AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
OKTA
Okta, Inc.
OKTA 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.
OKTA Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Unavailable |
OKTA's revenue, profitability and cash flow are currently healthy. There isn't enough data to rate its balance sheet.
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.
OKTA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 43x | $183 | — |
| Cheap | 62x | $103 | -44% |
| Fair | 83x | $138 | -24% |
| Expensive | 108x | $179 | -1.8% |
| Current | 110x | $183 | — |
Historical ranges are pointers, not guarantees.
OKTA's PE is 110x, 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.
OKTA Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Broad | |
| High |
Analysts expect earnings and revenue growth for OKTA, with profitability improving.
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 |
OKTA has the stronger earnings trend. Trailing diluted EPS is down 112% for AAOI versus OKTA up 98%.
OKTA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.22 | +154% |
| Q3 2024 | -$0.84 | +$2.84 |
| Q2 2024 | -$1.67 | +$2.67 |
| Q1 2024 | -$2.17 | +$2.99 |
| Q4 2023 | -$2.85 | +$3.00 |
| Q3 2023 | -$3.68 | +$2.29 |
| Q2 2023 | -$4.34 | +$2.12 |
| Q1 2023 | -$5.16 | +$0.57 |
| Q4 2022 | -$5.85 | -$1.17 |
OKTA has returned to profit: it earned $1.66 per share over the past year, after losing money 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 OKTA 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.
OKTA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $805M | +11% |
| Q2 2026 | $765M | +11% |
| Q1 2026 | $761M | +12% |
| Q4 2025 | $742M | +12% |
| Q3 2025 | $728M | +13% |
| Q2 2025 | $688M | +12% |
| Q1 2025 | $682M | +13% |
| Q4 2024 | $665M | +14% |
OKTA's revenue has grown year over year every quarter since late 2020: $805M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +7.7 points |
| Q2 2026 | 7.3% | +1.7 points |
| Q1 2026 | 6% | +4.9 points |
| Q4 2025 | 3.1% | +5.5 points |
| Q3 2025 | 5.6% | +8.6 points |
| Q2 2025 | 5.7% | +13 points |
| Q1 2025 | 1.2% | +15 points |
| Q4 2024 | -2.4% | +17 points |
OKTA 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.
OKTA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $233M | +41% |
| Q2 2026 | $276M | +15% |
| Q1 2026 | $256M | -10% |
| Q4 2025 | $214M | +35% |
| Q3 2025 | $165M | +104% |
| Q2 2025 | $240M | +10% |
| Q1 2025 | $285M | +67% |
| Q4 2024 | $158M | +3.3% |
OKTA 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.
OKTA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +1.1M shares |
| 1 year | -1.2% | -2.2M shares |
| 3 years | +11% | +17.5M shares |
| 5 years | +36% | +47M shares |
| Available history | +50% | +59.8M shares |
OKTA has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $124M |
| Q2 2026 | $248M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OKTA Net Leverage
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).
OKTA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.7 | Neutral |
| Stochastic | 54.8 | Neutral |
OKTA's weekly RSI is 56 (neutral) and its Stochastic is 55 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
OKTA PE vs Technology Sector
| Metric | OKTA | Sector median | Relative |
|---|---|---|---|
| PE | 110x | 28x | 295% above |
| PE % | 88 | 35 | 53 pts above |
OKTA is trading at 110x earnings, a 295% premium 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
OKTA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $199.8 | 8.6% below |
| 20 week MA | $171.3 | 6.6% above |
| 50 week MA | $121.6 | 50% above |
| 100 week MA | $108.8 | 68% above |
| 200 week MA | $95.6 | 91% above |
OKTA 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.
OKTA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $119.9 | $275.6 | +130% |
| 2021 | $275.6 | $228.3 | -17% |
| 2022 | $228.3 | $67.0 | -71% |
| 2023 | $67.0 | $90.5 | +35% |
| 2024 | $90.5 | $81.6 | -9.8% |
| 2025 | $81.6 | $88.6 | +8.5% |
| 2026 YTD | $88.6 | $182.5 | +106% |
OKTA has the edge over AAOI on returns for 2026, with the stronger performance.