AAOI
Applied Optoelectronics, Inc.
AAOI lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
NA
Nano Labs Ltd
There isn't enough reported data to score NA yet.
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.
NA Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Stable |
NA's profitability is currently healthy, and its balance sheet is stable. There isn't enough data to rate its revenue and cash flow.
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.
NA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 0.7x | $1.38 | — |
| Cheap | 0.9x | $0.89 | -36% |
| Fair | 1.1x | $1.11 | -19% |
| Expensive | 135x | $138 | +9887% |
Historical ranges are pointers, not guarantees.
NA's PE is 0.7x, 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.
NA Forward outlook
There aren't enough analyst estimates for NA to show an outlook.
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.
NA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q4 2025 | $1.02 | +$3.13 |
| Q2 2025 | -$0.90 | +$3.21 |
| Q4 2024 | -$2.11 | +$2.53 |
| Q4 2023 | -$4.64 | -1155% |
| Q4 2022 | $0.44 | +$0.95 |
| Q4 2021 | -$0.51 | -$0.37 |
NA has the edge over AAOI in the latest year-over-year earnings comparison.
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 stronger quarterly revenue trend. Revenue is up 127% for AAOI versus down 28% for NA.
| 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.
NA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q4 2025 | $2.8M | +18% |
| Q2 2025 | $1.2M | -67% |
| Q4 2024 | $2.4M | -39% |
| Q2 2024 | $3.7M | -53% |
| Q4 2023 | $3.9M | -97% |
| Q4 2022 | $147.5M | +31029% |
| Q4 2021 | $474K | +205% |
| Q3 2021 | $2M | +1200% |
NA's revenue has slid since its 2022 peak: $3M last quarter, down 28% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q4 2025 | 584% | +1062 points |
| Q2 2025 | -459% | -198 points |
| Q4 2024 | -251% | -253 points |
| Q2 2024 | -237% | +4093 points |
| Q4 2023 | -477% | -419 points |
| Q2 2023 | -261% | -111 points |
| Q4 2022 | 2.1% | +152 points |
| Q4 2021 | -4330% | -3360 points |
NA's operating margin was 584% last quarter, up 1062 points from the same quarter a year ago, near the top of its range since 2020.
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 |
NA has the stronger cash trend. Its trailing FCF is down 126% versus its history, compared with AAOI at down 676%.
NA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2025 | -$8.5M | +$1.4M |
| Q2 2025 | -$7.7M | +$8.8M |
| Q4 2024 | -$9.9M | +$7.8M |
| Q2 2024 | -$16.5M | +$1.6M |
| Q4 2023 | -$17.8M | +$26.1M |
| Q4 2022 | -$43.9M | -1956% |
| Q4 2021 | $2.4M | +115% |
| Q3 2021 | $2.4M | +115% |
NA has burned cash in most quarters: −$43M over the past year, against −$77M the year before.
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 the edge over NA on shareholder dilution, with a more favorable share count trend.
NA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +20% | +3.3M shares |
| 1 year | +237% | +14M shares |
| 3 years | -50% | -19.8M shares |
NA has 20M diluted shares, up 237% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
NA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q4 2025 | 2.6x | Moderate |
| Q4 2022 | -2.9x | Net Cash |
NA's net debt is about 2.6 years of its operating earnings (EBITDA).
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).
NA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 34.8 | Neutral |
| Stochastic | 7.6 | Oversold |
NA's weekly RSI is 35 (neutral) and its Stochastic is 8 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
NA PE vs Technology Sector
| Metric | NA | Sector median | Relative |
|---|---|---|---|
| PE | 0.7x | 28x | 98% below |
| PE % | 0 | 44 | 44 pts below |
NA is trading at 0.7x earnings, a 98% discount 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 |
AAOI has the edge over NA on trend strength, trading above more of its moving averages.
NA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.81 | 24% below |
| 20 week MA | $1.93 | 28% below |
| 50 week MA | $2.44 | 43% below |
| 100 week MA | $4.19 | 67% below |
| 200 week MA | $7.77 | 82% below |
NA is in a downtrend: it's below all five of its weekly moving averages, and 82% below its 200-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 NA on returns for 2026, with the stronger performance.
NA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $68.0 | $10.6 | -84% |
| 2023 | $10.6 | $18.1 | +71% |
| 2024 | $18.1 | $7.75 | -57% |
| 2025 | $7.75 | $3.16 | -59% |
| 2026 YTD | $3.16 | $1.38 | -56% |
NA has finished lower in three of the last four years. It's down 56% so far in 2026.