Recent News
May 5, 2026 — Board authorized a quarterly cash dividend of $0.10 per share, payable June 5, 2026 to shareholders of record May 25, 2026. March 19, 2026 — Advanced Energy launched the AIF13WAC, a 48 V, 600 W full-brick AC‑DC supply rated above 94% efficiency for telecom and industrial applications. March 11, 2026 — the company introduced the LPP200 series of 200 W ultra-low-profile AC‑DC power supplies aimed at medical and industrial device miniaturization. April events included participation at industry conferences and trade shows to showcase product lines.
Technical Analysis
ADX sits at 17.67, which indicates no dominant price trend at present and implies limited directional conviction for near-term breakout moves.
DI+ at 24.90 shows a decreasing trend while DI− at 23.69 shows an increasing trend; that DI configuration reads as bearish pressure on directional momentum and reduces the likelihood of a sustained upside without renewed buying strength.
MACD at 6.62 below the signal line at 11.27 with a “peak and reversal” MACD trend constitutes bearish momentum; the MACD configuration signals weakening bullish momentum versus the prior cycle.
MRO at 23.7 with a reported peak-and-reversal indicates the price sits above the model target and implies a tendency toward mean reversion (downward pressure) from current levels.
RSI at 57.67 with a peak-and-reversal pattern signals fading strength within the neutral band rather than immediate overbought exhaustion; short-term momentum shows downward bias following a local peak.
Price relationships present mixed horizons: the close at $351.94 trades below the 20‑day average ($374.76) and below the 12‑day EMA (peak-and-reversal), yet remains above the 50‑day ($345.24) and well above the 200‑day average ($239.15). That configuration implies short-term resistance near the 20‑day band and structural support from mid- to long-term averages.
Bollinger bands place the 1x lower band at $358.66 and the 2x lower band at $342.56; the current close sits between those bands, suggesting price near the lower volatility envelope and a higher probability of constrained range moves absent a volatility expansion.
Fundamental Analysis
Revenue for the quarter ended March 31, 2026 reported at $511,000,000. Net income totaled $66,800,000 and operating income measured $70,900,000. EPS came in at $2.09 versus an estimate of $1.98, producing an EPS surprise of approximately 5.6%.
Margins improved: gross margin reached 39.32% while operating margin measured 13.88% and EBIT margin equaled 14.40%. EBIT margin rose roughly 16.5% QoQ and about 74.5% YoY, reflecting margin expansion driven by product mix and cost execution.
Cash and short‑term investments stood at $699,500,000 with operating cash flow of $31,600,000 and free cash flow negative at $42,600,000. Free cash flow yield registers at roughly −0.34%, indicating recent outflows relative to market value despite a strong cash balance on the balance sheet.
Leverage and coverage show divergence: total debt of $683,100,000 yields a debt-to-EBITDA of 7.64x, while interest coverage at 20.44x remains healthy. Debt-to-equity at 0.49 sits below the industry peer mean, but the elevated debt-to-EBITDA ratio signals leverage that could constrain flexibility if operating cash generation softens.
Return metrics remain modest relative to longer-term peers: return on assets near 2.6% and return on equity near 4.83%, although QoQ return metrics improved markedly. Asset turnover at 0.199 falls slightly below the industry peer mean, while the cash conversion cycle at approximately 119 days exceeds the industry peer mean, indicating working capital converts more slowly than peers.
Valuation sits at elevated multiples. Trailing PE equals about 158.7, above the industry peer mean and median; price-to-book equals 9.11, slightly below the industry peer mean but below the industry peer median. Enterprise multiple near 141 sits above the industry peer mean. Forward PE about 98 also exceeds the industry peer mean. The current valuation, as determined by WMDST, classifies the stock as over-valued given the combination of high market multiples and the company’s mixed free cash flow performance despite margin expansion.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-04 |
