AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over IIIV overall, supported by stronger modeled upside and stronger fundamentals.
IIIV
i3 Verticals, Inc.
IIIV 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.
IIIV Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Under pressure |
IIIV's cash flow is currently strong, and its revenue and profitability are stable, but its balance sheet 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.
IIIV PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 5.6x | $2.35 | -87% |
| Forward | 15x | $18.64 | — |
| Fair | 28x | $11.67 | -37% |
| Expensive | 40x | $16.63 | -11% |
| Current | 44x | $18.64 | — |
Historical ranges are pointers, not guarantees.
IIIV's PE is in its expensive range at 44x. If earnings grow as analysts expect, today's price would be 15x next year's earnings, in its fair range.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over IIIV on the outlook, with more favorable revenue expectations.
IIIV Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect IIIV'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.
IIIV Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.22 | +191% |
| Q2 2026 | $0.42 | -92% |
| Q1 2026 | $0.74 | -83% |
| Q4 2025 | $0.66 | -85% |
| Q3 2025 | $0.72 | -84% |
| Q2 2025 | $5.22 | +$5.26 |
| Q1 2025 | $4.40 | +7233% |
| Q4 2024 | $4.49 | +$4.51 |
| Q3 2024 | $4.45 | +$4.52 |
IIIV 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 IIIV 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 IIIV on profitability, with a higher operating margin.
IIIV Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $53.1M | +2.2% |
| Q1 2026 | $57.5M | -8.8% |
| Q4 2025 | $52.7M | -15% |
| Q3 2025 | $54.9M | -9.8% |
| Q2 2025 | $51.9M | -7.4% |
| Q1 2025 | $63.1M | -33% |
| Q4 2024 | $61.7M | -33% |
| Q3 2024 | $60.9M | -37% |
IIIV's revenue has slid since its 2019 peak: $53M last quarter, up 2.2% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | -1.7% | +7.6 points |
| Q1 2026 | 6.5% | +0.2 points |
| Q4 2025 | 3% | -1.3 points |
| Q3 2025 | 2.7% | -3.1 points |
| Q2 2025 | -9.3% | -8.1 points |
| Q1 2025 | 6.3% | -3.7 points |
| Q4 2024 | 4.4% | -4.9 points |
| Q3 2024 | 5.8% | -3.3 points |
IIIV's operating margin was −1.7% last quarter, up 7.6 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.
IIIV Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $13M | +90% |
| Q1 2026 | $9.6M | +$37.2M |
| Q4 2025 | $13.8M | +25% |
| Q3 2025 | $13.5M | +14% |
| Q2 2025 | $6.8M | -5.7% |
| Q1 2025 | -$27.6M | -345% |
| Q4 2024 | $11M | -11% |
| Q3 2024 | $11.8M | +213% |
IIIV 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.
IIIV Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -36% | -11M shares |
| 1 year | -42% | -14.4M shares |
| 3 years | -43% | -14.7M shares |
| 5 years | +2.2% | +415K shares |
| Available history | +86% | +9.1M shares |
IIIV has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $48.1M |
| Q1 2026 | $50.9M |
| Q4 2025 | $37.9M |
| Q3 2025 | — |
| Q2 2025 | $26.1M |
| Q1 2025 | $308,000 |
| Q4 2024 | $11.2M |
| Q3 2024 | $29,000 |
IIIV spent $137M buying back its own shares over the past year, about four times what it spent 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.
IIIV Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 2.4x | Moderate |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -2.0x | Net Cash |
| Q2 2025 | -1.4x | Net Cash |
| Q1 2025 | 0.1x | Very low |
| Q4 2024 | -1.2x | Net Cash |
| Q3 2024 | -0.8x | Net Cash |
IIIV's net debt is about 3.2 years of its operating earnings (EBITDA), after holding more cash than debt a year ago.
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).
IIIV Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 63.0 | Neutral |
IIIV's weekly RSI is 51 (neutral) and its Stochastic is 63 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
IIIV PE vs Technology Sector
| Metric | IIIV | Sector median | Relative |
|---|---|---|---|
| PE | 44x | 28x | 59% above |
| PE % | 88 | 35 | 53 pts above |
IIIV is trading at 44x earnings, a 59% 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.
IIIV Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $16.8 | 11% above |
| 20 week MA | $17.6 | 5.7% above |
| 50 week MA | $20.6 | 9.3% below |
| 100 week MA | $23.9 | 22% below |
| 200 week MA | $23.1 | 19% below |
IIIV has the edge over AAOI on trend strength, trading above more of its moving averages.
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 IIIV on returns for 2026, with the stronger performance.
IIIV Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $28.3 | $32.9 | +16% |
| 2021 | $32.9 | $23.2 | -29% |
| 2022 | $23.2 | $24.0 | +3.1% |
| 2023 | $24.0 | $21.2 | -12% |
| 2024 | $21.2 | $23.9 | +13% |
| 2025 | $23.9 | $26.2 | +9.4% |
| 2026 YTD | $26.2 | $18.6 | -29% |
IIIV has finished higher in four of the last six years. It's down 29% so far in 2026.