AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
GILT
Gilat Satellite Networks Ltd.
GILT has the edge over AAOI overall, supported by lower modeled downside and stronger valuation.
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.
GILT Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Strong |
GILT's revenue, profitability and balance sheet are currently healthy, but its cash flow 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.
GILT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $5.73 | — |
| Cheap | 11x | $5.05 | -12% |
| Current | 13x | $5.73 | — |
| Fair | 19x | $8.55 | +49% |
| Expensive | 37x | $16.22 | +183% |
Historical ranges are pointers, not guarantees.
GILT's PE is in its cheap range at 13x. If earnings grow as analysts expect, today's price would be 10x next year's earnings.
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.
GILT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GILT, with profitability improving. 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.
GILT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.56 | +26% |
| Q2 2026 | $0.44 | +13% |
| Q1 2026 | $0.51 | +113% |
| Q4 2025 | $0.33 | -25% |
| Q3 2025 | $0.41 | +41% |
| Q2 2025 | $0.39 | +11% |
| Q1 2025 | $0.24 | -40% |
| Q4 2024 | $0.44 | +4.8% |
| Q3 2024 | $0.29 | +21% |
GILT 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 GILT 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.
GILT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $122.7M | +17% |
| Q1 2026 | $110.5M | +20% |
| Q4 2025 | $137M | +75% |
| Q3 2025 | $117.7M | +58% |
| Q2 2025 | $105M | +37% |
| Q1 2025 | $92M | +21% |
| Q4 2024 | $78.1M | +3.3% |
| Q3 2024 | $74.6M | +17% |
GILT's revenue has grown year over year for 21 quarters in a row: $123M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 3.2% | -2.2 points |
| Q1 2026 | 4.9% | +7.9 points |
| Q4 2025 | 4.4% | -12 points |
| Q3 2025 | 6.4% | -2.6 points |
| Q2 2025 | 5.4% | +1.8 points |
| Q1 2025 | -3% | -10 points |
| Q4 2024 | 16% | +13 points |
| Q3 2024 | 9% | -11 points |
GILT 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.
GILT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$4M | -270% |
| Q1 2026 | -$14.7M | -$6.6M |
| Q4 2025 | -$9.8M | -171% |
| Q3 2025 | $25.3M | +91% |
| Q2 2025 | $2.4M | +$7.8M |
| Q1 2025 | -$8.1M | -336% |
| Q4 2024 | $13.8M | +83% |
| Q3 2024 | $13.3M | +14% |
GILT has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
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.
GILT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.9% | +2.2M shares |
| 1 year | +39% | +22.1M shares |
| 3 years | +40% | +22.8M shares |
| 5 years | +41% | +22.9M shares |
| Available history | +42% | +23.4M shares |
GILT 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 | — |
GILT 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.
GILT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -2.5x | Net Cash |
| Q1 2026 | -2.3x | Net Cash |
| Q4 2025 | -3.2x | Net Cash |
| Q3 2025 | -1.9x | Net Cash |
| Q2 2025 | 0.0x | Very low |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | -2.5x | Net Cash |
| Q3 2024 | -3.0x | Net Cash |
GILT 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).
GILT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 26.1 | Oversold |
| Stochastic | 8.5 | Oversold |
GILT's weekly RSI is 26 (oversold) and its Stochastic is 8 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
GILT PE vs Technology Sector
| Metric | GILT | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 28x | 53% below |
| PE % | 24 | 35 | 11 pts below |
GILT is trading at 13x earnings, a 53% 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 GILT on trend strength, trading above more of its moving averages.
GILT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.13 | 30% below |
| 20 week MA | $9.79 | 41% below |
| 50 week MA | $13.4 | 57% below |
| 100 week MA | $10.8 | 47% below |
| 200 week MA | $8.23 | 30% below |
GILT is in a downtrend: it's below all five of its weekly moving averages, and 30% 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 GILT on returns for 2026, with the stronger performance.
GILT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.89 | $6.04 | -23% |
| 2021 | $6.04 | $7.43 | +23% |
| 2022 | $7.43 | $5.47 | -26% |
| 2023 | $5.47 | $6.11 | +12% |
| 2024 | $6.11 | $5.96 | -2.5% |
| 2025 | $5.96 | $12.6 | +111% |
| 2026 YTD | $12.6 | $5.73 | -54% |
GILT has finished lower in three of the last six years. It's down 54% so far in 2026.