AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
LASR
nLIGHT, Inc.
LASR 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.
LASR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Healthy | |
| Unavailable |
LASR's revenue and cash flow are currently healthy, and its profitability is stable. There isn't enough data to rate its balance sheet.
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.
LASR PE Valuation
LASR 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.
LASR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for LASR, 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.
LASR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.82 | — |
| Q3 2026 | -$0.23 | +$0.66 |
| Q2 2026 | -$0.25 | +$0.71 |
| Q1 2026 | -$0.30 | +$0.84 |
| Q4 2025 | -$0.47 | +$0.80 |
| Q3 2025 | -$0.89 | +$0.14 |
| Q2 2025 | -$0.96 | +$0.12 |
| Q1 2025 | -$1.14 | -$0.12 |
| Q4 2024 | -$1.27 | -$0.37 |
LASR has the edge over AAOI on earnings, with more consistent year-over-year improvement.
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 LASR 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 LASR on profitability, with a higher operating margin.
LASR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $73.8M | +11% |
| Q2 2026 | $82.6M | +34% |
| Q1 2026 | $80.2M | +55% |
| Q4 2025 | $81.2M | +71% |
| Q3 2025 | $66.7M | +19% |
| Q2 2025 | $61.7M | +22% |
| Q1 2025 | $51.7M | +16% |
| Q4 2024 | $47.4M | -8.7% |
LASR's revenue has grown year over year for seven quarters in a row: $74M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -13% | -1.6 points |
| Q2 2026 | -4.3% | +2.5 points |
| Q1 2026 | -0.9% | +18 points |
| Q4 2025 | -6.7% | +49 points |
| Q3 2025 | -11% | +10 points |
| Q2 2025 | -6.9% | +18 points |
| Q1 2025 | -19% | +14 points |
| Q4 2024 | -56% | -28 points |
LASR's operating margin was −13% last quarter, down 1.6 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.
LASR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$17.6M | -818% |
| Q2 2026 | $15.9M | +$19.7M |
| Q1 2026 | $7.6M | +$9.9M |
| Q4 2025 | $15.9M | +$22.4M |
| Q3 2025 | $2.4M | +$9.7M |
| Q2 2025 | -$3.8M | +$2.6M |
| Q1 2025 | -$2.3M | -123% |
| Q4 2024 | -$6.5M | -$6M |
LASR 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.
LASR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.6% | +912K shares |
| 1 year | +15% | +7.6M shares |
| 3 years | +25% | +11.5M shares |
| 5 years | +35% | +15M shares |
| Available history | +56% | +20.8M shares |
LASR has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
LASR Net Leverage
LASR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
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).
LASR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.7 | Neutral |
| Stochastic | 25.8 | Neutral |
LASR's weekly RSI is 44 (neutral) and its Stochastic is 26 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
LASR PE vs Technology Sector
| Metric | LASR | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
LASR 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.
LASR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $38.5 | 12% above |
| 20 week MA | $48.5 | 11% below |
| 50 week MA | $54.1 | 20% below |
| 100 week MA | $36.3 | 19% above |
| 200 week MA | $24.1 | 79% above |
LASR 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 LASR on returns for 2026, with the stronger performance.
LASR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $19.7 | $34.3 | +74% |
| 2021 | $34.3 | $25.1 | -27% |
| 2022 | $25.1 | $9.80 | -61% |
| 2023 | $9.80 | $13.5 | +38% |
| 2024 | $13.5 | $10.5 | -23% |
| 2025 | $10.5 | $39.2 | +275% |
| 2026 YTD | $39.2 | $43.1 | +9.8% |
LASR's yearly returns have swung widely, from +275% in 2025 to −61% in 2022. It's up 9.8% so far in 2026.