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Held by 641 of 6,047 reporting institutions (98th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $284.24 today, the market must believe free cash flow compounds 34.2%/yr for a decade (off $115.9M on the 3-yr avg basis).
On the basis ($71.7M) the requirement is 41.4%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 34.2% is more optimistic than its 9-yr track record.
Default is 11.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.04B shares (market data) · net debt $343.8M
mean 64.0% · volatility σ 211% · implied rate exceeded in 3/9 yrs
Central path = implied 34.2%/yr growth; shaded band = ±1σ (211%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 12% of free cash flow, leaving room to grow it and fund buybacks. Last year: $15.6M dividends + $30.2M buybacks = $45.8M returned on $125.9M FCF.
3 consecutive years of dividend increases · 0%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Modest payoff on reinvested capital. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B 100.0% | $1.48B 100.0% | $1.66B 100.0% | $1.85B 100.0% | $1.46B 100.0% | $1.42B 100.0% | $788.9M 100.0% | $718.9M 100.0% | $453.1M 100.0% | $327.4M 100.0% |
| Cost of Revenue | $1.12B 62.3% | $952.7M 64.3% | $1.06B 64.2% | $1.17B 63.4% | $923.6M 63.4% | $874.0M 61.7% | $473.3M 60.0% | $353.3M 49.1% | $314.6M 69.4% | $230.6M 70.4% |
| Cost of Products | — | — | — | — | — | — | — | — | $267.6M 59.1% | $192.7M 58.9% |
| Cost of Services | — | — | — | — | — | — | — | — | $47.0M 10.4% | $37.9M 11.6% |
| Gross Profit | $677.4M 37.7% | $529.3M 35.7% | $592.4M 35.8% | $675.5M 36.6% | $532.3M 36.6% | $541.9M 38.3% | $315.7M 40.0% | $365.6M 50.9% | $356.4M 78.7% | $253.1M 77.3% |
| Research & Development | $232.4M 12.9% | $211.8M 14.3% | $202.4M 12.2% | $191.0M 10.4% | $161.8M 11.1% | $144.0M 10.2% | $101.5M 12.9% | $76.0M 10.6% | $58.0M 12.8% | $44.4M 13.6% |
| Selling, General & Admin | $242.4M 13.5% | $224.6M 15.2% | $221.0M 13.3% | $218.5M 11.8% | $192.0M 13.2% | $188.6M 13.3% | $142.6M 18.1% | $108.0M 15.0% | $93.3M 20.6% | $77.7M 23.7% |
| Total Operating Expenses | $509.4M 28.3% | $492.7M 33.2% | $478.7M 28.9% | $442.4M 24.0% | $380.6M 26.1% | $365.8M 25.8% | $261.3M 33.1% | $194.1M 27.0% | $155.6M 34.3% | $126.3M 38.6% |
| Operating Income | $168.0M 9.3% | $36.6M 2.5% | $113.7M 6.9% | $233.1M 12.6% | $151.7M 10.4% | $176.0M 12.4% | $54.4M 6.9% | $171.6M 23.9% | $200.8M 44.3% | $126.9M 38.7% |
| Interest Expense | $16.7M 0.9% | $25.1M 1.7% | $16.6M 1.0% | $7.3M 0.4% | $3.6M 0.2% | $5.1M 0.4% | $3.0M 0.4% | $228K 0.0% | $66K 0.0% | — |
| Interest & Investment Income | $26.6M 1.5% | $42.9M 2.9% | $27.1M 1.6% | $4.1M 0.2% | $454K 0.0% | — | — | — | — | — |
| Other Income (Expense), net | -$9.2M -0.5% | -$2.0M -0.1% | -$1.7M -0.1% | $11.8M 0.6% | $152K 0.0% | -$17.9M -1.3% | $12.8M 1.6% | $823K 0.1% | -$2.6M -0.6% | $1.2M 0.4% |
| Pretax Income | $168.7M 9.4% | $52.4M 3.5% | $122.5M 7.4% | $241.7M 13.1% | $148.7M 10.2% | $158.1M 11.2% | $67.2M 8.5% | $172.4M 24.0% | $198.2M 43.7% | $128.1M 39.1% |
| Income Tax Expense | $19.4M 1.1% | -$3.9M -0.3% | -$8.3M -0.5% | $39.9M 2.2% | $14.0M 1.0% | $23.0M 1.6% | $10.7M 1.4% | $25.2M 3.5% | $62.1M 13.7% | $11.1M 3.4% |
| Net Income | $148.4M 8.2% | $54.2M 3.7% | $128.3M 7.7% | $199.7M 10.8% | $134.7M 9.3% | $134.7M 9.5% | $64.9M 8.2% | $147.0M 20.5% | $137.9M 30.4% | $127.5M 38.9% |
| Per Share | ||||||||||
| EPS (Basic) | $3.95 | $1.45 | $3.42 | $5.33 | $3.53 | $3.52 | $1.70 | $3.76 | $3.47 | $3.21 |
| EPS (Diluted) | $3.84 | $1.43 | $3.40 | $5.29 | $3.51 | $3.50 | $1.69 | $3.74 | $3.43 | $3.18 |