| NEXT REPORT DATE: | 2026-08-03 |
| CASH FLOW | Begin Period Cash Flow | $ 791.2 M |
| Operating Cash Flow | $ 31.6 M | |
| Capital Expenditures | $ -36.60 M | |
| Change In Working Capital | $ -108.80 M | |
| Dividends Paid | $ -3.80 M | |
| Cash Flow Delta | $ -89.80 M | |
| End Period Cash Flow | $ 701.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 511.0 M | |
| Forward Revenue | $ 213.8 M | |
| COSTS | ||
| Cost Of Revenue | $ 310.1 M | |
| Depreciation | $ 10.5 M | |
| Depreciation and Amortization | $ 15.8 M | |
| Research and Development | $ 62.4 M | |
| Total Operating Expenses | $ 440.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 200.9 M | |
| EBITDA | $ 89.4 M | |
| EBIT | $ 73.6 M | |
| Operating Income | $ 70.9 M | |
| Interest Income | $ 5.8 M | |
| Interest Expense | $ 3.6 M | |
| Net Interest Income | $ 1.4 M | |
| Income Before Tax | $ 70.0 M | |
| Tax Provision | $ 2.7 M | |
| Tax Rate | 3.857 % | |
| Net Income | $ 66.8 M | |
| Net Income From Continuing Operations | $ 67.3 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.98 | |
| EPS Actual | $ 2.09 | |
| EPS Difference | $ 0.11 | |
| EPS Surprise | 5.556 % | |
| Forward EPS | $ 2.94 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 2.6 B | |
| Intangible Assets | $ 412.6 M | |
| Net Tangible Assets | $ 971.8 M | |
| Total Current Assets | $ 1.6 B | |
| Cash and Short-Term Investments | $ 699.5 M | |
| Cash | $ 699.5 M | |
| Net Receivables | $ 376.7 M | |
| Inventory | $ 458.7 M | |
| Long-Term Investments | $ 184.7 M | |
| LIABILITIES | ||
| Accounts Payable | $ 272.1 M | |
| Short-Term Debt | $ 568.2 M | |
| Total Current Liabilities | $ 1.0 B | |
| Net Debt | — | |
| Total Debt | $ 683.1 M | |
| Total Liabilities | $ 1.2 B | |
| EQUITY | ||
| Total Equity | $ 1.4 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.41 | |
| Shares Outstanding | 38.028 M | |
| Revenue Per-Share | $ 13.44 | |
| VALUATION | Market Capitalization | $ 12.6 B |
| Enterprise Value | $ 12.6 B | |
| Enterprise Multiple | 140.922 | |
| Enterprise Multiple QoQ | 24.081 % | |
| Enterprise Multiple YoY | 83.592 % | |
| Enterprise Multiple IPRWA | high: 191.613 AEIS: 140.922 mean: 85.0 median: 79.445 low: 21.331 |
|
| EV/R | 24.654 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.873 | |
| Asset To Liability | 2.146 | |
| Debt To Capital | 0.33 | |
| Debt To Assets | 0.263 | |
| Debt To Assets QoQ | -1.222 % | |
| Debt To Assets YoY | -10.976 % | |
| Debt To Assets IPRWA | high: 0.45 mean: 0.308 median: 0.264 AEIS: 0.263 low: 0.006 |
|
| Debt To Equity | 0.493 | |
| Debt To Equity QoQ | -0.965 % | |
| Debt To Equity YoY | -10.896 % | |
| Debt To Equity IPRWA | high: 1.343 mean: 0.852 median: 0.64 AEIS: 0.493 low: 0.007 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.112 | |
| Price To Book QoQ | 42.578 % | |
| Price To Book YoY | 191.85 % | |
| Price To Book IPRWA | high: 17.441 median: 12.284 mean: 9.655 AEIS: 9.112 low: 0.683 |
|
| Price To Earnings (P/E) | 158.721 | |
| Price To Earnings QoQ | 33.355 % | |
| Price To Earnings YoY | 92.563 % | |
| Price To Earnings IPRWA | high: 306.353 AEIS: 158.721 median: 130.17 mean: 117.753 low: 16.954 |
|
| PE/G Ratio | 20.528 | |
| Price To Sales (P/S) | 24.686 | |
| Price To Sales QoQ | 38.715 % | |
| Price To Sales YoY | 160.025 % | |
| Price To Sales IPRWA | high: 28.558 AEIS: 24.686 median: 22.531 mean: 18.007 low: 0.389 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 98.437 | |
| Forward PE/G | 12.731 | |
| Forward P/S | 59.013 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 4.906 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.199 | |
| Asset Turnover Ratio QoQ | 1.268 % | |
| Asset Turnover Ratio YoY | 12.171 % | |
| Asset Turnover Ratio IPRWA | high: 0.534 mean: 0.222 AEIS: 0.199 median: 0.194 low: 0.103 |
|
| Receivables Turnover | 1.456 | |
| Receivables Turnover Ratio QoQ | -7.07 % | |
| Receivables Turnover Ratio YoY | -2.472 % | |
| Receivables Turnover Ratio IPRWA | high: 2.012 AEIS: 1.456 mean: 1.453 median: 1.439 low: 1.035 |
|
| Inventory Turnover | 0.713 | |
| Inventory Turnover Ratio QoQ | -3.74 % | |
| Inventory Turnover Ratio YoY | 2.302 % | |
