AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BELFA
Bel Fuse Inc.
BELFA has the edge over AAOI overall, supported by 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.
BELFA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Strong |
BELFA'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.
BELFA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.4x | N/A | N/A |
| Fair | 11x | N/A | N/A |
| Forward | 15x | $184 | — |
| Expensive | 25x | N/A | N/A |
| Current | 48x | $184 | — |
Historical ranges are pointers, not guarantees.
BELFA's PE is 48x, but its earnings don't support one, so it isn't a reliable read right now.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over BELFA on the outlook, with more favorable profitability expectations.
BELFA Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for BELFA, with profitability holding steady. 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.
BELFA Earnings Per Share
BELFA and AAOI do not have enough comparable growth data to identify a winner.
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 BELFA 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.
BELFA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $220.5M | +23% |
| Q2 2026 | $210.7M | +25% |
| Q1 2026 | $178.5M | +17% |
| Q4 2025 | $175.9M | +17% |
| Q3 2025 | $179M | +45% |
| Q2 2025 | $168.3M | +26% |
| Q1 2025 | $152.2M | +19% |
| Q4 2024 | $149.9M | +7% |
BELFA's revenue has grown year over year for eight quarters in a row: $221M last quarter, up 23% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +1 points |
| Q2 2026 | 18% | +0.5 points |
| Q1 2026 | 13% | -3.2 points |
| Q4 2025 | 15% | +6.4 points |
| Q3 2025 | 17% | +7.7 points |
| Q2 2025 | 18% | +0.8 points |
| Q1 2025 | 16% | +2.5 points |
| Q4 2024 | 8.3% | -3.5 points |
BELFA 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.
BELFA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $28M | +38% |
| Q2 2026 | $15.7M | -6.6% |
| Q1 2026 | $11.2M | +109% |
| Q4 2025 | $26.1M | +1121% |
| Q3 2025 | $20.3M | -14% |
| Q2 2025 | $16.8M | -46% |
| Q1 2025 | $5.4M | +66% |
| Q4 2024 | $2.1M | -91% |
BELFA 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.
BELFA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +652 shares |
| 1 year | +14% | +1.8M shares |
| 3 years | +13% | +1.7M shares |
| 5 years | +16% | +2M shares |
| Available history | +18% | +2.2M shares |
BELFA has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $1.9M |
| Q2 2024 | $7.9M |
| Q1 2024 | $6.3M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
BELFA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.2x | Net Cash |
| Q2 2026 | -2.1x | Net Cash |
| Q1 2026 | 1.1x | Healthy |
| Q4 2025 | 1.0x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.9x | Healthy |
| Q1 2025 | 2.4x | Moderate |
| Q4 2024 | 2.7x | Moderate |
BELFA 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).
BELFA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.1 | Neutral |
| Stochastic | 25.4 | Neutral |
BELFA's weekly RSI is 45 (neutral) and its Stochastic is 25 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
BELFA PE vs Technology Sector
| Metric | BELFA | Sector median | Relative |
|---|---|---|---|
| PE | 48x | 28x | 71% above |
| PE % | 87 | 35 | 52 pts above |
BELFA is trading at 48x earnings, a 71% premium to the Technology sector's median of 28x, though its earnings don't support one.
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.
BELFA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $184.3 | 0% below |
| 20 week MA | $206.3 | 11% below |
| 50 week MA | $207.2 | 11% below |
| 100 week MA | $150.6 | 22% above |
| 200 week MA | $107.6 | 71% above |
BELFA 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 BELFA on returns for 2026, with the stronger performance.
BELFA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $16.2 | $13.8 | -15% |
| 2021 | $13.8 | $14.2 | +2.8% |
| 2022 | $14.2 | $31.4 | +121% |
| 2023 | $31.4 | $64.6 | +106% |
| 2024 | $64.6 | $88.3 | +37% |
| 2025 | $88.3 | $157.4 | +78% |
| 2026 YTD | $157.4 | $184.2 | +17% |
BELFA has finished higher in five of the last six years, three of them by more than 50%. It's up 17% so far in 2026.