AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over CAN overall, supported by stronger modeled upside.
CAN
Canaan Inc.
CAN 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.
CAN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Stable | |
| Strong |
CAN's revenue and balance sheet are currently healthy, and its cash flow is stable, but its profitability 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.
CAN PE Valuation
CAN has no meaningful PE right now: it lost money over the past year.
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.
CAN Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses growing | |
| Strong decline | |
| -- | |
| Limited | |
| Low |
Analysts expect CAN's losses to grow, with revenue declining. 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.
CAN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | -$0.45 | +$0.44 |
| Q1 2026 | -$0.34 | +$0.67 |
| Q4 2025 | -$0.48 | +$0.42 |
| Q3 2025 | -$0.67 | +$0.68 |
| Q2 2025 | -$0.89 | +$0.66 |
| Q1 2025 | -$1.01 | +$1.04 |
| Q4 2024 | -$0.90 | +$1.49 |
| Q3 2024 | -$1.35 | +$0.81 |
CAN has the edge over AAOI on earnings, with more consistent year-over-year improvement.
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's revenue has grown year over year for 10 quarters in a row: $270M last quarter, up 127% from the same quarter a year ago.
| 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 has the edge over CAN on profitability, with a higher operating margin.
CAN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $31.9M | -68% |
| Q1 2026 | $62.7M | -24% |
| Q4 2025 | $196.3M | +121% |
| Q3 2025 | $150.7M | +105% |
| Q2 2025 | $100.2M | +39% |
| Q1 2025 | $82.8M | +136% |
| Q4 2024 | $88.8M | +81% |
| Q3 2024 | $73.6M | +121% |
CAN's revenue is growing: $32M last quarter, down 68% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -192% | -165 points |
| Q1 2026 | -87% | -42 points |
| Q4 2025 | -7.6% | +55 points |
| Q3 2025 | -15% | +62 points |
| Q2 2025 | -27% | +38 points |
| Q1 2025 | -45% | +148 points |
| Q4 2024 | -63% | +127 points |
| Q3 2024 | -77% | +261 points |
CAN's operating margin was −192% last quarter, down 165 points from the same quarter a year ago.
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.
CAN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $0 | $0 |
| Q1 2026 | $0 | $0 |
| Q4 2025 | $0 | +$325.8M |
| Q3 2025 | $0 | +$60.8M |
| Q2 2025 | $0 | $0 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | -$325.8M | -$286M |
| Q3 2024 | -$60.8M | -$60.8M |
CAN 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 the edge over CAN on shareholder dilution, with a more favorable share count trend.
CAN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +4.6% | +31.7M shares |
| 1 year | +81% | +323M shares |
| 3 years | +326% | +554M shares |
| 5 years | +314% | +548M shares |
| Available history | +396% | +577M shares |
CAN has 723M diluted shares, up 81% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
CAN 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.
CAN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2022 | -1.2x | Net Cash |
| Q3 2022 | -0.8x | Net Cash |
| Q2 2022 | -0.8x | Net Cash |
| Q1 2022 | -1.0x | Net Cash |
| Q4 2021 | -1.3x | Net Cash |
| Q3 2021 | -2.9x | Net Cash |
| Q2 2021 | -54.8x | Net Cash |
CAN 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).
CAN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.6 | Neutral |
| Stochastic | 10.0 | Oversold |
CAN's weekly RSI is 33 (neutral) and its Stochastic is 10 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
CAN PE vs Technology Sector
| Metric | CAN | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
CAN has no meaningful PE right now: it lost money over the past year.
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 CAN on trend strength, trading above more of its moving averages.
CAN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.25 | 36% below |
| 20 week MA | $0.28 | 43% below |
| 50 week MA | $0.44 | 64% below |
| 100 week MA | $0.78 | 79% below |
| 200 week MA | $1.31 | 88% below |
CAN is in a downtrend: it's below all five of its weekly moving averages, and 88% 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 CAN on returns for 2026, with the stronger performance.
CAN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.63 | $3.73 | -34% |
| 2021 | $3.73 | $5.45 | +46% |
| 2022 | $5.45 | $2.08 | -62% |
| 2023 | $2.08 | $2.31 | +11% |
| 2024 | $2.31 | $2.23 | -3.5% |
| 2025 | $2.23 | $0.76 | -66% |
| 2026 YTD | $0.76 | $0.16 | -79% |
CAN has finished lower in four of the last six years. It's down 79% so far in 2026.