AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
ACMR
ACM Research, Inc.
ACMR has the edge over AAOI overall, supported by lower modeled downside and stronger modeled upside.
AAOI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Weak | |
| Unavailable |
AAOI's revenue is currently strong, but its profitability and cash flow are under pressure. There isn't enough data to rate its balance sheet.
ACMR Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Weak | |
| Healthy |
ACMR's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
AAOI PE Valuation
AAOI has no meaningful PE right now: it lost money over the past year. If it returns to profit as analysts expect, today's price would be 18x next year's earnings.
ACMR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $24.47 | -51% |
| Forward | 18x | $49.88 | — |
| Fair | 26x | $41.77 | -16% |
| Current | 31x | $49.88 | — |
| Expensive | 74x | $119 | +139% |
Historical ranges are pointers, not guarantees.
ACMR's PE is in its fair range at 31x. If earnings grow as analysts expect, today's price would be 18x next year's earnings, in its cheap range.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect AAOI to return to profit, with revenue growing. However, they disagree widely on these estimates.
ACMR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for ACMR, with profitability improving.
AAOI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.98 | — |
| Q3 2026 | -$0.42 | +$3.02 |
| Q2 2026 | -$0.77 | +$2.81 |
| Q1 2026 | -$0.65 | +$3.43 |
| Q4 2025 | -$0.64 | +$3.86 |
| Q3 2025 | -$3.44 | -$1.41 |
| Q2 2025 | -$3.58 | -$1.70 |
| Q1 2025 | -$4.08 | -$2.29 |
| Q4 2024 | -$4.50 | -$2.75 |
AAOI is still losing money, but far less than before: $0.42 per share over the past year, against $4.50 at its worst in late 2024.
ACMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.80 | +75% |
| Q3 2026 | $1.60 | -7.5% |
| Q2 2026 | $2.10 | +27% |
| Q1 2026 | $1.31 | -17% |
| Q4 2025 | $1.37 | -10% |
| Q3 2025 | $1.73 | +32% |
| Q2 2025 | $1.66 | +33% |
| Q1 2025 | $1.57 | +20% |
| Q4 2024 | $1.53 | +32% |
ACMR has the edge over AAOI on earnings quality, reporting a profit while its opponent remains loss making.
AAOI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $269.9M | +127% |
| Q2 2026 | $191.9M | +86% |
| Q1 2026 | $151.1M | +51% |
| Q4 2025 | $134.3M | +34% |
| Q3 2025 | $118.6M | +82% |
| Q2 2025 | $103M | +138% |
| Q1 2025 | $99.9M | +146% |
| Q4 2024 | $100.3M | +66% |
AAOI has the edge over ACMR on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -0.5% | +15 points |
| Q2 2026 | -13% | +2.6 points |
| Q1 2026 | -8.6% | +0.3 points |
| Q4 2025 | -8.6% | -2.1 points |
| Q3 2025 | -15% | +10 points |
| Q2 2025 | -16% | +45 points |
| Q1 2025 | -8.9% | +44 points |
| Q4 2024 | -6.5% | +1 points |
AAOI's operating margin was −0.5% last quarter, up 15 points from the same quarter a year ago, near the top of its range since 2019.
ACMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $367.7M | +37% |
| Q2 2026 | $292.9M | +36% |
| Q1 2026 | $231.3M | +34% |
| Q4 2025 | $244.4M | +9.4% |
| Q3 2025 | $269.2M | +32% |
| Q2 2025 | $215.4M | +6.4% |
| Q1 2025 | $172.3M | +13% |
| Q4 2024 | $223.5M | +31% |
ACMR's revenue has grown year over year for 18 quarters in a row: $368M last quarter, up 37% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 15% | +4.3 points |
| Q2 2026 | 17% | +2.3 points |
| Q1 2026 | 16% | +0.7 points |
| Q4 2025 | 9.4% | -10 points |
| Q3 2025 | 11% | -11 points |
| Q2 2025 | 15% | -3.8 points |
| Q1 2025 | 15% | -1.6 points |
| Q4 2024 | 20% | +6 points |
ACMR has the edge over AAOI on profitability, with a higher operating margin.