| Weighted Avg Shares (Basic) | 37.6M | 37.5M | 37.5M | 37.5M | 38.1M | 38.3M | 38.3M | 39.1M | 39.8M | 39.7M |
| Weighted Avg Shares (Diluted) | 38.6M | 37.8M | 37.8M | 37.7M | 38.4M | 38.5M | 38.5M | 39.4M | 40.2M | 40.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 96th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 11% against ROIC 6% — 5% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 16.8× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 49.1 | 60.0 | 61.7 | 63.4 | 63.4 | 64.2 | 64.3 | 62.3 |
| Gross Profit | 50.9 | 40.0 | 38.3 | 36.6 | 36.6 | 35.8 | 35.7 | 37.7 |
| R&D | 10.6 | 12.9 | 10.2 | 11.1 | 10.4 | 12.2 | 14.3 | 12.9 |
| SG&A | 15.0 | 18.1 | 13.3 | 13.2 | 11.8 | 13.3 | 15.2 | 13.5 |
| Operating Income | 23.9 | 6.9 | 12.4 | 10.4 | 12.6 | 6.9 | 2.5 | 9.3 |
| Income Tax | 3.5 | 1.4 | 1.6 | 1.0 | 2.2 | -0.5 | -0.3 | 1.1 |
| Net Income | 20.5 | 8.2 | 9.5 | 9.3 | 10.8 | 7.7 | 3.7 | 8.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AEIS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $791.2M (at 2025-12-31) covers the $30.0M due within a year 26.4× over. Scheduled principal only (excludes interest & revolver draws). As of 2024-06-30 (10-Q). The cash figure is from 2025-12-31, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~1.5% on $1.14B of debt.
Cash of $791.2M fully covers short-term debt of $567.5M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Ranked against 27 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MCHP | $41.0B | 343.3× | 39.2× | 8.7× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 1,254 |
| CRDO | $39.8B | 84.4× | 80.6× | 29.8× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 945 |
| JBL | $31.3B | 50.5× | 17.4× | 1.1× | 3.2% | 8.9% | 2.2% | 43.4% | 14.9% | 0.5× | 1,081 |
| ON | $30.9B | 273.8× | 41.2× | 5.2× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 969 |
| Q | $26.5B | 38.4× | 22.4× | 5.6× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 1,273 |
| TSEM | $25.9B | 117.9× | 51.9× | 16.5× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 424 |
| HUBB | $25.1B | 28.7× | 19.1× | 4.3× | 3.8% | 35.3% | 15.2% | 23.1% | 14.4% | 1.3× | 974 |
| MTSI | $24.6B | — | 129.6× | 25.4× | 32.6% | 54.7% | -5.6% | -4.1% | -3.0% | 2.0× | 620 |
| SITM | $19.4B | — | — | 59.4× | 61.2% | 53.6% | -13.1% | -3.7% | -3.7% | — | 538 |
| FSLR | $19.2B | 12.6× | — | 3.7× | 24.1% | 40.6% | 29.3% | 16.0% | 15.2% | — | 990 |
| SWKS | $19.0B | 26.2× | 24.2× | 4.7× | -2.2% | 41.2% | 11.7% | 8.3% | 7.1% | -0.2× | 686 |
| LSCC | $17.8B | — | — | 33.9× | 2.7% | 68.2% | 0.6% | 0.4% | 0.4% | -4.3× | 579 |
| SMTC | $17.5B | — | — | 16.7× | 15.5% | 51.6% | -3.8% | -7.3% | -3.9% | 4.7× | 546 |
| AMKR | $12.7B | 34.0× | 11.5× | 1.9× | 6.2% | 14.0% | 5.6% | 8.4% | 6.3% | 0.1× | 632 |
| TTMI | $12.4B | 69.9× | 34.1× | 4.3× | 19.0% | 20.7% | 6.1% | 10.1% | 6.6% | 1.1× | 607 |
| VICR | $12.1B | 100.5× | 113.9× | 26.7× | 26.1% | 57.3% | 26.2% | 16.7% | 16.7% | -3.9× | 490 |
| RMBS | $11.8B | 51.4× | 42.6× | 16.6× | 27.1% | 79.6% | 32.6% | 16.9% | 16.9% | -0.7× | 593 |
| AEIS | $11.4B | 74.0× | 51.0× | 6.3× | 21.4% | 37.7% | 8.2% | 10.9% | 5.9% | 1.5× | 641 |
| SANM | $11.3B | 47.2× | 22.5× | 1.4× | 7.4% | 8.8% | 3.0% | 9.7% | 8.7% | -1.3× | 547 |
| VIAV | $10.8B | — | 71.8× | 7.1× | 40.0% | 57.7% | -2.0% | -2.1% | -1.8% | -2.8× | 540 |
| FORM | $10.7B | 198.7× | 112.2× | 13.7× | 2.8% | 39.3% | 6.9% | 5.3% | 5.2% | -1.0× | 484 |
| QRVO | $10.1B | 31.5× | 18.5× | 2.7× | -1.1% | 45.9% | 9.2% | 10.1% | 6.9% | 0.6× | 525 |
| AAOI | $9.0B | — | — | 19.7× | 82.8% | 30.0% | -8.4% | -5.2% | -4.8% | — | 468 |
