Aehr Test Systems (AEHR) Stock

Aehr Test Systems (AEHR) is a Technology stock trading at $105.68 (as of 2026-08-20), with a market capitalization of $3.32B. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Insufficient information: the company’s SEC 10-K (Item 1, Business) text is not provided. Please paste Aehr Test Systems’ SEC 10-K “Business” section so I can produce a 1–2 sentence, ~45-word description based only on that source.

Understand Aehr Test Systems: how it makes money

Aehr Test Systems sells semiconductor test and burn-in systems and related handling products, such as ABTS and FOX test and burn-in families plus wafer pack and die pack equipment, and it makes money primarily from product and (potentially) follow-on consumables and services.

The profit model is driven by the timing of system orders and the follow-on replenishment cycle, reflected in metrics like Book-to-Bill Ratio plus follow-on FOX XP wafer-level test and burn-in system orders and wafer packs orders.

Revenue by segment (latest quarter)
Products$0.0B
Consumables$0.0B
Services$0.0B

Business quality (Weak): Clear focus on test and burn-in throughput equipment and follow-on replacement activity, but recent reported results show very limited revenue and a sharply negative operating margin.

Bull case

  • Demand signals: Book-to-Bill Ratio is 3.5, indicating orders are running ahead of shipments in the period.
  • Follow-on momentum: FOX XP Wafer-Level Test and Burn-In System Order (Follow-on) is 0.02B and Wafer Packs Order (Follow-on) is 0.01B.
  • Customer engagement on upgrades and benchmarks: 10 companies are listed as visiting Aehr to review Sonoma system enhancements, and 10 additional companies are engaged for on-wafer benchmarks.

Bear case

  • Earnings pressure: Operating margin is -41.0%, indicating the company is not currently converting gross profit into operating profit.
  • Small and potentially lumpy revenue base: Total revenue is reported as 0.0B, while the provided breakdown shows Product Revenue of 0.01B, suggesting results may be very small and/or timing dependent.
  • Limited near-term consumables and services contribution (in the provided breakdown): Wafer Pack and Die Pack Consumables Revenue is 0.0B and Service Revenue is 0.0B in the provided figures.
Valuation — source: SEC EDGAR (first-party)
Price$105.68
Market Cap$3.32B
Price / Book15.14
Price / Sales66.48
FCF Yield-0.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$50.00M
Net Margin-14.3%
Revenue Growth (YoY)-15.2%
EPS Growth (YoY)76.9%
FCF Growth (YoY)-56.6%
Financial Health — source: SEC EDGAR
Altman Z-Score76.74 (safe)
Valuation vs Sector & Industry
Sector P/E (Technology)33.9
Industry P/E (Measuring & Control Equipment)51.8
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($84.80M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryMeasuring & Control Equipment
CEOGayn Erickson
Employees115
CountryUS
IPO Date1997-08-15

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AEHR earnings history · AEHR institutional & insider holders · AEHR KPIs & operating metrics · AEHR financials · AEHR investor presentations & press releases · AEHR SEC filings · AEHR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.