Aehr Test Systems (AEHR) Cash Flow: Operating & Free Cash Flow

Aehr Test Systems Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Aehr Test Systems, Inc. (AEHR) - Annual data in millions USD
Breakdown	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	May 2026	May 2025	May 2024	May 2023	May 2022	May 2021	May 2020	May 2019	May 2018	May 2017
Operating Activities
Net Income	-7.13	-3.91	33.16	14.56	9.45	-2.03	-2.80	-5.24	0.53	-5.65
Depreciation & Amortization	3.53	3.39	1.36	1.10	0.31	0.33	0.38	0.43	0.42	0.27
Deferred Income Tax	-4.72	-0.42	-20.77	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Stock Based Compensation	6.76	5.16	2.52	2.75	3.01	1.10	0.00	0.91	1.00	1.00
Change in Working Capital	-1.76	-12.20	-14.38	-7.84	-9.56	0.32	-0.56	-1.74	-3.23	-0.31
Change in Accounts Receivable	-3.31	-3.04	6.79	-3.79	-7.83	-1.37	1.16	-2.04	1.26	-3.51
Change in Inventory	0.01	-2.44	-13.73	-9.47	-6.67	-0.97	1.16	-0.11	-2.07	0.43
Change in Accounts Payable	1.05	-0.71	-3.89	5.04	1.36	1.88	-1.02	0.21	-1.10	1.69
Change in Other Working Capital	0.51	-6.01	-1.30	-0.53	3.60	-0.03	-1.86	0.21	-1.33	1.08
Other Operating Activities	0.76	0.58	-20.90	-0.55	-1.70	-2.42	0.96	0.00	-0.06	0.20
Net Cash from Operating Activities	-3.31	-7.40	1.76	10.01	1.51	-2.70	-2.02	-5.64	-1.35	-4.50
Investing Activities
Capital Expenditures	-2.07	-4.99	-0.75	-1.36	-0.42	-0.23	-0.16	-0.17	-0.57	-0.48
Acquisitions	-1.80	-11.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of Investments	0.00	0.00	18.00	-33.29	0.00	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	0.00	0.00	18.00	16.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Cash from Investing Activities	-3.87	-16.07	17.25	-18.66	-0.42	-0.23	-0.16	-0.17	-0.57	-0.48
Financing Activities
Debt Repayment	0.00	0.00	0.00	0.00	-1.40	1.40	1.68	-6.11	0.00	0.00
Common Stock Issued	97.40	1.41	1.74	9.38	27.59	0.58	0.50	0.56	0.93	21.84
Common Stock Repurchased	-2.36	-0.78	-1.60	-2.06	-0.43	-0.02	-0.01	0.00	0.00	0.00
Other Financing Activities	-2.38	0.00	-0.07	-2.06	0.00	1.40	0.00	0.00	0.00	0.00
Net Cash from Financing Activities	97.21	0.63	0.14	7.32	25.76	1.96	2.17	-5.55	0.93	21.84
Summary
Effect of Forex Changes on Cash	-0.01	-1.09	-0.04	-0.04	0.05	0.12	0.02	-0.06	0.04	0.00
Net Change in Cash	90.03	-23.93	19.11	-1.36	26.90	-0.85	0.01	-11.42	-0.96	16.86
Cash at Beginning of Period	26.48	49.16	30.05	31.56	4.58	5.43	5.43	16.85	17.80	0.94
Cash at End of Period	116.51	25.23	49.16	30.20	31.48	4.58	5.43	5.43	16.85	17.80
Free Cash Flow	-5.38	-12.39	1.01	8.65	1.09	-2.93	-2.19	-5.81	-1.92	-4.97
Supplemental Disclosures
Interest Paid	-	-	-	0.02	0.01	0.01	-	-	-	-
Income Taxes Paid	-	0.10	0.09	0.02	0.00	0.02	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of May 31, 2026. Data sources and methodology

Frequently Asked Questions About Aehr Test Systems Cash Flow

What is Aehr Test Systems's free cash flow?

Aehr Test Systems had negative free cash flow of $5.38M in fiscal 2026 (fiscal year ended May 31, 2026), operating cash flow of −$3.31M minus $2.07M of capital expenditures.

How much does Aehr Test Systems spend on capital expenditures?

Aehr Test Systems spent $2.07M on capital expenditures in fiscal 2026, compared with $4.99M a year earlier.

Does Aehr Test Systems pay dividends or buy back shares?

Yes. In fiscal 2026 Aehr Test Systems returned $2.36M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition