AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
JBL
Jabil Inc.
JBL has the edge over AAOI overall, supported by lower modeled downside and stronger modeled upside.
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.
JBL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
JBL'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.
JBL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $106 | -59% |
| Forward | 15x | $260 | — |
| Fair | 21x | $208 | -20% |
| Current | 27x | $260 | — |
| Expensive | 40x | $386 | +49% |
Historical ranges are pointers, not guarantees.
JBL's PE is in its fair range at 27x. If earnings grow as analysts expect, today's price would be 15x next year's earnings.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over JBL on the outlook, with more favorable profitability expectations.
JBL Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for JBL, with profitability 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.
JBL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $17.71 | +82% |
| Q3 2026 | $9.75 | +65% |
| Q2 2026 | $7.97 | +50% |
| Q1 2026 | $7.41 | +71% |
| Q4 2025 | $6.39 | -40% |
| Q3 2025 | $5.92 | -47% |
| Q2 2025 | $5.30 | -52% |
| Q1 2025 | $4.33 | -63% |
| Q4 2024 | $10.58 | +80% |
JBL 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 JBL 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.
JBL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $10.6B | +29% |
| Q2 2026 | $8.8B | +12% |
| Q1 2026 | $8.3B | +23% |
| Q4 2025 | $8.3B | +19% |
| Q3 2025 | $8.3B | +18% |
| Q2 2025 | $7.8B | +16% |
| Q1 2025 | $6.7B | -0.6% |
| Q4 2024 | $7B | -17% |
JBL's revenue has grown year over year for six quarters in a row: $10.6B last quarter, up 29% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 5.7% | +1.6 points |
| Q2 2026 | 5.1% | -0.1 points |
| Q1 2026 | 4.5% | +0.9 points |
| Q4 2025 | 3.4% | +0.6 points |
| Q3 2025 | 4.1% | -0.5 points |
| Q2 2025 | 5.2% | +1.3 points |
| Q1 2025 | 3.6% | -13 points |
| Q4 2024 | 2.8% | -0.8 points |
JBL 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.
JBL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $487M | +16% |
| Q2 2026 | $351M | +9.7% |
| Q1 2026 | $308M | +41% |
| Q4 2025 | $228M | +6% |
| Q3 2025 | $419M | +1.9% |
| Q2 2025 | $320M | -22% |
| Q1 2025 | $218M | +$266M |
| Q4 2024 | $215M | +34% |
JBL 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.
JBL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.4% | +400K shares |
| 1 year | -3.6% | -4M shares |
| 3 years | -21% | -29M shares |
| 5 years | -30% | -45.2M shares |
| Available history | -32% | -49.6M shares |
JBL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $169M |
| Q2 2026 | $291M |
| Q1 2026 | $300M |
| Q4 2025 | $300M |
| Q3 2025 | $25M |
| Q2 2025 | $339M |
| Q1 2025 | $404M |
| Q4 2024 | $232M |
JBL spent $1.1B buying back its own shares over the past year, up 6% 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.
JBL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 1.0x | Very low |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.5x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.7x | Very low |
| Q4 2024 | 0.3x | Very low |
JBL's net debt is less than a year of its operating earnings (EBITDA).
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).
JBL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 10.5 | Oversold |
JBL's weekly RSI is 41 (neutral) and its Stochastic is 10 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
JBL PE vs Technology Sector
| Metric | JBL | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 4.3% below |
| PE % | 60 | 35 | 25 pts above |
JBL is trading at 27x 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.
JBL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $281.4 | 7.6% below |
| 20 week MA | $304.9 | 15% below |
| 50 week MA | $294.5 | 12% below |
| 100 week MA | $238.3 | 9.1% above |
| 200 week MA | $175.6 | 48% above |
JBL 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 JBL on returns for 2026, with the stronger performance.
JBL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.2 | $42.9 | +4% |
| 2021 | $42.9 | $69.8 | +63% |
| 2022 | $69.8 | $69.0 | -1.1% |
| 2023 | $69.0 | $127.4 | +85% |
| 2024 | $127.4 | $145.9 | +15% |
| 2025 | $145.9 | $236.1 | +62% |
| 2026 YTD | $236.1 | $260.0 | +10% |
JBL has finished higher in five of the last six years, three of them by more than 50%. It's up 10% so far in 2026.