AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over AIRG overall, supported by stronger fundamentals and stronger modeled upside.
AIRG
Airgain, Inc.
AIRG has lower modeled downside risk, despite its lower overall score.
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.
AIRG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Strong |
AIRG's balance sheet is currently strong, and its revenue is stable, but its profitability and cash flow are under pressure.
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.
AIRG PE Valuation
AIRG 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 17x next year's earnings.
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.
AIRG Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect AIRG to return to profit, with revenue growing. However, they disagree widely on these estimates.
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.
AIRG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.21 | — |
| Q3 2026 | -$0.53 | -$0.03 |
| Q2 2026 | -$0.57 | +$0.01 |
| Q1 2026 | -$0.56 | +$0.13 |
| Q4 2025 | -$0.54 | +$0.25 |
| Q3 2025 | -$0.50 | +$0.65 |
| Q2 2025 | -$0.58 | +$0.59 |
| Q1 2025 | -$0.69 | +$0.46 |
| Q4 2024 | -$0.79 | +$0.41 |
AIRG has the edge over AAOI on earnings, with more consistent year-over-year improvement.
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 AIRG on sales, with more consistent year-over-year improvement.
| 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 has the edge over AIRG on profitability, with a higher operating margin.
AIRG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $15.3M | +9.3% |
| Q2 2026 | $13.7M | +0.6% |
| Q1 2026 | $11.5M | -4.2% |
| Q4 2025 | $12.1M | -20% |
| Q3 2025 | $14M | -13% |
| Q2 2025 | $13.6M | -10% |
| Q1 2025 | $12M | -16% |
| Q4 2024 | $15.1M | +50% |
AIRG's revenue is recovering but still below its 2022 peak: $15M last quarter, up 9.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -3% | +3.9 points |
| Q2 2026 | -12% | +2.4 points |
| Q1 2026 | -18% | +7.4 points |
| Q4 2025 | -20% | -6.8 points |
| Q3 2025 | -6.9% | +4.4 points |
| Q2 2025 | -15% | +1.8 points |
| Q1 2025 | -26% | -7.3 points |
| Q4 2024 | -13% | +41 points |
AIRG's operating margin was −3% last quarter, up 3.9 points from the same quarter a year ago.
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.
AIRG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$175K | +$243K |
| Q2 2026 | -$1.8M | -1716% |
| Q1 2026 | -$814K | +$253K |
| Q4 2025 | $93K | +$120K |
| Q3 2025 | -$418K | +$788K |
| Q2 2025 | $113K | +$1.4M |
| Q1 2025 | -$1.1M | +$112K |
| Q4 2024 | -$27K | +$2.1M |
AIRG 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.
AIRG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.3% | +300K shares |
| 1 year | +11% | +1.4M shares |
| 3 years | +26% | +2.7M shares |
| 5 years | +30% | +3.1M shares |
| Available history | +30% | +3M shares |
AIRG has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $97,000 |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | $418,000 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
AIRG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2019 | -8.6x | Net Cash |
AIRG 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).
AIRG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 25.9 | Oversold |
| Stochastic | 7.8 | Oversold |
AIRG's weekly RSI is 26 (oversold) and its Stochastic is 8 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
AIRG PE vs Technology Sector
| Metric | AIRG | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
AIRG has no meaningful PE right now: it lost money over the past year.
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 the edge over AIRG on trend strength, trading above more of its moving averages.
AIRG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.23 | 12% below |
| 20 week MA | $5.06 | 27% below |
| 50 week MA | $5.26 | 29% below |
| 100 week MA | $5.02 | 26% below |
| 200 week MA | $5.34 | 31% below |
AIRG is in a downtrend: it's below all five of its weekly moving averages, and 31% below its 200-week average.
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 AIRG on returns for 2026, with the stronger performance.
AIRG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.5 | $15.2 | +45% |
| 2021 | $15.2 | $10.6 | -30% |
| 2022 | $10.6 | $6.45 | -39% |
| 2023 | $6.45 | $3.56 | -45% |
| 2024 | $3.56 | $7.16 | +101% |
| 2025 | $7.16 | $4.00 | -44% |
| 2026 YTD | $4.00 | $3.71 | -7.3% |
AIRG has finished lower in four of the last six years. It's down 7.3% so far in 2026.