AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
KVYO
Klaviyo, Inc.
KVYO has the edge over AAOI overall, supported by stronger fundamentals 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.
KVYO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Strong |
KVYO's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
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.
KVYO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 20x | $21.34 | — |
| Cheap | 532x | $15.97 | -25% |
| Fair | 609x | $18.26 | -14% |
| Expensive | 683x | $20.50 | -3.9% |
| Current | 711x | $21.34 | — |
Historical ranges are pointers, not guarantees.
KVYO's PE is 711x, but its earnings don't support one, so it isn't a reliable read right now.
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.
KVYO Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for KVYO, 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.
KVYO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.05 | +3410% |
| Q3 2026 | $0.03 | +$0.26 |
| Q2 2026 | $0.03 | +$0.27 |
| Q1 2026 | -$0.03 | +$0.14 |
| Q4 2025 | -$0.11 | +$0.06 |
| Q3 2025 | -$0.23 | -$0.04 |
| Q2 2025 | -$0.24 | +$1.18 |
| Q1 2025 | -$0.17 | +$1.19 |
| Q4 2024 | -$0.17 | +$1.12 |
KVYO 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 KVYO 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 has the edge over KVYO on profitability, with a higher operating margin.
KVYO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $387.2M | +25% |
| Q2 2026 | $370.6M | +26% |
| Q1 2026 | $358M | +28% |
| Q4 2025 | $350.2M | +30% |
| Q3 2025 | $310.9M | +32% |
| Q2 2025 | $293.1M | +32% |
| Q1 2025 | $279.8M | +33% |
| Q4 2024 | $270.2M | +34% |
KVYO's revenue has grown year over year every quarter since early 2023: $387M last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -1.2% | +2.3 points |
| Q2 2026 | -4% | +6.6 points |
| Q1 2026 | 0.5% | +9 points |
| Q4 2025 | -0.5% | +12 points |
| Q3 2025 | -3.5% | +2.2 points |
| Q2 2025 | -11% | -4.4 points |
| Q1 2025 | -8.5% | +2 points |
| Q4 2024 | -13% | +5.2 points |
KVYO's operating margin was −1.2% last quarter, up 2.3 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.
KVYO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $44.7M | -15% |
| Q2 2026 | $87.3M | +63% |
| Q1 2026 | $22.6M | +94% |
| Q4 2025 | $90.7M | +57% |
| Q3 2025 | $52.5M | +41% |
| Q2 2025 | $53.7M | +34% |
| Q1 2025 | $11.7M | -53% |
| Q4 2024 | $57.7M | +61% |
KVYO 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.
KVYO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -3.5% | -10.4M shares |
| 1 year | -4.8% | -14.4M shares |
| 3 years | +19% | +46.3M shares |
KVYO has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $150.9M |
| Q2 2026 | $233.6M |
| Q1 2026 | $100M |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
KVYO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -57.7x | Net Cash |
| Q2 2023 | -66.2x | Net Cash |
KVYO 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).
KVYO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.3 | Neutral |
| Stochastic | 84.1 | Overbought |
KVYO's weekly RSI is 58 (neutral) and its Stochastic is 84 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
KVYO PE vs Technology Sector
| Metric | KVYO | Sector median | Relative |
|---|---|---|---|
| PE | 711x | 28x | 2,453% above |
KVYO is trading at 711x earnings, a 2453% premium to the Technology sector's median of 28x, though its earnings don't support one.
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 |
KVYO has stronger trend alignment. AAOI is above 1 of 5 weekly averages versus KVYO above 3 of 4.
KVYO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.7 | 14% above |
| 20 week MA | $18.0 | 19% above |
| 50 week MA | $19.5 | 9.3% above |
| 100 week MA | $26.5 | 20% below |
KVYO has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 20% below its 100-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 KVYO on returns for 2026, with the stronger performance.
KVYO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $33.4 | $27.8 | -17% |
| 2024 | $27.8 | $42.8 | +54% |
| 2025 | $42.8 | $32.6 | -24% |
| 2026 YTD | $32.6 | $21.3 | -35% |
KVYO has finished lower in two of the last three years. It's down 35% so far in 2026.