AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over OSIS overall, supported by stronger modeled upside and stronger fundamentals.
OSIS
OSI Systems, Inc.
OSIS 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.
OSIS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Under pressure |
OSIS's profitability and cash flow are currently healthy, and its revenue is stable, but its balance sheet 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.
OSIS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $160 | -18% |
| Forward | 17x | $196 | — |
| Current | 21x | $196 | — |
| Fair | 22x | $206 | +5% |
| Expensive | 28x | $257 | +31% |
Historical ranges are pointers, not guarantees.
OSIS's PE is in its fair range at 21x. If earnings grow as analysts expect, today's price would be 17x next year's earnings, in its cheap range.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over OSIS on the outlook, with more favorable profitability expectations.
OSIS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for OSIS, with profitability holding steady.
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.
OSIS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.75 | +26% |
| Q3 2026 | $9.33 | +5.7% |
| Q2 2026 | $9.00 | +3.4% |
| Q1 2026 | $8.76 | +6.6% |
| Q4 2025 | $8.83 | +14% |
| Q3 2025 | $8.83 | +15% |
| Q2 2025 | $8.70 | +18% |
| Q1 2025 | $8.22 | +13% |
| Q4 2024 | $7.77 | +18% |
OSIS 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 OSIS 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.
OSIS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $403.5M | +4.9% |
| Q2 2026 | $484.1M | -4.1% |
| Q1 2026 | $453.2M | +2% |
| Q4 2025 | $464.1M | +11% |
| Q3 2025 | $384.6M | +12% |
| Q2 2025 | $505M | +5% |
| Q1 2025 | $444.4M | +9.6% |
| Q4 2024 | $419.8M | +12% |
OSIS's revenue fell from its 2025 peak and has held roughly level since: $403M last quarter, up 4.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.3% | -0.3 points |
| Q2 2026 | 15% | +0.8 points |
| Q1 2026 | 12% | -0.9 points |
| Q4 2025 | 13% | -1.1 points |
| Q3 2025 | 8.6% | -0.2 points |
| Q2 2025 | 14% | +1.4 points |
| Q1 2025 | 13% | 0 points |
| Q4 2024 | 14% | -0.2 points |
OSIS 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.
OSIS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $29.4M | +191% |
| Q2 2026 | $172.8M | +$178.4M |
| Q1 2026 | $6.9M | -91% |
| Q4 2025 | $55.5M | +18% |
| Q3 2025 | $10.1M | +$55M |
| Q2 2025 | -$5.6M | +$32M |
| Q1 2025 | $77.1M | +$134.1M |
| Q4 2024 | $47.1M | +$74M |
OSIS 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.
OSIS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -5.9% | -1M shares |
| 1 year | -7% | -1.2M shares |
| 3 years | -5.4% | -923K shares |
| 5 years | -11% | -2.1M shares |
| Available history | -13% | -2.4M shares |
OSIS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $62.8M |
| Q2 2026 | $124.9M |
| Q1 2026 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | $80.4M |
| Q2 2023 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OSIS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.9x | Moderate |
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.5x | Moderate |
| Q4 2025 | 2.5x | Moderate |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.4x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.5x | Healthy |
OSIS's net debt is about 2.9 years of its operating earnings (EBITDA), up from 1.2 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).
OSIS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 38.7 | Neutral |
| Stochastic | 20.0 | Oversold |
OSIS's weekly RSI is 39 (neutral) and its Stochastic is 20 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
OSIS PE vs Technology Sector
| Metric | OSIS | Sector median | Relative |
|---|---|---|---|
| PE | 21x | 28x | 25% below |
| PE % | 43 | 35 | 8 pts above |
OSIS is trading at 21x earnings, a 25% discount 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.
OSIS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $196.6 | 0.4% below |
| 20 week MA | $207.3 | 5.5% below |
| 50 week MA | $238.9 | 18% below |
| 100 week MA | $228.5 | 14% below |
| 200 week MA | $178.0 | 10% above |
OSIS has fallen below most of its moving averages, though it's still 10% above 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 OSIS on returns for 2026, with the stronger performance.
OSIS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $101.2 | $93.1 | -8% |
| 2021 | $93.1 | $92.3 | -0.9% |
| 2022 | $92.3 | $79.6 | -14% |
| 2023 | $79.6 | $129.1 | +62% |
| 2024 | $129.1 | $171.4 | +33% |
| 2025 | $171.4 | $269.8 | +57% |
| 2026 YTD | $269.8 | $196.0 | -27% |
OSIS has finished lower in three of the last six years. It's down 27% so far in 2026.