AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
BULL
Webull Corporation Class A Ordinary Shares
BULL 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.
BULL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Healthy |
BULL's revenue, profitability and balance sheet are currently healthy, but its cash flow 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.
BULL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 17x | $4.96 | — |
| Cheap | 60x | $4.83 | -2.7% |
| Current | 60x | $4.96 | — |
| Fair | 63x | $5.04 | +1.6% |
| Expensive | 71x | $5.64 | +14% |
Historical ranges are pointers, not guarantees.
BULL's PE is 60x, 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 |
Analysts expect AAOI to return to profit, with revenue growing. However, they disagree widely on these estimates.
BULL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for BULL, 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.
BULL Earnings Per Share
BULL has returned to profit: it earned $0.08 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 BULL 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.
BULL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $198.8M | +51% |
| Q1 2026 | $159.9M | +36% |
| Q4 2025 | $165.2M | +53% |
| Q3 2025 | $156.9M | +54% |
| Q2 2025 | $131.5M | +46% |
| Q1 2025 | $117.4M | +32% |
| Q4 2024 | $107.7M | +27% |
| Q3 2024 | $101.9M | +2.3% |
BULL's revenue has grown year over year for eight quarters in a row: $199M last quarter, up 51% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 23% | +26 points |
| Q1 2026 | -1.5% | -19 points |
| Q4 2025 | 10% | -3.6 points |
| Q3 2025 | 16% | +26 points |
| Q2 2025 | -2.8% | +7 points |
| Q1 2025 | 18% | +29 points |
| Q4 2024 | 14% | +31 points |
| Q3 2024 | -11% | -27 points |
BULL 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.
BULL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | -100% |
| Q3 2025 | $0 | -100% |
| Q2 2025 | $0 | -100% |
| Q1 2025 | $0 | +$8.2M |
| Q4 2024 | $38M | -34% |
| Q3 2024 | $83.2M | -50% |
BULL has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
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.
BULL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.1% | +16.5M shares |
| 1 year | +26% | +111M shares |
| 3 years | +8.5% | +42.6M shares |
BULL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $3.7M |
| Q3 2024 | — |
BULL hasn't bought back shares in the past year.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
BULL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -9.0x | Net Cash |
| Q1 2026 | -42.1x | Net Cash |
| Q4 2025 | -12.4x | Net Cash |
| Q3 2025 | -9.6x | Net Cash |
| Q2 2025 | -38.6x | Net Cash |
| Q1 2025 | -14.2x | Net Cash |
| Q1 2024 | -73.0x | Net Cash |
| Q4 2023 | -15.7x | Net Cash |
BULL 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).
BULL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.6 | Neutral |
| Stochastic | 3.8 | Oversold |
BULL's weekly RSI is 35 (neutral) and its Stochastic is 4 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
BULL 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 stronger trend alignment. AAOI is above 1 of 5 weekly averages versus BULL above 0 of 3.
BULL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.95 | 17% below |
| 20 week MA | $7.23 | 31% below |
| 50 week MA | $6.96 | 29% below |
BULL is in a downtrend: it's below all three of its weekly moving averages, and 29% below its 50-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 BULL on returns for 2026, with the stronger performance.
BULL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $11.3 | $8.18 | -27% |
| 2026 YTD | $8.18 | $4.96 | -39% |
BULL has finished every year since 2025 lower, and it's down 39% so far in 2026.