AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over OCC overall, supported by stronger valuation and stronger modeled upside.
OCC
Optical Cable Corporation
OCC has lower modeled downside risk, despite its lower overall score.
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.
OCC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Healthy |
OCC's revenue, profitability and balance sheet are currently healthy, and its cash flow 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.
OCC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.6x | $1.34 | -88% |
| Fair | 6.8x | $1.98 | -82% |
| Expensive | 36x | $10.34 | -6.1% |
| Current | 38x | $11.01 | — |
Historical ranges are pointers, not guarantees.
OCC's PE is in its expensive range at 38x.
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.
OCC Forward outlook
There aren't enough analyst estimates for OCC 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.
OCC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.29 | +$0.43 |
| Q2 2026 | $0.12 | +$0.50 |
| Q1 2026 | -$0.09 | +$0.41 |
| Q4 2025 | -$0.18 | +$0.36 |
| Q3 2025 | -$0.14 | +$0.62 |
| Q2 2025 | -$0.38 | +$0.17 |
| Q1 2025 | -$0.50 | -$0.47 |
| Q4 2024 | -$0.54 | -316% |
OCC 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 OCC 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.
OCC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $24.3M | +22% |
| Q2 2026 | $22.2M | +27% |
| Q1 2026 | $16.4M | +4.4% |
| Q4 2025 | $19.8M | +1.8% |
| Q3 2025 | $19.9M | +23% |
| Q2 2025 | $17.5M | +8.9% |
| Q1 2025 | $15.7M | +6% |
| Q4 2024 | $19.5M | +12% |
OCC's revenue has grown year over year for eight quarters in a row: $24M last quarter, up 22% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.7% | +5.9 points |
| Q2 2026 | 5.9% | +8.3 points |
| Q1 2026 | -1.3% | +4.1 points |
| Q4 2025 | 1.4% | -2 points |
| Q3 2025 | 2.8% | +11 points |
| Q2 2025 | -2.5% | +5.6 points |
| Q1 2025 | -5.4% | +4 points |
| Q4 2024 | 3.4% | +11 points |
OCC 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.
OCC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3M | +$3.6M |
| Q2 2026 | -$2.6M | -3640% |
| Q1 2026 | $1M | -60% |
| Q4 2025 | $718.8K | +$2.3M |
| Q3 2025 | -$2.3M | -579% |
| Q2 2025 | $73.4K | -66% |
| Q1 2025 | $2.6M | +$2.9M |
| Q4 2024 | -$1.6M | -511% |
OCC 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.
OCC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +2.9K shares |
| 1 year | +5.2% | +440K shares |
| 3 years | +12% | +968K shares |
| 5 years | +17% | +1.3M shares |
| Available history | +20% | +1.4M shares |
OCC has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
| Q4 2019 | $240 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OCC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 2.7x | Moderate |
| Q1 2026 | 4.5x | High |
| Q4 2025 | 15.2x | High |
| Q3 2025 | 7.8x | High |
| Q4 2023 | 0.6x | Very low |
| Q3 2023 | 0.9x | Very low |
| Q2 2023 | 0.9x | Very low |
OCC's net debt is about 1.4 years of its operating earnings (EBITDA), down from 7.8 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).
OCC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 11.3 | Oversold |
OCC's weekly RSI is 44 (neutral) and its Stochastic is 11 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
OCC PE vs Technology Sector
| Metric | OCC | Sector median | Relative |
|---|---|---|---|
| PE | 38x | 28x | 36% above |
| PE % | 83 | 35 | 48 pts above |
OCC is trading at 38x earnings, a 36% premium to 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.
OCC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $13.1 | 16% below |
| 20 week MA | $14.3 | 23% below |
| 50 week MA | $11.3 | 2.8% below |
| 100 week MA | $8.18 | 35% above |
| 200 week MA | $5.67 | 94% above |
OCC 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
OCC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.32 | $2.78 | -16% |
| 2021 | $2.78 | $4.85 | +74% |
| 2022 | $4.85 | $4.36 | -10% |
| 2023 | $4.36 | $2.70 | -38% |
| 2024 | $2.70 | $3.84 | +42% |
| 2025 | $3.84 | $4.42 | +15% |
| 2026 YTD | $4.42 | $11.0 | +149% |
OCC has the edge over AAOI on returns for 2026, with the stronger performance.