AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
APH
Amphenol Corporation
APH has the edge over AAOI overall, supported by lower modeled downside and stronger fundamentals.
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.
APH Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
APH's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
APH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $79.62 | — |
| Cheap | 26x | $60.41 | -24% |
| Fair | 33x | $76.08 | -4.4% |
| Current | 35x | $79.62 | — |
| Expensive | 42x | $96.05 | +21% |
Historical ranges are pointers, not guarantees.
APH's PE is in its fair range at 35x. If earnings grow as analysts expect, today's price would be 23x 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.
APH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for APH, 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.
APH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.46 | +50% |
| Q3 2026 | $2.30 | +53% |
| Q2 2026 | $1.99 | +58% |
| Q1 2026 | $1.74 | +69% |
| Q4 2025 | $1.67 | +74% |
| Q3 2025 | $1.50 | +72% |
| Q2 2025 | $1.26 | +50% |
| Q1 2025 | $1.03 | +26% |
| Q4 2024 | $0.96 | +23% |
APH 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 APH 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.
APH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $10.2B | +65% |
| Q2 2026 | $8.8B | +55% |
| Q1 2026 | $7.6B | +58% |
| Q4 2025 | $6.4B | +49% |
| Q3 2025 | $6.2B | +53% |
| Q2 2025 | $5.7B | +57% |
| Q1 2025 | $4.8B | +48% |
| Q4 2024 | $4.3B | +30% |
APH's revenue has grown year over year for 12 quarters in a row: $10.2B last quarter, up 65% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 30% | +2.1 points |
| Q2 2026 | 30% | +4.4 points |
| Q1 2026 | 24% | +2.7 points |
| Q4 2025 | 27% | +4.7 points |
| Q3 2025 | 27% | +7.2 points |
| Q2 2025 | 25% | +5.8 points |
| Q1 2025 | 21% | +0.3 points |
| Q4 2024 | 22% | +1.4 points |
APH 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.
APH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +34% |
| Q2 2026 | $1.2B | +7.3% |
| Q1 2026 | $829.9M | +44% |
| Q4 2025 | $1.5B | +127% |
| Q3 2025 | $1.2B | +156% |
| Q2 2025 | $1.1B | +114% |
| Q1 2025 | $576.3M | +14% |
| Q4 2024 | $647.3M | -12% |
APH has the edge over AAOI on cash generation, producing positive trailing cash flow while its opponent burns cash.
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.
APH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +4.5M shares |
| 1 year | +0.7% | +17.3M shares |
| 3 years | +3.8% | +94.9M shares |
| 5 years | +3.2% | +79.7M shares |
| Available history | +4.9% | +120M shares |
APH has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $244.6M |
| Q2 2026 | $208M |
| Q1 2026 | $178M |
| Q4 2025 | $171.3M |
| Q3 2025 | $152.9M |
| Q2 2025 | $160.1M |
| Q1 2025 | $180.9M |
| Q4 2024 | $168.9M |
APH spent $802M buying back its own shares over the past year, up 21% from the year before.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
APH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.3x | Healthy |
| Q2 2026 | 1.5x | Healthy |
| Q1 2026 | 1.9x | Healthy |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 1.0x | Very low |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.0x | Very low |
APH's net debt is about 1.3 years of its operating earnings (EBITDA), up from less than a year a year ago.
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).
APH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.6 | Neutral |
| Stochastic | 36.3 | Neutral |
APH's weekly RSI is 52 (neutral) and its Stochastic is 36 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
APH PE vs Technology Sector
| Metric | APH | Sector median | Relative |
|---|---|---|---|
| PE | 35x | 28x | 24% above |
| PE % | 59 | 35 | 24 pts above |
APH is trading at 35x earnings, a 24% 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.
APH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.7 | 1.3% below |
| 20 week MA | $80.5 | 1% below |
| 50 week MA | $74.5 | 6.9% above |
| 100 week MA | $60.8 | 31% above |
| 200 week MA | $43.4 | 83% above |
APH 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 APH on returns for 2026, with the stronger performance.
APH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $13.5 | $16.2 | +20% |
| 2021 | $16.2 | $21.3 | +32% |
| 2022 | $21.3 | $19.0 | -11% |
| 2023 | $19.0 | $24.8 | +31% |
| 2024 | $24.8 | $35.4 | +43% |
| 2025 | $35.4 | $68.7 | +94% |
| 2026 YTD | $68.7 | $79.6 | +16% |
APH has finished higher in five of the last six years. It's up 16% so far in 2026.