NASDAQ : AEIS
Advanced Energy Industries, Inc. — Financial statements
Industrials · Electrical Equipment & Parts · United States
Last price 222.06 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 8.89B
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Financial statements
Advanced Energy Industries, Inc. (AEIS) reported revenue of 2.04B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.04B | 1.80B | 1.48B | 1.66B | 1.85B | 1.46B |
| Cost of Revenue | 1.22B | 1.11B | 948.20M | 1.06B | 1.17B | 923.63M |
| Gross Profit | 814.30M | 692.10M | 533.80M | 592.40M | 675.51M | 532.32M |
| Selling, General & Admin | 252.20M | 239.60M | 224.80M | 221.40M | 218.14M | 191.18M |
| Research & Development | 246.60M | 232.40M | 211.80M | 202.40M | 191.02M | 161.83M |
| Amortization of Goodwill & Intangibles | 21.50M | 22.10M | 26.00M | 28.30M | 26.11M | 22.06M |
| Other Operating Expenses | 3.60M | 4.40M | 2.20M | 500.00K | ||
| Operating Expenses | 523.90M | 498.50M | 464.80M | 452.60M | 435.27M | 375.07M |
| Operating Income | 290.40M | 193.60M | 69.00M | 139.80M | 240.23M | 157.25M |
| Interest Expense | -15.70M | -16.70M | -25.10M | -16.60M | -7.33M | -3.58M |
| Interest & Investment Income | 27.10M | 26.60M | 42.90M | 27.10M | 4.15M | 454.00K |
| Currency Exchange Gain (Loss) | -5.40M | -5.30M | 4.80M | |||
| Other Non Operating Income (Expenses) | -6.70M | -3.60M | -1.30M | 11.50M | 828.00K | |
| EBT Excluding Unusual Items | 296.40M | 191.50M | 88.00M | 149.00M | 248.56M | 154.96M |
| Merger & Restructuring Charges | -18.70M | -21.00M | -32.60M | -25.10M | -6.81M | -4.75M |
| Gain (Loss) on Sale of Assets | -1.50M | |||||
| Asset Writedown | -700.00K | -1.80M | -1.40M | |||
| Other Unusual Items | -30.90M | -3.00M | ||||
| Pretax Income | 246.10M | 168.70M | 52.40M | 122.50M | 241.74M | 148.71M |
| Income Tax Expense | 25.40M | 19.40M | -3.90M | -8.30M | 39.85M | 14.00M |
| Earnings From Continuing Operations | 220.70M | 149.30M | 56.30M | 130.80M | 201.89M | 134.71M |
| Earnings From Discontinued Operations | -1.30M | -900.00K | -2.10M | -2.50M | -2.21M | 73.00K |
| Net Income to Company | 219.40M | 148.40M | 54.20M | 128.30M | 199.68M | 134.78M |
| Minority Interest in Earnings | -16.00K | -44.00K | ||||
| Net Income | 219.40M | 148.40M | 54.20M | 128.30M | 199.66M | 134.74M |
| Net Income to Common | 219.40M | 148.40M | 54.20M | 128.30M | 199.66M | 134.74M |
| Shares Outstanding (Basic) | 37.95M | 37.60M | 37.50M | 37.50M | 37.46M | 38.14M |
| Shares Outstanding (Diluted) | 40.75M | 38.60M | 37.80M | 37.80M | 37.72M | 38.35M |
| EPS (Basic) | 5.78 | 3.95 | 1.45 | 3.42 | 5.33 | 3.53 |
| EPS (Diluted) | 5.38 | 3.85 | 1.43 | 3.39 | 5.29 | 3.51 |
| Free Cash Flow | 86.70M | 125.90M | 74.00M | 147.90M | 124.70M | 111.43M |
| Free Cash Flow Per Share | 2.13 | 3.26 | 1.96 | 3.91 | 3.31 | 2.90 |
| Dividend Per Share | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 | 0.40 |
| Gross Margin | 39.96% | 38.48% | 36.02% | 35.78% | 36.60% | 36.56% |
| Operating Margin | 14.25% | 10.76% | 4.66% | 8.44% | 13.02% | 10.80% |
| Profit Margin | 10.77% | 8.25% | 3.66% | 7.75% | 10.82% | 9.25% |
