ADVANCED ENERGY INDUSTRIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ADVANCED ENERGY INDUSTRIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	484	671	719	789	1,416	1,456	1,845	1,656	1,482	1,799
Cost of revenue	231	315	353	473	874	924	1,170	1,063	953	1,121
Gross profit	253	356	366	316	542	532	676	592	529	677
Research and development	44.4	58	76	102	144	162	191	202	212	232
Selling, general and administrative	77.7	93.3	108	143	189	192	218	221	225	242
Operating expenses	126	156	194	261	366	381	442	479	493	509
Operating income	127	201	172	54.4	176	152	233	114	36.6	168
Interest expense		0.07	0.23	2.99	5.08	3.58	7.33	16.6	25.1	16.7
Interest income						0.45	4.15	27.1	42.9	26.6
Other non-operating income	1.22	-2.58	0.82	12.8	-17.9	0.15	11.8	-1.7	-2	-9.2
Pre-tax income	128	198	172	67.2	158	149	242	123	52.4	169
Income tax	11.1	62.1	25.2	10.7	23	14	39.9	-8.3	-3.9	19.4
Income from continuing operations	117	136	147	56.5	135	135	202	131	56.3	149
Net income to minority interests	0	0	0.09	0.03	0.06	0.04	0.02
Net income	127	138	147	64.9	135	135	200	128	54.2	148
EBITDA	135	210	185	80.5	224	205	293	180	105	230
EPS, basic	3.21	3.47	3.76	1.70	3.52	3.53	5.33	3.42	1.45	3.95
EPS, diluted	3.18	3.43	3.74	1.69	3.50	3.51	5.29	3.40	1.43	3.84
Shares, basic (weighted)	39.7	39.8	39.1	38.3	38.3	38.1	37.5	37.5	37.5	37.6
Shares, diluted (weighted)	40	40.2	39.4	38.5	38.5	38.4	37.7	37.8	37.8	38.6
Dividend per share						0.10	0.10	0.10	0.10	0.10

