Only one of our models could value this stock with confidence, so use it as a guide.
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Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
ACCE opinionAdvanced Energy Industries Inc. Common Stock (AEIS)
Fair value (3 models)
Not available
ACCE price target
$300
Rating
Not rated
Horizon
12 months
ACCE price target published on 9 Oct 2026, 00:00 CEST.
Price used: $217 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, EV/EBITDA comparison, Graham number, and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
57
out of 100
Analysts
92% buy
12 covering
P/E
45.8x
forward 19.7x
1-year return
+9.2%
Dividend yield
0.16%
Advanced Energy Industries Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Advanced Energy Industries makes precision power conversion and control products, including the RF and DC power supplies that semiconductor etch and deposition tools depend on, so its revenue tracks wafer fab capital spending more closely than the broader industrial category it sits in suggests. Its moat is in the engineering: qualification on chamber platforms is slow and sticky, and customers rarely switch suppliers once a power source is designed into a tool. The near-term driver is the AI-related buildout of advanced logic and memory capacity, which is pulling forward demand for the power and thermal subsystems AEIS ships into that equipment. Revenue growth of 30.0% is running well ahead of what most of the group is delivering, with a 40.0% gross margin and a 17.0% operating margin showing the mix is holding up. On a trailing P/E of 46.7 the stock looks expensive, but the forward P/E of 19.7 suggests earnings are expected to grow into the multiple, so the question for the deeper work is how durable that step-up is once semiconductor capex normalises.