AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over ASYS overall, supported by stronger valuation and stronger modeled upside.
ASYS
Amtech Systems, Inc.
ASYS 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.
ASYS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
ASYS'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.
ASYS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.2x | $2.48 | -80% |
| Fair | 32x | $8.65 | -30% |
| Forward | 35x | $12.43 | — |
| Current | 46x | $12.43 | — |
| Expensive | 78x | $20.98 | +69% |
Historical ranges are pointers, not guarantees.
ASYS's PE is in its fair range at 46x. If earnings grow as analysts expect, today's price would be 35x next year's earnings.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over ASYS on the outlook, with more favorable profitability expectations.
ASYS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for ASYS, but weaker profitability.
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.
ASYS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.36 | +33% |
| Q2 2026 | $0.27 | +$2.51 |
| Q1 2026 | $0.18 | +$2.40 |
| Q4 2025 | -$2.13 | -2762% |
| Q3 2025 | -$2.12 | -$1.52 |
| Q2 2025 | -$2.24 | -$0.83 |
| Q1 2025 | -$2.22 | -$0.71 |
| Q4 2024 | $0.08 | +$1.43 |
| Q3 2024 | -$0.60 | +$0.29 |
ASYS 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 ASYS 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'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.
ASYS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $22.4M | +14% |
| Q1 2026 | $20.5M | +31% |
| Q4 2025 | $19M | -22% |
| Q3 2025 | $19.8M | -18% |
| Q2 2025 | $19.6M | -27% |
| Q1 2025 | $15.6M | -39% |
| Q4 2024 | $24.4M | -2.1% |
| Q3 2024 | $24.1M | -13% |
ASYS's revenue is recovering but still below its 2023 peak: $22M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 9.9% | +5.2 points |
| Q1 2026 | 8.8% | +212 points |
| Q4 2025 | 4.1% | +2.7 points |
| Q3 2025 | 9.3% | +9.2 points |
| Q2 2025 | 4.7% | +1.6 points |
| Q1 2025 | -203% | -208 points |
| Q4 2024 | 1.4% | +37 points |
| Q3 2024 | 0.1% | +42 points |
ASYS 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.
ASYS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $994K | -50% |
| Q1 2026 | $1.9M | +843% |
| Q4 2025 | $3.8M | +40% |
| Q3 2025 | $2M | +54% |
| Q2 2025 | $2M | +515% |
| Q1 2025 | $201K | +$1.1M |
| Q4 2024 | $2.7M | -35% |
| Q3 2024 | $1.3M | +$2.8M |
ASYS 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.
ASYS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +7.4% | +1.1M shares |
| 1 year | +12% | +1.7M shares |
| 3 years | +14% | +2M shares |
| 5 years | +12% | +1.7M shares |
| Available history | +12% | +1.7M shares |
ASYS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2022 | — |
| Q2 2022 | — |
| Q1 2022 | $1.4M |
| Q4 2021 | $2.7M |
| Q3 2020 | — |
| Q2 2020 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
ASYS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -9.2x | Net Cash |
| Q1 2026 | -3.1x | Net Cash |
| Q4 2024 | -2.4x | Net Cash |
| Q2 2023 | -0.7x | Net Cash |
| Q1 2023 | -0.4x | Net Cash |
| Q4 2022 | -3.0x | Net Cash |
| Q3 2022 | -2.5x | Net Cash |
| Q2 2022 | -2.9x | Net Cash |
ASYS 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).
ASYS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.2 | Neutral |
| Stochastic | 14.1 | Oversold |
ASYS's weekly RSI is 42 (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.
ASYS PE vs Technology Sector
| Metric | ASYS | Sector median | Relative |
|---|---|---|---|
| PE | 46x | 28x | 65% above |
| PE % | 60 | 35 | 25 pts above |
ASYS is trading at 46x earnings, a 65% 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.
ASYS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.0 | 11% below |
| 20 week MA | $15.1 | 18% below |
| 50 week MA | $15.3 | 19% below |
| 100 week MA | $10.5 | 19% above |
| 200 week MA | $8.74 | 42% above |
ASYS 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 ASYS on returns for 2026, with the stronger performance.
ASYS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.01 | $6.13 | -13% |
| 2021 | $6.13 | $9.49 | +55% |
| 2022 | $9.49 | $7.85 | -17% |
| 2023 | $7.85 | $4.20 | -46% |
| 2024 | $4.20 | $5.54 | +32% |
| 2025 | $5.54 | $12.8 | +130% |
| 2026 YTD | $12.8 | $12.4 | -2.6% |
ASYS's yearly returns have swung widely, from +130% in 2025 to −46% in 2023. It's down 2.6% so far in 2026.