Advanced Energy Industries, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Other Countries was 36% and United States was 30% of revenue; Other Countries fell from 45% in the fiscal year to Dec 2023.

Quarters: Advanced Energy Industries, Inc.'s SEC filings, named by the month they end. Fiscal years: Advanced Energy Industries, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $8.2 ends up as net income. Net margin fell from 10.8% to 8.2% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Advanced Energy Industries, Inc.'s annual reports to the SEC.

Customers and suppliers

Advanced Energy Industries's latest annual report names none of its suppliers or customers, but three customers it does not name account for 23% and 19% and 12% of its revenue.

 

AEISAdvanced Energy Industries

Customers

Unnamed customer 23%

Unnamed customer 19%

Unnamed customer 12%

Advanced Energy Industries's 10-K for the year to Dec 2025 gives three customers' shares of its revenue: Customer One (23%), Customer Two (19%) and Customer Three (12%).

From Advanced Energy Industries, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Changes since the previous annual report (10-K filed Feb 18, 2025)

Applied Materials AMATNo longer named (was a customer)Lam Research LRCXNo longer named (was a customer)

Only the companies Advanced Energy Industries names in its 10-K filed Feb 13, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 32.9x, above the peer median of 28x, so it needs earnings to keep growing to hold up.

Priced 17% above the peer median of 28x.

At 32.9× trailing earnings AEIS is inside the middle of its five-year range; the five-year median is 31.9×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $388, 70% above the current price; 92% of 12 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 11 analysts (92%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $228.57 to $397.80 (+74%), while AEIS went from $202.82 to $228.78 (+13%). In the past three months targets were cut 5 times and never raised. 3 upgrades and no downgrades over the year; the latest: Seaport Global moved it to Buy from Neutral on Aug 5, 2026.

The day after each of these reports the stock moved +9.8% (Sep 2025, beat); +10.6% (Dec 2025, beat); −11.2% (Mar 2026, beat); +7.2% (Sep 2026, beat).

For the quarter ending Dec 2026, analysts expect adjusted earnings of $4.01 a share, 208% more than the $1.30 of a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $17.93 a share, 44% more than the year before's estimate of $12.42, and revenue of $3.3B, up 31% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $70M in free cash flow over the year, of which $23M went back to shareholders (dividends plus buybacks), leaving $47M in the company.

Advanced Energy Industries had 41M diluted shares in the quarter ended Sep 2026, 7.5% more than a year earlier, and 1.2% more each year on average since Jun 2020. It spent $7.0M on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.6, no pressure to repay short-term debt; debt-to-equity 0.4, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 9 funds whose copy leaves AEIS out (on the exchange, not in the app yet): CloudAlpha Capital Management Limited/Hong Kong, Fisher Asset Management, Norges Bank, Swiss National Bank, Canada Pension Plan Investment Board, Maverick Capital and 3 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 12 held AEIS at the end of their latest quarter (for most, Q2 2026). Over that quarter 2 added shares, 4 cut, 5 bought new, 2 sold all and 1 held the same. The largest of them is Norges Bank, 486,582 shares worth $181M at Jun 30, 2026, 17.4% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AEIS at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $34.6M of AEIS on the open market in the 12 months to Nov 10, 2026; none bought. 99% of the sales were made under 10b5-1 plans, set up in advance. The largest was Stephen Douglas Kelley (President and CEO; director), who sold $15.8M in 13 sales.

From the Form 4s filed with the SEC about Advanced Energy Industries, Inc. (58 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 43 other transactions (option exercises, shares withheld for tax, gifts and other transfers).