Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Aehr Test Systems (AEHR)
A forensic read on Aehr Test Systems built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
16.3
Distress distance
Clean
Earnings quality
5
Forensic signals
-448.1
P / E (ttm)
-3.2%
ROE
$3.5B
Market cap
0.00%
Dividend yield
-15.2%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Aehr Test Systems earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 16.2, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
-0.40×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, operating cash flow was -0.40× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
-9.9%
FY2026
Return on invested capital.Return on invested capital is -9.9% in the latest fiscal year and slipping from 23% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.6%/yr
FY2023–FY2026
Share-count dilution.Diluted share count changed +5% over the last 3 years to FY2026 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2013, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~5%.
116d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 74 to 116 days FY2025→FY2026 (receivables +23% vs revenue -15%). Only -40¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 (-$9.0M against $22.1M), and the receivables balance is one of the places the rest is sitting. Across FY2022–FY2026 the day count ran 65 → 83 → 73 → 74 → 116 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Receivables grew, but deferred revenue grew +160% over the same period too — rising alongside rising unearned revenue reads as upfront billing on multi-period contracts, not slipping collections.
Key fundamentals
Latest Revenue$50.0M
Revenue Growth YoY-15.2%
Net Margin-14.3%
Free Cash Flow-$5.4M
Return on Equity-3.2%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Aehr Test Systems's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
Aehr Test Systems (AEHR) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
470d
FY2025→FY2026
Inventory days.Days inventory outstanding moved from 414 to 470 FY2025→FY2026 (against cost of goods sold; inventory -2% vs -8% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.