AAOI
Applied Optoelectronics, Inc.
AAOI has a slight edge over EVCM overall, supported by stronger modeled upside.
EVCM
EverCommerce Inc.
EVCM 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.
EVCM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Under pressure |
EVCM's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet 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.
EVCM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 11x | $6.98 | — |
| Current | 44x | $6.98 | — |
| Cheap | 48x | $7.66 | +9.7% |
| Fair | 53x | $8.48 | +22% |
| Expensive | 104x | $16.61 | +138% |
Historical ranges are pointers, not guarantees.
EVCM's PE is 44x, 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 |
AAOI has the edge over EVCM on the outlook, with more favorable revenue expectations.
EVCM Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect EVCM's earnings to grow and its profitability to improve, with its revenue holding steady. 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.
EVCM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.66 | +314% |
| Q3 2026 | $0.16 | +$0.16 |
| Q2 2026 | $0.19 | +$0.30 |
| Q1 2026 | $0.18 | +$0.35 |
| Q4 2025 | $0.10 | +$0.32 |
| Q3 2025 | $0.00 | +$0.29 |
| Q2 2025 | -$0.11 | +$0.13 |
| Q1 2025 | -$0.17 | +$0.05 |
| Q4 2024 | -$0.22 | +$0.02 |
EVCM 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 EVCM 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.
EVCM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $151.4M | +2.7% |
| Q2 2026 | $152M | +2.7% |
| Q1 2026 | $147.5M | +3.6% |
| Q4 2025 | $151.2M | -14% |
| Q3 2025 | $147.5M | -16% |
| Q2 2025 | $148M | -17% |
| Q1 2025 | $142.3M | -16% |
| Q4 2024 | $175M | +3.3% |
EVCM's revenue has held roughly level: $151M last quarter, up 2.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.5% | -2.3 points |
| Q2 2026 | 11% | +0.8 points |
| Q1 2026 | 8.5% | -1.5 points |
| Q4 2025 | 8.8% | +16 points |
| Q3 2025 | 11% | +5.2 points |
| Q2 2025 | 11% | +6.8 points |
| Q1 2025 | 10% | +13 points |
| Q4 2024 | -6.8% | -6.6 points |
EVCM 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.
EVCM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.7M | +3.7% |
| Q2 2026 | $27.9M | +5.4% |
| Q1 2026 | $23.7M | -21% |
| Q4 2025 | $21M | -56% |
| Q3 2025 | $31.6M | +15% |
| Q2 2025 | $26.5M | +14% |
| Q1 2025 | $30.2M | +134% |
| Q4 2024 | $48.2M | +37% |
EVCM 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.
EVCM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.9% | -1.7M shares |
| 1 year | -3.6% | -6.6M shares |
| 3 years | -6.2% | -11.7M shares |
| 5 years | +305% | +133M shares |
| Available history | -7.9% | -15.2M shares |
EVCM has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $15.7M |
| Q2 2026 | $14.7M |
| Q1 2026 | $13.8M |
| Q4 2025 | $24.6M |
| Q3 2025 | $28.9M |
| Q2 2025 | $20.5M |
| Q1 2025 | $11.1M |
| Q4 2024 | $7.1M |
EVCM spent $69M buying back its own shares over the past year, up 1.9% 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.
EVCM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.2x | Elevated |
| Q2 2026 | 3.1x | Elevated |
| Q1 2026 | 3.2x | Elevated |
| Q4 2025 | 3.1x | Elevated |
| Q3 2025 | 3.9x | Elevated |
| Q2 2025 | 3.5x | Elevated |
| Q1 2025 | 3.7x | Elevated |
| Q4 2024 | 4.4x | High |
EVCM's net debt is about 3.2 years of its operating earnings (EBITDA), down from 3.9 years 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).
EVCM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 37.8 | Neutral |
| Stochastic | 32.6 | Neutral |
EVCM's weekly RSI is 38 (neutral) and its Stochastic is 33 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
EVCM PE vs Technology Sector
| Metric | EVCM | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 28x | 57% above |
| PE % | 11 | 43 | 32 pts below |
EVCM is trading at 44x earnings, a 57% 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 the edge over EVCM on trend strength, trading above more of its moving averages.
EVCM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.64 | 19% below |
| 20 week MA | $9.36 | 25% below |
| 50 week MA | $10.4 | 33% below |
| 100 week MA | $10.4 | 33% below |
| 200 week MA | $10.4 | 33% below |
EVCM is in a downtrend: it's below all five of its weekly moving averages, and 33% 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 EVCM on returns for 2026, with the stronger performance.
EVCM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $17.2 | $16.8 | -2.7% |
| 2022 | $16.8 | $6.68 | -60% |
| 2023 | $6.68 | $11.0 | +65% |
| 2024 | $11.0 | $11.2 | +1.1% |
| 2025 | $11.2 | $12.0 | +7.8% |
| 2026 YTD | $12.0 | $6.98 | -42% |
EVCM is down 42% so far in 2026, after finishing higher in three of the previous five years.