| Inventory Turnover Ratio IPRWA | high: 2.507 median: 1.283 mean: 1.177 AEIS: 0.713 low: 0.168 |
|
| Days Sales Outstanding (DSO) | 62.67 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 119.446 | |
| Cash Conversion Cycle Days QoQ | -0.595 % | |
| Cash Conversion Cycle Days YoY | -12.302 % | |
| Cash Conversion Cycle Days IPRWA | high: 242.817 AEIS: 119.446 mean: 95.66 median: 82.542 low: 17.159 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.868 | |
| CapEx To Revenue | -0.072 | |
| CapEx To Depreciation | -3.486 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 1.4 B | |
| Net Invested Capital | $ 2.0 B | |
| Invested Capital | $ 2.0 B | |
| Net Tangible Assets | $ 971.8 M | |
| Net Working Capital | $ 588.7 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.699 | |
| Current Ratio | 1.588 | |
| Current Ratio QoQ | 0.03 % | |
| Current Ratio YoY | -64.149 % | |
| Current Ratio IPRWA | high: 5.798 mean: 1.924 median: 1.714 AEIS: 1.588 low: 1.259 |
|
| Quick Ratio | 1.13 | |
| Quick Ratio QoQ | -3.674 % | |
| Quick Ratio YoY | -65.499 % | |
| Quick Ratio IPRWA | high: 4.507 mean: 1.376 median: 1.259 AEIS: 1.13 low: 0.54 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.641 | |
| Cost Of Debt | 0.508 % | |
| Interest Coverage Ratio | 20.444 | |
| Interest Coverage Ratio QoQ | 11.515 % | |
| Interest Coverage Ratio YoY | 114.238 % | |
| Interest Coverage Ratio IPRWA | high: 69.571 AEIS: 20.444 mean: 13.112 median: 8.916 low: -0.989 |
|
| Operating Cash Flow Ratio | 0.032 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 75.388 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 17.579 | |
| Dividend Payout Ratio | 0.057 | |
| Dividend Rate | $ 0.10 | |
| Dividend Yield | 0.0 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.85 % | |
| Revenue Growth | 4.414 % | |
| Revenue Growth QoQ | -21.64 % | |
| Revenue Growth YoY | -269.704 % | |
| Revenue Growth IPRWA | high: 18.343 % median: 12.755 % mean: 11.605 % AEIS: 4.414 % low: -20.668 % |
|
| Earnings Growth | 7.732 % | |
| Earnings Growth QoQ | -32.73 % | |
| Earnings Growth YoY | -243.584 % | |
| Earnings Growth IPRWA | high: 40.952 % median: 9.278 % AEIS: 7.732 % mean: 5.563 % low: -78.182 % |
|
| MARGINS | ||
| Gross Margin | 39.315 % | |
| Gross Margin QoQ | 1.75 % | |
| Gross Margin YoY | 5.694 % | |
| Gross Margin IPRWA | high: 88.694 % AEIS: 39.315 % mean: 37.351 % median: 36.748 % low: 10.222 % |
|
| EBIT Margin | 14.403 % | |
| EBIT Margin QoQ | 16.51 % | |
| EBIT Margin YoY | 74.476 % | |
| EBIT Margin IPRWA | high: 29.1 % median: 20.531 % mean: 18.436 % AEIS: 14.403 % low: -1.268 % |
|
| Return On Sales (ROS) | 13.875 % | |
| Return On Sales QoQ | 12.796 % | |
| Return On Sales YoY | 68.08 % | |
| Return On Sales IPRWA | high: 29.1 % median: 20.489 % mean: 19.28 % AEIS: 13.875 % low: -1.268 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -42.60 M | |
| Free Cash Flow Yield | -0.338 % | |
| Free Cash Flow Yield QoQ | -168.421 % | |
| Free Cash Flow Yield YoY | -186.445 % | |
| Free Cash Flow Yield IPRWA | high: 1.908 % mean: 0.5 % median: 0.483 % AEIS: -0.338 % low: -1.326 % |
|
| Free Cash Growth | -199.07 % | |
| Free Cash Growth QoQ | 1196.535 % | |
| Free Cash Growth YoY | 153.415 % | |
| Free Cash Growth IPRWA | high: 117.647 % mean: -30.249 % median: -43.487 % AEIS: -199.07 % low: -299.432 % |
|
| Free Cash To Net Income | -0.638 | |
| Cash Flow Margin | 6.184 % | |
| Cash Flow To Earnings | 0.473 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 2.6 % | |
| Return On Assets QoQ | 23.869 % | |
| Return On Assets YoY | 140.296 % | |
| Return On Assets IPRWA | high: 3.338 % AEIS: 2.6 % mean: 2.388 % median: 2.381 % low: -1.009 % |
|
| Return On Capital Employed (ROCE) | 4.622 % | |
| Return On Equity (ROE) | 0.048 | |
| Return On Equity QoQ | 25.717 % | |
| Return On Equity YoY | 140.289 % | |
| Return On Equity IPRWA | high: 0.101 median: 0.067 mean: 0.06 AEIS: 0.048 low: -0.035 |
|
| DuPont ROE | 4.863 % | |
| Return On Invested Capital (ROIC) | 3.624 % | |
| Return On Invested Capital QoQ | 25.965 % | |
| Return On Invested Capital YoY | 133.957 % | |
| Return On Invested Capital IPRWA | high: 4.682 % AEIS: 3.624 % median: 3.398 % mean: 3.113 % low: -0.7 % |
|