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AEHR TEST SYSTEMS

AEHR · Healthcare · $2.3B mkt cap · FY2025 filings · · not refreshed in 35 days · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

60

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $16.6M to $59M, increasing; diluted EPS -0.09 to -0.13, decreasing.

55

Median gross margin 39.1% over 10y, stable.

14

Median ROIC -12.9%, above the 12% hurdle in 40% of years.

55

Net cash position — no leverage risk.

24

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.

Above value if growth stopped todayBelow value if growth stopped today
2072% above value if growth stopped today
$9.4M
$3.51
$3.51
$76.32
2072% above value if growth stopped today

What today’s price assumes: owner earnings growing ~85%/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 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

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.

17 years of fundamentals

The business, in plain English

AEHR TEST SYSTEMS booked $59M 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 $59M (FY2025) — about 11.4% a year compounded over 15 years.

It earned −4.6% on invested capital in the latest filed year, FY2025. Across the full 16-year measurable filed record, median ROIC was −29.9%. Over the v3 recent window (10 measurable filed years), median ROIC was −12.9%. The Returns on Capital filter above scores it 14/100.

AEHR's latest filed year, FY2025, 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: Business Trend is the strongest of the five filters (60/100) and Returns on Capital the weakest (14/100), which is how AEHR lands at 42/100 — a Shallow 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.

FY2009–FY2025 · 17 fiscal years, normalized from AEHR’s SEC filings

Sales, as filed$59M FY2025
$0$25M$50M2009201520212025
Revenue kept after cost of goods40.6% FY2025
0%20%40%2009201520212025
Standard ROIC or separately labeled Operating ROICROIC −4.6% FY2025
−200%−100%0%2009201520212025
Cash an owner could take out−$3.9M FY2025
$0$20M2009201520212025

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.

Flagship explainer

How AEHR TEST SYSTEMS makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$59M · 100%Cost of revenue$35M · 59%Gross profit$23.9M · 41%Operating income−$5.7M · −10%Income before tax−$4.3M · −7%Income tax−$381000 · −1%Net income−$3.9M · −7%As of 2025-05-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$59M100%
Cost of revenue$35M59%
$23.9M41%
−$5.7M−10%
Income before tax−$4.3M−7%
Income tax−$381000−1%
−$3.9M−7%
Source: · event May 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What AEHR TEST SYSTEMS owns — and owes

AEHR TEST SYSTEMS's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$149M100%
Cash and equivalents$24.5M17%
Stockholders’ equity$123M83%
Source: · event May 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives AEHR TEST SYSTEMS’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−3%Tax burden91%net income ÷ pretax incomeInterest burden76%pretax ÷ operating incomeOperating margin−10%operating income ÷ revenueAsset turnover0.43×revenue ÷ average assetsEquity multiplier1.18×average assets ÷ average equityAs of 2025-05-30 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$3.9MFY2025
Income before tax−$4.3MFY2025
Operating income−$5.7MFY2025
$59MFY2025
Ending assets$149MFY2025
Beginning assets$128MFY2024
$123MFY2025
$112MFY2024
Source:
  • SEC filingFiling detailsAccession 0001654954-25-008553
· event May 30, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where AEHR TEST SYSTEMS's cash went

AEHR TEST SYSTEMS’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations−$7.4M−100%
Depreciation and amortization$2.3M31%
Source: · event May 30, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding AEHR TEST SYSTEMS

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What AEHR TEST SYSTEMS insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.6 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

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

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-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 Aug 30, 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.

