AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NABL
N-able, Inc.
NABL 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.
NABL Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Healthy | |
| Stable |
NABL's cash flow is currently healthy, and its revenue and balance sheet are stable, but its profitability is under pressure.
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.
NABL PE Valuation
NABL 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 |
AAOI has the edge over NABL on the outlook, with more favorable revenue and profitability expectations.
NABL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Growth | |
| Stable | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect NABL's earnings to grow, but its profitability to weaken.
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 has the edge over NABL on earnings, with more consistent year-over-year improvement.
NABL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.43 | — |
| Q3 2026 | -$0.05 | -$0.01 |
| Q2 2026 | -$0.02 | -300% |
| Q1 2026 | -$0.05 | -163% |
| Q4 2025 | -$0.09 | -156% |
| Q3 2025 | -$0.04 | -119% |
| Q2 2025 | $0.01 | -94% |
| Q1 2025 | $0.08 | -47% |
| Q4 2024 | $0.16 | +23% |
NABL lost $0.05 per share over the past year, a bigger loss than the year before.
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 NABL 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.
NABL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $137.5M | +4.4% |
| Q2 2026 | $138.2M | +5.3% |
| Q1 2026 | $133.7M | +13% |
| Q4 2025 | $129.2M | +11% |
| Q3 2025 | $131.7M | +13% |
| Q2 2025 | $131.2M | +9.9% |
| Q1 2025 | $118.2M | +3.9% |
| Q4 2024 | $116.5M | +7.5% |
NABL's revenue has grown year over year every quarter since early 2021: $137M last quarter, up 4.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | +2.4 points |
| Q2 2026 | 12% | +4.2 points |
| Q1 2026 | 9.3% | +7.8 points |
| Q4 2025 | 9.3% | -4.4 points |
| Q3 2025 | 8.8% | -12 points |
| Q2 2025 | 7.7% | -11 points |
| Q1 2025 | 1.5% | -17 points |
| Q4 2024 | 14% | -6.4 points |
NABL 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.
NABL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $22.2M | +28% |
| Q2 2026 | $16.7M | -18% |
| Q1 2026 | $15.8M | -3.7% |
| Q4 2025 | $20.9M | +11% |
| Q3 2025 | $17.4M | -4.5% |
| Q2 2025 | $20.4M | -15% |
| Q1 2025 | $16.4M | +2097% |
| Q4 2024 | $18.8M | -33% |
NABL 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.
NABL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.6% | -3M shares |
| 1 year | -1.2% | -2.3M shares |
| 3 years | -0.1% | -134K shares |
| 5 years | +5.9% | +10.3M shares |
| Available history | -41% | -129M shares |
NABL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $37.8M |
| Q4 2025 | $10M |
| Q3 2025 | $10M |
| 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.
NABL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 2.8x | Moderate |
| Q1 2026 | 3.0x | Elevated |
| Q4 2025 | 3.5x | Elevated |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 2.7x | Moderate |
| Q1 2025 | 2.5x | Moderate |
| Q4 2024 | 2.3x | Moderate |
NABL's net debt is about 3.0 years of its operating earnings (EBITDA), about the same as 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).
NABL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.9 | Neutral |
| Stochastic | 84.1 | Overbought |
NABL's weekly RSI is 53 (neutral) and its Stochastic is 84 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
NABL PE vs Technology Sector
| Metric | NABL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
NABL 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.
NABL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.66 | 3% above |
| 20 week MA | $4.36 | 10% above |
| 50 week MA | $4.89 | 1.8% below |
| 100 week MA | $6.50 | 26% below |
| 200 week MA | $9.70 | 51% below |
NABL 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 NABL on returns for 2026, with the stronger performance.
NABL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $12.7 | $11.7 | -7.7% |
| 2022 | $11.7 | $10.1 | -14% |
| 2023 | $10.1 | $13.3 | +31% |
| 2024 | $13.3 | $9.39 | -29% |
| 2025 | $9.39 | $7.40 | -21% |
| 2026 YTD | $7.40 | $4.80 | -35% |
NABL has finished lower in four of the last five years. It's down 35% so far in 2026.