Forensic Analysis · Technology / Software · as of Aug 11, 2026

Advanced Energy Industries Inc (AEIS)

A forensic read on Advanced Energy Industries Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

14.9

Distress distance

Clean

Earnings quality

Forensic signals

59.5

P / E (ttm)

10.9%

ROE

$12.8B

Market cap

0.12%

Dividend yield

21.4%

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.

Advanced Energy Industries Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 14.9, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).

What the filings flag

+48.1%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +48.1% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +47% against revenue +21% and receivables up +23% against revenue +21%. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 6% of net operating assets, diverging from the balance-sheet accrual read.

11.2%

FY2025

Return on invested capital. Return on invested capital is 11.2% in the latest fiscal year and slipping from 17% — around its ~10% cost of capital, so growth is roughly value-neutral.

+0.8%/yr

FY2022–FY2025

Share count. Diluted share count changed +2% over the last 3 years to FY2025 (+0.8%/yr). Roughly flat — buybacks ($30M) are about offsetting stock comp ($56M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$1.80B

Revenue Growth YoY+21.4%

Revenue CAGR (3yr)-0.8%

Net Margin8.2%

Free Cash Flow$125.9M

Return on Equity10.9%

Debt / Equity0.83x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.