AAOI
Applied Optoelectronics, Inc.
AAOI lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
DMRC
Digimarc Corporation
There isn't enough reported data to score DMRC yet.
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.
DMRC Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Weak | |
| Weak | |
| Unavailable |
DMRC's revenue, profitability and cash flow are currently under pressure. There isn't enough data to rate its balance sheet.
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.
DMRC PE Valuation
DMRC 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.
DMRC Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses steady | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect DMRC's earnings, revenue and profitability to hold roughly steady.
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 has the edge over DMRC in the latest year-over-year earnings comparison.
DMRC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$1.40 | +$0.31 |
DMRC is still losing money, but less than at its worst: $1.40 per share over the past year, against $1.71 at its worst in late 2025.
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 DMRC 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 has the edge over DMRC on profitability, with a higher operating margin.
DMRC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $6.4M | -15% |
| Q2 2026 | $7.4M | -7.8% |
| Q1 2026 | $7.6M | -19% |
| Q4 2025 | $8.9M | +2.9% |
DMRC's revenue has slid since its 2025 peak: $6M last quarter, down 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -167% | -62 points |
| Q1 2026 | -94% | +35 points |
| Q4 2025 | -48% | +57 points |
| Q3 2025 | -110% | N/A |
| Q2 2025 | -105% | N/A |
| Q1 2025 | -129% | N/A |
| Q4 2024 | -105% | N/A |
DMRC's operating margin was −167% last quarter, down 62 points from the same quarter a year ago, near the bottom of its range since 2024.
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.
DMRC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q1 2026 | -$1.9M | +$3.7M |
| Q4 2025 | $895K | +$5.1M |
DMRC and AAOI do not have enough comparable growth data to identify a winner.
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.
DMRC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +260K shares |
| 1 year | +3.1% | +660K shares |
DMRC has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2026 | $885,000 |
| Q4 2025 | $412,000 |
| Q3 2025 | $419,000 |
| Q2 2025 | $503,000 |
| Q1 2025 | $1.5M |
| Q4 2024 | $526,000 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
DMRC Net Leverage
DMRC's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
DMRC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 51.2 | Neutral |
| Stochastic | 74.1 | Neutral |
DMRC's weekly RSI is 51 (neutral) and its Stochastic is 74 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
DMRC PE vs Technology Sector
DMRC 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
DMRC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.93 | 7.2% above |
| 20 week MA | $6.57 | 13% above |
| 50 week MA | $7.20 | 3.2% above |
| 100 week MA | $11.9 | 38% below |
| 200 week MA | $20.4 | 64% below |
DMRC 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 DMRC on returns for 2026, with the stronger performance.
DMRC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $33.1 | $50.8 | +53% |
| 2021 | $50.8 | $42.9 | -15% |
| 2022 | $42.9 | $18.9 | -56% |
| 2023 | $18.9 | $36.1 | +92% |
| 2024 | $36.1 | $38.0 | +5.2% |
| 2025 | $38.0 | $6.83 | -82% |
| 2026 YTD | $6.83 | $7.43 | +8.8% |
DMRC has finished lower in three of the last six years. It's up 8.8% so far in 2026.