AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over IE overall, supported by stronger fundamentals and stronger modeled upside.
IE
Ivanhoe Electric Inc.
IE 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.
IE Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Stable | |
| Weak | |
| Strong |
IE's balance sheet is currently strong, and its profitability is stable, but its revenue and cash flow 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.
IE PE Valuation
IE 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.
IE Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Stable | |
| -- | |
| Limited | |
| High |
Analysts expect IE's losses to shrink, with 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 has the edge over IE in the latest year-over-year earnings comparison.
IE Earnings Per Share
IE lost $0.85 per share over the past year, about the same as its loss 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 IE 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 has the edge over IE on profitability, with a higher operating margin.
IE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $708K | +30% |
| Q2 2026 | $724K | -32% |
| Q1 2026 | $858K | +17% |
| Q4 2025 | $896K | -33% |
| Q3 2025 | $545K | -19% |
| Q2 2025 | $1.1M | +99% |
| Q1 2025 | $735K | +104% |
| Q4 2024 | $1.3M | -20% |
IE's revenue is recovering but still below its 2022 peak: $708,000 last quarter, up 30% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4071% | +257 points |
| Q2 2026 | -2967% | -567 points |
| Q1 2026 | 11277% | +14951 points |
| Q4 2025 | -4168% | -1938 points |
| Q3 2025 | -4328% | +1906 points |
| Q2 2025 | -2400% | +6623 points |
| Q1 2025 | -3674% | +12126 points |
| Q4 2024 | -2229% | +611 points |
IE's operating margin was −4071% last quarter, up 257 points from the same quarter a year ago.
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.
IE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$28.8M | -$1.2M |
| Q2 2026 | -$20.2M | +$1.1M |
| Q1 2026 | -$42.9M | -$27.1M |
| Q4 2025 | -$25.7M | +$6.7M |
| Q3 2025 | -$27.6M | +$9.3M |
| Q2 2025 | -$21.3M | +$23.8M |
| Q1 2025 | -$15.8M | +$34.9M |
| Q4 2024 | -$32.4M | +$11.6M |
IE 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.
IE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.8% | +1.3M shares |
| 1 year | +20% | +26.7M shares |
| 3 years | +52% | +54.7M shares |
| 5 years | +72% | +66.7M shares |
IE has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
IE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -18.4x | Net Cash |
| Q2 2026 | -15.1x | Net Cash |
| Q1 2026 | -22.2x | Net Cash |
IE 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).
IE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.9 | Neutral |
| Stochastic | 8.3 | Oversold |
IE's weekly RSI is 35 (neutral) 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.
IE PE vs Technology Sector
IE 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 IE on trend strength, trading above more of its moving averages.
IE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $8.74 | 20% below |
| 20 week MA | $9.43 | 26% below |
| 50 week MA | $12.3 | 43% below |
| 100 week MA | $10.6 | 34% below |
| 200 week MA | $10.8 | 36% below |
IE is in a downtrend: it's below all five of its weekly moving averages, and 36% 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 IE on returns for 2026, with the stronger performance.
IE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $9.01 | $12.2 | +36% |
| 2023 | $12.2 | $10.1 | -18% |
| 2024 | $10.1 | $7.80 | -23% |
| 2025 | $7.80 | $16.9 | +116% |
| 2026 YTD | $16.9 | $6.95 | -59% |
IE has finished lower in two of the last four years. It's down 59% so far in 2026.