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AEIS

Advanced Energy Industries, Inc.

AEIS

Advanced Energy Industries, Inc. • NASDAQ
$211.19 ▲ 0.61% (+1.29)
Market Cap $7.97 B
52w High $232.05
52w Low $75.01
Dividend Yield 0.40%
P/E 55
Volume 148.21K
Outstanding Shares 37.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $463.3M ▲ $130.7M ▼ $46.2M ▲ 9.972% ▲ $1.23 ▲ $67.4M ▲
Q2-2025 $441.5M ▲ $131.8M ▲ $25.2M ▲ 5.708% ▼ $0.67 ▲ $48.3M ▼
Q1-2025 $404.6M ▼ $119.9M ▼ $24.7M ▼ 6.105% ▼ $0.66 ▼ $49.5M ▼
Q4-2024 $415.403M ▲ $120.695M ▼ $48.874M ▲ 11.765% ▲ $1.3 ▲ $61.856M ▲
Q3-2024 $374.217M $145.116M $-14.905M -3.983% $-0.4 $9.755M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $758.8M ▲ $2.438B ▲ $1.131B ▲ $1.307B ▲
Q2-2025 $713.5M ▼ $2.38B ▲ $1.122B ▲ $1.257B ▲
Q1-2025 $723M ▲ $2.302B ▲ $1.072B ▲ $1.23B ▲
Q4-2024 $722.086M ▲ $2.262B ▲ $1.059B ▲ $1.203B ▲
Q3-2024 $657.288M $2.193B $1.028B $1.164B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $46.4M ▲ $76.8M ▲ $-28.3M ▲ $-2.3M ▲ $45.3M ▲ $48.9M ▲
Q2-2025 $25.5M ▲ $45.2M ▲ $-28.5M ▼ $-29.4M ▼ $-9.5M ▼ $17.1M ▲
Q1-2025 $24.9M ▼ $28.9M ▼ $-15.1M ▼ $-13.4M ▼ $900K ▼ $15M ▼
Q4-2024 $49.062M ▲ $82.688M ▲ $-13.036M ▼ $-2.66M ▲ $64.798M ▲ $69.945M ▲
Q3-2024 $-14.056M $34.059M $-12.905M $-351.233M $-328.812M $21.414M

Revenue by Products

Product Q3-2024Q1-2025Q2-2025Q3-2025
Data Center Computing
Data Center Computing
 $80.00M ▲$100.00M ▲$140.00M ▲$170.00M ▲
Industrial and Medical
Industrial and Medical
 $80.00M ▲$60.00M ▼$70.00M ▲$70.00M ▲
Semiconductor Equipment
Semiconductor Equipment
 $200.00M ▲$220.00M ▲$210.00M ▼$200.00M ▼
Telecom and Networking
Telecom and Networking
 $20.00M ▲$20.00M ▲$20.00M ▲$20.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue grew nicely coming out of 2020 but has slipped from its peak over the last two years. The business is still profitable, yet earnings have fallen more sharply than sales, which points to margin pressure and less operating leverage than before. Profitability remains positive across operating income, EBITDA, and net income, but all are down meaningfully from prior highs. This pattern is consistent with a cyclical, capital‑equipment‑exposed business, where strong years can be followed by softer ones. The key question going forward is whether margins can rebuild as semiconductor and data center demand normalizes and new products scale, or whether recent compression reflects more structural pricing and cost pressures.

Balance Sheet

Balance Sheet The balance sheet looks generally solid and better capitalized than in the past. Total assets and shareholder equity have trended upward over the period, suggesting reinvestment in the business and an expanding asset base. Cash levels are healthy, providing a cushion against industry cycles and room to keep funding R&D and selective acquisitions. Debt increased significantly a couple of years ago but has since been reduced, leaving the company closer to a net cash position than a heavily leveraged one. Overall, the financial structure appears conservative for a technology‑intensive industrial company, though maintaining this strength will depend on future cash generation and capital allocation choices.

Cash Flow

Cash Flow Cash generation has been consistently positive, even through the recent earnings slowdown. Operating cash flow has tracked profit trends but has not collapsed, which supports the view that reported earnings are largely backed by real cash. Free cash flow has stayed positive after capital spending every year, helped by relatively modest investment needs in physical assets. This gives management ongoing flexibility to fund R&D, small acquisitions, and shareholder returns without stretching the balance sheet. The main watchpoint is whether free cash flow can grow again as the cycle improves, rather than simply being maintained at today’s more subdued level.

Competitive Edge

Competitive Edge Advanced Energy operates in a specialized slice of the power electronics market, focusing on high‑precision, mission‑critical power solutions rather than commodity power supplies. Its strongest positions are in semiconductor manufacturing equipment and increasingly in data center infrastructure. The company benefits from deep integration with key customers, long design‑in cycles, and high switching costs, since its products are often embedded in complex tools and systems. A large and specialized patent portfolio, along with decades of process know‑how in plasma power and high‑voltage applications, further reinforces its moat. On the risk side, the customer base is concentrated in cyclical, demanding industries, and competitors are also investing heavily in similar growth areas like AI data centers, so execution and ongoing innovation are crucial to protect share.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of the company’s strategy. AEIS focuses R&D on precision power platforms for advanced chip manufacturing and on high‑efficiency, high‑density power architectures for data centers. Recent developments like advanced RF power generators, fast‑matching networks for plasma processes, and leadership in 48‑volt data center power show a push toward more intelligent, configurable, and efficient systems. The company also extends its capabilities via targeted acquisitions in high‑voltage and measurement technologies. Looking ahead, success depends on continuously staying ahead of semiconductor process requirements, winning sockets in AI‑heavy data center buildouts, and expanding industrial and medical applications. There is upside if its 2030 innovation roadmap translates into sustained product leadership, but there is also the usual technology risk if competitors narrow the gap or customers shift architectures.

Summary

Overall, AEIS combines a solid financial foundation with a specialized, technology‑driven business anchored in long‑term trends like advanced semiconductors and AI‑driven data centers. The company has a history of consistent cash generation, a relatively strong balance sheet, and deep, sticky relationships with demanding customers. At the same time, recent years show the other side of the story: revenue has cooled from earlier peaks and margins have compressed, underscoring its exposure to cyclical end markets and the need to keep costs and pricing power in balance. The long‑term opportunity lies in turning its strong innovation pipeline and competitive moat into renewed growth and margin recovery, while the key uncertainties revolve around industry cycles, competitive intensity, and the company’s ability to execute on its ambitious long‑range targets without overextending financially.

NEWS

November 4, 2025 · 4:01 PM UTC

Advanced Energy Reports Third Quarter 2025 Results

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October 31, 2025 · 6:00 AM UTC

Advanced Energy Declares Quarterly Cash Dividend

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October 28, 2025 · 6:00 AM UTC

Advanced Energy to Participate at Upcoming Investor Conferences

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October 16, 2025 · 6:00 AM UTC

Advanced Energy Announces Third Quarter 2025 Earnings Date on November 4

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October 7, 2025 · 11:00 AM UTC

Advanced Energy Introduces 401M Mid-Infrared Pyrometer for Precise Semiconductor Process Control

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