AEHR
Aehr Test Systems, Inc.

Aehr Test Systems, Inc.AEHR

Technology · Semiconductor Equipment & Materials
100.60USD
+3.79%
Sep 23, 2026
AEHR overview ready
Specialized Test and Burn-In Equipment Enabling Higher Yields for AI Processors
Aehr supplies specialized semiconductor test and burn-in equipment, including full-wafer and singulated-die systems, used to screen and qualify AI/data-center processors, silicon-photonics devices, and power semiconductors before later-stage integration and deployment.
Strong narrative exposure
Exposed to the Semiconductor Supply Chain Localization narrative through Advanced Packaging and Semiconductor Test — enabling supplier.
An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Fundamentals under pressure
Ev / sales is weak.
Primary risk
Dependence on orders from a limited number of hyperscale customers.
Market Sep 22Filing May 29Price action Sep 22Research Aug 28

Conviction Level

NarrativeHeat8.7ThemeHeat8.2PriceAction9.1Valuation0.3CompanyPosition9.3
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads extended trend, with a near-term setup of daily advance.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA100 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$3.3B
Avg Volume (60D)
2.6M
60 sessions
Revenue Growth YoY
-15.2%
FY2026 vs FY2025
Gross Margin
+35.3%
Trailing twelve months
Operating Margin
-28.3%
Trailing twelve months
Free Cash Flow Yield
-0.2%
Distance from 200DMA
+51.1%
Next Earnings
2026-11-02
P/E
N/M
EV / Sales
63.3x
Market metrics as of Sep 22, 2026
Financial results for the period ended May 29, 2026
Filed balance-sheet data as of May 31, 2022

Fundamentals & Valuation

All three valuation perspectives agree this company is expensive.
Aehr Test Systems, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

Company Research

Thesis
Aehr supplies specialized semiconductor test and burn-in equipment, including full-wafer and singulated-die systems, used to screen and qualify AI/data-center processors, silicon-photonics devices, and power semiconductors before later-stage integration and deployment.
Opportunity
High opportunity
Investment in advanced semiconductor assembly, reliability screening, burn-in, and test capacity as AI processors, high-performance compute devices, and complex heterogeneous packages require higher yields and earlier defect detection.
Key risk
Dependence on orders from a limited number of hyperscale customers.

Narrative & Theme

Semiconductor Supply Chain Localization
Part of Advanced Packaging and Semiconductor Test, with strong fit.
It is a close adjacent beneficiary of the same advanced-semiconductor test demand system: its wafer-level and package-level burn-in platforms address reliability, yield-loss, and test-cost challenges for increasingly valuable AI and data-center semiconductor devices.
Narrative HeatHot8.7 / 10
Theme HeatHeating up8.2 / 10

Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Aehr Test Systems designs and manufactures test and burn-in equipment for semiconductor devices at wafer, die, and package levels, serving customers globally across multiple regions.

How it earns

The company generates revenue primarily through transactional sales of its semiconductor test systems and related services.

Products & services
FOX-XP full wafer contact test and burn-in system
FOX-NP singulated die/module test and burn-in system
Customers & end markets
Semiconductor manufacturers
Memory and logic device producers
Power semiconductor makers
Market position

Niche specialist focused on wafer-level burn-in testing within the semiconductor equipment industry.

Demand drivers
High cyclicality

Semiconductor equipment demand is closely tied to semiconductor industry cycles and capital spending patterns.