Advanced Energy Industries Inc. (AEIS) · Q2 2026 results and valuation

At −0.8% growth a year (3-year revenue growth), the model's fair value is $37.13 a share — the stock trades 524% above it. Today's price assumes 25.4% growth a year.

1. Key theme

   AEIS expects second-wave data center customers to accelerate revenue growth in 2027 and beyond, adding a future demand driver.

   Source quote

   “We continue to pursue multiple opportunities with second wave data center customers, defined as customers outside of the top hyperscalers. Our improved outlook is due to increased demand from hyperscalers. We expect that these second wave customers will accelerate our revenue growth in 2027 and beyond.”

2. Guidance

   AEIS now expects record revenue in Q3 and Q4.

   Source quote

   “Looking forward, we expect record revenue in both Q3 and Q4.”

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Sentences that drove the tone

“The semiconductor equipment market is growing to record levels, driven by strong demand for leading edge memory and logic as well as increasing etch and dep intensity.”

“And as this develops, I think it's a great opportunity for us to gain share and grow content.”

“At the same time, with our strong balance sheet, we will continue to pursue inorganic growth opportunities to further diversify our scope.”