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Aehr Test Systems (AEHR) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Aehr Test Systems stock $35.01, price $59.57, that is 41.2% below the price, quality 34 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Technology US

AT Aehr Test Systems logo Thin data Nov 11, 2026

Aehr Test Systems

AEHR · US
Very expensive, weak quality

Our calculation puts a fair price 41% below what the stock costs today.

Low debt
Positive coverage
Revenue last quarter +34% vs. a year ago.
Insiders sold $19.9M (6M)
Fair value $35.01 · Strongly overvalued
Quality 34/100
Weak Growth (revenue 3y −8.4 %/yr in USD)
Loss-making · -14.3% net margin (TTM)
Negative free cash flow
Trails peers (4/11)
Narrow moat 31/100
Thin data
⟳ CyclicalEstimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$145.61 $5.23 Fair Value $35.01 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range $5.23 – $145.61 · fair‑value band $26.26 – $43.76 · the $59.57 price screens above the $35.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

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Company profile

Aehr Test Systems, Inc. provides test solutions for testing, burning-in, and semiconductor devices in wafer level, singulated die, package part form, and installed systems in the United States, Asia, and Europe.

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Its product portfolio includes FOX-XP and FOX-NP systems that are full wafer contact and singulated die/module test and burn-in systems that test, burn-in, and stabilize range of devices, including silicon carbide-based and other power semiconductors, 2D, and 3D sensors used in mobile phones, tablets and other computing devices, memory semiconductors, processors, microcontrollers, systems-on-a-chip, and photonics and integrated optical devices.

The company offers FOX-CP system, a low-cost single-wafer compact test solution for logic, memory, and photonic devices; and FOX WaferPak Contactor, a full wafer contactor capable of testing wafers up to 300mm that enables integrated circuit manufacturers to perform test, burn-in, and stabilization of full wafers on the FOX-P systems.

In addition, it provides FOX DiePak Carrier, which allows testing, burning in, and stabilization of singulated bare die and modules; and FOX DiePak Loader. The company was incorporated in 1977 and is headquartered in Fremont, California.

Stock analysis

Aehr Test Systems (AEHR) currently trades at $59.57, while our estimate is $35.01, 41% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: $26.26 (bear) to $43.76 (bull), the price of $59.57 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 34/100 (below-average quality), in the Technology sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Aehr Test Systems reported revenue of $50.0M in FY2026 versus $50.8M in FY2022, a compound −0.4%/yr. Reported net income was −$7.1M in FY2026.

Key figures

Market cap $1.8B Small · P/S ratio 39.1 · EPS (TTM) $−0.2600 · Net margin −14.3% · Return on equity −4.2% · Return on assets (EBIT) 5.1% (5-year average) · Operating margin 18.3% · Revenue (TTM) $50.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (medium confidence).

What moves the price

The share trades about 59% below its 52-week high and 207% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Technology peers we cover trades at −11% fair-value upside, at −41%, AEHR screens richer than that median.

Fair Value

Bear $26.26 Fair Value $35.01 Bull $43.76
Price $59.57 · Downside -41.2%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 34/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 10
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 29
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 33
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 66
Distance to the 52-week high, does not count
New shares 55
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, 10 officers or directors sold shares worth $19.9M and none bought.

  • SaleVernon RogersExec VP of Sales & Mktg.6× since Apr 10, 2026: 35,799 shares, avg. $92.82$3.3MAug 17, 2026
  • SaleRhea J PosedelDirector9× since Feb 13, 2026: 114,890 shares, avg. $83.12$9.5MAug 14, 2026
  • SaleHoward T SlayenDirector4× since Apr 17, 2026: 57,519 shares, avg. $100.20$5.8MAug 14, 2026
  • SaleAlberto SalamoneEVP, PPBI BUSINESS2× since Apr 20, 2026: 39,672 shares, avg. $100.76$4.0MAug 13, 2026
  • SaleLaura OliphantDirector5× since Jan 22, 2026: 15,644 shares, avg. $71.30$1.1MAug 12, 2026
  • SaleAdil EngineerChief Operating Officer3× since Apr 9, 2026: 31,813 shares, avg. $97.59$3.1MAug 12, 2026
  • SaleGeoffrey Gates ScottDirector4× since Apr 9, 2026: 140,000 shares, avg. $90.38$12.7MAug 12, 2026
  • SaleGayn EricksonPresident and CEO, Director2× since Apr 10, 2026: 192,824 shares, avg. $83.08$16.0MAug 12, 2026
  • SaleAlistair N SporckVP Contactor Business Unit6× since Feb 9, 2026: 12,000 shares, avg. $73.22$878,626Aug 10, 2026
  • SaleChris SiuCFO2,070 shares at $107.06$221,608May 14, 2026

Plus 3 more entries from the last 12 months.

