AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over AVNW overall, supported by stronger fundamentals and stronger modeled upside.
AVNW
Aviat Networks, Inc.
AVNW 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.
AVNW Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Stable | |
| Healthy |
AVNW's balance sheet is currently healthy, and its revenue and cash flow are stable, but its profitability is 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.
AVNW PE Valuation
AVNW 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.
AVNW Forward outlook
There aren't enough analyst estimates for AVNW to show an outlook.
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.
AVNW Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.04 | -104% |
| Q2 2026 | $0.19 | +90% |
| Q1 2026 | $0.71 | +$1.02 |
| Q4 2025 | $1.14 | +$1.45 |
| Q3 2025 | $1.05 | +$1.47 |
| Q2 2025 | $0.10 | -88% |
| Q1 2025 | -$0.31 | -127% |
| Q4 2024 | -$0.31 | -124% |
AVNW has swung to a loss: it lost $0.04 per share over the past year, after a profit the year before.
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 AVNW 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.
AVNW Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $102M | -5% |
| Q2 2026 | $120.9M | +4.8% |
| Q1 2026 | $100M | -11% |
| Q4 2025 | $111.5M | -5.7% |
| Q3 2025 | $107.3M | +21% |
| Q2 2025 | $115.3M | +1.3% |
| Q1 2025 | $112.6M | +0.9% |
| Q4 2024 | $118.2M | +24% |
AVNW's revenue is shrinking: $102M last quarter, down 5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.9% | -4 points |
| Q2 2026 | 4.8% | -2.9 points |
| Q1 2026 | 0.9% | -7.3 points |
| Q4 2025 | 6.5% | -0.2 points |
| Q3 2025 | 4.8% | +22 points |
| Q2 2025 | 7.7% | +4.3 points |
| Q1 2025 | 8.3% | +3.8 points |
| Q4 2024 | 6.7% | +1.5 points |
AVNW 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.
AVNW Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$7.2M | +$6.3M |
| Q2 2026 | $2.5M | -70% |
| Q1 2026 | -$5.4M | -$4.2M |
| Q4 2025 | $22.5M | +23% |
| Q3 2025 | -$13.5M | +$19.1M |
| Q2 2025 | $8.2M | +9.9% |
| Q1 2025 | -$1.2M | -108% |
| Q4 2024 | $18.3M | +$26M |
AVNW 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.
AVNW Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -205K shares |
| 1 year | -1.2% | -154K shares |
| 3 years | +7.4% | +879K shares |
| 5 years | +7.3% | +868K shares |
| Available history | +18% | +2M shares |
AVNW has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $75,000 |
| Q1 2026 | $500,000 |
| Q1 2024 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $4.6M |
| Q1 2022 | $2M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
AVNW Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.6x | Healthy |
| Q2 2026 | 1.1x | Healthy |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.8x | Healthy |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 3.7x | Elevated |
AVNW's net debt is about 1.6 years of its operating earnings (EBITDA), up from 1.2 years 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).
AVNW Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.8 | Neutral |
| Stochastic | 19.1 | Oversold |
AVNW's weekly RSI is 37 (neutral) and its Stochastic is 19 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
AVNW PE vs Technology Sector
| Metric | AVNW | Sector median | Relative |
|---|---|---|---|
| PE | 93x | 28x | 234% above |
| PE % | 91 | 35 | 56 pts above |
AVNW 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 AVNW on trend strength, trading above more of its moving averages.
AVNW Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $19.3 | 12% below |
| 20 week MA | $20.2 | 16% below |
| 50 week MA | $21.0 | 20% below |
| 100 week MA | $21.1 | 20% below |
| 200 week MA | $25.5 | 34% below |
AVNW is in a downtrend: it's below all five of its weekly moving averages, and 34% 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 AVNW on returns for 2026, with the stronger performance.
AVNW Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.06 | $17.6 | +149% |
| 2021 | $17.6 | $31.7 | +80% |
| 2022 | $31.7 | $31.1 | -1.8% |
| 2023 | $31.1 | $32.7 | +5% |
| 2024 | $32.7 | $17.8 | -45% |
| 2025 | $17.8 | $21.4 | +20% |
| 2026 YTD | $21.4 | $16.9 | -21% |
AVNW's yearly returns have swung widely, from +149% in 2020 to −45% in 2024. It's down 21% so far in 2026.