| Free Cash Flow Margin | 4.25% | 7.00% | 4.99% | 8.93% | 6.76% | 7.65% |
| EBITDA | 353.00M | 255.60M | 137.50M | 206.30M | 300.53M | 210.15M |
| EBITDA Margin | 17.32% | 14.21% | 9.28% | 12.46% | 16.29% | 14.43% |
| D&A For EBITDA | 62.60M | 62.00M | 68.50M | 66.50M | 60.30M | 52.89M |
| EBIT | 290.40M | 193.60M | 69.00M | 139.80M | 240.23M | 157.25M |
| EBIT Margin | 14.25% | 10.76% | 4.66% | 8.44% | 13.02% | 10.80% |
| Effective Tax Rate | 10.32% | 11.50% | 16.48% | 9.42% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.40B | 791.20M | 722.10M | 1.04B | 458.82M | 544.37M |
| Short-Term Investments | 200.00K | 200.00K | 200.00K | 163.00K | 2.13M | 2.30M |
| Cash & Short-Term Investments | 1.40B | 791.40M | 722.30M | 1.04B | 460.95M | 546.67M |
| Accounts Receivable | 403.60M | 325.20M | 265.30M | 282.43M | 300.68M | 237.23M |
| Receivables | 403.60M | 325.20M | 265.30M | 282.43M | 300.68M | 237.23M |
| Inventory | 538.10M | 411.20M | 360.40M | 336.14M | 376.01M | 338.41M |
| Other Current Assets | 70.50M | 46.10M | 41.30M | 48.61M | 50.87M | 39.93M |
| Total Current Assets | 2.41B | 1.57B | 1.39B | 1.71B | 1.19B | 1.16B |
| Property, Plant & Equipment | 423.50M | 370.90M | 281.90M | 263.10M | 248.64M | 216.60M |
| Long-Term Investments | 19.80M | 13.50M | 9.90M | 12.95M | 15.31M | 2.74M |
| Goodwill | 299.80M | 300.80M | 296.00M | 283.84M | 281.43M | 212.19M |
| Other Intangible Assets | 107.20M | 117.70M | 139.40M | 161.48M | 189.53M | 159.41M |
| Long-Term Deferred Tax Assets | 137.70M | 121.40M | 107.90M | 48.10M | 47.20M | |
| Other Long-Term Assets | 165.60M | 31.30M | 24.00M | 15.60M | 20.65M | 16.97M |
| Total Assets | 3.43B | 2.55B | 2.26B | 2.56B | 1.99B | 1.82B |
| Accounts Payable | 316.30M | 224.10M | 143.50M | 141.85M | 170.47M | 193.71M |
| Accrued Expenses | 141.60M | 157.30M | 135.50M | 136.25M | 146.57M | 105.89M |
| Current Portion of Long-Term Debt | 135.60M | 567.50M | 20.00M | 20.00M | 20.00M | |
| Current Portion of Leases | 15.40M | 15.80M | 17.80M | 17.74M | 16.77M | 15.84M |
| Current Unearned Revenue | 14.00M | 12.70M | 11.50M | 16.00M | 26.32M | 22.14M |
| Other Current Liabilities | 13.20M | 13.80M | 6.00M | 4.01M | 12.91M | 12.61M |
| Total Current Liabilities | 636.10M | 991.20M | 314.30M | 335.85M | 393.04M | 370.20M |
| Long-Term Debt | 1.13B | 564.70M | 895.68M | 353.26M | 372.73M | |
| Long-Term Leases | 97.40M | 95.70M | 89.20M | 89.33M | 94.46M | 95.18M |
| Pension & Post-Retirement Benefits | 48.50M | 49.40M | 49.60M | 49.13M | 44.03M | 67.25M |
| Long-Term Deferred Tax Liabilities | 600.00K | 600.00K | 7.40M | 9.40M | 9.90M | |
| Other Long-Term Liabilities | 60.10M | 46.10M | 40.40M | 35.18M | 31.70M | 30.58M |
| Total Liabilities | 1.97B | 1.18B | 1.06B | 1.41B | 925.90M | 945.84M |
| Common Stock | 37.00K | 37.00K | 38.00K | |||
| Additional Paid-In Capital | 243.80M | 230.60M | 189.10M | 148.30M | 134.64M | 115.71M |
| Retained Earnings | 1.23B | 1.13B | 1.03B | 989.73M | 915.27M | 756.32M |
| Comprehensive Income & Other | -13.70M | 3.60M | -12.70M | 6.11M | 16.32M | -1.22M |