Plus 69 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 10, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 38/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−15.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+24.7%
Start year 2021 (pandemic). Over 10 years: +13.2% a year
Revenue growth 29 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−25.2% (2021) → −28.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

AEHR screens overvalued: fair value 41% below the price. Compare with ASML Holding →

Recent news

News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 245 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −41.2% · Below median
Profitability
Return on assets −2.9% · Bottom 25%
Net margin (12 months) −14.3% · Bottom 25%
Operating margin (12 months) 18.3% · Above median
Growth and dividend
Revenue growth (quarter YoY) 33.7% · Above median

Valuation Multiplesvs Semiconductor Equipment & Materials median · lower = cheaper

P/B 8.32× · Priciest 25%
P/S (12 months) 36.54× · Priciest 25%
PEG 0.52× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)100 · sector 100
PAST (return on equity)0 · sector 38
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 19

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Semiconductor Equipment & Materials stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Lam Research Corporation LRCX $222.39 $243.44 +9% vs AEHR
Hon. Precision, Inc 7769 4,220 TWD 4,444 TWD +5% vs AEHR
Applied Materials, Inc AMAT $372.53 $368.90 −1% vs AEHR
ASML Holding ASML €1,361 €1,345 −1% vs AEHR
KLA Corporation KLAC $152.99 $136.10 −11% vs AEHR
Entegris, Inc ENTG $138.57 $91.54 −34% vs AEHR
Qnity Electronics, Inc Q $123.64 $70.54 −43% vs AEHR
Advanced Micro-Fabrication Equipment Inc 688012 ¥245.66 ¥123.44 −50% vs AEHR
Teradyne, Inc TER $245.40 $66.14 −73% vs AEHR
Hangzhou Changchuan Technology Co 300604 ¥180.91 ¥45.22 −75% vs AEHR

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Aehr Test Systems: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Aehr Test Systems Fair Value". https://www.fairvalue-calculator.com/stock/AEHR

Frequently asked questions

Is Aehr Test Systems (AEHR) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $35.01 versus a price of $59.57, about 41% lower (overvalued).
What is the fair value of AEHR?
Our estimate for Aehr Test Systems is $35.01 (as of Nov 11, 2026), built from audited fundamentals. The current price: $59.57.
What is the quality score of AEHR?
Aehr Test Systems has a Quality Score of 34/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Aehr Test Systems (AEHR)?
Our calculated price target is the estimate of $35.01 (as of Nov 11, 2026). Cautious scenario $26.26, optimistic scenario $43.76. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Aehr Test Systems stock forecast for 2026?
Our estimate puts fair value at $35.01, about 41% lower versus a price of $59.57 (overvalued). Cautious scenario $26.26, optimistic scenario $43.76. The calculation is refreshed regularly with new filings.
What is the revenue of Aehr Test Systems (AEHR)?
Aehr Test Systems reported trailing-twelve-month revenue of about $50.0M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Aehr Test Systems (AEHR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Aehr Test Systems it is $35.01 per share (as of Nov 11, 2026), against a price of $59.57.
Is Aehr Test Systems stock overvalued or undervalued in 2026?
As of Nov 11, 2026, AEHR trades above its calculated fair value: price $59.57, fair value $35.01, a gap of about −41% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AEHR?
No. The price is what the market pays today ($59.57); the fair value is what the company's own numbers justify ($35.01). For Aehr Test Systems the two are $24.56 per share apart. That gap is exactly why we show both numbers side by side.
How much is Aehr Test Systems worth?
The market values Aehr Test Systems at about $1.8B (market capitalisation, as of Nov 11, 2026). Per share that is $59.57; our models calculate a fair value of $35.01 per share.
What do the bullish and bearish scenarios say about AEHR?
Our models span a range for Aehr Test Systems: cautious scenario $26.26, base $35.01, optimistic $43.76 per share (as of Nov 11, 2026, price $59.57). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of AEHR?
The PEG ratio of Aehr Test Systems is 0.52 (P/E divided by earnings growth, as of Nov 11, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Aehr Test Systems (AEHR)?
Balance-sheet figures for Aehr Test Systems (as of Nov 11, 2026): return on equity −4.2%. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is AEHR from its 52-week high?
Aehr Test Systems trades at $59.57, about 59% below its 52-week high of $145.61 and 207% above the low of $19.40 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $35.01 is for.
Which stocks are comparable to Aehr Test Systems?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Aehr Test Systems stock attractive at the current price?
The data as of Nov 11, 2026: price $59.57, calculated fair value $35.01 (−41%), Quality Score 34/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Aehr Test Systems itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Aehr Test Systems (AEHR)?
The closing price on Nov 10, 2026 was $59.57. Our estimate is $35.01, about 41% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Aehr Test Systems right now?
The price sits above even our optimistic bull case ($43.76). The favourable scenario is already priced in. Weak quality (34/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.

Key figures of Aehr Test Systems

How large is the market capitalisation of Aehr Test Systems (AEHR)?
The market capitalisation of Aehr Test Systems is $1.8B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Aehr Test Systems (AEHR)?
The price-to-sales ratio of Aehr Test Systems is 39.1 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Aehr Test Systems (AEHR)?
Earnings per share at Aehr Test Systems are $−0.2600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Aehr Test Systems (AEHR)?
The net margin of Aehr Test Systems is −14.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Aehr Test Systems (AEHR)?
The return on equity (ROE) of Aehr Test Systems is −4.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Aehr Test Systems (AEHR)?
On an EBIT basis the return on assets of Aehr Test Systems is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Aehr Test Systems (AEHR)?
The operating margin of Aehr Test Systems is 18.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Aehr Test Systems (AEHR)?
Revenue at Aehr Test Systems is growing +33.7% versus a year earlier (3y avg −8.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Aehr Test Systems (AEHR)?
Earnings per share at Aehr Test Systems are growing −87.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Aehr Test Systems (AEHR) generate?
The free cash flow of Aehr Test Systems is −$5.4M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Aehr Test Systems (AEHR) hold?
Aehr Test Systems holds more cash than debt, $106M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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