AEHR TEST SYSTEMS
AEHR · Healthcare · $2.8B mkt cap · FY2026 filings · · No moat ·
Doesn't clear the bar
The five investor questions
2022–2026 (latest 5 aligned FYs; v3 window cap 5): revenue $50.8M to $50M, decreasing; diluted EPS 0.34 to -0.23, decreasing.
Median gross margin 39.1% over 10y, stable.
Median ROIC -7.7%, above the 12% hurdle in 40% of years.
Net cash position — no leverage risk.
Owner earnings changed trend unclear over up to the ten most recent annual observations.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
- $9.4M
- $3.23
- $3.23
- $86.26
- 2568% above value if growth stopped today
What today’s price assumes: owner earnings growing ~93%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).
How to read this
We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.
Among the current top-score group, the median current price is 235% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.
Score records captured Sep 7, 2026.
Exactly which 50 companies?
FTNT, META, MEDP, IBEX, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, CPRT, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, INTU, DECK, MORN, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE
Missing a usable price or zero-growth estimate: ANF.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
AEHR TEST SYSTEMS booked $50M of revenue in FY2026 in the Healthcare sector and kept 35.3% of it as gross profit — a solid-margin business by that measure. After every other cost, −14.3% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $11.7M (FY2010) to $50M (FY2026) — about 9.5% a year compounded over 16 years.
It earned −10.8% on invested capital in the latest filed year, FY2026. Across the full 17-year measurable filed record, median ROIC was −21.2%. Over the v3 recent window (10 measurable filed years), median ROIC was −7.7%. The Returns on Capital filter above scores it 14/100.
AEHR's latest filed year, FY2026, doesn't disclose total debt in a form the methodology can use, so current leverage is treated as unmeasured — never assumed to be zero.
Put together: Pricing Power is the strongest of the five filters (55/100) and Returns on Capital the weakest (14/100), which is how AEHR lands at 35/100 — 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.
Exact FY and FY-1 financing invested-capital inputs are required.
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the 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.
Visual explainers
The filing-backed explainer service is temporarily unavailable, so no partial or guessed chart is shown.
Moat Score history
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
- Shallow moatchanged toNo moatSep 4, 2026
- Normalizer upgraded unstamped (version unknown)tomoat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
- Methodology upgraded moat-index@2.0.0tomoat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
- Methodology upgraded moat-index@1.2.0tomoat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Sep 9, 2026.
2 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
| Insider | Shares owned after | Date | Filing detail | ||||
|---|---|---|---|---|---|---|---|
| WIMMERS DIDIERRole not disclosed | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 317 | $76.27 | $24,178 | 12,379 | Sep 3, 2026 | 1 filed lot
|
| Siu ChrisRole not disclosed | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 496 | $76.59 | $37,989 | 77,328 | Sep 1, 2026 | 1 filed lot
|
| ROGERS VERNONRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 3,994 | $143.77 | $574,217 | 186,232 | Aug 17, 2026 | 1 filed lot
|
| ROGERS VERNONRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 2,000 | $136.50 | $273,000 | See lot detail | Aug 14, 2026 | 2 filed lots
|
| ENGINEER ADILRole not disclosed | Gift (G)Table I · Disposed · Common Stock | 500 | —Gift (G) | — | 46,477 | Aug 14, 2026 | 1 filed lot
|
| SLAYEN HOWARD TRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 5,700 | $133.0288 | $758,264 | 140,667 | Aug 14, 2026 | 1 filed lot
|
| POSEDEL RHEA JRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 5,973 | $140.00 | $836,220 | 381,989 | Aug 14, 2026 | 1 filed lot
|
| SALAMONE ALBERTORole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 9,672 | $127.7179 | $1,235,288 | See lot detail | Aug 13, 2026 | 2 filed lots
|
| Erickson GaynRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 40,000 | $130.8429 | $5,233,718 | See lot detail | Aug 12, 2026 | 2 filed lots