| Total Common Equity | 1.46B | 1.36B | 1.20B | 1.14B | 1.07B | 870.85M |
| Minority Interest | 645.00K | |||||
| Shareholders' Equity | 1.46B | 1.36B | 1.20B | 1.14B | 1.07B | 871.50M |
| Total Liabilities & Equity | 3.43B | 2.55B | 2.26B | 2.56B | 1.99B | 1.82B |
| Total Debt | 1.38B | 679.00M | 671.70M | 1.02B | 484.49M | 503.76M |
| Net Cash (Debt) | 19.70M | 112.40M | 50.60M | 21.97M | -23.55M | 42.91M |
| Net Cash Per Share | 0.48 | 2.91 | 1.34 | 0.58 | -0.62 | 1.12 |
| Filing Date Shares Outstanding | 40.05M | 37.75M | 37.72M | 37.32M | 37.47M | 37.56M |
| Total Common Shares Outstanding | 40.00M | 37.80M | 37.71M | 37.32M | 37.43M | 37.59M |
| Working Capital | 1.77B | 582.70M | 1.07B | 1.38B | 795.47M | 792.04M |
| Book Value Per Share | 36.40 | 36.05 | 31.90 | 30.66 | 28.49 | 23.17 |
| Tangible Book Value | 1.05B | 944.30M | 767.70M | 698.86M | 595.31M | 499.25M |
| Tangible Book Value Per Share | 26.23 | 24.98 | 20.36 | 18.73 | 15.90 | 13.28 |
| Buildings | 241.40M | 196.60M | 191.74M | 165.67M | 134.63M | |
| Machinery | 31.00M | 26.00M | 19.28M | 15.16M | 33.49M | |
| Construction In Progress | 82.50M | 35.40M | 21.72M | 18.23M | 5.91M | |
| Leasehold Improvements | 101.00M | 93.00M | 79.76M | 63.10M | 48.37M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 219.40M | 148.40M | 54.20M | 128.30M | 199.66M | 134.74M |
| Depreciation & Amortization | 62.60M | 62.00M | 68.50M | 66.50M | 60.30M | 52.89M |
| Other Amortization | 3.70M | 3.20M | 3.80M | 1.30M | 547.00K | |
| Loss (Gain) From Sale of Assets | 1.50M | |||||
| Stock-Based Compensation | 68.60M | 55.70M | 45.90M | 31.00M | 19.85M | 15.74M |
| Other Operating Activities | 21.20M | -12.10M | -17.20M | -31.00M | -7.47M | 659.00K |
| Change in Accounts Receivable | -102.40M | -57.40M | 14.60M | 23.30M | -59.63M | 5.27M |
| Change in Inventory | -143.10M | -47.40M | -27.90M | 39.30M | -32.24M | -115.74M |
| Change in Accounts Payable | 122.10M | 79.30M | -600.00K | -26.10M | -28.70M | 67.11M |
| Change in Other Net Operating Assets | -12.00M | 3.00M | -8.30M | -19.70M | 31.42M | -21.25M |
| Operating Cash Flow | 238.20M | 233.30M | 130.80M | 208.90M | 183.59M | 140.25M |
| Capital Expenditures | -151.50M | -107.40M | -56.80M | -61.00M | -58.88M | -28.82M |
| Sale of Property, Plant & Equipment | 3.05M | |||||
| Cash Acquisitions | -13.80M | -149.39M | -21.54M | |||
| Investment in Securities | -2.20M | -2.40M | -3.00M | -3.70M | ||
| Investing Cash Flow | -153.70M | -109.80M | -73.60M | -64.70M | -208.27M | -47.30M |
| Long-Term Debt Issued | 575.00M | 85.00M | ||||
| Long-Term Debt Repaid | -1.90M | -355.00M | -20.00M | -20.00M | -15.10M | |
| Net Debt Issued (Repaid) | 1.13B | -1.90M | -355.00M | 555.00M | -20.00M | 69.90M |
| Repurchase of Common Stock | -7.00M | -30.20M | -1.80M | -40.00M | -26.64M | -78.12M |
| Common Dividends Paid | -15.80M | -15.60M | -15.40M | -15.20M | -15.20M | -15.38M |
| Other Financing Activities | -501.10M | -8.40M | -4.90M | -54.10M | -26.00K | -1.76M |
| Financing Cash Flow | 603.50M | -56.10M | -377.10M | 445.70M | -61.87M | -25.37M |
| Foreign Exchange Rate Adjustments | -3.00M | 1.70M | -2.60M | -4.10M | 996.00K | -3.57M |
