AAOI
Applied Optoelectronics, Inc.
AAOI has a slight edge over CAMT overall, supported by stronger fundamentals and stronger modeled upside.
CAMT
Camtek Ltd.
CAMT has lower modeled downside risk, despite its lower overall score.
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.
CAMT Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Stable | |
| Weak |
CAMT's profitability is currently healthy, and its revenue and cash flow 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.
CAMT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $13.02 | -88% |
| Forward | 21x | $105 | — |
| Fair | 41x | $24.71 | -77% |
| Expensive | 70x | $42.77 | -59% |
| Current | 173x | $105 | — |
Historical ranges are pointers, not guarantees.
CAMT's PE is 173x, 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.
CAMT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| High |
Analysts expect strong earnings and revenue growth for CAMT, 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.
CAMT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.95 | +712% |
| Q2 2026 | $0.61 | -78% |
| Q1 2026 | $0.85 | -67% |
| Q4 2025 | $0.94 | -61% |
| Q3 2025 | $0.90 | -58% |
| Q2 2025 | $2.72 | +39% |
| Q1 2025 | $2.60 | +48% |
| Q4 2024 | $2.41 | +50% |
| Q3 2024 | $2.16 | +32% |
CAMT 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 CAMT 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.
CAMT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $133.2M | +8% |
| Q1 2026 | $121.7M | +2.5% |
| Q4 2025 | $128.1M | +9.2% |
| Q3 2025 | $126M | +12% |
| Q2 2025 | $123.3M | +20% |
| Q1 2025 | $118.6M | +22% |
| Q4 2024 | $117.3M | +32% |
| Q3 2024 | $112.3M | +40% |
CAMT's revenue has grown year over year for 11 quarters in a row: $133M last quarter, up 8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 20% | -5.5 points |
| Q1 2026 | 22% | -5.1 points |
| Q4 2025 | 25% | -2 points |
| Q3 2025 | 25% | -1.1 points |
| Q2 2025 | 26% | +0.7 points |
| Q1 2025 | 28% | +5.7 points |
| Q4 2024 | 27% | +7.3 points |
| Q3 2024 | 26% | +2.7 points |
CAMT 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.
CAMT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | $0 |
| Q3 2025 | $0 | $0 |
| Q2 2025 | $0 | $0 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $0 | $0 |
| Q3 2024 | $0 | $0 |
CAMT's free cash flow has been positive every quarter for six years: $0 over the past year, against $0 the year before.
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.
CAMT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +49K shares |
| 1 year | +4.4% | +2.2M shares |
| 3 years | +5.9% | +2.9M shares |
| 5 years | +15% | +6.8M shares |
| Available history | +33% | +12.9M shares |
CAMT 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 | — |
| Q3 2024 | — |
CAMT 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.
CAMT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 9.2x | High |
| Q1 2026 | 7.9x | High |
| Q4 2025 | 8.7x | High |
| Q3 2025 | 4.7x | High |
| Q2 2025 | 0.1x | Very low |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | 0.5x | Very low |
| Q3 2024 | 0.7x | Very low |
CAMT's net debt is about 9.2 years of its operating earnings (EBITDA), up from less than a year 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).
CAMT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.3 | Neutral |
| Stochastic | 11.0 | Oversold |
CAMT's weekly RSI is 38 (neutral) and its Stochastic is 11 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
CAMT PE vs Technology Sector
| Metric | CAMT | Sector median | Relative |
|---|---|---|---|
| PE | 173x | 28x | 520% above |
| PE % | 93 | 35 | 58 pts above |
CAMT is trading at 173x earnings, a 520% 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.
CAMT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $129.4 | 19% below |
| 20 week MA | $139.7 | 25% below |
| 50 week MA | $149.6 | 30% below |
| 100 week MA | $117.4 | 10% below |
| 200 week MA | $91.3 | 16% above |
CAMT has fallen below most of its moving averages, though it's still 16% above 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 CAMT on returns for 2026, with the stronger performance.
CAMT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.8 | $21.1 | +95% |
| 2021 | $21.1 | $43.8 | +108% |
| 2022 | $43.8 | $21.7 | -50% |
| 2023 | $21.7 | $69.4 | +219% |
| 2024 | $69.4 | $82.5 | +19% |
| 2025 | $82.5 | $109.1 | +32% |
| 2026 YTD | $109.1 | $105.4 | -3.3% |
CAMT's yearly returns have swung widely, from +219% in 2023 to −50% in 2022. It's down 3.3% so far in 2026.