AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BAND
Bandwidth Inc.
BAND has the edge over AAOI overall, supported by stronger fundamentals and lower modeled downside.
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.
BAND Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Stable |
BAND's revenue and cash flow are currently healthy, and its profitability and balance sheet are stable.
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.
BAND PE Valuation
BAND 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.
BAND Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for BAND, with profitability improving. However, they disagree widely on these estimates.
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.
BAND Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.05 | — |
| Q3 2026 | -$0.12 | +$0.27 |
| Q2 2026 | -$0.29 | +$0.05 |
| Q1 2026 | -$0.38 | -$0.03 |
| Q4 2025 | -$0.43 | +$0.14 |
| Q3 2025 | -$0.39 | +$0.55 |
| Q2 2025 | -$0.34 | +$0.81 |
| Q1 2025 | -$0.35 | +$0.78 |
| Q4 2024 | -$0.57 | +$0.49 |
BAND 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 BAND 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.
BAND Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $234M | +22% |
| Q2 2026 | $219.9M | +22% |
| Q1 2026 | $208.8M | +20% |
| Q4 2025 | $207.7M | -1.1% |
| Q3 2025 | $191.9M | -1% |
| Q2 2025 | $180M | +3.7% |
| Q1 2025 | $174.2M | +1.9% |
| Q4 2024 | $210M | +27% |
BAND's revenue is growing: $234M last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.8% | +1.8 points |
| Q2 2026 | -2.1% | 0 points |
| Q1 2026 | -2.2% | +0.5 points |
| Q4 2025 | -1.9% | -0.6 points |
| Q3 2025 | -1.1% | -0.6 points |
| Q2 2025 | -2.1% | +1.4 points |
| Q1 2025 | -2.7% | +3.4 points |
| Q4 2024 | -1.3% | +4.8 points |
BAND 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.
BAND Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $35M | +119% |
| Q2 2026 | $26.1M | -7.1% |
| Q1 2026 | $1.7M | +$12.1M |
| Q4 2025 | $33.5M | +1.1% |
| Q3 2025 | $16M | -5.8% |
| Q2 2025 | $28.2M | +37% |
| Q1 2025 | -$10.5M | -$9.6M |
| Q4 2024 | $33.2M | +117% |
BAND 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.
BAND Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +20% | +6.6M shares |
| 1 year | +33% | +9.9M shares |
| 3 years | +57% | +14.5M shares |
| 5 years | +60% | +15M shares |
| Available history | +68% | +16.2M shares |
BAND has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $10M |
| Q2 2026 | $15M |
| Q1 2026 | $5M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
BAND Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 2.3x | Moderate |
| Q4 2025 | 3.7x | Elevated |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.9x | High |
| Q1 2025 | 6.0x | High |
| Q4 2024 | 6.8x | High |
BAND's net debt is about 2.5 years of its operating earnings (EBITDA), down from 4.5 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).
BAND Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.2 | Neutral |
| Stochastic | 26.1 | Neutral |
BAND's weekly RSI is 49 (neutral) and its Stochastic is 26 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
BAND PE vs Technology Sector
| Metric | BAND | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
BAND 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.
BAND Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $50.0 | 7.5% below |
| 20 week MA | $53.0 | 13% below |
| 50 week MA | $38.3 | 21% above |
| 100 week MA | $26.7 | 73% above |
| 200 week MA | $21.3 | 117% above |
BAND 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
BAND Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $65.3 | $174.1 | +167% |
| 2021 | $174.1 | $72.9 | -58% |
| 2022 | $72.9 | $23.7 | -68% |
| 2023 | $23.7 | $14.5 | -39% |
| 2024 | $14.5 | $17.3 | +20% |
| 2025 | $17.3 | $15.2 | -12% |
| 2026 YTD | $15.2 | $46.3 | +205% |
BAND has the edge over AAOI on returns for 2026, with the stronger performance.