| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 10 | — | 17.8x | Bottom tier | |
Growth | 23 | -15.2% | 7.1% | Bottom tier | |
Quality | 29 | -5.2% | 4.5% | Bottom tier | |
Safety | 74 | — | 2.6x | Top tier | |
Capital Return | 67 | — | 2.12% | Top tier | |
Momentum | 85 | 285.2% | 2.9% | Top tier | |
Sentiment | 21 | 2 | 3 | Bottom tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Aehr Test Systems develops semiconductor burn-in and test systems at the wafer level and package level, serving artificial intelligence processors, silicon photonics, and power semiconductors. The company generates revenue from sales of FOX and Sonoma platforms, along with consumable and recurring components such as WaferPak and burn-in boards; contactor revenue reached $5.8 million, or 31% of fiscal Q4 2026 revenue. WaferPak technology enables temperature control for each die, while FOX systems can process up to nine wafers in parallel, supporting their use in high-volume production testing.
Fiscal Q4 2026 revenue was approximately $18.8 million, up 34% from $14.1 million in the comparable period, and gross profit under EDGAR was approximately $8.0 million, equivalent to a gross margin of about 42.6%, while the company recorded net income of $1.4 million. On a non-GAAP basis, gross margin was 45% and net income was $3.6 million, or $0.11 per diluted share. Artificial intelligence processors and silicon photonics accounted for more than 80% of quarterly revenue, compared with 56% in the comparable period.
For fiscal 2026, revenue was $50.0 million, down 15%, gross profit under EDGAR was approximately $17.7 million, net loss was $7.1 million, and loss per share was $0.23. Annual non-GAAP gross margin was 38.5%, compared with 44% in fiscal 2025, while burn-in and screening applications for artificial intelligence processors, central processing units, and network processors contributed approximately 71% of annual revenue, and testing of optical devices and data center infrastructure added approximately 20%. The company ended the year with cash, cash equivalents, and restricted cash of $116.5 million after raising approximately $100 million, primarily through its at-the-market program.
Automated analysis for informational purposes only — not investment advice.
The average analyst price target is $136.67, with a wide range of $110 to $175 and a Neutral consensus; the average is approximately 7% below the 52-week high of $147.4, while the highest target exceeds that high. No positive price-to-earnings ratio is available following a fiscal 2026 net loss of $7.1 million, so the valuation depends heavily on executing fiscal 2027 revenue guidance of $130 million to $150 million and achieving a non-GAAP pretax profit margin of between 18% and 22%. The difference between the lowest and highest targets, together with the 52-week range of $18.7 to $147.4, confirms that the market and analysts assign varying outcomes to the likelihood of converting backlog into revenue and profitability.
Figures in the text are as of 2026-09-01; the live price is shown at the top of the page.
Management expects fiscal 2027 revenue of between $130 million and $150 million, compared with $50.0 million in fiscal 2026, equivalent to growth of between 160% and 200%. This is supported by an effective backlog of approximately $100.6 million after adding $20 million in bookings following year-end. Management expects approximately 70% of the mix to come from artificial intelligence, approximately 15% to 20% from silicon photonics, with the remainder contributed by power semiconductors and other applications. The guidance does not include memory revenue, and the contribution from the new benchmark-testing customer is very limited or not included.
In April 2026, Aehr received a record $41 million order from a high-performance computing customer for Sonoma systems and their consumables, with the systems scheduled to go to an assembly and test service provider in Taiwan. On August 12, 2026, the company announced an additional $22 million production order from its lead artificial intelligence processor customer for wafer-level test systems. Management indicates that package-level Sonoma revenue could reach approximately $50 million within the fiscal 2027 mix, with a significant portion of shipments concentrated in fiscal Q2 2027. The two transactions demonstrate the company's exposure to both package-level burn-in and wafer-level burn-in within the artificial intelligence processor market.
Fiscal Q4 2026 revenue was approximately $18.8 million, up 34% from $14.1 million in the comparable period. The financial statements under EDGAR recorded gross profit of $8.0 million and net income of $1.4 million, while non-GAAP net income was $3.6 million, or $0.11 per diluted share. Non-GAAP gross margin increased to 45% from 35% due to higher revenue, improved manufacturing utilization, and product mix. However, full-year fiscal 2026 remained weaker, with revenue declining 15% and an EDGAR net loss of $7.1 million.
Two years ago, more than 95% of Aehr's business was tied to electric-vehicle silicon carbide, while approximately 95% of fiscal 2026 revenue came from other markets. Artificial intelligence processors, central processing units, and network processors represented approximately 71% of annual revenue, and optical devices and data center components added approximately 20%. On August 4, 2026, the company announced an order for a FOX-XP system from a silicon photonics customer, and it also completed its first burn-in solution for a 300 mm GaN wafer and sold its first FOX system for a silicon MOSFET application. However, approximately $8 million in silicon carbide orders during the month preceding the July 14, 2026 call showed that the former market could remain a contributor.
Three customers each represented more than 10% of fiscal Q4 2026 revenue, while artificial intelligence and silicon photonics applications generated more than 80% of quarterly revenue. Achieving fiscal 2027 guidance requires increasing revenue from $50.0 million to between $130 million and $150 million, with Sonoma shipments concentrated in fiscal Q2 2027. Management also reported a 40% increase in the prices of some power modules and continues to incur expenses related to the Semi and Nexus Test patent lawsuit in China. In addition, insiders recorded net sales of $17.8 million across 17 sales and no purchases during the three months ended with the latest transaction on August 17, 2026, with the caveat that insider sales may be prearranged and are not sufficient on their own to assess the company's outlook.
