Aehr Test Systems (AEHR) intrinsic value & 10-year financials
Aehr Test Systems (AEHR) has a Graham intrinsic value of $30.28 per share. At $60.60 on Oct 17, 2026, the stock trades 100% above that value. Over the last 10 fiscal years revenue grew 11.4% a year to $50.0M, with an average return on invested capital of -10.4%.
- Graham intrinsic value
- $30.28
- Share price (Oct 17, 2026)
- $60.60
- Price vs Graham value
- 100% above
- Market cap
- $1.9B
- Revenue (FY2026)
- $50.0M
- Revenue growth (10-yr CAGR)
- 11.4%
- ROIC (10-yr avg)
- -10.4%
- Free cash flow (FY2026)
- -$5.4M
AEHR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $50.0M | -$7.1M | -$0.23 | -$5.4M | -28.3% | -7.8% |
| FY2025 | $59.0M | -$3.9M | -$0.13 | -$12.4M | -9.6% | -5.9% |
| FY2024 | $66.2M | $33.2M | $1.12 | $1.0M | 15.2% | 16.8% |
| FY2023 | $65.0M | $14.6M | $0.50 | $8.6M | 20.6% | 37.3% |
| FY2022 | $50.8M | $9.4M | $0.34 | $1.1M | 15.3% | 53.3% |
| FY2021 | $16.6M | -$2.0M | -$0.00 | -$2.9M | -25.2% | -35.8% |
| FY2020 | $22.3M | -$2.8M | -$0.00 | -$2.2M | -12.4% | -25.2% |
| FY2019 | $21.1M | -$5.2M | -$0.00 | -$5.8M | -23.7% | -53.7% |
| FY2018 | $29.6M | $528.0K | $0.00 | -$1.9M | 3.1% | 13.4% |
| FY2017 | $18.9M | -$5.7M | -$0.00 | -$5.0M | -26.1% | -96.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AEHR TEST SYSTEMS is a consistent compounder, expanding top-line revenue at 11.4% annually over the past decade.
AEHR TEST SYSTEMS has historically struggled to out-earn its cost of capital, averaging just -10.4% ROIC.
Over the decade, AEHR TEST SYSTEMS shows that management has aggressively returned capital to shareholders by retiring 99.8% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AEHR TEST SYSTEMS is modeled at 11.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $30.28 per share.