Aehr Test SystemsAEHR +3.28%62 Net Current Asset Value is $2.51 as of Feb. 2026, which is 54% below its 10-year median of 5.50. GuruFocus rates AEHR with a GF Score™ of 62/100 and a GF Value™ of $14.73 (Significantly Overvalued). The stock has 5 warning signs investors should review. Among 720 Semiconductors companies, Aehr Test Systems ranks worse than 79.31% on this metric.
In calculating the Net Current Asset Value (NCAV), Benjamin Graham means a company's current assets (such as cash, marketable securities, and inventories) minus its total liabilities (including preferred stock, minority interest, and long-term debt).
Aehr Test Systems's net current asset value per share for the quarter that ended in Feb. 2026 was $2.51.
The historical rank and industry rank for Aehr Test Systems's Net Current Asset Value or its related term are showing as below:
AEHR'
s Price-to-Net-Current-Asset-Value Range Over the Past 10 Years
Min: 2.39 Med: 5.5 Max: 262
Current: 28.79
During the past 13 years, the highest Price-to-Net-Current-Asset-Value Ratio of Aehr Test Systems was 262.00. The lowest was 2.39. And the median was 5.50.
AEHR's Price-to-Net-Current-Asset-Value is ranked worse than 79.31% of 720
companies
in the Semiconductors industry
Industry Median: 9.275
vs AEHR: 28.79
Aehr Test Systems (NAS:AEHR) Net Current Asset Value Explanation
Benjamin Graham first discussed net current asset value (NCAV) in the 1934 edition of "Security Analysis", which he coauthored with David Dodd. In the book, (net) current asset value is defined as:" current assets alone, minus all liabilities and claims ahead of the issue."
The common definition of NCAV is: NCAV = current assets – [total liabilities + minority interest + preferred stock]
Net current assets exclude not only the intangible assets but also the fixed and miscellaneous assets. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Grahams strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their Net-Net Working Capital. They are collected under our Net-Net screener.
Aehr Test Systems Net Current Asset Value Related Terms
Aehr Test Systems Net Current Asset Value Historical Data
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The historical data trend for Aehr Test Systems's Net Current Asset Value 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 COHU, AMBA, ICHR: Net Current Asset Value Comparison
For the Semiconductor Equipment & Materials subindustry, Aehr Test Systems's Price-to-Net-Current-Asset-Value, along with its competitors' market caps and Price-to-Net-Current-Asset-Value 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 Price-to-Net-Current-Asset-Value vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Aehr Test Systems's Price-to-Net-Current-Asset-Value distribution charts can be found below:
* The bar in red indicates where Aehr Test Systems's Price-to-Net-Current-Asset-Value 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.
What does a Net Current Asset Value of $2.51 mean?
Aehr Test Systems (AEHR) has a Net Current Asset Value of $2.51 as of Feb. 2026. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Aehr Test Systems and its competitors. This is 54% below median its historical median of 5.50. Over the past decade, Aehr Test Systems' Net Current Asset Value has ranged from 2.39 to 262.00. According to the industry distribution chart, Aehr Test Systems ranks #571 out of 720 companies in the Semiconductors industry, placing it in the top 79.3%.
Is Aehr Test Systems' Net Current Asset Value too high?
Aehr Test Systems' current Net Current Asset Value of $2.51 is 54% below median its 10-year median of 5.50. Over the past 10 years, this metric has ranged from a low of 2.39 to a high of 262.00. The Semiconductors industry median Net Current Asset Value is 9.28. Aehr Test Systems' value of $2.51 is 72.9% below this industry median. Based on the distribution chart, Aehr Test Systems ranks #571 out of 720 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' Net Current Asset Value compare to COHU and AMBA?
According to the Semiconductors industry distribution chart, Aehr Test Systems ranks #571 out of 720 companies for Net Current Asset Value. This places Aehr Test Systems in the lower half of its industry. The industry median Net Current Asset Value is 9.28. Aehr Test Systems' value of $2.51 is 72.9% below this benchmark. Historically, Aehr Test Systems' own Net Current Asset Value has ranged from 2.39 to 262.00 over the past decade. While the company's 10-year median is 5.50 vs. the industry median of 9.28, 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 Net Current Asset Value for a Semiconductors company?
The median Net Current Asset Value among Semiconductors companies is 9.28, based on 720 companies in the industry. Companies in the top quartile (top 25%) have a Net Current Asset Value significantly above this median, while those in the bottom quartile fall well below. However, Net Current Asset Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Aehr Test Systems's current Net Current Asset Value of $2.51 is 72.9% 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 Net Current Asset Value mean?
A high Net Current Asset Value can signal that a stock is expensive relative to its fundamentals. Ben Graham's net current asset value equals the per-share value of total current assets less total liabilities. View historical data on Aehr Test Systems and its competitors. For the Semiconductors industry, the median Net Current Asset Value is 9.28 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Aehr Test Systems's current Net Current Asset Value is $2.51, which is 54% below median its own 10-year median of 5.50. 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 $14.73, compared to a current price of $72.26 — trading 390.5% above its estimated fair value. The current Net Current Asset Value is $2.51, which is 54% below median its 10-year median of 5.50 and 72.9% below the Semiconductors industry median of 9.28. 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 Net Current Asset Value calculated?
Net Current Asset Value is calculated from a company's financial statements. For Aehr Test Systems (AEHR), the current Net Current Asset Value is $2.51 as of Feb. 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 $72.26 is trading 390.5% above its estimated GF Value™ of $14.73.
GuruFocus considers Aehr Test Systems to be Significantly Overvalued.
Key valuation signals for AEHR:
Net Current Asset Value: $2.51 (54% below median its 10-year median of 5.50)
GF Value™: $14.73 vs. price of $72.26 (390.5% above fair value)
Industry Position: 72.9% below the Semiconductors median (#571 of 720)
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
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