AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over OSS overall, supported by stronger valuation and stronger fundamentals.
OSS
One Stop Systems, Inc.
OSS has slightly 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.
OSS Fundamentals
| Metric | Status |
|---|---|
| Under pressure | |
| Healthy | |
| Weak | |
| Strong |
OSS's profitability and balance sheet are currently healthy, but its revenue and cash flow are 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.
OSS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 30x | $2.10 | -56% |
| Fair | 46x | $3.22 | -32% |
| Current | 67x | $4.72 | — |
| Expensive | 80x | $5.62 | +19% |
| Forward | 189x | $4.72 | — |
Historical ranges are pointers, not guarantees.
OSS's PE is in its expensive range at 67x. On analysts' estimates for next year's earnings, today's price would be 189x.
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.
OSS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect OSS to return to profit, with revenue growing.
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.
OSS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.02 | -64% |
| Q3 2026 | $0.07 | +$0.40 |
| Q2 2026 | $0.10 | +$0.76 |
| Q1 2026 | $0.30 | +$0.98 |
| Q4 2025 | $0.23 | +$0.88 |
| Q3 2025 | -$0.33 | +$0.16 |
| Q2 2025 | -$0.66 | -$0.31 |
| Q1 2025 | -$0.68 | -$0.32 |
| Q4 2024 | -$0.65 | -$0.33 |
OSS 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 OSS 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 has the edge over OSS on profitability, with a higher operating margin.
OSS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.6M | -33% |
| Q2 2026 | $9.3M | -34% |
| Q1 2026 | $8.1M | -34% |
| Q3 2025 | $18.8M | +37% |
| Q2 2025 | $14.1M | +6.9% |
| Q1 2025 | $12.3M | -3.1% |
| Q4 2024 | $15.1M | +15% |
| Q3 2024 | $13.7M | -0.3% |
OSS's revenue has slid since its 2022 peak: $13M last quarter, down 33% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -6.6% | -9.7 points |
| Q2 2026 | -82% | -69 points |
| Q1 2026 | -8.3% | +7.5 points |
| Q3 2025 | 3% | +52 points |
| Q2 2025 | -13% | +4.1 points |
| Q1 2025 | -16% | -5.9 points |
| Q4 2024 | -21% | -18 points |
| Q3 2024 | -49% | -20 points |
OSS's operating margin was −6.6% last quarter, up 6.3 points from the same quarter a year ago.
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.
OSS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$11.9M | -$8.2M |
| Q2 2026 | -$4.8M | -$4.3M |
| Q1 2026 | $4M | +$5.2M |
| Q4 2025 | -$1M | +$1.3M |
| Q3 2025 | -$3.7M | -552% |
| Q2 2025 | -$529.2K | +$324.3K |
| Q1 2025 | -$1.1M | -161% |
| Q4 2024 | -$2.3M | -$1.2M |
OSS has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
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.
OSS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +152K shares |
| 1 year | +9.4% | +2.2M shares |
| 3 years | +22% | +4.4M shares |
| 5 years | +25% | +5M shares |
| Available history | +65% | +9.8M shares |
OSS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OSS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q1 2023 | -0.2x | Net Cash |
| Q4 2022 | 0.1x | Very low |
| Q3 2022 | 0.0x | Very low |
| Q2 2022 | 0.2x | Very low |
| Q1 2022 | -0.0x | Very low |
| Q4 2021 | -0.4x | Net Cash |
| Q3 2021 | 0.1x | Very low |
| Q2 2021 | 0.1x | Very low |
OSS 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).
OSS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 28.9 | Oversold |
| Stochastic | 4.8 | Oversold |
OSS's weekly RSI is 29 (oversold) and its Stochastic is 5 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
OSS PE vs Technology Sector
| Metric | OSS | Sector median | Relative |
|---|---|---|---|
| PE | 67x | 28x | 142% above |
| PE % | 70 | 35 | 35 pts above |
OSS is trading at 67x earnings, a 142% 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 the edge over OSS on trend strength, trading above more of its moving averages.
OSS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.46 | 27% below |
| 20 week MA | $9.77 | 52% below |
| 50 week MA | $10.5 | 55% below |
| 100 week MA | $7.29 | 35% below |
| 200 week MA | $4.89 | 3.5% below |
OSS is in a downtrend: it's below all five of its weekly moving averages, and 3.5% below 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 OSS on returns for 2026, with the stronger performance.
OSS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $1.85 | $3.69 | +99% |
| 2021 | $3.69 | $4.64 | +26% |
| 2022 | $4.64 | $2.93 | -37% |
| 2023 | $2.93 | $2.10 | -28% |
| 2024 | $2.10 | $3.38 | +61% |
| 2025 | $3.38 | $7.19 | +113% |
| 2026 YTD | $7.19 | $4.72 | -34% |
OSS is down 34% so far in 2026, after finishing higher in four of the previous six years.