AAOI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$369.9M | -$291.2M |
| Q2 2026 | -$265.3M | -$174.4M |
| Q1 2026 | -$143.6M | -$64.3M |
| Q4 2025 | -$104.6M | -$51.6M |
| Q3 2025 | -$78.7M | -$58M |
| Q2 2025 | -$91M | -$86M |
| Q1 2025 | -$79.3M | -$45.1M |
| Q4 2024 | -$53M | -$48.4M |
AAOI has burned cash in almost every quarter: −$883M over the past year, against −$302M the year before.
ACMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$95.6M | -$80M |
| Q2 2026 | -$71.5M | -$11.8M |
| Q1 2026 | -$51.7M | -$40.3M |
| Q4 2025 | $20.1M | -74% |
| Q3 2025 | -$15.6M | +$5M |
| Q2 2025 | -$59.6M | -223% |
| Q1 2025 | -$11.4M | +$23.6M |
| Q4 2024 | $77.2M | +$122.7M |
ACMR has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
AAOI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.7% | +6.3M shares |
| 1 year | +39% | +24.5M shares |
| 3 years | +168% | +55.1M shares |
| 5 years | +224% | +60.7M shares |
| Available history | +340% | +67.9M shares |
AAOI has 88M diluted shares, up 39% from a year ago.
ACMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.5% | +1.8M shares |
| 1 year | +7.6% | +5.2M shares |
| 3 years | +12% | +8.2M shares |
| 5 years | +13% | +8.2M shares |
| Available history | +28% | +16.2M shares |
ACMR has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q4 2020 | — |
| Q4 2019 | $2M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
ACMR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.9x | Net Cash |
| Q2 2026 | -4.0x | Net Cash |
| Q1 2026 | -4.0x | Net Cash |
| Q4 2025 | -3.8x | Net Cash |
| Q3 2025 | -5.6x | Net Cash |
| Q2 2025 | -1.1x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.4x | Net Cash |
ACMR has more cash than debt.
AAOI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.1 | Neutral |
| Stochastic | 4.8 | Oversold |
AAOI's weekly RSI is 35 (neutral) and its Stochastic is 5 (oversold).
ACMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 39.7 | Neutral |
| Stochastic | 13.7 | Oversold |
ACMR's weekly RSI is 40 (neutral) and its Stochastic is 14 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
ACMR PE vs Technology Sector
| Metric | ACMR | Sector median | Relative |
|---|---|---|---|
| PE | 31x | 28x | 12% above |
| PE % | 54 | 35 | 19 pts above |
ACMR is trading at 31x earnings, a 12% premium to the Technology sector's median of 28x.
AAOI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.2 | 34% below |
| 20 week MA | $100.6 | 47% below |
| 50 week MA | $100.3 | 47% below |
| 100 week MA | $62.3 | 15% below |
| 200 week MA | $36.9 | 43% above |
AAOI has fallen below most of its moving averages, though it's still 43% above its 200-week average.
ACMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $59.5 | 16% below |
| 20 week MA | $72.8 | 31% below |
| 50 week MA | $64.2 | 22% below |
| 100 week MA | $45.4 | 10% above |
| 200 week MA | $31.5 | 58% above |
ACMR has the edge over AAOI on trend strength, trading above more of its moving averages.
AAOI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $11.5 | $8.77 | -24% |
| 2021 | $8.77 | $5.64 | -36% |
| 2022 | $5.64 | $1.95 | -65% |
| 2023 | $1.95 | $19.3 | +891% |
| 2024 | $19.3 | $37.7 | +95% |
| 2025 | $37.7 | $37.2 | -1.5% |
| 2026 YTD | $37.2 | $52.9 | +42% |
AAOI has the edge over ACMR on returns for 2026, with the stronger performance.
ACMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.13 | $23.2 | +279% |
| 2021 | $23.2 | $25.9 | +11% |
| 2022 | $25.9 | $7.52 | -71% |
| 2023 | $7.52 | $19.5 | +160% |
| 2024 | $19.5 | $15.2 | -22% |
| 2025 | $15.2 | $40.6 | +167% |
| 2026 YTD | $40.6 | $49.9 | +23% |
ACMR's yearly returns have swung widely, from +279% in 2020 to −71% in 2022. It's up 23% so far in 2026.