AEHR
Aehr Test Systems
NASDAQ: AEHR · TECHNOLOGY · SEMICONDUCTOR EQUIPMENT & MATERIALS
$108.47
+5.28% today
Updated 2026-06-12
Market cap
$2.94B
P/E ratio
—
P/S ratio
65.07x
EPS (TTM)
$-0.38
Dividend yield
—
52W range
$10 – $112
Volume
3.3M
Aehr Test Systems (AEHR) Financial Forecast & Price Target 2030
Research-backed projections from analyst consensus, management guidance, and sector analysis.
Research-backed AEHR price target 2030 projection accounting for share dilution, balance sheet debt, and time value of money.
Current price
$108.47
Today
Analyst consensus
$68.00
-37.31% · 12M
2030 Base
$450.29
+315.13% future
NPV today
$176.68
@ 23% WACC
5 analysts:
3 Buy1 Hold1 Sell
Management guidance
Management guided to FY2026 revenue at the high end of $45-50M range (implying ~$48-50M). CEO emphasized H2 FY2026 bookings exceeded $92M, with record $41M single order from hyperscale AI customer. Management expects significant revenue acceleration in FY2027+ driven by AI processor burn-in demand and silicon photonics expansion. No specific 2027-2030 targets disclosed, but guidance implies 50%+ growth trajectory through 2028.
Sources: Management guidance, analyst consensus, sector analysishigh confidence
AEHR · Aehr Test Systems · Revenue & price projection · 2023–2030E
Actual / 2030 target Projected revenue Base case price Bull to bear range
Bear case (2030)
$285.00
NPV today: $111.82
Base case (2030)
$450.29
NPV today: $176.68
Bull case (2030)
$856.00
NPV today: $335.87
WallStSmart.com
AEHR financial forecast · Research-backed projections
| Metric | 2025 | 2026 (E) | 2027 (E) | 2028 (E) | 2029 (E) | 2030 (E) ★ |
|---|---|---|---|---|---|---|
| Revenue | $0.1B | $0.0B | $0.1B | $0.2B | $0.4B | $0.5B |
| Revenue growth | -10.9% | -17.0% | 185.7% | 75.0% | 46.9% | 31.9% |
| Net margin | — | -5.1% | 7.9% | 10.6% | 12.6% | 12.6% |
| EPS | $-0.03 | $-0.08 | $0.35 | $0.82 | $1.44 | $1.90 |
| Diluted shares | — | 31M | 32M | 32M | 32M | 32M |
| Net debt | — | $-19.26M | $-15.21M | $-8.13M | $2.27M | $15.99M |
| P/S multiple | — | 30.0x | 30.0x | 30.0x | 30.0x | 30.0x |
| Implied price (base) | — | $47.30 | $133.75 | $233.24 | $341.92 | $450.29 |
★ 2030E is the model's terminal target year. Implied price = (Revenue × P/S − Net debt) ÷ Diluted shares.
Scenario detail · Three drivers, three outcomes
| 2030E driver | Bear | Base | Bull |
|---|---|---|---|
| Revenue | $0.5B | $0.5B | $0.5B |
| P/S multiple | 19.0x | 30.0x | 57.0x |
| Diluted shares | 32M | 32M | 32M |
| Net debt | $15.99M | $15.99M | $15.99M |
| Implied P/E † | 150x | 237x | 451x |
| 2030 Price | $285.00 | $450.29 | $856.00 |
| NPV @ 23% | $111.82 | $176.68 | $335.87 |
† Implied P/E: Multiples remain elevated across all three scenarios because AEHR is valued primarily on revenue scale during its growth phase, not near-term earnings power. Lower P/E in the bear case reflects multiple compression, but the absolute level stays high since 2030E still represents a hypergrowth-to-mature transition year.
EV to per-share bridge · How we get to $450.29 base case
AEHR catalysts and risks
Growth catalysts
+ Record $41M AI processor ASIC burn-in order with $92M+ H2 FY2026 bookings converting to FY2027 revenue
+ Hyperscaler capex acceleration (Meta $60B+, Microsoft $80B+, Google/AWS comparable levels) driving AI training/inference test demand through 2028
+ Silicon photonics and optical interconnect market emergence—new $14M+ customer win in Q3 FY2026 validates second growth vector
+ Fully automated Sonoma system ramp supporting high-margin package-level burn-in; FOX-XP wafer-level platform for next-gen ASICs
+ Next-generation AI processor testing cycles (2027-2028) requiring advanced burn-in as margin enabler for hyperscalers
Key risks
- Severe valuation risk: P/S 57x and Forward P/E 541x imply extreme growth expectations already priced in; $60M equity raise (dilution) and insider selling signal caution
- Revenue cliff risk: FY2026 revenue declined 13.8% YoY to $50.8M despite record bookings—timing of order-to-revenue conversion uncertain; Q3 FY2026 revenue down 43.7% QoQ
- Customer concentration: Leading hyperscale customer represents majority of current and near-term bookings; loss of one customer or delayed capex would crater revenue
- Competition and margin pressure: Cohu, FormFactor, Teradyne expanding into burn-in/test; hyperscalers may develop in-house testing, reducing AEHR's TAM
- AI cycle dependency: Aggressive capex by hyperscalers could stall if AI training ROI disappoints or demand flattens post-2028; no cyclical downside cushion
- Negative profitability: Operating margin -33.8%, net margin -25.2% despite revenue growth; path to 10%+ net margins not clearly articulated
Methodology · Aehr Test Systems 2030 stock forecast model
Aehr Test Systems 2030 price target is calculated using WallStSmart's research model. Revenue projections are derived from analyst consensus across 5 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts. The model is built on five core components:
| 1. Share dilution | Projected from per-ticker schedule of SBC + equity raise activity, compounding year by year (1% cumulative for AEHR by 2030) |
| 2. Net debt | EV minus net debt yields equity value; debt projected from capex cycle trajectory ($15.99M by 2030) |
| 3. Time value | NPV calculated using 23% WACC (CAPM: beta 3.271) |
| 4. Multiple framework | P/S compresses with scale: bear 19.0x / base 30.0x / bull 57.0x |
| 5. Scenario design | Bull/Base/Bear vary revenue, margin, shares, debt, and multiple independently |
WallStSmart research model · Not financial advice · Past performance is not indicative of future results · Last researched: May 20, 2026.
AEHR price target FAQ
What is the AEHR price target for 2030?
WallStSmart's Aehr Test Systems 2030 base case is $450.29 per share, with a bull case of $856.00 and bear case of $285.00. The NPV of the base case discounted to today at 23% WACC is $176.68.
How is the Aehr Test Systems 2030 stock forecast calculated?
The AEHR 2030 projection multiplies projected revenue by a growth-adjusted P/S multiple to derive enterprise value, subtracts projected net debt to get equity value, then divides by diluted shares outstanding accounting for dilution from stock-based compensation and equity raises.
Why does the AEHR price target account for dilution?
Aehr Test Systems is projected to grow diluted share count from 31M to 32M by 2030 (a 1% increase) through stock-based compensation and capital raises. Ignoring this would inflate the price target by approximately 1%.
What is the analyst consensus on AEHR stock?
5 analysts cover AEHR with an average 12-month price target of $68.00. The 2030 projection extends this framework with longer-horizon assumptions including dilution and time value of money.