AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
NOK
Nokia Oyj
NOK 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.
NOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Strong |
NOK's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow 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.
NOK PE Valuation
NOK 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 |
Analysts expect AAOI to return to profit, with revenue growing. However, they disagree widely on these estimates.
NOK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for NOK, 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.
NOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.15 | +67% |
| Q2 2026 | $0.14 | +27% |
| Q1 2026 | $0.16 | +220% |
| Q4 2025 | $0.13 | -13% |
| Q3 2025 | $0.09 | +13% |
| Q2 2025 | $0.11 | +57% |
| Q1 2025 | $0.05 | -69% |
| Q4 2024 | $0.15 | +15% |
NOK 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 NOK 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.
NOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.7B | +6.1% |
| Q2 2026 | $5.3B | +5.9% |
| Q1 2026 | $5B | +2.4% |
| Q4 2025 | $6.8B | +2.4% |
| Q3 2025 | $5.4B | +12% |
| Q2 2025 | $5.1B | +1.8% |
| Q1 2025 | $4.9B | -1.2% |
| Q4 2024 | $6.6B | +4.9% |
NOK's revenue is recovering but still below its 2022 peak: $5.7B last quarter, up 6.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +12 points |
| Q2 2026 | -1% | -2.8 points |
| Q1 2026 | 1.4% | +2.5 points |
| Q4 2025 | 7.1% | -0.8 points |
| Q3 2025 | 5% | -1.5 points |
| Q2 2025 | 1.8% | -7.9 points |
| Q1 2025 | -1.1% | -10 points |
| Q4 2024 | 7.9% | -1.6 points |
NOK 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.
NOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$112M | -123% |
| Q2 2026 | -$832.1M | -951% |
| Q1 2026 | $698.8M | -13% |
| Q4 2025 | $252.2M | +354% |
| Q3 2025 | $476.6M | -37% |
| Q2 2025 | $97.8M | -78% |
| Q1 2025 | $801M | -25% |
| Q4 2024 | $55.5M | -97% |
NOK 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.
NOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -56.5M shares |
| 1 year | +4.7% | +257M shares |
| 3 years | +2.6% | +148M shares |
| 5 years | +0.9% | +54M shares |
| Available history | +2.2% | +123M shares |
NOK has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $10M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $86.7M |
| Q1 2025 | $606.6M |
| Q4 2024 | $428.8M |
NOK has spent almost nothing on buybacks 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.
NOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
NOK 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).
NOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 18.3 | Oversold |
NOK's weekly RSI is 41 (neutral) and its Stochastic is 18 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
NOK PE vs Technology Sector
| Metric | NOK | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
NOK 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.
NOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.14 | 9.4% below |
| 20 week MA | $9.92 | 17% below |
| 50 week MA | $9.66 | 14% below |
| 100 week MA | $7.35 | 13% above |
| 200 week MA | $5.67 | 46% above |
NOK 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 NOK on returns for 2026, with the stronger performance.
NOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.63 | $3.89 | +7.2% |
| 2021 | $3.89 | $6.19 | +59% |
| 2022 | $6.19 | $4.64 | -25% |
| 2023 | $4.64 | $3.42 | -26% |
| 2024 | $3.42 | $4.48 | +31% |
| 2025 | $4.48 | $6.62 | +48% |
| 2026 YTD | $6.62 | $8.28 | +25% |
NOK has finished higher in four of the last six years. It's up 25% so far in 2026.