AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
CALX
Calix, Inc.
CALX has the edge over AAOI overall, supported by lower modeled downside and stronger valuation.
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.
CALX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Strong |
CALX's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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.
CALX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 15x | $32.68 | — |
| Cheap | 19x | $12.95 | -60% |
| Current | 47x | $32.68 | — |
| Fair | 72x | $49.68 | +52% |
| Expensive | 127x | $87.43 | +168% |
Historical ranges are pointers, not guarantees.
CALX's PE is in its cheap range at 47x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
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.
CALX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for CALX, with profitability improving.
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.
CALX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.20 | +219% |
| Q3 2026 | $0.69 | +$0.81 |
| Q2 2026 | $0.75 | +$1.15 |
| Q1 2026 | $0.49 | +$1.01 |
| Q4 2025 | $0.26 | +$0.71 |
| Q3 2025 | -$0.12 | +$0.15 |
| Q2 2025 | -$0.40 | -1433% |
| Q1 2025 | -$0.52 | -286% |
| Q4 2024 | -$0.45 | -207% |
CALX has the edge over AAOI on earnings quality, reporting a profit while its opponent remains loss making.
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 CALX 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.
CALX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $301.7M | +14% |
| Q2 2026 | $293.3M | +21% |
| Q1 2026 | $280M | +27% |
| Q4 2025 | $272.4M | +32% |
| Q3 2025 | $265.4M | +32% |
| Q2 2025 | $241.9M | +22% |
| Q1 2025 | $220.2M | -2.7% |
| Q4 2024 | $206.1M | -22% |
CALX's revenue has grown year over year for six quarters in a row: $302M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.5% | -1.1 points |
| Q2 2026 | 7.5% | +7.3 points |
| Q1 2026 | 4.5% | +7.3 points |
| Q4 2025 | 3.4% | +13 points |
| Q3 2025 | 6.6% | +12 points |
| Q2 2025 | 0.2% | +5.9 points |
| Q1 2025 | -2.8% | -1.9 points |
| Q4 2024 | -9.1% | -4.5 points |
CALX 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.
CALX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.4M | -87% |
| Q2 2026 | $11.9M | -67% |
| Q1 2026 | $6.5M | -49% |
| Q4 2025 | $40.3M | +294% |
| Q3 2025 | $26.7M | +109% |
| Q2 2025 | $35.6M | +117% |
| Q1 2025 | $12.9M | +17% |
| Q4 2024 | $10.2M | -6.7% |
CALX 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.
CALX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -1.1M shares |
| 1 year | -7.7% | -5.3M shares |
| 3 years | -7.4% | -5.1M shares |
| 5 years | -5.1% | -3.5M shares |
| Available history | +17% | +9.5M shares |
CALX has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $50M |
| Q2 2026 | $69.4M |
| Q1 2026 | $170.9M |
| Q4 2025 | $16.6M |
| Q3 2025 | $3.5M |
| Q2 2025 | $33.6M |
| Q1 2025 | $40M |
| Q4 2024 | $7M |
CALX spent $307M buying back its own shares over the past year, about four times what it spent 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.
CALX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.9x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -3.7x | Net Cash |
| Q2 2024 | -9.2x | Net Cash |
| Q1 2024 | -2.8x | Net Cash |
| Q4 2023 | -1.5x | Net Cash |
| Q3 2023 | -2.0x | Net Cash |
CALX 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).
CALX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.9 | Neutral |
| Stochastic | 24.5 | Neutral |
CALX's weekly RSI is 39 (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.
CALX PE vs Technology Sector
| Metric | CALX | Sector median | Relative |
|---|---|---|---|
| PE | 47x | 28x | 70% above |
| PE % | 30 | 35 | 5 pts below |
CALX is trading at 47x earnings, a 70% premium to the Technology sector's median of 28x.
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 CALX on trend strength, trading above more of its moving averages.
CALX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $34.8 | 6% below |
| 20 week MA | $36.5 | 10% below |
| 50 week MA | $43.3 | 25% below |
| 100 week MA | $45.6 | 28% below |
| 200 week MA | $43.2 | 24% below |
CALX is in a downtrend: it's below all five of its weekly moving averages, and 24% 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 CALX on returns for 2026, with the stronger performance.
CALX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $8.04 | $31.9 | +297% |
| 2021 | $31.9 | $66.2 | +108% |
| 2022 | $66.2 | $67.5 | +1.9% |
| 2023 | $67.5 | $43.7 | -35% |
| 2024 | $43.7 | $35.0 | -20% |
| 2025 | $35.0 | $54.3 | +55% |
| 2026 YTD | $54.3 | $32.7 | -40% |
CALX is down 40% so far in 2026, after finishing higher in four of the previous six years.