Advanced Energy Industries (AEIS) financial statements
Advanced Energy Industries reported revenue of $1.8B in fiscal 2025, up 15.7% a year over 9 years.
Net income was $148M and the operating margin 9.3%, against 26.2% in 2016.
Free cash flow was $126M, and the company returned $16M in dividends and $30M in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Advanced Energy Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $484M | $671M | $719M | $789M | $1.4B | $1.5B | $1.8B | $1.7B | $1.5B | $1.8B |
| Cost of revenue | $231M | $315M | $353M | $473M | $874M | $924M | $1.2B | $1.1B | $953M | $1.1B |
| Gross profit | $253M | $356M | $366M | $316M | $542M | $532M | $676M | $592M | $529M | $677M |
| Research and development | $44M | $58M | $76M | $102M | $144M | $162M | $191M | $202M | $212M | $232M |
| Selling, general and admin | $78M | $93M | $108M | $143M | $189M | $192M | $218M | $221M | $225M | $242M |
| Operating income | $127M | $201M | $172M | $54M | $176M | $152M | $233M | $114M | $37M | $168M |
| Interest expense | — | $66,000 | $228,000 | $3M | $5M | $4M | $7M | $17M | $25M | $17M |
| Pre-tax income | $128M | $198M | $172M | $67M | $158M | $149M | $242M | $122M | $52M | $169M |
| Income tax | $11M | $62M | $25M | $11M | $23M | $14M | $40M | -$8M | -$4M | $19M |
| Net income | $127M | $138M | $147M | $65M | $135M | $135M | $200M | $128M | $54M | $148M |
| EPS (diluted) | $3.18 | $3.43 | $3.74 | $1.69 | $3.50 | $3.51 | $5.29 | $3.40 | $1.43 | $3.84 |
| Diluted shares | 40M | 40M | 39M | 38M | 39M | 38M | 38M | 38M | 38M | 39M |
| Gross margin | 52.3% | 53.1% | 50.9% | 40.0% | 38.3% | 36.6% | 36.6% | 35.8% | 35.7% | 37.7% |
| Operating margin | 26.2% | 29.9% | 23.9% | 6.9% | 12.4% | 10.4% | 12.6% | 6.9% | 2.5% | 9.3% |
| Net margin | 26.3% | 20.5% | 20.5% | 8.2% | 9.5% | 9.3% | 10.8% | 7.7% | 3.7% | 8.2% |
Balance sheet
Fiscal years, from Advanced Energy Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $282M | $410M | $352M | $349M | $483M | $547M | $459M | $1.0B | $722M | $791M |
| Receivables | $76M | $87M | — | — | — | — | $301M | $282M | $265M | $325M |
| Inventory | $56M | $78M | $98M | $230M | $221M | $338M | $376M | $336M | $360M | $411M |
| Total current assets | $438M | $595M | $568M | $867M | $980M | $1.2B | $1.2B | $1.7B | $1.4B | $1.6B |
| Property, plant and equipment | $13M | $18M | $31M | $108M | $115M | $115M | $148M | $168M | $186M | $273M |
| Goodwill | $42M | $54M | $102M | $203M | $210M | $212M | $281M | $284M | $296M | $301M |
| Total assets | $572M | $733M | $816M | $1.5B | $1.6B | $1.8B | $2.0B | $2.6B | $2.3B | $2.5B |
| Total current liabilities | $95M | $106M | $110M | $320M | $296M | $370M | $393M | $336M | $314M | $991M |
| Long-term debt | — | — | — | $322M | $305M | $373M | $353M | $896M | $565M | — |
| Total liabilities | $179M | $213M | $209M | $855M | $832M | $946M | $926M | $1.4B | $1.1B | $1.2B |
| Shareholders' equity | $392M | $521M | $607M | $677M | $815M | $871M | $1.1B | $1.1B | $1.2B | $1.4B |
| Net debt | -$282M | -$407M | -$349M | -$7M | -$158M | -$152M | -$86M | -$129M | -$157M | -$224M |
Cash flow
Fiscal years, from Advanced Energy Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $119M | $183M | $151M | $48M | $201M | $140M | $184M | $209M | $131M | $233M |
| Capital spending | $7M | $9M | $20M | $25M | $36M | $29M | $59M | $61M | $57M | $107M |
| Free cash flow | $112M | $174M | $131M | $23M | $165M | $111M | $125M | $148M | $74M | $126M |
| Stock-based compensation | $6M | $13M | $10M | $7M | $12M | $16M | $20M | $31M | $46M | $56M |
| Dividends paid | — | — | — | — | — | $15M | $15M | $15M | $15M | $16M |
| Share buybacks (net) | $0 | -$30M | -$95M | — | -$12M | -$78M | -$27M | -$40M | -$2M | -$30M |
| Net borrowing | — | — | — | $347M | — | $85M | — | — | — | — |
| Free cash flow margin | 23.3% | 25.9% | 18.2% | 2.9% | 11.6% | 7.7% | 6.8% | 8.9% | 5.0% | 7.0% |
| Dividends per share | — | — | — | — | — | $0.40 | $0.40 | $0.40 | $0.41 | $0.40 |
Questions
What was Advanced Energy Industries's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Advanced Energy Industries generate?
$126M in fiscal 2025 (operating cash flow minus capital spending).
From Advanced Energy Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.