AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
MANH
Manhattan Associates, Inc.
MANH has the edge over AAOI overall, supported by lower modeled downside and stronger valuation.
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.
MANH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
MANH'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.
MANH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 43x | $256 | — |
| Cheap | 52x | $187 | -27% |
| Fair | 72x | $257 | +0.3% |
| Current | 72x | $256 | — |
| Expensive | 88x | $312 | +22% |
Historical ranges are pointers, not guarantees.
MANH's PE is in its fair range at 72x. If earnings grow as analysts expect, today's price would be 43x next year's earnings, in its cheap range.
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.
MANH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MANH, 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.
MANH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.01 | +68% |
| Q3 2026 | $3.57 | +1.7% |
| Q2 2026 | $3.49 | -2.5% |
| Q1 2026 | $3.57 | +2% |
| Q4 2025 | $3.60 | +2.6% |
| Q3 2025 | $3.51 | -0.3% |
| Q2 2025 | $3.58 | +9.1% |
| Q1 2025 | $3.50 | +14% |
| Q4 2024 | $3.51 | +24% |
MANH 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 MANH 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.
MANH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $306.2M | +11% |
| Q2 2026 | $297.8M | +9.3% |
| Q1 2026 | $282.2M | +7.4% |
| Q4 2025 | $270.4M | +5.7% |
| Q3 2025 | $275.8M | +3.4% |
| Q2 2025 | $272.4M | +2.7% |
| Q1 2025 | $262.8M | +3.2% |
| Q4 2024 | $255.8M | +7.4% |
MANH's revenue has grown year over year for 23 quarters in a row: $306M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -1 points |
| Q2 2026 | 22% | -4.9 points |
| Q1 2026 | 23% | -1 points |
| Q4 2025 | 25% | +1.1 points |
| Q3 2025 | 27% | -0.7 points |
| Q2 2025 | 27% | +1.4 points |
| Q1 2025 | 24% | +1.4 points |
| Q4 2024 | 24% | -1 points |
MANH 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.
MANH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $67.6M | -22% |
| Q2 2026 | $89.7M | +28% |
| Q1 2026 | $79.9M | +7.5% |
| Q4 2025 | $142.4M | +40% |
| Q3 2025 | $87.2M | +42% |
| Q2 2025 | $70.1M | -1.4% |
| Q1 2025 | $74.4M | +42% |
| Q4 2024 | $101.6M | +18% |
MANH 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.
MANH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -265K shares |
| 1 year | -3.6% | -2.2M shares |
| 3 years | -5.7% | -3.6M shares |
| 5 years | -8.6% | -5.5M shares |
| Available history | -9.4% | -6.1M shares |
MANH has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $50.5M |
| Q2 2026 | $127.1M |
| Q1 2026 | $179.4M |
| Q4 2025 | $77M |
| Q3 2025 | $51.5M |
| Q2 2025 | $50.2M |
| Q1 2025 | $136.4M |
| Q4 2024 | $45.2M |
MANH spent $434M buying back its own shares over the past year, up 53% 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.
MANH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
MANH 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).
MANH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.2 | Overbought |
| Stochastic | 90.5 | Overbought |
MANH's weekly RSI is 74 (overbought) and its Stochastic is 90 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
MANH PE vs Technology Sector
| Metric | MANH | Sector median | Relative |
|---|---|---|---|
| PE | 72x | 28x | 158% above |
| PE % | 49 | 35 | 14 pts above |
MANH is trading at 72x earnings, a 158% premium to 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.
MANH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $229.1 | 12% above |
| 20 week MA | $205.1 | 25% above |
| 50 week MA | $171.3 | 50% above |
| 100 week MA | $186.4 | 38% above |
| 200 week MA | $201.4 | 27% above |
MANH 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
MANH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $80.6 | $106.6 | +32% |
| 2021 | $106.6 | $155.3 | +46% |
| 2022 | $155.3 | $120.0 | -23% |
| 2023 | $120.0 | $215.3 | +80% |
| 2024 | $215.3 | $275.2 | +28% |
| 2025 | $275.2 | $176.4 | -36% |
| 2026 YTD | $176.4 | $256.4 | +45% |
MANH has the edge over AAOI on returns for 2026, with the stronger performance.