Advanced Energy Industries
AEIS · NasdaqElectronic Components, NEC · Fiscal year ends Dec 31
Advanced Energy Industries reported revenue of $1.8B in the fiscal year ended Dec 2025, up 21.4% from the year before. Operating income was $168M, an operating margin of 9.3%, and net income was $148M. Operating cash flow of $233M less capital expenditure of $107M left free cash flow of $126M. Net debt was $344M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.8B | $1.7B | $1.5B | $1.8B |
| Cost of revenue | $924M | $1.2B | $1.1B | $953M | $1.1B |
| Gross profit | $532M | $676M | $592M | $529M | $677M |
| Research & development | $162M | $191M | $202M | $212M | $232M |
| Selling, general & admin | $192M | $218M | $221M | $225M | $242M |
| Operating income | $152M | $233M | $114M | $37M | $168M |
| Interest expense | $4M | $7M | $17M | $25M | $17M |
| Pre-tax income | $149M | $242M | $123M | $52M | $169M |
| Income tax | $14M | $40M | −$8M | −$4M | $19M |
| Net income | $135M | $200M | $128M | $54M | $148M |
| Diluted EPS | 3.51 | 5.29 | 3.40 | 1.43 | 3.84 |
| Diluted shares | 38M | 38M | 38M | 38M | 39M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $544M | $459M | $1B | $722M | $791M |
| Receivables | – | $301M | $282M | $265M | $325M |
| Inventory | $338M | $376M | $336M | $360M | $411M |
| Current assets | $1.2B | $1.2B | $1.7B | $1.4B | $1.6B |
| Net PP&E | $115M | $148M | $168M | $186M | $273M |
| Goodwill | $212M | $281M | $284M | $296M | $301M |
| Total assets | $1.8B | $2B | $2.6B | $2.3B | $2.5B |
| Payables | $194M | $170M | $142M | $144M | $224M |
| Current liabilities | $370M | $393M | $336M | $314M | $991M |
| Short-term debt | $20M | $20M | $20M | – | $568M |
| Long-term debt | $373M | $353M | $896M | $565M | $568M |
| Total liabilities | $946M | $926M | $1.4B | $1.1B | $1.2B |
| Shareholders' equity | $871M | $1.1B | $1.1B | $1.2B | $1.4B |
| Backlog (remaining obligations) | $7M | – | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $140M | $184M | $209M | $131M | $233M |
| Capital expenditure | $29M | $59M | $61M | $57M | $107M |
| Free cash flow | $111M | $125M | $148M | $74M | $126M |
| Depreciation & amortisation | $53M | $60M | $67M | $69M | $62M |
| Stock-based compensation | $16M | $20M | $31M | $46M | $56M |
| Acquisitions | $22M | $149M | – | $14M | – |
| Share buybacks | $78M | $27M | $40M | $2M | $30M |
| Dividends paid | $15M | $15M | $15M | $15M | $16M |
| Dividend per share | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.8% | −10.3% | −10.5% | 21.4% |
| Operating income growth (YoY) | – | 53.7% | −51.2% | −67.8% | 359.0% |
| EPS growth (YoY) | – | 50.7% | −35.7% | −57.9% | 168.5% |
| Gross margin | 36.6% | 36.6% | 35.8% | 35.7% | 37.7% |
| Operating margin | 10.4% | 12.6% | 6.9% | 2.5% | 9.3% |
| Net margin | 9.3% | 10.8% | 7.7% | 3.7% | 8.2% |
| Return on equityBlank when equity is negative | 15.5% | 18.7% | 11.2% | 4.5% | 10.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.5% | 14.6% | 5.1% | 1.9% | 10.8% |
| Free cash flow margin | 7.7% | 6.8% | 8.9% | 5.0% | 7.0% |
| Cash conversion (CFO ÷ net income) | 1.04x | 0.92x | 1.63x | 2.41x | 1.57x |
| Receivable days | – | 59 | 62 | 65 | 66 |
| Inventory days | 134 | 117 | 115 | 138 | 134 |
| Payable days | 77 | 53 | 49 | 55 | 73 |
| Interest cover | 42.4x | 31.8x | 6.85x | 1.46x | 10.1x |
| Debt ÷ equity | 0.45x | 0.35x | 0.80x | 0.47x | 0.83x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$152M | −$86M | −$129M | −$157M | $344M |
| Current ratio | 3.14x | 3.02x | 5.10x | 4.42x | 1.59x |
Recent filings
More in Electronic Components, Nec
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.