AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over HIMX overall, supported by stronger valuation and stronger fundamentals.
HIMX
Himax Technologies, Inc.
HIMX 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.
HIMX Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Under pressure | |
| Strong |
HIMX's balance sheet is currently strong, and its revenue and profitability are stable, 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.
HIMX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.5x | $0.89 | -90% |
| Fair | 16x | $3.12 | -65% |
| Expensive | 44x | $8.79 | -1.8% |
| Current | 45x | $8.96 | — |
Historical ranges are pointers, not guarantees.
HIMX's PE is in its expensive range at 45x.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over HIMX on the outlook, with more favorable revenue expectations.
HIMX Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect HIMX's earnings to grow and its profitability to improve, with its revenue holding steady.
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.
HIMX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.20 | -52% |
| Q1 2026 | $0.18 | -63% |
| Q4 2025 | $0.25 | -46% |
| Q3 2025 | $0.35 | -22% |
| Q2 2025 | $0.42 | -4.5% |
| Q1 2025 | $0.49 | +81% |
| Q4 2024 | $0.46 | +64% |
| Q3 2024 | $0.45 | +15% |
HIMX 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 HIMX 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.
HIMX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $227.4M | +5.9% |
| Q1 2026 | $199M | -7.5% |
| Q4 2025 | $203.1M | -14% |
| Q3 2025 | $196.7M | -12% |
| Q2 2025 | $214.8M | -10% |
| Q1 2025 | $215.1M | +3.7% |
| Q4 2024 | $237.2M | +4.2% |
| Q3 2024 | $222.4M | -6.8% |
HIMX's revenue is recovering but still below its 2021 peak: $227M last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 11% | +2.4 points |
| Q1 2026 | 5.1% | -4.1 points |
| Q4 2025 | 3.4% | -6.4 points |
| Q3 2025 | -0.3% | -2.9 points |
| Q2 2025 | 8.4% | -3.8 points |
| Q1 2025 | 9.2% | +4.4 points |
| Q4 2024 | 9.7% | +2.4 points |
| Q3 2024 | 2.6% | -2 points |
HIMX 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.
HIMX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $13.2M | -76% |
| Q1 2026 | $1.2M | -98% |
| Q4 2025 | $12.7M | -61% |
| Q3 2025 | $55K | +$5.8M |
| Q2 2025 | $55.9M | +150% |
| Q1 2025 | $50.8M | -5.8% |
| Q4 2024 | $32.2M | -41% |
| Q3 2024 | -$5.7M | -143% |
HIMX 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.
HIMX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -0.1% | -118K shares |
| 3 years | -0.1% | -246K shares |
| 5 years | -0.2% | -303K shares |
| Available history | +1.1% | +1.9M shares |
HIMX 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 | $3.9M |
| Q1 2025 | — |
| Q4 2024 | $3M |
| Q3 2024 | — |
HIMX 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.
HIMX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -3.4x | Net Cash |
| Q1 2026 | -3.4x | Net Cash |
| Q4 2025 | -2.8x | Net Cash |
| Q3 2025 | -2.3x | Net Cash |
| Q2 2025 | 2.2x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 3.1x | Elevated |
| Q3 2024 | 3.7x | Elevated |
HIMX 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).
HIMX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.7 | Neutral |
| Stochastic | 12.8 | Oversold |
HIMX's weekly RSI is 37 (neutral) and its Stochastic is 13 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
HIMX PE vs Technology Sector
| Metric | HIMX | Sector median | Relative |
|---|---|---|---|
| PE | 45x | 28x | 62% above |
| PE % | 83 | 35 | 48 pts above |
HIMX is trading at 45x earnings, a 62% premium 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
HIMX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $11.8 | 24% below |
| 20 week MA | $13.0 | 31% below |
| 50 week MA | $12.0 | 26% below |
| 100 week MA | $10.3 | 13% below |
| 200 week MA | $8.34 | 7.4% above |
HIMX has fallen below most of its moving averages, though it's still 7.4% above 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 HIMX on returns for 2026, with the stronger performance.
HIMX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.50 | $6.76 | +170% |
| 2021 | $6.76 | $12.5 | +84% |
| 2022 | $12.5 | $6.72 | -46% |
| 2023 | $6.72 | $6.07 | -9.7% |
| 2024 | $6.07 | $7.96 | +31% |
| 2025 | $7.96 | $8.35 | +4.9% |
| 2026 YTD | $8.35 | $8.96 | +7.3% |
HIMX's yearly returns have swung widely, from +170% in 2020 to −46% in 2022. It's up 7.3% so far in 2026.