Aehr Test Systems — Earnings Quality Grade F
AEHR · Technology
Major red flags
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO surged by 34 days (54 → 88)
AR growth 44.9% exceeds revenue growth -10.9%
Revenue -10.9%, CFFO -521.4%. Cash follows revenue
Expense Quality
Inventory 12.1% vs COGS 4.0%. Normal
CapEx growth 566.5% is >2x revenue growth -10.9%
SG&A/Gross Profit = 76.4%, exceeds 70%
Gross margin swung -8.6pp (49.1% → 40.6%)
Cash Flow Quality
CFFO/NI = 1.89. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = 2.4%. Low accruals
Cash $0.0B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 17% of equity. Manageable
Debt/EBITDA = -7.6x. Healthy
Other assets grew 79.6% vs revenue -10.9%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Insufficient data
Manipulation Score
M-Score = -1.70 (> -1.78). LIKELY MANIPULATOR
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25