Advanced Energy Industries (AEIS) Stock Analysis & Winston Score

Advanced Energy Industries, Inc. designs, manufactures, sells, and supports precision power conversion, measurement, and control solutions worldwide. It offers plasma power solutions, including direct current (DC), pulsed DC, low frequency alternating current, high voltage, and radio frequency (RF) power supplies, as well as RF power supplies, RF matching networks, and RF instrumentation products; and remote plasma sources for reactive gas applications. The company also provides power control mo

Winston Score History

Politician Trades

4 trades / 12mo

2 Congressional buys and 2 sells on AEIS in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.8% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+6.9% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$232M/ year

↑ Rising (+10% vs prior year)

12.9% of revenue

3.2x the sector average (4%)

Investing heavily in future products and technology

Insider Activity

1.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$791M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Advanced Energy Industries is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.6% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 38.4M (2021) → 38.6M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

39.4%

Modest — 39.4% gross margin

Operating Margin

13.1%

Healthy — 13.1% operating margin

ROCE

3.3%

Weak — 3.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+21.4%

Fast-growing sales (21.4% YoY)

EPS YoY

+176.2%

Earnings growing fast (176.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

157%

Turns 157% of profit into real cash

FCF Margin

7.0%

Modest free cash flow (7.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.42

Conservative — low debt load (0.42)

Interest Cover

11.55x

Comfortably covers interest (11.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

71.9x

Expensive — P/E 71.9

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+32.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (71.9 → 39.4)

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Dividends

Dividend Yield

0.11%

Small dividend — 0.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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