|
| POSEDEL RHEA JRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 8,413 | $130.00 | $1,093,690 | 387,962 | Aug 12, 2026 | 1 filed lot
|
| SCOTT GEOFFREY GATESRole not disclosed | Gift (G)Table I · Disposed · Common Stock | 6,731 | —Gift (G) | — | 23,955 | Aug 12, 2026 | 1 filed lot
|
| SCOTT GEOFFREY GATESRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 20,000 | $131.506 | $2,630,120 | 10,000 | Aug 12, 2026 | 1 filed lot
|
| ENGINEER ADILRole not disclosed | Exercise or conversion of derivative security (M)Table I · Acquired · Common Stock | 15,000 | $9.45 | $141,750 | 61,977 | Aug 12, 2026 | 1 filed lot
|
| ENGINEER ADILRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 15,000 | $131.025 | $1,965,374 | See lot detail | Aug 12, 2026 | 2 filed lots
|
| ENGINEER ADILRole not disclosed | Exercise or conversion of derivative security (M)Table II · Disposed · Option (right to buy) | 7,500 | —Exercise or conversion of derivative security (M) | — | 31,330 | Aug 12, 2026 | 1 filed lot
|
| ENGINEER ADILRole not disclosed | Exercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Option (right to buy) | 7,500 | —Exercise or conversion of derivative security (M) | — | 28,088 | Aug 12, 2026 | 1 filed lot
|
| OLIPHANT LAURARole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 1,717 | $133.00 | $228,361 | 16,100 | Aug 12, 2026 | 1 filed lot
|
| SPORCK ALISTAIR NRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 1,000 | $108.49 | $108,490 | 22,547 | Aug 10, 2026 | 1 filed lot
|
| SPORCK ALISTAIR NRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 2,000 | $100.9585 | $201,917 | See lot detail | Aug 4, 2026 | 2 filed lots
|
| SLAYEN HOWARD TRole not disclosed | Open-market or private sale (S)Table I · Disposed · Common Stock | 20,000 | $108.2961 | $2,165,922 | 146,367 | Aug 4, 2026 | 1 filed lot
|
| OLIPHANT LAURARole not disclosed | Gift (G)Table I · Disposed · Common Stock | 500 | —Gift (G) | — | 17,817 | Aug 4, 2026 | 1 filed lot
|
| SALAMONE ALBERTORole not disclosed | Payment of exercise price or tax liability (F)Table I · Disposed · Common Stock | 204 | $79.98 | $16,316 | 51,634 | Aug 3, 2026 | 1 filed lot
|
Source-event as of . Retrieved .
Track record
How AEHR TEST SYSTEMS’s moat rated in each of the years we can reconstruct from its filings — scored only on what was knowable at the time — and what its price and returns did afterward. The score never saw a price; the two are joined only in hindsight, for education, not as a signal.
How to read this: each dot is what the engine would have scored AEHR on that December 31; the line below is its total-return price path (dividends reinvested) in the years since.
Two tracks, one timeline: the score has its own 0–100 scale (top), the price its own 100-based scale (bottom) — never a shared axis. The price path is a total-return (dividends reinvested) index built from the same data the forward returns use; gaps in the score line are years with no reconstructed rating (see the table for why). The Table view carries every value.
What followed, in the years it rated Wide
In the reconstructed history shown, AEHR did not rate Wide-moat in any year, so there is no wide-moat track record to report. That absence is itself the honest answer — we don’t manufacture a comparison where the rating never earned one.
Healthcare context
#447 of 708 scored Healthcare companies, ranked by Moat Score.
Nearest peers by Moat Score
- #445ATRA ATARA BIOTHERAPEUTICS, INC.35.5 out of 100, No moatNo moat
- #446OGN Organon & Co.35.5 out of 100, No moatNo moat
- #448WLSS WELSIS CORP.35.4 out of 100, No moatNo moat
- #449INBP INTEGRATED BIOPHARMA INC35.3 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 FY2026 SEC filings, the Moat Index scores AEHR TEST SYSTEMS (AEHR) 35.4 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 29, pricing power 55, returns on capital 14, balance-sheet safety 55, capital allocation 24.
- Is AEHR trading below the conservative owner-earnings estimate?
- The value if growth stopped today — a zero-growth baseline — is $3.23 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $86.26, that is 2568% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
- How has AEHR's Moat Score changed over time?
- The record logs 18 readings since Jul 17, 2026; the latest reads 35.4 out of 100 (no moat). Tier changes so far: Shallow moat → No moat on Sep 4, 2026. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.