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Advanced Energy Industries, Inc.

Rank #342Op. Leverage

AEIS · Nasdaq · Industrials

Advanced Energy Industries, Inc. (AEIS) — Rank #342 by gross profitability (GP/assets 0.20) · ROE 10.2% · Piotroski F-Score 7 / 9.

As-of 2026-09-28 · CIK 0000927003 · all metrics point-in-time as of the filing date.

About

Advanced Energy Industries, Inc. provides precision power conversion, measurement, and control solutions in the United States, Asia, Europe, and internationally.

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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.

Industry
Electrical Equipment & Parts
Sector
Industrials
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and reverse DCF are the primary valuation lenses at this stage.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

13,000

Industry

Electrical Equipment & Parts

Exchange

Nasdaq

Signal Flags

3 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.20
Return on equity
10.2%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.34
Current ratio
3.79×
Net cash
$132.30M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
3.1%

Growth

1/2 pass
Revenue growth
21.4%
Piotroski F-Score
7 / 9
Share dilution
2.1%

Terry Smith quality gate

Passes 0/5 Terry Smith thresholds

Operating margin expansion and free cash flow are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.20

Primary signal (Novy-Marx).

28th pctl of 47 SIC 36 peers

Return on equity

10.2%

Gross margin

37.7%

28th pctl of 47 SIC 36 peers

Revenue growth (YoY)

21.4%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-0.8%

Revenue CAGR (5Y)

4.9%

Earnings CAGR (3Y)

-9.4%

FCF CAGR (3Y)

0.3%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.34

11th pctl of 45 SIC 36 peers (best = lowest)

Current ratio

3.79×

76th pctl of 47 SIC 36 peers

Quick ratio

2.83×

Net cash

$132.30M

Cash & equivalents minus total debt.

Recession resistance

Revenue through recessions

Worst single-year YoY revenue decline, 17 years of history

Strong
2008-2009 (GFC)
N/AN/A
2020 (COVID)
79.5%Grew through it
Worst year on record(any fiscal year, not recession-limited)
-27.5%Significant decline

Cash-flow health

Free cash flow

$125.90M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.15

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

3.1%

Stock-based comp intensity.

Dividend safety

Composite score

3.8 / 5

Good
Payout ratio
10.5%5/5 Strong
FCF coverage
8.07×5/5 Strong
Dividend growth streak
2 yr1/5 Weak
Balance-sheet health
D/E 1.34 · IC 10.06×4/5 Strong

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20202025
Hypergrowth
Value
Op. Leverage
Decline
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