AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
FRSH
Freshworks Inc.
FRSH has the edge over AAOI overall, supported by lower modeled downside and stronger fundamentals.
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.
FRSH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
FRSH's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
FRSH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $9.39 | -26% |
| Forward | 15x | $12.67 | — |
| Fair | 16x | $11.78 | -7.1% |
| Current | 18x | $12.67 | — |
| Expensive | 20x | $14.57 | +15% |
Historical ranges are pointers, not guarantees.
FRSH's PE is 18x, 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.
FRSH Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for FRSH, 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.
FRSH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.84 | +17% |
| Q3 2026 | $0.72 | +$0.82 |
| Q2 2026 | $0.63 | +$0.81 |
| Q1 2026 | $0.61 | +$0.85 |
| Q4 2025 | $0.63 | +$0.95 |
| Q3 2025 | -$0.10 | +$0.24 |
| Q2 2025 | -$0.18 | +$0.17 |
| Q1 2025 | -$0.24 | +$0.16 |
| Q4 2024 | -$0.32 | +$0.15 |
FRSH 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 FRSH 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.
FRSH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $245.4M | +14% |
| Q2 2026 | $237.4M | +16% |
| Q1 2026 | $228.6M | +16% |
| Q4 2025 | $222.7M | +14% |
| Q3 2025 | $215.1M | +15% |
| Q2 2025 | $204.7M | +18% |
| Q1 2025 | $196.3M | +19% |
| Q4 2024 | $194.6M | +22% |
FRSH's revenue has grown year over year every quarter since late 2020: $245M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 12% | +15 points |
| Q2 2026 | 2.5% | +6.8 points |
| Q1 2026 | -3.5% | +1.8 points |
| Q4 2025 | 18% | +30 points |
| Q3 2025 | -3.5% | +17 points |
| Q2 2025 | -4.2% | +21 points |
| Q1 2025 | -5.3% | +14 points |
| Q4 2024 | -12% | +13 points |
FRSH 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.
FRSH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $74.9M | +21% |
| Q2 2026 | $53.5M | -8.1% |
| Q1 2026 | $58.5M | +3.2% |
| Q4 2025 | $60.1M | +66% |
| Q3 2025 | $61.7M | +49% |
| Q2 2025 | $58.2M | +71% |
| Q1 2025 | $56.7M | +42% |
| Q4 2024 | $36.3M | +22% |
FRSH 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.
FRSH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -2.4% | -6.6M shares |
| 1 year | -6.9% | -19.8M shares |
| 3 years | -9.4% | -27.8M shares |
| 5 years | +5.3% | +13.5M shares |
| Available history | +1468% | +249M shares |
FRSH has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $27.2M |
| Q2 2026 | $159M |
| Q1 2026 | $48.4M |
| Q4 2025 | — |
| Q3 2025 | $159.1M |
| Q2 2025 | $113.6M |
| Q1 2025 | $113.6M |
| Q2 2021 | — |
FRSH spent $235M buying back its own shares over 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.
FRSH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -4.8x | Net Cash |
| Q2 2026 | -8.3x | Net Cash |
| Q1 2026 | -12.8x | Net Cash |
| Q4 2025 | -14.6x | Net Cash |
| Q2 2021 | -122.9x | Net Cash |
| Q1 2021 | -101.8x | Net Cash |
| Q1 2019 | 6.2x | High |
FRSH 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).
FRSH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 46.5 | Neutral |
FRSH's weekly RSI is 53 (neutral) and its Stochastic is 47 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
FRSH PE vs Technology Sector
| Metric | FRSH | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 28x | 37% below |
| PE % | 62 | 45 | 17 pts above |
FRSH is trading at 18x earnings, a 37% discount 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.
FRSH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.5 | 6.1% below |
| 20 week MA | $12.5 | 1.6% above |
| 50 week MA | $10.8 | 18% above |
| 100 week MA | $12.5 | 1.4% above |
| 200 week MA | $14.5 | 13% below |
FRSH 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 FRSH on returns for 2026, with the stronger performance.
FRSH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $46.8 | $27.9 | -40% |
| 2022 | $27.9 | $13.8 | -50% |
| 2023 | $13.8 | $23.5 | +70% |
| 2024 | $23.5 | $15.9 | -32% |
| 2025 | $15.9 | $12.4 | -22% |
| 2026 YTD | $12.4 | $12.7 | +2.2% |
FRSH has finished lower in four of the last five years. It's up 2.2% so far in 2026.