AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
GDEV
GDEV Inc.
GDEV has the edge over AAOI overall, supported by stronger valuation and lower modeled downside.
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.
GDEV Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Strong | |
| Strong | |
| Strong |
GDEV's profitability, cash flow and balance sheet are currently strong, but its revenue 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.
GDEV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 2x | $8.34 | — |
| Cheap | 4.2x | $17.31 | +107% |
| Fair | 8.8x | $36.22 | +334% |
| Expensive | 12x | $51.03 | +512% |
Historical ranges are pointers, not guarantees.
GDEV's PE is in its cheap range at 2.0x.
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.
GDEV Forward outlook
There aren't enough analyst estimates for GDEV to show an outlook.
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.
GDEV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $4.11 | +75% |
| Q1 2026 | $3.93 | +74% |
| Q4 2025 | $3.78 | +215% |
| Q3 2025 | $2.88 | +52% |
| Q2 2025 | $2.35 | +2.2% |
| Q1 2025 | $2.26 | -10% |
| Q4 2024 | $1.20 | -50% |
| Q3 2024 | $1.89 | +$5.13 |
GDEV 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 GDEV 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.
GDEV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $93.6M | -22% |
| Q1 2026 | $99M | +2% |
| Q4 2025 | $90M | -7.7% |
| Q3 2025 | $97.6M | -12% |
| Q2 2025 | $119.9M | +13% |
| Q1 2025 | $97M | -9.3% |
| Q4 2024 | $97.5M | -11% |
| Q3 2024 | $110.7M | -8.8% |
GDEV's revenue has slid since its 2022 peak: $94M last quarter, down 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 22% | +6.2 points |
| Q1 2026 | 18% | +4.7 points |
| Q4 2025 | 14% | +1.4 points |
| Q3 2025 | 26% | +12 points |
| Q2 2025 | 16% | +1.2 points |
| Q1 2025 | 14% | +14 points |
| Q4 2024 | 13% | +5.3 points |
| Q3 2024 | 13% | -11 points |
GDEV 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.
GDEV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $7.4M | +$17.3M |
| Q1 2026 | $7.4M | +16% |
| Q4 2025 | $20.3M | +319% |
| Q3 2025 | $15.1M | +28% |
| Q2 2025 | -$9.9M | -186% |
| Q1 2025 | $6.4M | +1654% |
| Q4 2024 | $4.8M | -50% |
| Q3 2024 | $11.8M | +46% |
GDEV 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.
GDEV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.9% | +343K shares |
| 1 year | -0.3% | -47.8K shares |
| 3 years | -2.3% | -433K shares |
| 5 years | -6% | -1.2M shares |
| Available history | -6% | -1.2M shares |
GDEV has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
GDEV 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.
GDEV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -0.9x | Net Cash |
| Q1 2026 | 0.0x | Very low |
| Q4 2025 | -0.8x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.5x | Net Cash |
| Q1 2025 | -1.0x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
| Q3 2024 | -2.0x | Net Cash |
GDEV 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).
GDEV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 32.5 | Neutral |
| Stochastic | 2.5 | Oversold |
GDEV's weekly RSI is 33 (neutral) and its Stochastic is 3 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
GDEV PE vs Technology Sector
| Metric | GDEV | Sector median | Relative |
|---|---|---|---|
| PE | 2x | 28x | 93% below |
| PE % | 0 | 38 | 38 pts below |
GDEV is trading at 2.0x earnings, a 93% 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 GDEV on trend strength, trading above more of its moving averages.
GDEV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.95 | 16% below |
| 20 week MA | $11.1 | 25% below |
| 50 week MA | $13.7 | 39% below |
| 100 week MA | $15.6 | 47% below |
| 200 week MA | $26.5 | 69% below |
GDEV is in a downtrend: it's below all five of its weekly moving averages, and 69% 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 GDEV on returns for 2026, with the stronger performance.
GDEV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $97.0 | $101.3 | +4.4% |
| 2021 | $101.3 | $80.1 | -21% |
| 2022 | $80.1 | $63.8 | -20% |
| 2023 | $63.8 | $22.1 | -65% |
| 2024 | $22.1 | $19.1 | -14% |
| 2025 | $19.1 | $16.0 | -16% |
| 2026 YTD | $16.0 | $8.34 | -48% |
GDEV has finished five years in a row lower, and it's down 48% so far in 2026.