AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
APPF
AppFolio, Inc.
APPF 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.
APPF Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
APPF'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.
APPF PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 28x | $223 | — |
| Cheap | 36x | $170 | -24% |
| Current | 47x | $223 | — |
| Fair | 50x | $235 | +5.4% |
| Expensive | 178x | $844 | +279% |
Historical ranges are pointers, not guarantees.
APPF's PE is in its fair range at 47x. If earnings grow as analysts expect, today's price would be 28x 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.
APPF Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for APPF, 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.
APPF Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.98 | +68% |
| Q3 2026 | $4.74 | -15% |
| Q2 2026 | $4.38 | -21% |
| Q1 2026 | $4.20 | -22% |
| Q4 2025 | $3.88 | -30% |
| Q3 2025 | $5.57 | +53% |
| Q2 2025 | $5.54 | +61% |
| Q1 2025 | $5.36 | +154% |
| Q4 2024 | $5.55 | +7829% |
APPF 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 APPF 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.
APPF Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $295.7M | +19% |
| Q2 2026 | $281.1M | +19% |
| Q1 2026 | $262.2M | +20% |
| Q4 2025 | $248.2M | +22% |
| Q3 2025 | $249.4M | +21% |
| Q2 2025 | $235.6M | +19% |
| Q1 2025 | $217.7M | +16% |
| Q4 2024 | $203.7M | +19% |
APPF's revenue has grown year over year every quarter since late 2020: $296M last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +5.4 points |
| Q2 2026 | 19% | +1.6 points |
| Q1 2026 | 19% | +3.8 points |
| Q4 2025 | 18% | +6.3 points |
| Q3 2025 | 14% | -6.6 points |
| Q2 2025 | 17% | -1.1 points |
| Q1 2025 | 16% | -2.7 points |
| Q4 2024 | 11% | -5.2 points |
APPF 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.
APPF Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $96.8M | +14% |
| Q2 2026 | $87.6M | +67% |
| Q1 2026 | $34.1M | -11% |
| Q4 2025 | $63.7M | +75% |
| Q3 2025 | $84.7M | +47% |
| Q2 2025 | $52.4M | +3% |
| Q1 2025 | $38.2M | -7.9% |
| Q4 2024 | $36.4M | +30% |
APPF 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.
APPF Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +117K shares |
| 1 year | -1.9% | -681K shares |
| 3 years | -2.5% | -904K shares |
| 5 years | +2.8% | +964K shares |
| Available history | 0% | +11K shares |
APPF has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.2M |
| Q2 2026 | — |
| Q1 2026 | $125M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $50M |
| Q1 2025 | $95.8M |
| Q4 2021 | — |
APPF spent $129M buying back its own shares over the past year.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
APPF Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -0.6x | Net Cash |
| Q3 2025 | -0.5x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.3x | Net Cash |
APPF 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).
APPF Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.2 | Neutral |
| Stochastic | 70.3 | Neutral |
APPF's weekly RSI is 59 (neutral) and its Stochastic is 70 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
APPF PE vs Technology Sector
| Metric | APPF | Sector median | Relative |
|---|---|---|---|
| PE | 47x | 28x | 69% above |
| PE % | 46 | 35 | 11 pts above |
APPF is trading at 47x earnings, a 69% 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.
APPF Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $212.4 | 4.9% above |
| 20 week MA | $203.5 | 9.5% above |
| 50 week MA | $191.3 | 16% above |
| 100 week MA | $215.4 | 3.4% above |
| 200 week MA | $205.2 | 8.6% above |
APPF 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 APPF on returns for 2026, with the stronger performance.
APPF Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $111.1 | $180.6 | +63% |
| 2021 | $180.6 | $127.4 | -29% |
| 2022 | $127.4 | $104.6 | -18% |
| 2023 | $104.6 | $173.2 | +66% |
| 2024 | $173.2 | $249.9 | +44% |
| 2025 | $249.9 | $237.3 | -5% |
| 2026 YTD | $237.3 | $222.8 | -6.1% |
APPF has finished lower in three of the last six years. It's down 6.1% so far in 2026.