AEHRAEHR TEST SYSTEMS
Instruments For Meas & Testing Of Electricity & Elec Signals
- Revenue
- $50M
- 15% YoY
- Operating margin
- -28.3%
- 194% YoY
- EBITDA
- −$11M
- 237% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- −$116M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired14% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear4% of assetsOver 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $51M | $65M | $66M | $59M | $50M | 15% |
| Operating income | $8M | $13M | $10M | −$6M | −$14M | 149% |
| Net income | $9M | $15M | $33M | −$4M | −$7M | 82% |
| Operating cash flow | $2M | $10M | $2M | −$7M | −$3M | 55% |
| Capex | $416K | $1M | $749K | $5M | $2M | 59% |
| Stock-based comp | $3M | $3M | $3M | $5M | $7M | 31% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2026 | $3M | $22M | 280000 | — |
| FY2025 | $3M | $2M | 29000 | — |
| FY2024 | $1M | −$928K | 35000 | — |