Advanced Energy Industries

Balance sheet strength is a key positive: cash was roughly $700 million exiting Q1 2026 with modest gross debt prior to the May financing. In May 2026 the company issued $1.15 billion of 0 percent convertible notes due 2031 and began exchanging or redeeming the 2028 converts, preserving low cash interest cost and liquidity.

Management continues paying a small quarterly dividend ($0.10 per share) while funding capex and R&D. We note potential dilution from converts as the share price rises, but overall solvency and liquidity are strong.