AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
MTLS
Materialise N.V.
MTLS has a slight 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.
MTLS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
MTLS's profitability, cash flow and balance sheet are currently healthy, and its revenue 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.
MTLS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 27x | $6.59 | — |
| Cheap | 28x | $6.92 | +5% |
| Fair | 43x | $10.75 | +63% |
| Expensive | 171x | $42.74 | +549% |
Historical ranges are pointers, not guarantees.
MTLS's PE is 27x, 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 |
AAOI has the edge over MTLS on the outlook, with more favorable revenue and profitability expectations.
MTLS Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Stable | |
| Limited | |
| High |
Analysts expect MTLS's earnings to grow, with its revenue and 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.
MTLS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.25 | +213% |
| Q2 2026 | $0.26 | +136% |
| Q1 2026 | $0.19 | +12% |
| Q4 2025 | $0.15 | -40% |
| Q4 2025 | $0.08 | -58% |
| Q2 2025 | $0.11 | -48% |
| Q1 2025 | $0.17 | +31% |
| Q4 2024 | $0.25 | +92% |
MTLS 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 MTLS 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.
MTLS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $74.7M | -0.3% |
| Q2 2026 | $79.1M | +9.9% |
| Q1 2026 | $73.6M | -0.2% |
| Q4 2025 | $77.9M | +6.8% |
| Q4 2025 | $75M | -1.7% |
| Q2 2025 | $72M | -5.8% |
| Q1 2025 | $73.7M | +4.3% |
| Q4 2024 | $73M | +0.6% |
MTLS's revenue grew through 2023 and has held roughly level since: $75M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.3% | -3.5 points |
| Q2 2026 | 2.9% | -1.3 points |
| Q1 2026 | 3.1% | +2.3 points |
| Q4 2025 | 4.4% | +6.4 points |
| Q4 2025 | 3.8% | -2.5 points |
| Q2 2025 | 4.2% | -1.3 points |
| Q1 2025 | 0.9% | -3.2 points |
| Q4 2024 | -1.9% | -0.2 points |
MTLS 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.
MTLS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $8.3M | +70% |
| Q2 2026 | $6.6M | +$11.9M |
| Q1 2026 | $6M | -31% |
| Q4 2025 | $1.2M | +$2.9M |
| Q4 2025 | $4.9M | +$5.4M |
| Q2 2025 | -$5.3M | -$5.2M |
| Q1 2025 | $8.8M | +10% |
| Q4 2024 | -$1.7M | +$792.1K |
MTLS 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.
MTLS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -268K shares |
| 1 year | -1.7% | -1M shares |
| 3 years | -1.7% | -1M shares |
| 5 years | -1.5% | -883K shares |
| Available history | +7.9% | +4.3M shares |
MTLS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $2.3M |
| Q2 2026 | $3.3M |
| Q1 2026 | $2.6M |
| Q4 2025 | — |
| Q4 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
MTLS spent $8M buying back its own shares over the past year, after none 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.
MTLS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -3.0x | Net Cash |
| Q2 2026 | -2.4x | Net Cash |
| Q1 2026 | -2.4x | Net Cash |
| Q4 2025 | -2.3x | Net Cash |
| Q4 2025 | -2.0x | Net Cash |
| Q2 2025 | -2.0x | Net Cash |
| Q1 2025 | -2.0x | Net Cash |
| Q4 2024 | -1.7x | Net Cash |
MTLS 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).
MTLS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.9 | Neutral |
| Stochastic | 20.6 | Neutral |
MTLS's weekly RSI is 45 (neutral) and its Stochastic is 21 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
MTLS PE vs Technology Sector
| Metric | MTLS | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 28x | 4% below |
| PE % | 15 | 35 | 20 pts below |
MTLS is trading at 27x earnings, in line with 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 |
AAOI has fallen below most of its moving averages, though it's still 43% above its 200-week average.
MTLS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $7.80 | 16% below |
| 20 week MA | $7.30 | 9.7% below |
| 50 week MA | $6.31 | 4.4% above |
| 100 week MA | $6.10 | 8% above |
| 200 week MA | $6.37 | 3.5% above |
MTLS 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 MTLS on returns for 2026, with the stronger performance.
MTLS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $18.5 | $56.4 | +204% |
| 2021 | $56.4 | $24.5 | -57% |
| 2022 | $24.5 | $8.65 | -65% |
| 2023 | $8.65 | $6.57 | -24% |
| 2024 | $6.57 | $7.19 | +9.4% |
| 2025 | $7.19 | $5.57 | -23% |
| 2026 YTD | $5.57 | $6.59 | +18% |
MTLS's yearly returns have swung widely, from +204% in 2020 to −65% in 2022. It's up 18% so far in 2026.