.9 |
| Short-term debt | 0.0 | – | – | – | – |
| Total liabilities | 11.3 | 22.5 | 16.3 | 25.6 | 27.2 |
| Shareholders' equity | 51.0 | 75.6 | 112 | 123 | 220 |
| Backlog (remaining obligations) | 0.2 | 0.2 | – | – | – |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 1.5 | 10.0 | 1.8 | −7.4 | −3.3 |
| Capital expenditure | 0.4 | 1.4 | 0.7 | 5.0 | 2.1 |
| Free cash flow | 1.1 | 8.6 | 1.0 | −12.4 | −5.4 |
| Depreciation & amortisation | 0.4 | 0.5 | 0.7 | 2.3 | 2.8 |
| Stock-based compensation | 3.0 | 2.7 | 2.5 | 5.2 | 6.8 |
| Acquisitions | – | 0.0 | 0.0 | 11.1 | 1.8 |
| Fiscal year | May 2022 | May 2023 | May 2024 | May 2025 | May 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 27.8% | 1.9% | −10.9% | −15.2% |
| Operating income growth (YoY) | – | 71.5% | −24.7% | −156.3% | – |
| EPS growth (YoY) | – | 47.1% | 124.0% | −111.6% | – |
| Gross margin | 46.6% | 50.4% | 49.1% | 40.6% | 35.3% |
| Operating margin | 15.3% | 20.6% | 15.2% | −9.6% | −28.3% |
| Net margin | 18.6% | 22.4% | 50.1% | −6.6% | −14.3% |
| Return on equityBlank when equity is negative | 18.5% | 19.3% | 29.7% | −3.2% | −3.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 15.2% | 16.3% | 8.6% | −4.3% | −6.2% |
| Free cash flow margin | 2.1% | 13.3% | 1.5% | −21.0% | −10.8% |
| Cash conversion (CFO ÷ net income) | 0.16x | 0.69x | 0.05x | 1.89x | 0.46x |
| Receivable days | 92 | 93 | – | – | – |
| Inventory days | 202 | 271 | 406 | 438 | 467 |
| Payable days | 56 | 104 | 58 | 70 | 76 |
| Current ratio | 5.45x | 5.46x | 9.31x | 5.68x | 10.3x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.