Advanced Energy Industries Inc., founded in 1968, is a technology company specializing in precision power conversion, measurement, and control solutions primarily for the semiconductor industry. Under the leadership of CEO Michael D. Callahan since 2018, the company generates revenue through sophisticated equipment sales and comprehensive service contracts. It holds a notable market position with innovative technologies and enduring customer relationships in niche high-tech manufacturing segments. Ongoing R&D investments and strategic market expansions, including ventures into emerging sectors like EV battery and renewable energy applications, underscore its future growth potential.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
1,798,800
1,482,000
1,655,800
1,845,420
Cost of Sales
1,121,400
952,700
1,063,400
1,169,920
Gross Profit
677,400
529,300
592,400
675,506
Selling, General & Administrative Expenses
242,400
224,600
221,000
218,463
Depreciation & Amortization Expenses
22,100
26,000
28,300
26,114
Research & Development Expenses
232,400
211,800
202,400
191,020
Other Operating Expenses
12,500
30,300
27,000
6,814
Operating Profit
168,000
36,600
113,700
233,095
Interest and Investment Income
26,600
42,900
27,100
4,147
Interest Expense
(16,700)
(25,100)
(16,600)
(7,325)
Non-Operating Income
(9,200)
(2,000)
(1,700)
11,824
Total Non-Operating Income
700
15,800
8,800
8,646
Income Before Provision for Income Taxes
168,700
52,400
122,500
241,741
Provision for Income Taxes
19,400
(3,900)
(8,300)
39,850
Consolidated Net Income
149,300
56,300
130,800
201,891
Net Income Attributable to Minority Interests and Other
—
—
—
16
Net Income Attributable to Discontinued Operations
(900)
(2,100)
(2,500)
(2,215)
Net Income Attributable to Common Shareholders
148,400
54,200
128,300
199,660
Basic EPS
3.95
1.45
3.42
5.39
Diluted EPS
3.84
1.43
3.40
5.35
Basic Weighted Average Shares Outstanding
37,600
37,500
37,500
37,463
Diluted Weighted Average Shares Outstanding
38,600
37,800
37,800
37,721
Shares Outstanding
37,800
37,700
37,300
37,429
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
791,200
722,100
1,044,560
458,818
Total Cash and Cash Equivalents
791,200
722,100
1,044,560
458,818
Accounts Receivable
325,200
265,300
282,430
300,683
Total Trade Receivables
325,200
265,300
282,430
300,683
Inventories
411,200
360,400
336,137
376,012
Other Current Assets
46,300
41,500
48,771
53,001
Total Current Assets
1,573,900
1,389,300
1,711,890
1,188,510
Net Property, Plant & Equipment
370,900
281,900
263,097
248,639
Net Intangible Assets
117,700
139,400
161,478
189,526
Goodwill
300,800
296,000
283,840
281,433
Other Long-Term Assets
182,500
155,300
136,448
84,056
Total Assets
2,545,800
2,261,900
2,556,760
1,992,170
Accounts Payable
224,100
143,500
141,850
170,467
Accrued Expenses
171,100
141,500
140,257
159,483
Current Portion of Long-Term Debt
—
—
20,000
20,000
Current Portion of Leases
15,800
17,800
17,744
16,771
Unearned Revenue
12,700
11,500
15,997
26,322
Total Current Liabilities
991,200
314,300
335,848
393,043
Long-Term Debt
567,500
564,700
895,679
353,262
Leases
95,700
89,200
89,330
94,460
Other Long-Term Liabilities
88,300
87,100
91,718
85,136
Total Long-Term Liabilities
751,500
741,000
1,076,730
532,858
Total Liabilities
1,175,200
1,055,300
1,412,580
925,901
Common Stock
(2,600)
(900)
37
37
Additional Paid-in Capital
230,600
189,100
148,300
134,640
Accumulated Other Comprehensive Income
6,200
(11,800)
6,114
16,320
Retained Earnings
1,128,600
1,026,700
989,731
915,270
Total Common Shareholders' Equity
1,362,800
1,203,100
1,144,180
1,066,270
Minority Interests and Other
7,800
3,500
—
—
Total Shareholders' Equity
1,370,600
1,206,600
1,144,180
1,066,270
Total Liabilities and Shareholders' Equity
2,545,800
2,261,900
2,556,760
1,992,170
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
148,400
54,200
128,300
199,676
Depreciation & Amortization
62,000
68,500
66,500
60,296
Share-Based Compensation Expense
55,700
45,900
31,000
19,849
Other Adjustments
(9,800)
(15,500)
(32,200)
(9,151)
Changes in Trade Receivables
(57,400)
14,600
23,300
(59,630)
Changes in Inventories
(47,400)
(27,900)
39,300
(32,244)
Changes in Accounts Payable
79,300
(600)
(26,100)
(28,703)
Changes in Accrued Expenses
10,000
(5,300)
(25,300)
49,296
Changes in Other Operating Activities
(7,000)
(3,000)
5,600
(17,873)
Cash from Operating Activities
233,300
130,800
208,900
183,587
Capital Expenditure
(107,400)
(56,800)
(61,000)
(58,885)
Purchases of Investments
(2,400)
(3,000)
(3,700)
—
Payments for Business Acquisitions
—
(13,800)
—
(149,387)
Cash from Investing Activities
(109,800)
(73,600)
(64,700)
(208,272)
Issuance of Long-Term Debt
—
—
575,000
—
Repayments of Long-Term Debt
(1,900)
(355,000)
(20,000)
(20,000)
Net Issuance / (Repayments) of Long-Term Debt
(1,900)
(355,000)
555,000
(20,000)
Repurchases of Common Shares
(30,200)
(1,800)
(40,000)
(26,635)
Net Issuance / (Repurchases) of Common Shares
(30,200)
(1,800)
(40,000)
(26,635)
Common Share Dividends Paid
(15,600)
(15,400)
(15,200)
(15,204)
Other Financing Activities
(8,400)
(4,900)
(54,100)
(26)
Cash from Financing Activities
(56,100)
(377,100)
445,700
(61,865)
Effect of Exchange Rate Changes on Cash and Cash Equivalents
1,700
(2,600)
(4,100)
996
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash