Aehr Test Systems

AEHR

Semiconductors · Technology

Price

$81.05

-3.15 (-3.74%)

Market Cap

$2.55B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+10.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 27.8M (2022) → 30.7M (2026)

Aehr Test Systems provides test systems for burning-in and testing logic, optical, and memory integrated circuits worldwide. It offers products, such as the ABTS and FOX-P families of test and burn-in systems and FOX WaferPak Aligner, FOX-XP WaferPak Contactor, FOX DiePak Carrier, and FOX DiePak Loader. The ABTS system is used in production and qualification testing of packaged parts for lower power and higher power logic devices, as well as various common types of memory devices. The FOX-XP and

Winston Score History

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

-43.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-363.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$13M/ year

↑ Rising (+21% vs prior year)

25.3% of revenue

1.7x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

5.6%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~3 years

$37M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$37M cash & investments at current burn rate

Heavy R&D investment

Aehr Test Systems is putting 25% of revenue into R&D and that number is rising. That's 1.7x the sector average. With 3+ years of cash runway, they have time to let it pay off.

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.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

32.7%

Modest — 32.7% gross margin

Operating Margin

-41.0%

Losing money on operations — -41.0%

ROCE

-3.0%

Weak — -3.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+8.2%

Steady sales growth (8.2% YoY)

EPS YoY

-149.5%

Earnings shrinking (-149.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-25.0%

Burning cash (-25.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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