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	282	407	349	346	480	544	459	1,045	722	791
Short-term investments		3.1	2.47	2.61	2.65	2.3
Receivables	75.7	87.4					301	282	265	325
Inventory	55.8	78.5	98	230	221	338	376	336	360	411
Other current assets	9.32	8.13	10.2	36.9	35.9	42.2	53	48.8	41.5	46.3
Total current assets	438	595	568	867	980	1,162	1,189	1,712	1,389	1,574
Property, plant and equipment	13.3	17.8	31.3	108	115	115	148	168	186	273
Lease right-of-use assets			0	105	104	102	100	95.4	96.3	98.1
Goodwill	42.1	53.8	102	203	210	212	281	284	296	301
Intangible assets	28.1	33.5	54.9	184	169	159	190	161	139	118
Total assets	572	733	816	1,532	1,648	1,817	1,992	2,557	2,262	2,546
Accounts payable	46.3	48.2	39.6	171	125	194	170	142	144	224
Accrued liabilities	13.2	18.4	21.8	51.5	63.5	55.8	82.7	73.6	67.9	93
Short-term debt				17.5	17.5	20	20	20		568
Total current liabilities	95	106	110	320	296	370	393	336	314	991
Long-term debt				322	305	373	353	896	565
Lease liabilities			0	90.5	96	95.2	94.5	89.3	89.2	95.7
Other non-current liabilities	20.5	36.3	18.3	20.6	24.7	40.5	41.1	42.6	37.5	38.9
Total liabilities	179	213	209	855	832	946	926	1,413	1,055	1,175
Total debt				339	322	393	373	916	565	568
Paid-in capital	204	185	97.4	105	105	116	135	148	189	231
Retained earnings	195	333	513	578	712	756	915	990	1,027	1,129
Treasury stock		-5
Other comprehensive income	-6.93	2.53	-3.45	-5.9	-2.61	-1.22	16.3	6.11	-11.8	6.2
Shareholders' equity	392	521	607	677	815	871	1,066	1,144	1,203	1,363
Minority interests		0	0.51	0.55	0.6	0.65
Total equity	392	521	607	677	815	871	1,066	1,144	1,203	1,363
Total liabilities and equity	572	733	816	1,532	1,648	1,817	1,992	2,557	2,262	2,546
Shares outstanding	39.7	39.6	38.2	38.4	38.3	37.6	37.4	37.3	37.7	37.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	127	138	147	65	135	135	200	128	54.2	148
Depreciation and amortization	7.81	9.42	13.6	26.1	47.8	52.9	60.3	66.5	68.5	62
Stock-based compensation	6.33	12.5	9.7	7.33	12.3	15.7	19.8	31	45.9	55.7
Deferred income tax	4.51	25.3	10	1.02	-0.62	1.33	-5.74	-34	-20.5	-13.8
Change in receivables	-21.6	-7.5	3.45	-18.9	15.4	5.27	-59.6	23.3	14.6	-57.4
Change in inventory	-6.36	-19.3	-11.3	3.69	11.7	-116	-32.2	39.3	-27.9	-47.4
Change in payables	19	1.81	-12.6	-16.1	-48.2	67.1	-28.7	-26.1	-0.6	79.3
Cash from operations	119	183	151	48.4	201	140	184	209	131	233
Capital expenditures	-6.82	-9.04	-20.3	-25.2	-36.4	-28.8	-58.9	-61	-56.8	-107
Acquisitions	0	-17.3	-93.8	-366	-5.48	-21.5	-149		-13.8
Purchases of investments	-0.76	-0.11	-0.1					-3.7	-3	-2.4
Sales and maturities of investments	7.88	1.9	0.49	1.74	0
Cash from investing	0.3	-28.1	-114	-394	-42.8	-47.3	-208	-64.7	-73.6	-110
Debt issued				347		85
Stock issued	2.17
Share buybacks	0	-30	-95.1		-11.6	-78.1	-26.6	-40	-1.8	-30.2
Dividends paid						-15.4	-15.2	-15.2	-15.4	-15.6
Cash from financing	2.14	-31.3	-97.1	339	-29.6	-25.4	-61.9	446	-377	-56.1
Net change in cash	120	126	-60.5	-8.11	134	64	-85.6	586	-323	69.1
Free cash flow	112	174	131	23.2	165	111	125	148	74	126
Interest paid	0.17	0.07	0.23	3.48	5.28	4.04	6.61	14.4	17.3	14.7
Income taxes paid	5.65	5.31	16.2	18.6	21	32.5	17.5	47.9	33.3	-20.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $279.68 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	39.3%	Gross profit / revenue.
Operating margin	13.2%	Operating income / revenue.
EBITDA margin	16.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	4.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.7%	Cash from operations / revenue.
Effective tax rate	10.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Return on invested capital (ROIC)	18.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.1%	Research and development expense / revenue.
SG&A / revenue	12.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.4%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	21.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	28.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	4.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	359.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-10.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-0.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	118.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-7.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.5%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	173.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-9.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	2.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	168.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-10.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	78.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	8.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	3.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	70.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	0.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-5.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	13.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.79x	Current assets / current liabilities.
Quick ratio	2.83x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.20x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.87x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.9%	Total debt / total assets.
Liabilities / assets	56.9%	Total liabilities / total assets.
Net debt	-$132.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-0.40x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	17.1x	Operating income / interest expense.
Working capital	$1.77B	Current assets - current liabilities.
Goodwill and intangibles / assets	11.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.05B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	6.32x	Revenue / average property, plant and equipment.
Inventory turnover	2.30x	Cost of revenue / average inventory.
Days inventory	159 days	365 x average inventory / cost of revenue.
Receivables turnover	5.05x	Revenue / average receivables.
Days sales outstanding	72 days	365 x average receivables / revenue.
Days payables	93 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	138 days	Days inventory + days sales outstanding - days payables.
FCF conversion	39.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	63.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$48.17	Revenue / diluted weighted shares.
FCF per share	$2.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.63	Cash from operations / diluted weighted shares.
Book value per share	$36.40	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$26.23	Tangible book value / shares outstanding.
Cash per share	$34.91	(Cash + short-term investments) / shares outstanding.
Payout ratio	7.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	18.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	8.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.20B	Share price x shares outstanding.
Enterprise value	$11.07B	Market cap + total debt - cash - short-term investments.
P/E	51.1x	Market cap / net income. Only when net income is positive.
P/S	5.50x	Market cap / revenue.
P/B	7.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	10.7x	Market cap / tangible book value, when positive.
P/FCF	129x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	47.0x	Market cap / cash from operations, when positive.
EV/Sales	5.43x	Enterprise value / revenue.
EV/EBIT	41.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	33.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	128x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.8%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.2%	(Dividends paid + share buybacks) / market cap.

What was ADVANCED ENERGY INDUSTRIES INC's revenue in fiscal 2025?

ADVANCED ENERGY INDUSTRIES INC reported revenue of $1.80B for fiscal 2025, 21.4% higher than the year before.

Was ADVANCED ENERGY INDUSTRIES INC profitable in fiscal 2025?

Yes. Net income was $148.4M, a net margin of 8.2%.

How much free cash flow did ADVANCED ENERGY INDUSTRIES INC generate in fiscal 2025?

Cash from operations of $233.3M minus capital expenditures of $107.4M left free cash flow of $125.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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