AEHR
Aehr Test Systems, Inc.

Aehr Test Systems, Inc.AEHR

Technology · Semiconductor Equipment & Materials
53.57USD
+8.97%
Nov 08, 2026
AEHR overview ready
Specialized wafer-level burn-in equipment for AI semiconductor reliability
Aehr supplies specialized semiconductor test and burn-in equipment and proprietary wafer contactors used to identify early-life failures and stabilize devices before later assembly or deployment.
Theme not measured
Semiconductor Test Equipment has no leadership state this session.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
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 multiple large hyperscaler orders to justify valuation.
Market Nov 6Price action Nov 7Research Sep 28

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction1.4BusinessPerformance—BusinessQuality3.1Valuation0.3ThemeMomentum—A revenue trend needs at least three unbroken comparable quarters, so none is read here.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Semiconductor Test Equipment — Semiconductor Test Equipment is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Semiconductors, reads Lagging (−22.2pp vs SPY) — the family’s reading, not this theme’s.
Price
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Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$1.7B
Avg Volume (60D)
2.9M
60 sessions
Revenue Growth YoY
-15.2%
Trailing twelve months
Gross Margin
+35.3%
Operating Margin
-28.3%
Trailing twelve months
Free Cash Flow Yield
-0.1%
Distance from 200DMA
-28.7%
P/E
N/M
EV / Sales
33.1x
Market metrics as of Nov 7, 2026

Business Performance

Insufficient evidence

A revenue trend needs at least three unbroken comparable quarters, so none is read here.

Latest reported: Q3 FY2026, ended Sep 25
Revenue growthNot enough data
$33.0M
$33.0M in Q3 FY2026 · no comparable year-ago quarter
YoY growth, last 4 quarters
  1. -15%
  2. -44%
  3. +34%
  4. n/a
Earnings growthNot enough data
$0.21
Diluted EPS $0.21 · GAAP
Too few comparable EPS quarters: a loss or a turn to profit has no meaningful percentage.
Operating marginNot enough data
18.3%
No year-ago comparison · gross margin 47.5%

Business Quality

3.1 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Both 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.

What changed

Company Research

Thesis
Aehr supplies specialized semiconductor test and burn-in equipment and proprietary wafer contactors used to identify early-life failures and stabilize devices before later assembly or deployment.
Opportunity
High opportunity
AI accelerator, high-performance logic, advanced-memory and optical-device production requires more intensive wafer-, die- and package-level reliability screening and burn-in before deployment into high-value AI systems.
Key risk
Dependence on multiple large hyperscaler orders to justify valuation.

Economic classification

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Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Aehr Test Systems designs, manufactures, and sells semiconductor test and burn-in equipment that operate at wafer, die, and package levels to identify early-life failures and stabilize devices before assembly or deployment.

How it earns

The company generates revenue primarily through transactional sales of its semiconductor test and burn-in systems and related proprietary wafer contactors.

Products & services
FOX-XP full wafer contact test and burn-in systems
FOX-NP singulated die/module test and burn-in systems
Customers & end markets
Semiconductor manufacturers
AI accelerator and high-performance logic device producers
Memory semiconductor producers
Market position

Niche specialist in wafer-level burn-in equipment for advanced semiconductor devices.

Demand drivers
High cyclicality

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

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