AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
HLIT
Harmonic Inc.
HLIT has a slight edge over AAOI overall, supported by 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.
HLIT Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Under pressure | |
| Stable | |
| Strong |
HLIT's balance sheet is currently strong, and its cash flow is stable, but its revenue and profitability are 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.
HLIT PE Valuation
HLIT has no meaningful PE right now: it lost money over the past year.
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.
HLIT Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for HLIT, 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 has the edge over HLIT on earnings, with more consistent year-over-year improvement.
HLIT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.82 | — |
| Q3 2026 | -$0.30 | -171% |
| Q2 2026 | -$0.41 | -169% |
| Q1 2026 | -$0.36 | -180% |
| Q4 2025 | -$0.38 | -215% |
| Q3 2025 | $0.42 | -43% |
| Q2 2025 | $0.59 | +20% |
| Q1 2025 | $0.45 | -26% |
| Q4 2024 | $0.33 | -54% |
HLIT has swung to a loss: it lost $0.30 per share over the past year, after a profit the year before.
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 HLIT 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.
HLIT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $148.8M | +4.5% |
| Q2 2026 | $133.5M | -3.3% |
| Q1 2026 | $121.7M | -8.6% |
| Q4 2025 | $98.2M | -56% |
| Q3 2025 | $142.4M | -27% |
| Q2 2025 | $138M | -0.5% |
| Q1 2025 | $133.1M | +9.1% |
| Q4 2024 | $222.2M | +33% |
HLIT's revenue has slid since its 2024 peak: $149M last quarter, up 4.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 18% | +11 points |
| Q2 2026 | 18% | +15 points |
| Q1 2026 | 17% | +9.2 points |
| Q4 2025 | 3.8% | -20 points |
| Q3 2025 | 6.9% | -11 points |
| Q2 2025 | 2.8% | +14 points |
| Q1 2025 | 7.6% | +15 points |
| Q4 2024 | 24% | +18 points |
HLIT 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.
HLIT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $47.4M | +125% |
| Q2 2026 | -$59.6M | -$44.1M |
| Q1 2026 | $30.3M | -63% |
| Q4 2025 | $9.6M | -79% |
| Q3 2025 | $21M | +267% |
| Q2 2025 | -$15.5M | +$8.6M |
| Q1 2025 | $81.7M | +228% |
| Q4 2024 | $46.2M | +1204% |
HLIT 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.
HLIT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +577K shares |
| 1 year | -2.7% | -3.1M shares |
| 3 years | -1.6% | -1.8M shares |
| 5 years | +3.6% | +3.8M shares |
| Available history | +13% | +12.8M shares |
HLIT has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3.6M |
| Q2 2026 | $1,000 |
| Q1 2026 | $43M |
| Q4 2025 | $13.3M |
| Q3 2025 | $15.7M |
| Q2 2025 | $14M |
| Q1 2025 | $36.1M |
| Q4 2024 | — |
HLIT spent $60M buying back its own shares over the past year, down 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.
HLIT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.3x | Net Cash |
| Q2 2026 | -1.8x | Net Cash |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | -0.1x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | 0.1x | Very low |
HLIT 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).
HLIT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.4 | Neutral |
| Stochastic | 13.5 | Oversold |
HLIT's weekly RSI is 44 (neutral) and its Stochastic is 14 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
HLIT PE vs Technology Sector
| Metric | HLIT | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
HLIT has no meaningful PE right now: it lost money over the past year.
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 HLIT on trend strength, trading above more of its moving averages.
HLIT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $10.5 | 0.5% below |
| 20 week MA | $11.6 | 9.8% below |
| 50 week MA | $11.3 | 7.6% below |
| 100 week MA | $10.7 | 1.9% below |
| 200 week MA | $11.8 | 11% below |
HLIT is in a downtrend: it's below all five of its weekly moving averages, and 11% 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 HLIT on returns for 2026, with the stronger performance.
HLIT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.64 | $7.19 | -5.9% |
| 2021 | $7.19 | $11.7 | +63% |
| 2022 | $11.7 | $13.0 | +11% |
| 2023 | $13.0 | $13.0 | +0.3% |
| 2024 | $13.0 | $13.5 | +3.1% |
| 2025 | $13.5 | $9.96 | -26% |
| 2026 YTD | $9.96 | $10.5 | +5.1% |
HLIT has finished higher in four of the last six years. It's up 5.1% so far in 2026.