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
- $1.8B
- Employees
- —
- Net debt / EBITDA
- —
- −$116M net debt
- AI in 10-K
- 10.5
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes14% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo10.5 per 10K words · 93rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$61M netNet sales over $10M in 12 months
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
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $61M · 70
- Net
- −$61M
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 | — |