| SIMO | $8.9B | 287.8× | 70.4× | 10.0× | 10.2% | 48.3% | 13.8% | 14.8% | 14.8% | -1.6× | 372 |
| MXL | $8.5B | — | — | 18.2× | 29.7% | 56.8% | -29.2% | -30.2% | -23.7% | — | 414 |
Peers = companies sharing AEIS's sector (Electronic Components, NEC) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns -0.96pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 6.8% | 11.7% (today's — no rate published for this year) | -4.8pts |
| FY2020 | 22.1% | 11.7% (today's — no rate published for this year) | 10.4pts |
| FY2021 | 17.6% | 9.3% | 8.4pts |
| FY2022 | 20.6% | 9.1% | 11.5pts |
| FY2023 | 9.8% | 9.3% | 0.5pts |
| FY2024 | 3.1% | 12.2% | -9.1pts |
| FY2025 | 9.1% | 11.5% | -2.4pts |
| Now | 5.9% | 11.7% | -5.7pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 77.3% | 38.7% | 38.9% |
| FY2017 | 78.7% | 44.3% | 30.4% |
| FY2018 | 50.9% | 23.9% | 20.5% |
| FY2019 | 40.0% | 6.9% | 8.2% |
| FY2020 | 38.3% | 12.4% | 9.5% |
| FY2021 | 36.6% | 10.4% | 9.3% |
| FY2022 | 36.6% | 12.6% | 10.8% |
| FY2023 | 35.8% | 6.9% | 7.7% |
| FY2024 | 35.7% | 2.5% | 3.7% |
| FY2025 | 37.7% | 9.3% | 8.2% |
Leverage and buybacks account for 5 points of the 11% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$300M of goodwill — 19% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is -0.96pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.96x of reported profit into free cash flow over 5 years, with accruals negative.
Reported free cash flow is $126M; after share-based compensation it is $70M. The difference is a real cost that the cash flow statement adds back.
Covers interest 7.0x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 10.06x |
| 5% | 9.56x |
| 10% | 9.05x |
| 15% | 8.55x |
| 20% | 8.05x |
| 25% | 7.54x |
| 30% | 7.04x |
| 35% | 6.54x |
| 40% | 6.04x |
| 45% | 5.53x |
| 50% | 5.03x |
| 55% | 4.53x |
| 60% | 4.02x |
This schedule comes from a filing dated 2024-06-30, 831 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2024-06-30 (10-Q); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $284.24, free cash flow must compound 34.31%/yr for 10 years. It has done 32.56%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 610.5% | 34.3% |
| FY2021 | −32.4% | 34.3% |
| FY2022 | 11.9% | 34.3% |
| FY2023 | 18.6% | 34.3% |
| FY2024 | −50.0% | 34.3% |
| FY2025 | 70.1% | 34.3% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $148M | $148M |
| Share-based comp | $56M | $204M |
| Other non-cash & working capital | $29M | $233M |
| Operating cash flow | $233M | $233M |
| Capex | −$107M | $126M |
| Free cash flow | $126M | $126M |
| FCF after SBC | $70M | $70M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 79.5% | not reported | not reported |
| FY2021 | 2.8% | not reported | not reported |
| FY2022 | 26.8% | not reported | not reported |
| FY2023 | -10.3% | -6.1% | 4.2 points |
| FY2024 | -10.5% | -6.1% | 4.4 points |
| FY2025 | 21.4% | 22.6% | 1.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | not reported | 177.4 days | 131.6 days | not reported |
| FY2020 | not reported | 92.4 days | 52.3 days | not reported |
| FY2021 | not reported | 133.7 days | 76.5 days | not reported |
| FY2022 | 59.5 days | 117.3 days | 53.2 days | 123.6 days |
| FY2023 | 62.3 days | 115.4 days | 48.7 days | 128.9 days |
| FY2024 | 65.3 days | 138.1 days | 55 days | 148.4 days |
| FY2025 | 66 days | 133.8 days | 72.9 days | 126.9 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | 1.1 percent |
| FY2020 | -4.0 percent |
| FY2021 | -0.3 percent |
| FY2022 | 0.8 percent |
| FY2023 | -3.1 percent |
| FY2024 | -3.4 percent |
| FY2025 | -3.3 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.