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AEHR 
Aehr Test Systems (AEHR)
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Upturn Advisory Summary
12/01/2025: AEHR (2-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Below Average Performance
These Stocks/ETFs, based on Upturn Advisory, often underperform the market, warranting careful consideration before investing.
Number of Analysts
2 Analysts rated it
Very few follow this stock; limited insights, higher-risk early investing.
1 Year Target Price $24
1 Year Target Price $24
| 1 | Strong Buy |
| 0 | Buy |
| 1 | Hold |
| 0 | Sell |
| 0 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit -4.41% | Avg. Invested days 25 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  2.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/01/2025 |
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 689.25M USD | Price to earnings Ratio - | 1Y Target Price 24 |
Price to earnings Ratio - | 1Y Target Price 24 | ||
Volume (30-day avg) 2 | Beta 2.4 | 52 Weeks Range 6.27 - 34.35 | Updated Date 11/30/2025 |
52 Weeks Range 6.27 - 34.35 | Updated Date 11/30/2025 | ||
Dividends yield (FY) - | Basic EPS (TTM) -0.22 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin -11.71% | Operating Margin (TTM) -35.07% |
Management Effectiveness
Return on Assets (TTM) -3.59% | Return on Equity (TTM) -5.44% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 677158372 | Price to Sales(TTM) 12.13 |
Enterprise Value 677158372 | Price to Sales(TTM) 12.13 | ||
Enterprise Value to Revenue 11.92 | Enterprise Value to EBITDA 29.81 | Shares Outstanding 30006590 | Shares Floating 26573836 |
Shares Outstanding 30006590 | Shares Floating 26573836 | ||
Percent Insiders 5.58 | Percent Institutions 69.56 |
Upturn AI SWOT
Aehr Test Systems
Company Overview
History and Background
Aehr Test Systems was founded in 1977 and has evolved from focusing on burn-in equipment to specializing in wafer and singulated die/module test solutions for silicon carbide (SiC), gallium nitride (GaN), and other advanced semiconductors.
Core Business Areas
- Wafer Level Test Systems: Aehr's wafer level test systems (like the FOX-XP and FOX-NP families) are used to test entire wafers of semiconductors, enabling early detection of defects and improved yield.
- Die/Module Level Test Systems: Systems like the FOX-CP are designed to test singulated die or modules, offering final test capabilities before packaging.
- Test Fixtures and Consumables: Aehr also provides test fixtures, contactors, and other consumables required for its test systems.
- Services and Support: Includes installation, training, and ongoing support for its test equipment.
Leadership and Structure
Gayn Erickson is the CEO. Aehr operates with functional departments focusing on engineering, sales, marketing, manufacturing, and customer support.
Top Products and Market Share
Key Offerings
- FOX-XP Wafer Test System: Wafer-level test system designed for high-volume production testing of silicon carbide (SiC) and gallium nitride (GaN) power devices. Market share data is difficult to pinpoint precisely but Aehr is a leader in this niche market. Competitors include Advantest, Teradyne, and various smaller specialized firms.
- FOX-NP Wafer Test System: Wafer-level test system designed for lower-volume production and engineering characterization. Competitors include Advantest, Teradyne, and various smaller specialized firms.
- FOX-CP Die/Module Test System: System designed for singulated die or module testing. Competitors include Advantest, Teradyne, and various smaller specialized firms.
Market Dynamics
Industry Overview
The semiconductor test equipment industry is growing, driven by increasing complexity in semiconductors and demand for higher reliability. The rise of electric vehicles, renewable energy, and advanced electronics is fueling demand for SiC and GaN power devices.
Positioning
Aehr is positioned as a key player in the niche market of wafer-level burn-in and test equipment for SiC and GaN power devices. Its competitive advantage lies in its specialized expertise and focused product portfolio.
Total Addressable Market (TAM)
The TAM for wafer-level burn-in and test equipment is estimated to be in the hundreds of millions of dollars annually and is growing. Aehr is well-positioned to capture a significant portion of this market.
Upturn SWOT Analysis
Strengths
- Specialized expertise in SiC and GaN testing
- Strong relationships with leading semiconductor manufacturers
- Innovative product portfolio
- High growth potential in a niche market
Weaknesses
- Small company size compared to major competitors
- Reliance on a few key customers
- Potential for cyclical demand in the semiconductor industry
- Limited product diversification
Opportunities
- Expanding market for SiC and GaN devices in electric vehicles and renewable energy
- Increasing demand for wafer-level testing
- Strategic partnerships and acquisitions
- Expanding into new geographic markets
Threats
- Competition from larger, more established test equipment vendors
- Technological changes that could render existing products obsolete
- Economic downturns that could reduce capital spending by semiconductor manufacturers
- Supply chain disruptions
Competitors and Market Share
Key Competitors
- TER
- KEYS
- ADSK
Competitive Landscape
Aehr competes with larger test equipment vendors like Teradyne and Keysight Technologies, but differentiates itself through its specialized expertise in SiC and GaN testing. Its smaller size allows for greater agility and responsiveness to customer needs.
Growth Trajectory and Initiatives
Historical Growth: Aehr has experienced significant revenue growth in recent years, driven by demand for SiC testing. The company has expanded its customer base and introduced new products.
Future Projections: Analysts project continued revenue growth for Aehr, driven by the increasing adoption of SiC and GaN devices. Growth is expected to outpace the broader semiconductor test equipment market.
Recent Initiatives: Aehr has focused on expanding its manufacturing capacity, investing in R&D, and strengthening its relationships with key customers.
Summary
Aehr Test Systems is a niche player in the semiconductor test equipment market with high growth potential due to its specialization in SiC and GaN testing. The company has strong relationships with key customers and a focused product portfolio. However, its smaller size and reliance on a few customers pose risks, and it must continue to innovate to compete with larger rivals and navigate economic fluctuations in the semiconductor industry.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Analyst Reports
- Industry News Articles
Disclaimers:
This analysis is for informational purposes only and does not constitute investment advice. Market share data is based on available estimates and may not be precise. Financial data is subject to change based on company reports.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Aehr Test Systems
Exchange NASDAQ | Headquaters Fremont, CA, United States | ||
IPO Launch date 1997-08-14 | President, CEO & Director Mr. Gayn Erickson | ||
Sector Technology | Industry Semiconductor Equipment & Materials | Full time employees 136 | Website https://www.aehr.com |
Full time employees 136 | Website https://www.aehr.com | ||
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. 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 can 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 also 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.
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