InsiderShares owned afterDateFiling detail
ROGERS VERNONRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock3,994$143.77$574,217186,232Aug 17, 2026
1 filed lot
  • Table I · Common Stock: 3,994 shares at $143.77 · code S · owned after 186,232 ·
ROGERS VERNONRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock2,000$136.50$273,000See lot detailAug 14, 2026
2 filed lots
  • Table I · Common Stock: 1,000 shares at $134.00 · code S · owned after 191,226 ·
  • Table I · Common Stock: 1,000 shares at $139.00 · code S · owned after 190,226 ·
ENGINEER ADILRole not disclosedGift (G)Table I · Disposed · Common Stock500—Gift (G)—46,477Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 500 shares at — (Gift (G)) · code G · owned after 46,477 ·
SLAYEN HOWARD TRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock5,700$133.0288$758,264140,667Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 5,700 shares at $133.0288 · code S · owned after 140,667 ·
POSEDEL RHEA JRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock5,973$140.00$836,220381,989Aug 14, 2026
1 filed lot
  • Table I · Common Stock: 5,973 shares at $140.00 · code S · owned after 381,989 ·
SALAMONE ALBERTORole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock9,672$127.7179$1,235,288See lot detailAug 13, 2026
2 filed lots
  • Table I · Common Stock: 4,200 shares at $128.00 · code S · owned after 47,434 ·
  • Table I · Common Stock: 5,472 shares at $127.5014 · code S · owned after 41,962 ·
Erickson GaynRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock40,000$130.8429$5,233,718See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 1,548 shares at $132.2674 · code S · owned after 196,175 ·
  • Table I · Common Stock: 38,452 shares at $130.7856 · code S · owned after 157,723 ·
POSEDEL RHEA JRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock8,413$130.00$1,093,690387,962Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 8,413 shares at $130.00 · code S · owned after 387,962 ·
SCOTT GEOFFREY GATESRole not disclosedGift (G)Table I · Disposed · Common Stock6,731—Gift (G)—23,955Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 6,731 shares at — (Gift (G)) · code G · owned after 23,955 ·
SCOTT GEOFFREY GATESRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock20,000$131.506$2,630,12010,000Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 20,000 shares at $131.506 · code S · owned after 10,000 ·
ENGINEER ADILRole not disclosedExercise or conversion of derivative security (M)Table I · Acquired · Common Stock15,000$9.45$141,75061,977Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 15,000 shares at $9.45 · code M · owned after 61,977 ·
ENGINEER ADILRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock15,000$131.025$1,965,374See lot detailAug 12, 2026
2 filed lots
  • Table I · Common Stock: 7,500 shares at $130.9549 · code S · owned after 54,477 ·
  • Table I · Common Stock: 7,500 shares at $131.095 · code S · owned after 46,977 ·
ENGINEER ADILRole not disclosedExercise or conversion of derivative security (M)Table II · Disposed · Option (right to buy)7,500—Exercise or conversion of derivative security (M)—31,330Aug 12, 2026
1 filed lot
  • Table II · Option (right to buy): 7,500 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 31,330 ·
ENGINEER ADILRole not disclosedExercise or conversion of derivative security (M)Table II · Disposed · Non-Qualified Option (right to buy)7,500—Exercise or conversion of derivative security (M)—28,088Aug 12, 2026
1 filed lot
  • Table II · Non-Qualified Option (right to buy): 7,500 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 28,088 ·
OLIPHANT LAURARole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock1,717$133.00$228,36116,100Aug 12, 2026
1 filed lot
  • Table I · Common Stock: 1,717 shares at $133.00 · code S · owned after 16,100 ·
SPORCK ALISTAIR NRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock1,000$108.49$108,49022,547Aug 10, 2026
1 filed lot
  • Table I · Common Stock: 1,000 shares at $108.49 · code S · owned after 22,547 ·
SPORCK ALISTAIR NRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock2,000$100.9585$201,917See lot detailAug 4, 2026
2 filed lots
  • Table I · Common Stock: 699 shares at $100.695 · code S · owned after 24,848 ·
  • Table I · Common Stock: 1,301 shares at $101.10 · code S · owned after 23,547 ·
SLAYEN HOWARD TRole not disclosedOpen-market or private sale (S)Table I · Disposed · Common Stock20,000$108.2961$2,165,922146,367Aug 4, 2026
1 filed lot
  • Table I · Common Stock: 20,000 shares at $108.2961 · code S · owned after 146,367 ·
OLIPHANT LAURARole not disclosedGift (G)Table I · Disposed · Common Stock500—Gift (G)—17,817Aug 4, 2026
1 filed lot
  • Table I · Common Stock: 500 shares at — (Gift (G)) · code G · owned after 17,817 ·
SALAMONE ALBERTORole not disclosedPayment of exercise price or tax liability (F)Table I · Disposed · Common Stock204$79.98$16,31651,634Aug 3, 2026
1 filed lot
  • Table I · Common Stock: 204 shares at $79.98 · code F · owned after 51,634 ·

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.

Point-in-time scores 2011–2025, one methodology version · reconstructed from filings on file each Dec 31 — never with hindsight

Point-in-time Moat Score (dot colored by tier)Indexed price (total-return (dividends reinvested))Rated Wide-moat that year

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.

0406080100WideNarrowShallowNo moatPoint-in-time Moat Score1002005001,0002,0005,000Indexed price · log scale (2012 = 100)201120142017202020232026

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

#322 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #320ALNT ALLIENT INC41.6Shallow moat
  2. #321XRAY DENTSPLY SIRONA Inc.41.6Shallow moat
  3. #323BDPT BioAdaptives Inc.41.5Shallow moat
  4. #324INGN Inogen Inc41.4Shallow 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) 41.6 out of 100 — a Shallow 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 60, 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 $3.51 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $76.32, that is 2072% 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 16 readings since Jul 17, 2026; the latest reads 41.6 out of 100 (shallow moat). No tier changes on record yet. (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.

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