AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over DOX overall, supported by stronger modeled upside and stronger fundamentals.
DOX
Amdocs Limited
DOX 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.
DOX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Healthy |
DOX's profitability, cash flow and balance sheet are currently healthy, and its revenue 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.
DOX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 8.1x | $44.11 | — |
| Current | 11x | $44.11 | — |
| Cheap | 14x | $60.81 | +38% |
| Fair | 18x | $76.51 | +73% |
| Expensive | 20x | $85.23 | +93% |
Historical ranges are pointers, not guarantees.
DOX's PE is in its cheap range at 11x. On analysts' estimates for next year's earnings, today's price would be 8.1x.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over DOX on the outlook, with more favorable earnings and revenue expectations.
DOX Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong decline | |
| Decline | |
| Weakening | |
| Limited | |
| Low |
Analysts expect DOX's earnings and revenue to decline, with profitability weakening. 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.
DOX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.47 | +30% |
| Q2 2026 | $4.20 | -14% |
| Q1 2026 | $5.00 | +5.9% |
| Q4 2025 | $5.17 | +21% |
| Q3 2025 | $5.05 | +20% |
| Q2 2025 | $4.90 | +13% |
| Q1 2025 | $4.72 | +6.1% |
| Q4 2024 | $4.28 | -8.4% |
| Q3 2024 | $4.21 | -6% |
DOX 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 DOX 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.
DOX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $1.2B | +2.7% |
| Q1 2026 | $1.2B | +3.9% |
| Q4 2025 | $1.2B | +4.1% |
| Q3 2025 | $1.2B | -9% |
| Q2 2025 | $1.1B | -8.4% |
| Q1 2025 | $1.1B | -9.4% |
| Q4 2024 | $1.1B | -11% |
| Q3 2024 | $1.3B | +1.7% |
DOX's revenue grew through 2021 and has held roughly level since: $1.2B last quarter, up 2.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 18% | +0.3 points |
| Q1 2026 | 16% | -1.1 points |
| Q4 2025 | 18% | 0 points |
| Q3 2025 | 18% | +9 points |
| Q2 2025 | 18% | +3.6 points |
| Q1 2025 | 18% | +5 points |
| Q4 2024 | 18% | +3.1 points |
| Q3 2024 | 8.9% | -2.3 points |
DOX 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.
DOX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $171.9M | -19% |
| Q1 2026 | $80.3M | -49% |
| Q4 2025 | $187.9M | +140% |
| Q3 2025 | $198.6M | +3.4% |
| Q2 2025 | $211.8M | +21% |
| Q1 2025 | $156.5M | +38% |
| Q4 2024 | $78.2M | -44% |
| Q3 2024 | $192.1M | -22% |
DOX 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.
DOX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -1.8M shares |
| 1 year | -4.9% | -5.5M shares |
| 3 years | -12% | -14.7M shares |
| 5 years | -17% | -22.4M shares |
| Available history | -22% | -30.5M shares |
DOX has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $142.6M |
| Q1 2026 | $138.3M |
| Q4 2025 | $146.2M |
| Q3 2025 | $136.4M |
| Q2 2025 | $135.2M |
| Q1 2025 | $135.2M |
| Q4 2024 | $144.5M |
| Q3 2024 | $119.8M |
DOX spent $563M buying back its own shares over the past year, up 5.4% from 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.
DOX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 0.9x | Very low |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.7x | Very low |
| Q3 2024 | 0.6x | Very low |
DOX's net debt is about a year 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).
DOX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 30.4 | Neutral |
| Stochastic | 36.7 | Neutral |
DOX's weekly RSI is 30 (neutral) and its Stochastic is 37 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
DOX PE vs Technology Sector
| Metric | DOX | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 62% below |
| PE % | 2 | 35 | 33 pts below |
DOX is trading at 11x earnings, a 62% discount 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 DOX on trend strength, trading above more of its moving averages.
DOX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.8 | 21% below |
| 20 week MA | $56.7 | 22% below |
| 50 week MA | $64.2 | 31% below |
| 100 week MA | $75.3 | 41% below |
| 200 week MA | $81.7 | 46% below |
DOX is in a downtrend: it's below all five of its weekly moving averages, and 46% 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 DOX on returns for 2026, with the stronger performance.
DOX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $72.6 | $69.7 | -4.1% |
| 2021 | $69.7 | $74.3 | +6.7% |
| 2022 | $74.3 | $89.4 | +20% |
| 2023 | $89.4 | $87.9 | -1.6% |
| 2024 | $87.9 | $85.8 | -2.4% |
| 2025 | $85.8 | $81.7 | -4.7% |
| 2026 YTD | $81.7 | $44.1 | -46% |
DOX has finished three years in a row lower, and it's down 46% so far in 2026.