Aehr Test Systems, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to May 2026, Systems was 57% and Contactors was 30% of revenue; Contactors fell from 57% in the fiscal year to May 2024.

In the fiscal year to May 2026, Asiia Paciific was 46% and Uniited States was 41% of revenue; Asiia Paciific fell from 88% in the fiscal year to May 2024.

Quarters: Aehr Test Systems, Inc.'s SEC filings, named by the month they end. Fiscal years: Aehr Test Systems, Inc.'s annual reports to the SEC.

How it makes money

The company loses $14.3 for every $100 of revenue. Operating expenses exceed all of gross profit. It was profitable 3 years ago and is now loss-making.

Circled: May 2024 (net 143.8%, operating 15.3%), Aug 2025 (net −19.0%, operating −37.1%), Nov 2025 (net −32.7%, operating −47.0%), May 2026 (net 7.4%, operating −6.4%). Net margin is usually about 4 points above operating margin; in those quarters something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Aehr Test Systems, Inc.'s annual reports to the SEC; quarters: SEC filings.

Customers and suppliers

Aehr Test Systems's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 26.3% of its revenue.

Only the companies Aehr Test Systems names in its 10-K filed Jul 27, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

A P/E is not available, so we look at price-to-sales instead: 40.0x, above the peer median of 9.8x.

Above the peer median of 9.8x. The market pays more per $1 of revenue than for peers.

Aehr Test Systems, Inc. has very small earnings, so P/E would be misleading. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $124, 103% above the current price; 100% of 5 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 5 analysts (100%). Sell or Strong Sell: 0.

Since Jan 9, 2026 the average of the analysts' latest price targets went from $24.67 to $116.67 (+373%), while AEHR went from $26.32 to $61.04 (+132%). In the past three months targets were cut twice and never raised. 1 upgrade and no downgrades over the year; the latest: William Blair moved it to Outperform from Market Perform on Mar 2, 2026.

The day after each of these reports the stock moved −15.7% (Aug 2025, beat); +8.9% (Nov 2025, in line); +21.1% (Feb 2026, beat); +18.6% (Sep 2026, beat).

For the fiscal year ending Jun 2027, analysts expect adjusted earnings of $1.00 a share.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Financial health

Current ratio 10.3, no pressure to repay short-term debt; debt-to-equity 0.0, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 funds whose copy leaves AEHR out (on the exchange, not in the app yet): Polen Capital Management, Baillie Gifford &, Swiss National Bank.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 4 held AEHR at the end of their latest quarter (for most, Q3 2026). Over that quarter 2 added shares, 2 cut and 2 sold all. The largest of them is Baillie Gifford &, 199,595 shares worth $19.9M at Sep 30, 2026, 2.1% fewer than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AEHR at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end.

Are insiders buying or selling?

Officers and directors sold $60.7M of AEHR on the open market in the 12 months to Nov 10, 2026; none bought. The largest was Gayn Erickson (President and CEO; director), who sold $16.0M in 4 sales.

From the Form 4s filed with the SEC about Aehr Test Systems, Inc. (167 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 172 other transactions (grants, option exercises, shares withheld for tax, gifts and other transfers).