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Equity Research Note

Aehr Test Systems

Semiconductor Equipment & Materials AEHR · US Reports in USD
Share price
BuyConviction 8.5/10
QVM28Q22V5M97
Bear25% weight
Base50% weight
Bull25% weight
The decision
Risk / reward
Prob-weighted target
Price / fair value
Investment thesis

Investment thesis

The full investment thesis appears here once research has run. Financials, prices and filings below are live.

By the numbersOpen Financials →

Five-year track record

$ millions20212022202320242025TTM2026E
Source: company annual reportsTTM = trailing twelve months · E = PrimerIQ estimate
Financial statements Reported in USD

Financials

Annual financial statements as reported, going back as far as the data allows.

Units: $millions unless noted
Trend · the chart follows the statement you pick
Income statement
$m202020212022202320242025TTM2026E
Source: company annual reports
Balance sheet
$m202020212022202320242025TTM2026E
Negative equity is a buyback artefact (treasury stock), not distressTarget leverage 2.5–3.0× — ample buyback capacity
Cash flow
$m202020212022202320242025TTM2026E
Source: company annual reports
Profitability & returns
202020212022202320242025TTM2026E
ROIC on a cash-adjusted basis; ROE is NM on near-zero book equityE = PrimerIQ estimate
Operating metrics

Operating Metrics

Sector-specific KPIs extracted from the company's published annual and interim reports, each traceable to its source document.

Valuation · discounted cash flow

Valuation

A 10-year unlevered DCF — pick a case above; every assumption below is a live control and the fair value, projection and sensitivity recompute as you move them.

Current price
Assumptions
Discount rate (WACC)7.2%
Terminal growth2.0%
Revenue growth · yrs 1–53.5%
Revenue growth · yrs 6–102.5%
EBIT margin (steady state)23.5%
Tax rate25%
FCF conversion (% of NOPAT)100%
Valuation output
Enterprise value
PV of 10-yr FCF + terminal
Equity value
+ net cash $13m
Fair value / share
Scenario range · current vs. fair value
Sensitivity · fair value ($)
Move WACC or terminal growth — the grid re-centres on your inputs so every cell shifts.
Full discounted cash flow · every year, every step
$mFY26EFY27EFY28EFY29EFY30EFY31EFY32EFY33EFY34EFY35E

From cash flows to a share price

The ten years of present-valued free cash flow are summed, a Gordon-growth terminal value is added for everything beyond year ten, net debt is subtracted, and the result is divided by the share count. Every number here is live — move any assumption on the left and the whole waterfall, the bridge and the sensitivity grid recompute.

Every number here is live — move any assumption on the left and the whole waterfall, the bridge and the sensitivity grid recompute from this company’s own financials.

Deep analysis · qualitative research

Analysis

The qualitative work behind the thesis — what the business is, how defensible it is, and where it goes next.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Analysis

This section appears once research has run for this company.

Primary sources · raw filings · market news

News & Filings

Source documents straight from the database — click to read the raw filing or release. Our read on what matters lives in Recent developments.

Filings & source documents
News feed
Investor calendar · earnings & events

Calendar

Upcoming and recent investor events — results, AGM, dividend and ex-dividend dates — from the company's own investor calendar.

Listings · this company across markets

Listings

Every place this issuer trades — the home listing, foreign cross-listings and depositary receipts (ADR/CDR/BDR), plus any separate share classes. The screener shows one canonical line per company; the rest live here.

ListingExchangeTickerCurrencyPriceType
Technical analysis · price action & momentum

Technicals

Interactive price chart with the common technical-analysis overlays and indicators — moving averages, Bollinger Bands, volume, RSI and MACD — plus an at-a-glance momentum summary. Use the chart's own toolbar to add or remove studies, change timeframe, or search a different listing.

A note on method: PrimerIQ's research is built bottom-up from the filings — what a business earns and what it's worth. The charts below read price history, not the business; we include them because many investors want them, not because they drive our valuation. Treat them as one lens among several.

Momentum summaryMomentum97
3-month return+215.1%
6-month return+346.8%
1-year return+890.8%
vs 52-week high+0.0%
vs 50-day MA+29.5%
vs 200-day MA+168.6%
volume vs base-28.1%

Relative strength percentile: 99 vs market, 95 vs industry. Momentum rank is a 0–100 percentile across 35,415 companies — one lens, not a valuation signal.

Charts and technical data by TradingView. Not investment advice.

Earnings calls · what management said, and how they said it

Earnings Calls

The full webcast audio, transcribed, with structural signals the transcript text alone loses — how scripted vs spontaneous the language is, where management hesitated longest, and which answers were most hedged. These are flags for attention, not verdicts; read the transcript and judge for yourself.

No earnings-call audio acquired for this company yet.
Relationship network · who this company says it works with — and against

Network

This company's place in the value chain — the suppliers, customers, competitors and partners it names in its own filings, the industries it operates in, and where it's based. Double-click any company to expand its network, or an industry to pull in its peer companies; click a link to read the exact passage that evidences it. Run a what-if to see who plausibly benefits or is exposed if this company thrives, struggles, or is hit by a shock. Relationships are what companies disclose, not statistical peers; second-order effects are model-derived hypotheses, cited to the filings, not predictions.

Scenario
Show
As of year now

Relationships are extracted from company filings. Untyped links are co-mentions (may include peer comparisons); typed links and what-if scores are model-derived and cited — treat as hypotheses, not advice.

Not investment advice. PrimerIQ · Company Deep-Dive.
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