AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
INOD
Innodata Inc.
INOD has a slight edge over AAOI overall, supported by stronger valuation and 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.
INOD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Strong |
INOD's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
INOD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 26x | $36.29 | — |
| Forward | 39x | $36.29 | — |
| Cheap | 45x | $61.56 | +70% |
| Fair | 66x | $90.96 | +151% |
| Expensive | 171x | $236 | +551% |
Historical ranges are pointers, not guarantees.
INOD's PE is in its cheap range at 26x. On analysts' estimates for next year's earnings, today's price would be 39x.
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.
INOD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for INOD, 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.
INOD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.94 | -32% |
| Q3 2026 | $1.38 | +37% |
| Q2 2026 | $1.33 | +3.9% |
| Q1 2026 | $1.12 | +3.7% |
| Q4 2025 | $0.92 | +3.4% |
| Q3 2025 | $1.01 | +66% |
| Q2 2025 | $1.28 | +1064% |
| Q1 2025 | $1.08 | +1250% |
| Q4 2024 | $0.89 | +$0.92 |
INOD 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 INOD 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.
INOD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $95.6M | +53% |
| Q2 2026 | $92.1M | +58% |
| Q1 2026 | $90.1M | +54% |
| Q4 2025 | $72.4M | +22% |
| Q3 2025 | $62.6M | +20% |
| Q2 2025 | $58.4M | +79% |
| Q1 2025 | $58.3M | +120% |
| Q4 2024 | $59.2M | +127% |
INOD's revenue has grown year over year for 13 quarters in a row: $96M last quarter, up 53% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 10% | -8.4 points |
| Q2 2026 | 19% | +3.8 points |
| Q1 2026 | 19% | +5.1 points |
| Q4 2025 | 15% | -4.1 points |
| Q3 2025 | 19% | -3.1 points |
| Q2 2025 | 15% | +14 points |
| Q1 2025 | 14% | +8.8 points |
| Q4 2024 | 19% | +12 points |
INOD 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.
INOD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$86.4M | -694% |
| Q2 2026 | $124.3M | +4819% |
| Q1 2026 | $34.8M | +309% |
| Q4 2025 | $10.1M | -33% |
| Q3 2025 | $14.5M | +47% |
| Q2 2025 | $2.5M | +$5.7M |
| Q1 2025 | $8.5M | +57% |
| Q4 2024 | $15.1M | +$16.2M |
INOD 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.
INOD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.4% | +851K shares |
| 1 year | +1% | +356K shares |
| 3 years | +28% | +7.8M shares |
| 5 years | +39% | +10M shares |
| Available history | +38% | +9.8M shares |
INOD has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2019 | $1.8M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
INOD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.5x | Net Cash |
| Q2 2026 | -3.7x | Net Cash |
| Q1 2026 | -2.1x | Net Cash |
| Q4 2025 | -1.8x | Net Cash |
| Q3 2025 | -1.6x | Net Cash |
| Q2 2025 | -1.3x | Net Cash |
| Q1 2025 | -1.5x | Net Cash |
| Q4 2024 | -1.6x | Net Cash |
INOD 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).
INOD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 35.9 | Neutral |
| Stochastic | 4.5 | Oversold |
INOD's weekly RSI is 36 (neutral) and its Stochastic is 4 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
INOD PE vs Technology Sector
| Metric | INOD | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 5.6% below |
| PE % | 0 | 35 | 35 pts below |
INOD is trading at 26x earnings, in line with 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.
INOD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $53.8 | 33% below |
| 20 week MA | $58.0 | 37% below |
| 50 week MA | $59.6 | 39% below |
| 100 week MA | $54.4 | 33% below |
| 200 week MA | $33.4 | 8.7% above |
INOD has fallen below most of its moving averages, though it's still 8.7% 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 INOD on returns for 2026, with the stronger performance.
INOD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.16 | $5.68 | +390% |
| 2021 | $5.68 | $5.75 | +1.2% |
| 2022 | $5.75 | $3.00 | -48% |
| 2023 | $3.00 | $8.14 | +171% |
| 2024 | $8.14 | $45.4 | +457% |
| 2025 | $45.4 | $52.5 | +16% |
| 2026 YTD | $52.5 | $36.3 | -31% |
INOD's yearly returns have swung widely, from +457% in 2024 to −48% in 2022. It's down 31% so far in 2026.