Advanced Energy Industries, Inc.AEIS
NasdaqGS•Industrials•Electrical Equipment & Parts
Advanced Energy Industries, Inc. provides precision power conversion, measurement, and control solutions in the United States, Asia, Europe, and internationally. The company's plasma power products offer solutions to enable innovation for semiconductor and thin film plasma processes, such as dry etch and deposition. It also provides high and low voltage power products used in a range of applications, such as semiconductor equipment, industrial production, medical and life science equipment, data centers computing, networking, and telecommunications. In addition, the company supplies sensing, controls, and instrumentation products for advanced measurement and calibration of power and temperature. Further, it provides calibration, conversions, upgrades, and refurbishments and used equipment to companies, as well as repair and maintenance services. The company offers its products through direct sales force, direct and indirect sales channels, and distributors, as well as provides warranty and non-warranty repair services. Advanced Energy Industries, Inc. was incorporated in 1981 and is headquartered in Denver, Colorado.
Advanced Energy Industries, Inc (AEIS) reported trailing twelve months revenue of $1.91B as of March 2026, a 22.2% increase year-over-year. Quarterly revenue reached $511.00M, reflecting continued top-line momentum.
Advanced Energy Industries, Inc generated $190.50M in TTM net income, with quarterly EBITDA of $84.10M. The operating margin expanded from 7.6% to 13.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (13.4%) and net margin (13.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 6.1% a year ago, signaling stronger bottom-line efficiency.
AEIS trades at a P/E of 73.4x (a premium multiple) and a P/S of 7.3x. The price-to-book ratio of 10.1x indicates a significant premium over book value.
The company reported negative free cash flow of $-42.20M, indicating cash consumption over the period. The balance sheet shows $2.59B in total assets with $568.20M in long-term debt against $1.38B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 7.4%. The business may lack pricing power or face rising costs.'
ROE is positive at ~8.0% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~26.4% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Share count is stable — no significant dilution or buyback activity.