AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ASAN
Asana, Inc.
ASAN 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.
ASAN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Strong | |
| Unavailable |
ASAN's revenue and cash flow are currently healthy, but its profitability is under pressure. There isn't enough data to rate its balance sheet.
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.
ASAN PE Valuation
ASAN has no meaningful PE right now: it lost money over the past year.
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.
ASAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for ASAN, 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.
ASAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.42 | — |
| Q3 2026 | -$0.66 | +$0.23 |
| Q2 2026 | -$0.69 | +$0.31 |
| Q1 2026 | -$0.80 | +$0.31 |
| Q4 2025 | -$0.93 | +$0.19 |
| Q3 2025 | -$0.89 | +$0.26 |
| Q2 2025 | -$1.00 | +$0.17 |
| Q1 2025 | -$1.11 | +$0.06 |
| Q4 2024 | -$1.12 | +$0.21 |
ASAN 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 ASAN 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 has the edge over ASAN on profitability, with a higher operating margin.
ASAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $216.4M | +9.9% |
| Q2 2026 | $205.1M | +9.5% |
| Q1 2026 | $205.6M | +9.2% |
| Q4 2025 | $201M | +9.3% |
| Q3 2025 | $196.9M | +9.9% |
| Q2 2025 | $187.3M | +8.6% |
| Q1 2025 | $188.3M | +10% |
| Q4 2024 | $183.9M | +10% |
ASAN's revenue has grown year over year every quarter since late 2020: $216M last quarter, up 9.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -19% | +6.1 points |
| Q2 2026 | -7.4% | +16 points |
| Q1 2026 | -17% | +17 points |
| Q4 2025 | -35% | -2.1 points |
| Q3 2025 | -25% | +18 points |
| Q2 2025 | -23% | +15 points |
| Q1 2025 | -34% | +5.9 points |
| Q4 2024 | -33% | +5.4 points |
ASAN's operating margin was −19% last quarter, up 6.1 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.
ASAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $44.6M | +16% |
| Q2 2026 | $37.4M | +511% |
| Q1 2026 | $26.4M | +84% |
| Q4 2025 | $15.5M | +$31.8M |
| Q3 2025 | $38.5M | +172% |
| Q2 2025 | $6.1M | +$9M |
| Q1 2025 | $14.4M | +$30.2M |
| Q4 2024 | -$16.3M | -$6.8M |
ASAN 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.
ASAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.1% | -7.3M shares |
| 1 year | -2.3% | -5.4M shares |
| 3 years | +5.4% | +11.8M shares |
| 5 years | +35% | +60.2M shares |
| Available history | +54% | +81.2M shares |
ASAN has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $51.5M |
| Q2 2026 | $45M |
| Q1 2026 | $58M |
| Q4 2025 | $30.8M |
| Q3 2025 | $28.9M |
| Q2 2025 | $14.5M |
| Q1 2025 | $4.5M |
| Q4 2024 | $54.8M |
ASAN spent $185M buying back its own shares over the past year, up 80% 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.
ASAN Net Leverage
ASAN's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
ASAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.0 | Neutral |
| Stochastic | 60.6 | Neutral |
ASAN's weekly RSI is 52 (neutral) and its Stochastic is 61 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
ASAN PE vs Technology Sector
ASAN 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
ASAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.1 | 4.6% below |
| 20 week MA | $9.19 | 5.2% above |
| 50 week MA | $8.89 | 8.8% above |
| 100 week MA | $12.4 | 22% below |
| 200 week MA | $14.8 | 35% below |
ASAN 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 ASAN on returns for 2026, with the stronger performance.
ASAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.9 | $30.1 | +16% |
| 2021 | $30.1 | $77.9 | +159% |
| 2022 | $77.9 | $13.2 | -83% |
| 2023 | $13.2 | $19.0 | +44% |
| 2024 | $19.0 | $21.6 | +14% |
| 2025 | $21.6 | $13.8 | -36% |
| 2026 YTD | $13.8 | $9.67 | -30% |
ASAN's yearly returns have swung widely, from +159% in 2021 to −83% in 2022. It's down 30% so far in 2026.