Advanced Energy Industries

Reinvestment priority is clear: R&D and manufacturing expansion (notably Thailand) to support growth in Semi and AI data center. 2025 operating cash flow from continuing ops was about $235 million and capex was about $107 million; 2026 capex is stepping up to roughly $170 to $180 million with a stated aim to keep 2026 FCF at or above 2025, implying confidence in cash generation as volumes scale.

Management executes measured buybacks and maintains a token dividend; SBC was $55.7 million in 2025 and should be monitored. The 0 percent 2031 converts lower cash interest but add dilution risk if sustained high prices persist.