Does AEHR TEST SYSTEMS have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores AEHR TEST SYSTEMS (AEHR) 36.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 14, balance-sheet safety 55, capital discipline 24.

Is AEHR stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $3.51 per share versus a recent price of $81.05 — 2206% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has AEHR's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 36.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

AEHR TEST SYSTEMS

AEHR · Healthcare · $2.4B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power55

Median gross margin 39.1% over 10y, stable.

Returns on capital14

Median ROIC -12.9%, above the 9% hurdle in 40% of years.

Balance-sheet safety55

Net cash position — no leverage risk.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

2206% above value

Owner earnings (normalized): $9.4M
Est. intrinsic value / share: $3.51
Recent price: $81.05
Discount to value: 2206% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

17 years of fundamentals

The business, in plain English

AEHR TEST SYSTEMS booked $59.0M of revenue in FY2025 in the Healthcare sector and kept 40.6% of it as gross profit — a solid-margin business by that measure. After every other cost, −6.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $11.7M (FY2010) to $59.0M (FY2025) — about 11.4% a year compounded over 15 years.

It earned −4.6% on invested capital in FY2025, with a median of −29.9% across 16 filed years. The Returns on Capital filter above scores it 14/100.

The balance sheet carried $0 of total debt in FY2022. Balance-Sheet Safety scores it 55/100.

The share count rose 234.5% between FY2011 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (55/100) and Returns on Capital the weakest (14/100), which is how AEHR lands at 37/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$59.0M FY2025

Gross marginRevenue kept after cost of goods40.6% FY2025

Return on invested capitalOperating profit on the capital employed−4.6% FY2025

Owner earningsCash an owner could take out−$3.9M FY2025

Gaps in a line mean that item isn’t in AEHR’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale36.5 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — AEHR has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Healthcare context

#281 of 440 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

#279ECIA ENCISION, INC.36.7 out of 100, No moatNo moat
#280TBPH THERAVANCE BIOPHARMA, INC.36.6 out of 100, No moatNo moat
#282GKOS GLAUKOS Corp36.5 out of 100, No moatNo moat
#283SCNX Scienture Holdings, Inc.36.5 out of 100, No moatNo moat

Compare AEHR with its nearest peers →All Healthcare companies on the Index →

Common questions about AEHR

Does AEHR TEST SYSTEMS have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores AEHR TEST SYSTEMS (AEHR) 36.5 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 55, returns on capital 14, balance-sheet safety 55, capital discipline 24.
Is AEHR stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $3.51 per share versus a recent price of $81.05 — 2206% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has AEHR's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 36.5 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AEHR. See the disclaimer.