AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
IPM
Intelligent Protection Management Corp.
IPM has the edge over AAOI overall, supported by lower modeled downside and stronger fundamentals.
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.
IPM Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Under pressure | |
| Healthy | |
| Strong |
IPM's revenue, cash flow and balance sheet are currently healthy, but its profitability 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.
IPM PE Valuation
IPM 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.
IPM Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for IPM, 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 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.
IPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.11 | — |
| Q3 2026 | -$0.26 | +$0.44 |
| Q2 2026 | -$0.28 | +$0.50 |
| Q1 2026 | -$0.26 | +$0.54 |
| Q4 2025 | -$0.15 | +$0.76 |
| Q3 2025 | -$0.70 | -$0.36 |
| Q2 2025 | -$0.78 | -$0.58 |
| Q1 2025 | -$0.80 | -$0.71 |
| Q4 2024 | -$0.91 | -$0.79 |
IPM is still losing money, but far less than before: $0.26 per share over the past year, against $1.37 at its worst in early 2020.
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 IPM 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 IPM on profitability, with a higher operating margin.
IPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $11M | +76% |
| Q2 2026 | $6.5M | +13% |
| Q1 2026 | $6.4M | +15% |
| Q3 2025 | $6.2M | +194% |
| Q2 2025 | $5.7M | +157% |
| Q1 2025 | $5.5M | +112% |
| Q3 2024 | $2.1M | -23% |
| Q2 2024 | $2.2M | -25% |
IPM's revenue has grown year over year for seven quarters in a row: $11M last quarter, up 76% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -8.1% | +15 points |
| Q2 2026 | -23% | -3.7 points |
| Q1 2026 | -12% | +12 points |
| Q4 2025 | -13% | N/A |
| Q3 2025 | -23% | +57 points |
| Q2 2025 | -20% | +33 points |
| Q1 2025 | -24% | +5.2 points |
| Q3 2024 | -80% | -66 points |
IPM's operating margin was −8.1% last quarter, up 15 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.
IPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $5.1M | +3703% |
| Q1 2026 | -$265.9K | -115% |
| Q4 2025 | $87.6K | +$1.6M |
| Q3 2025 | $133K | +$912.7K |
| Q1 2025 | $1.7M | +$2.3M |
| Q2 2024 | -$251.3K | -$57.5K |
| Q1 2024 | -$520.8K | +$282.2K |
| Q2 2023 | -$193.8K | +$217.2K |
IPM 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.
IPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -1.3% | -166K shares |
| 3 years | +41% | +3.8M shares |
| 5 years | +89% | +6.1M shares |
| Available history | +90% | +6.2M shares |
IPM has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2023 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
IPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2020 | -2.8x | Net Cash |
IPM 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).
IPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.4 | Neutral |
| Stochastic | 42.7 | Neutral |
IPM's weekly RSI is 48 (neutral) and its Stochastic is 43 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
IPM PE vs Technology Sector
| Metric | IPM | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
IPM 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
IPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.72 | 1.7% above |
| 20 week MA | $1.79 | 2.2% below |
| 50 week MA | $1.78 | 1.7% below |
| 100 week MA | $1.86 | 5.9% below |
| 200 week MA | $2.33 | 25% below |
IPM has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 25% 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 IPM on returns for 2026, with the stronger performance.
IPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.07 | $1.50 | +40% |
| 2021 | $1.50 | $3.15 | +110% |
| 2022 | $3.15 | $1.48 | -53% |
| 2023 | $1.48 | $2.34 | +58% |
| 2024 | $2.34 | $2.15 | -8.1% |
| 2025 | $2.15 | $1.76 | -18% |
| 2026 YTD | $1.76 | $1.75 | -0.6% |
IPM's yearly returns have swung widely, from +110% in 2021 to −53% in 2022. It's down 0.6% so far in 2026.