AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BILL
Bill.com Holdings, Inc.
BILL 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.
BILL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Weak |
BILL's cash flow is currently strong, and its revenue and profitability are stable, but its balance sheet is weak.
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.
BILL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 13x | $54.00 | — |
| Cheap | 99x | $52.67 | -2.5% |
| Fair | 100x | $53.20 | -1.5% |
| Expensive | 101x | $53.73 | -0.5% |
| Current | 102x | $54.00 | — |
Historical ranges are pointers, not guarantees.
BILL's PE is 102x, 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 BILL on the outlook, with more favorable revenue expectations.
BILL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Decline | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect BILL's earnings to grow and its profitability to improve, but its revenue to decline.
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 |
BILL has the stronger earnings trend. Trailing diluted EPS is down 112% for AAOI versus BILL down 67%.
BILL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.08 | +670% |
| Q4 2023 | -$1.07 | +$2.26 |
| Q3 2023 | -$1.59 | +$1.62 |
| Q2 2023 | -$2.11 | +$1.11 |
| Q1 2023 | -$2.78 | +$0.13 |
| Q4 2022 | -$3.33 | -$0.94 |
| Q3 2022 | -$3.21 | -$1.39 |
| Q2 2022 | -$3.22 | -$2.03 |
| Q1 2022 | -$2.91 | -$2.09 |
BILL has returned to profit: it earned $0.53 per share over the past year, after losing money 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 BILL 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.
BILL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $353.8M | -11% |
| Q2 2026 | $436.2M | +14% |
| Q1 2026 | $406.6M | +13% |
| Q4 2025 | $414.7M | +14% |
| Q3 2025 | $395.7M | +10% |
| Q2 2025 | $383.3M | +12% |
| Q1 2025 | $358.2M | +11% |
| Q4 2024 | $362.6M | +14% |
BILL's revenue is growing: $354M last quarter, down 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +20 points |
| Q2 2026 | -7.8% | -2 points |
| Q1 2026 | -0.1% | +8 points |
| Q4 2025 | -4.4% | +1.6 points |
| Q3 2025 | -5.2% | -3.1 points |
| Q2 2025 | -5.8% | +0.7 points |
| Q1 2025 | -8.1% | +0.5 points |
| Q4 2024 | -6% | +15 points |
BILL 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.
BILL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $96.7M | +1.2% |
| Q2 2026 | $110.6M | +37% |
| Q4 2025 | $103.8M | +32% |
| Q3 2025 | $95.6M | +7.9% |
| Q2 2025 | $81M | +3.3% |
| Q4 2024 | $78.7M | -0.8% |
| Q3 2024 | $88.6M | +66% |
| Q2 2024 | $78.4M | -1.1% |
BILL 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.
BILL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1% | +1M shares |
| 1 year | -0.9% | -955K shares |
| 3 years | -4.7% | -5M shares |
| 5 years | +22% | +18.2M shares |
| Available history | +353% | +78.7M shares |
BILL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $312.2M |
| Q2 2026 | $287.8M |
| Q1 2026 | $56.9M |
| Q4 2025 | $132.7M |
| Q3 2025 | $83.1M |
| Q2 2025 | $30M |
| Q1 2025 | — |
| Q4 2024 | $200M |
BILL spent $790M buying back its own shares over the past year, up 152% 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.
BILL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 29.0x | High |
BILL's net debt is more than 20 years of its operating earnings (EBITDA).
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).
BILL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 63.4 | Neutral |
| Stochastic | 81.8 | Overbought |
BILL's weekly RSI is 63 (neutral) and its Stochastic is 82 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
BILL PE vs Technology Sector
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.
BILL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $48.0 | 13% above |
| 20 week MA | $46.9 | 15% above |
| 50 week MA | $44.6 | 21% above |
| 100 week MA | $49.0 | 10% above |
| 200 week MA | $63.8 | 15% below |
BILL 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 BILL on returns for 2026, with the stronger performance.
BILL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2019 | $39.0 | $38.6 | -1% |
| 2020 | $38.6 | $148.4 | +285% |
| 2021 | $148.4 | $253.4 | +71% |
| 2022 | $253.4 | $103.7 | -59% |
| 2023 | $103.7 | $81.6 | -21% |
| 2024 | $81.6 | $86.9 | +6.6% |
| 2025 | $86.9 | $55.2 | -36% |
| 2026 YTD | $55.2 | $54.0 | -2.2% |
BILL's yearly returns have swung widely, from +285% in 2020 to −59% in 2022. It's down 2.2% so far in 2026.