Aehr Test SystemsAEHR +3.77%62 Piotroski F-Score is 2 as of Jun. 25, 2026, which is 50% below its 10-year median of 4.00. GuruFocus rates AEHR with a GF Score™ of 62/100 and a GF Value™ of $14.36 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 989 Semiconductors companies, Aehr Test Systems ranks worse than 92.72% on this metric.
Warning Sign:
Piotroski F-Score of 2 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aehr Test Systems has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Aehr Test Systems's Piotroski F-Score or its related term are showing as below:
AEHR'
s Piotroski F-Score Range Over the Past 10 Years
Min: 1 Med: 4 Max: 8
Current: 2
During the past 13 years, the highest Piotroski F-Score of Aehr Test Systems was 8. The lowest was 1. And the median was 4.
Aehr Test Systems (NAS:AEHR) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Aehr Test Systems Piotroski F-Score Related Terms
Aehr Test Systems Piotroski F-Score Historical Data
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The historical data trend for Aehr Test Systems's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
AEHR vs AMBA, ICHR, COHU: Piotroski F-Score Comparison
For the Semiconductor Equipment & Materials subindustry, Aehr Test Systems's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Aehr Test Systems Piotroski F-Score vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Aehr Test Systems's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Aehr Test Systems's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Aehr Test Systems's current Net Income (TTM) was -11.42.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Aehr Test Systems's return on assets of this year was -0.07840282. Aehr Test Systems's return on assets of last year was 0.22493996.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Aehr Test Systems's gearing of this year was 0.06330084. Aehr Test Systems's gearing of last year was 0.03970557.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Aehr Test Systems's current ratio of this year was 10.97002974. Aehr Test Systems's current ratio of last year was 5.70835408.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Aehr Test Systems's number of shares in issue this year was 30.695. Aehr Test Systems's number of shares in issue last year was 29.733.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Aehr Test Systems's gross margin of this year was 0.30723677. Aehr Test Systems's gross margin of last year was 0.45721303.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Aehr Test Systems's asset turnover of this year was 0.31080237. Aehr Test Systems's asset turnover of last year was 0.60513209.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Aehr Test Systems has an F-score of 2. It is a bad or low score, which usually implies poor business operation.
Aehr Test Systems (AEHR) has a Piotroski F-Score of 2 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aehr Test Systems and its competitors. This is 50% below median its historical median of 4.00. Over the past decade, Aehr Test Systems' Piotroski F-Score has ranged from 1.00 to 8.00. According to the industry distribution chart, Aehr Test Systems ranks #917 out of 989 companies in the Semiconductors industry, placing it in the top 92.7%.
Is Aehr Test Systems' Piotroski F-Score too high?
Aehr Test Systems' current Piotroski F-Score of 2 is 50% below median its 10-year median of 4.00. Over the past 10 years, this metric has ranged from a low of 1.00 to a high of 8.00. The Semiconductors industry median Piotroski F-Score is 5.00. Aehr Test Systems' value of 2 is 60% below this industry median. Based on the distribution chart, Aehr Test Systems ranks #917 out of 989 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Aehr Test Systems has a GF Score™ of 62/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Aehr Test Systems' Piotroski F-Score compare to AMBA and ICHR?
According to the Semiconductors industry distribution chart, Aehr Test Systems ranks #917 out of 989 companies for Piotroski F-Score. This places Aehr Test Systems in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Aehr Test Systems' value of 2 is 60% below this benchmark. Historically, Aehr Test Systems' own Piotroski F-Score has ranged from 1.00 to 8.00 over the past decade. While the company's 10-year median is 4.00 vs. the industry median of 5.00, Aehr Test Systems has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Semiconductors company?
The median Piotroski F-Score among Semiconductors companies is 5.00, based on 989 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Aehr Test Systems's current Piotroski F-Score of 2 is 60% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Aehr Test Systems and its competitors. For the Semiconductors industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aehr Test Systems's current Piotroski F-Score is 2, which is 50% below median its own 10-year median of 4.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aehr Test Systems stock overvalued right now?
Based on GuruFocus' analysis, Aehr Test Systems (AEHR) is currently considered Significantly Overvalued. The stock's GF Value™ is $14.36, compared to a current price of $98.79 — trading 588% above its estimated fair value. The current Piotroski F-Score is 2, which is 50% below median its 10-year median of 4.00 and 60% below the Semiconductors industry median of 5.00. Aehr Test Systems' overall GF Score™ is 62/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Aehr Test Systems (AEHR), the current Piotroski F-Score is 2 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Aehr Test Systems (AEHR) Overvalued in 2026?
Based on GuruFocus' analysis, Aehr Test Systems stock appears to be overvalued.
The current stock price of $98.79 is trading 588% above its estimated GF Value™ of $14.36.
GuruFocus considers Aehr Test Systems to be Significantly Overvalued.
Key valuation signals for AEHR:
Piotroski F-Score: 2 (50% below median its 10-year median of 4.00)
GF Value™: $14.36 vs. price of $98.79 (588% above fair value)
Industry Position: 60% below the Semiconductors median (#917 of 989)
No single metric tells the full story. See the AEHR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Aehr Test Systems is engaged in test systems for burning-in and testing logic, optical, and memory integrated circuits. Increased quality and reliability needs of the Automotive and Mobility integrated circuit markets. The Company operates in one business segment, the designing, manufacturing, marketing and selling of advanced test and burn-in products to the semiconductor manufacturing industry in several geographic areas. The company provides production solutions across the product manufacturing flow to improve yield and reliability and has developed and introduced several inventive products, including the ABTSTM and FOX-PTM families of test and burn-in systems and FOX WaferPakTM Aligner, FOX-XP WaferPak Contactor, FOX DiePak Carrier and FOX DiePak Loader.
62GF Score
Get the complete analysis for AEHR
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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