Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 8, 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
4.6
Distress distance
Clean
Earnings quality
2
Forensic signals
11.6%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 4.6, placing it in the Safe zone. 2 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 by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +23% against revenue +21% and inventory up +14% against +18% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 48.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
11.6%
FY2025
Return on invested capital.Return on invested capital is 11.6% in the latest fiscal year, against 8.6% in FY2023, having run between 2.7% and 11.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $102M in FY2023 and $149M in FY2025, with operating income at 6.9% of revenue in FY2023, 2.5% in FY2024 and 9.3% in FY2025. The capital base behind it went from $1.2B in FY2023 to $1.3B in FY2025 (+7%), while the revenue it carried went from $1.7B to $1.8B. FY2024's operating profit carried a $28M restructuring charge that alone took about 2.1 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
Key fundamentals
Latest Revenue$1.80B
Revenue Growth YoY+21.4%
Revenue CAGR (2yr)+4.2%
Net Margin8.2%
Free Cash Flow$125.9M
Return on Equity11.6%
Debt / Equity0.83x
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