| Net Cash Flow | 685.00M | 69.10M | -322.50M | 585.80M | -85.55M | 64.00M |
| Free Cash Flow | 86.70M | 125.90M | 74.00M | 147.90M | 124.70M | 111.43M |
| Free Cash Flow Margin | 4.25% | 7.00% | 4.99% | 8.93% | 6.76% | 7.65% |
| Free Cash Flow Per Share | 2.13 | 3.26 | 1.96 | 3.91 | 3.31 | 2.90 |
| Levered Free Cash Flow | 34.19M | 119.96M | 87.41M | 117.03M | 77.29M | 89.57M |
| Unlevered Free Cash Flow | 40.30M | 127.20M | 99.30M | 126.10M | 81.32M | 91.81M |
| Cash Interest Paid | 16.60M | 14.70M | 17.30M | 14.40M | 6.61M | 4.04M |
| Cash Income Tax Paid | 19.90M | 20.80M | 29.50M | 45.50M | 10.42M | 32.54M |
| Change in Working Capital | -135.40M | -22.50M | -22.20M | 16.80M | -89.15M | -64.61M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.89B | 7.90B | 4.36B | 4.06B | 3.21B | 3.43B |
| Enterprise Value | 8.87B | 7.83B | 4.36B | 4.10B | 3.29B | 3.39B |
| Last Close Price | 222.06 | 209.17 | 115.19 | 108.11 | 84.80 | 89.61 |
| PE Ratio | 41.25 | 53.25 | 80.37 | 31.65 | 16.06 | 25.46 |
| Forward PE | 16.22 | 28.62 | 25.48 | 22.17 | 15.96 | 20.05 |
| PS Ratio | 4.36 | 4.39 | 2.94 | 2.45 | 1.74 | 2.36 |
| PB Ratio | 6.10 | 5.80 | 3.62 | 3.55 | 3.01 | 3.94 |
| P/TBV Ratio | 8.48 | 8.37 | 5.67 | 5.81 | 5.39 | 6.87 |
| P/FCF Ratio | 102.58 | 62.77 | 58.87 | 27.45 | 25.71 | 30.78 |
| P/OCF Ratio | 37.34 | 33.87 | 33.30 | 19.44 | 17.47 | 24.46 |
| PEG Ratio | 0.37 | 0.97 | 3.03 | 7.64 | 1.26 | 2.51 |
| EV/Sales Ratio | 4.35 | 4.35 | 2.94 | 2.48 | 1.78 | 2.33 |
| EV/EBITDA Ratio | 25.14 | 30.62 | 31.72 | 19.88 | 10.93 | 16.13 |
| EV/EBIT Ratio | 30.56 | 40.43 | 63.21 | 29.34 | 13.68 | 21.56 |
| EV/FCF Ratio | 102.35 | 62.17 | 58.94 | 27.73 | 26.34 | 30.43 |
| Debt / Equity Ratio | 0.95 | 0.50 | 0.56 | 0.89 | 0.45 | 0.58 |
| Debt / EBITDA Ratio | 3.58 | 2.37 | 4.09 | 4.39 | 1.48 | 2.13 |
| Debt / FCF Ratio | 15.88 | 5.39 | 9.08 | 6.92 | 3.88 | 4.52 |
| Net Debt / Equity Ratio | -0.01 | -0.08 | -0.04 | -0.02 | 0.02 | -0.05 |
| Net Debt / EBITDA Ratio | -0.06 | -0.44 | -0.37 | -0.11 | 0.08 | -0.20 |
| Net Debt / FCF Ratio | -0.23 | -0.89 | -0.68 | -0.15 | 0.19 | -0.39 |
| Asset Turnover | 0.70 | 0.75 | 0.61 | 0.73 | 0.97 | 0.84 |
| Inventory Turnover | 2.61 | 2.87 | 2.72 | 2.99 | 3.27 | 3.30 |
| Quick Ratio | 2.83 | 1.13 | 3.14 | 3.95 | 1.94 | 2.12 |
| Current Ratio | 3.79 | 1.59 | 4.42 | 5.10 | 3.02 | 3.14 |
| Return on Equity (ROE) | 16.27% | 11.64% | 4.80% | 11.83% | 20.84% | 15.97% |
| Return on Assets (ROA) | 6.25% | 5.03% | 1.79% | 3.84% | 7.88% | 5.67% |
| Return on Invested Capital (ROIC) | 18.57% | 14.26% | 6.07% | 12.64% | 20.92% | 17.85% |
| Return on Capital Employed (ROCE) | 10.40% | 12.50% | 3.50% | 6.30% | 15.00% | 10.90% |
| Earnings Yield | 2.42% | 1.88% | 1.24% | 3.16% | 6.23% | 3.93% |
| FCF Yield | 0.97% | 1.59% | 1.70% | 3.64% | 3.89% | 3.25% |
| Dividend Yield | 0.18% | 0.19% | 0.35% | 0.37% | 0.47% | 0.44% |
| Payout Ratio | 7.43% | 10.51% | 28.41% | 11.85% | 7.61% | 11.42% |
| Buyback Yield / Dilution | -7.38% | -2.12% | -0.21% | 1.65% | 0.48% | |
| Total Shareholder Return | -7.20% | -1.93% | 0.35% | 0.16% | 2.12% | 0.92% |