AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
MKSI
MKS Inc.
MKSI 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.
MKSI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Healthy | |
| Stable |
MKSI's revenue, profitability and cash flow are currently healthy, and its balance sheet 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.
MKSI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 12x | $222 | — |
| Cheap | 15x | $125 | -44% |
| Current | 26x | $222 | — |
| Fair | 29x | $245 | +11% |
| Expensive | 50x | $422 | +90% |
Historical ranges are pointers, not guarantees.
MKSI's PE is in its fair range at 26x. If earnings grow as analysts expect, today's price would be 12x 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.
MKSI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for MKSI, 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.
MKSI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.24 | +128% |
| Q3 2026 | $8.43 | +104% |
| Q2 2026 | $6.27 | +59% |
| Q1 2026 | $4.78 | +42% |
| Q4 2025 | $4.37 | +56% |
| Q3 2025 | $4.13 | +798% |
| Q2 2025 | $3.95 | +3192% |
| Q1 2025 | $3.36 | +$30.04 |
| Q4 2024 | $2.81 | +$30.35 |
MKSI 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 MKSI 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.
MKSI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.4B | +43% |
| Q2 2026 | $1.2B | +28% |
| Q1 2026 | $1.1B | +15% |
| Q4 2025 | $1B | +11% |
| Q3 2025 | $988M | +10% |
| Q2 2025 | $973M | +9.7% |
| Q1 2025 | $936M | +7.8% |
| Q4 2024 | $934M | +4.7% |
MKSI's revenue has grown year over year for eight quarters in a row: $1.4B last quarter, up 43% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +9.1 points |
| Q2 2026 | 20% | +6.2 points |
| Q1 2026 | 14% | +2 points |
| Q4 2025 | 14% | -0.7 points |
| Q3 2025 | 14% | -0.3 points |
| Q2 2025 | 14% | -0.5 points |
| Q1 2025 | 12% | -0.4 points |
| Q4 2024 | 15% | +12 points |
MKSI 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.
MKSI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $243M | +66% |
| Q2 2026 | $189M | +39% |
| Q1 2026 | $28M | -77% |
| Q4 2025 | $92M | -26% |
| Q3 2025 | $146M | +3.5% |
| Q2 2025 | $136M | +43% |
| Q1 2025 | $123M | +151% |
| Q4 2024 | $125M | -15% |
MKSI 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.
MKSI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -200K shares |
| 1 year | +7.2% | +4.9M shares |
| 3 years | +8% | +5.4M shares |
| 5 years | +30% | +16.8M shares |
| Available history | +32% | +17.4M shares |
MKSI has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $45M |
MKSI hasn't bought back shares in the past year.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
MKSI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.7x | Moderate |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 4.0x | Elevated |
| Q4 2025 | 4.4x | High |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.6x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 4.9x | High |
MKSI's net debt is about 2.7 years of its operating earnings (EBITDA), down from 4.5 years a year ago.
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).
MKSI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.3 | Neutral |
| Stochastic | 17.0 | Oversold |
MKSI's weekly RSI is 42 (neutral) and its Stochastic is 17 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
MKSI PE vs Technology Sector
| Metric | MKSI | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 28x | 5.7% below |
| PE % | 41 | 35 | 6 pts above |
MKSI is trading at 26x 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.
MKSI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $229.0 | 3.3% below |
| 20 week MA | $272.4 | 19% below |
| 50 week MA | $260.8 | 15% below |
| 100 week MA | $182.8 | 21% above |
| 200 week MA | $143.8 | 54% above |
MKSI 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 MKSI on returns for 2026, with the stronger performance.
MKSI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $110.4 | $149.9 | +36% |
| 2021 | $149.9 | $169.2 | +13% |
| 2022 | $169.2 | $83.7 | -51% |
| 2023 | $83.7 | $102.9 | +23% |
| 2024 | $102.9 | $106.2 | +3.2% |
| 2025 | $106.2 | $164.2 | +55% |
| 2026 YTD | $164.2 | $221.5 | +35% |
MKSI has finished higher in five of the last six years. It's up 35% so far in 2026.