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ZYBERNO

Stock Report

Updated Aug 30, 2026

AEHR TEST SYSTEMS (AEHR)

NASDAQ

$80.81

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

21.0/100

POOR BUSINESS

AEHR TEST SYSTEMS (AEHR) scores 21/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full AEHR quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full AEHR valuation analysis · → View full AEHR Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-4.7%)

Debt-to-Equity (Solvency Risk):EXCELLENT (0.07x)

Operating Margin (Operational Efficiency):CRITICAL (-28.3%)

Return on Capital (Capital Efficiency):CRITICAL (-9.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

AEHR TEST SYSTEMS (AEHR) stock report — Zyberno Score 21/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, AEHR generated -$4.73M in Owner Earnings. Capital was deployed as follows: $2.07M invested in capital expenditures. Reinvestment rate: -93.3%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:80.81

Market Cap:$2.48B

Valuation Multiples (3)

P/B Ratio:11.29x

P/S Ratio:49.57x

Peg Ratio:-999.00x

Enterprise Metrics (1)

Enterprise Value:$2.37B

Price Action & Momentum (1)

% of 52-Week High:54.8%

B. Profitability Assessment

Return Metrics (5)

ROE:

-4.7%

📊 Click to view full AEHR ROE analysis →

ROA:-4.1%

Roic:

-9.4%

📊 Click to view full AEHR ROIC analysis →

Reinvestment Rate:-93.3%

Fundamental Growth Rate (g):8.8%

Margin Analysis (3)

Operating Margin Ttm:-28.3%

Net Margin Ttm:-14.3%

Ebitda Margin:-21.1%

TTM Performance (3)

Gross Margin Ttm:35.3%

Operating Margin Ttm:-28.3%

Net Margin Ttm:-14.3%

Yield Metrics (2)

Earnings Yield:-$0.28

Dividend Yield:0.0%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.00

📊 Click to view full AEHR Earnings Surprise analysis →

EPS Surprise vs Expected:-1.0%

Latest Earnings Filed:2026-07-27

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):-6.1%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):-18.2%

Cash Flow Growth (Linear) (2)

Free Cash Flow Growth Rate (Linear):-29.6%

Operating Cash Flow Growth Rate (Linear):-29.8%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):3.5%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:10.33x

Quick Ratio:8.01x

Cash Ratio:6.52x

Leverage Analysis (3)

Debt To Equity Ttm:0.07x

Debt-to-Equity Ratio:0.07x

Debt To Ebitda:-999.00x

Coverage Ratios (2)

Interest Coverage Ratio:-10.40x

Times Interest Earned:-10.40

Capital Structure (4)

Working Capital:166,593,000.00

Cash And Cash Equivalents:116,358,000.00

Long Term Debt:$9.26M

Net Debt:-$106.48M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $50.00M

Linear Growth: -6.1%

📊 Click to view full AEHR Revenue analysis & methodology →

Cost Of Revenue Ttm:$32.35M

Profitability Breakdown (2)

Gross profit TTM: $17.65M

Linear Growth: -17.6%

📊 Click to view full AEHR Gross Profit analysis & methodology →

Operating income TTM: -$14.15M

Linear Growth: 3.5%

📊 Click to view full AEHR Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$7.13M

Linear Growth: -18.2%

📊 Click to view full AEHR Net Income analysis & methodology →

Income Before Tax:-$11.74M

Ebitda Ttm:-10,549,000.00

Operating Expenses (5)

Operating Expenses:31,800,000.00

R And D Expense:12,633,000.00

Sga Expense:19,161,000.00

Income Tax Expense:-$4.61M

Interest Expense:1,361,000.00

Expense Ratios (3)

R And D To Revenue Percentage:67.1%

Sga To Revenue Percentage:101.7%

Ebitda Margin:-21.1%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$246.69M

Current Assets:$184.45M

Ppe Net:8,940,000.00

Goodwill:10,719,000.00

Intangible Assets:$9.55M

Liability Structure (4)

Total Liabilities:27,183,000.00

Current Liabilities:17,855,000.00

Long Term Debt:$9.26M

Short Term Debt:$626.00K

Equity & Capital (3)

Equity:$219.51M

Retained Earnings:-$30.19M

Common Stock:75,000,000.00

Working Capital Items (3)

Accounts Receivable:17,473,000.00

Inventory:41,354,000.00

Accounts Payable:6,754,000.00

Special Items (2)

Contract Liabilities:5,200,000.00

Stock Based Compensation:1,865,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: -$3.31M

Linear Growth: -29.8%

Free cash flow TTM: -$5.38M

Linear Growth: -29.6%

📊 Click to view full AEHR Free Cash Flow analysis & methodology →

Investment Activities (2)

Investing Cash Flow:-$134.00K

Capital Expenditures Ttm:2,066,000.00

Financing Activities (3)

Financing Cash Flow:$77.76M

Dividends Paid Ttm:0.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:2,200,000.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:3,600,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.23

Eps diluted TTM: -$0.23

Linear Growth: 44.2%

📊 Click to view full AEHR EPS analysis & methodology →

Earnings Per Share Ttm:-$0.23

Revenue & Cash Per Share (2)

Sales Per Share Ttm:1.63

Operating Cash Flow Per Share:-$0.11

Book Value & Capital (2)

Book Value Per Share:$7.16

Cash Per Share:3.79

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.29x

Working Capital Turnover Ttm:0.30x

Receivables Management (2)

Receivables Turnover Ttm:2.86x

Days Sales Outstanding Ttm:127.55

Inventory Management (2)

Inventory Turnover Ttm:0.78x

Days Inventory Outstanding Ttm:466.59

Payables & Cash Cycle (2)

Days Payable Outstanding:76.20

Cash Conversion Cycle:517.94

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:100.00

Quality Score:40.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$4.73M

Damodaran Growth Analysis (2)

Reinvestment Rate:-93.3%

Fundamental Growth Rate (g):8.8%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):-6.1%

Net Income Growth Rate (Linear):-18.2%

Operating Income Growth Rate (Linear):3.5%

Cash Flow Growth Rates (2)

Free Cash Flow Growth Rate (Linear):-29.6%

Operating Cash Flow Growth Rate (Linear):-29.8%

Other Growth Rates (2)

Gross Profit Growth Rate (Linear):-17.6%

Book Value Growth Rate (Linear):37.3%

C. Company Profile & Context

Corporate Information (6)

Symbol:AEHR

Company Name:AEHR TEST SYSTEMS

Sector:Unknown

Industry:Instruments For Meas & Testing of Electricity & Elec Signals

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:high

Volume Category:N/A

Share Structure (3)

Shares Outstanding:30.67M

Shares Outstanding Basic:30.67M

Shares Outstanding Diluted:30.67M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-08-30 21:55:47 UTC

Data Timestamp:2026-08-30T21:55:47.844740