AAOI
Applied Optoelectronics, Inc.
AAOI has a slight edge over PAR overall, supported by stronger modeled upside.
PAR
PAR Technology Corporation
PAR 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.
PAR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Under pressure | |
| Under pressure | |
| Weak |
PAR's revenue is currently healthy, but its profitability, cash flow and balance sheet 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.
PAR PE Valuation
PAR 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.
PAR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for PAR, 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.
PAR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.32 | — |
| Q3 2026 | -$1.54 | +$0.59 |
| Q2 2026 | -$1.77 | +$0.47 |
| Q1 2026 | -$1.88 | -$1.76 |
| Q4 2025 | -$2.09 | -$1.95 |
| Q3 2025 | -$2.13 | -$1.88 |
| Q2 2025 | -$2.24 | -$1.99 |
| Q1 2025 | -$0.12 | +$2.45 |
| Q4 2024 | -$0.14 | +$2.39 |
PAR is still losing money, but far less than before: $1.54 per share over the past year, against $3.53 at its worst in mid-2022.
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 PAR 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 PAR on profitability, with a higher operating margin.
PAR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $137.1M | +15% |
| Q2 2026 | $133.4M | +19% |
| Q1 2026 | $124M | +19% |
| Q4 2025 | $120.1M | +14% |
| Q3 2025 | $119.2M | +23% |
| Q2 2025 | $112.4M | +44% |
| Q1 2025 | $103.9M | -1.6% |
| Q4 2024 | $105M | -2.5% |
PAR's revenue has grown year over year for six quarters in a row: $137M last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4% | +11 points |
| Q2 2026 | -9.7% | +5.7 points |
| Q1 2026 | -11% | +4 points |
| Q4 2025 | -15% | +0.6 points |
| Q3 2025 | -15% | +0.9 points |
| Q2 2025 | -15% | +11 points |
| Q1 2025 | -15% | +8.2 points |
| Q4 2024 | -16% | -1.7 points |
PAR's operating margin was −4% last quarter, up 11 points from the same quarter a year ago, near the top of its range since 2019.
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.
PAR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $20.6M | +192% |
| Q2 2026 | $6.8M | +$14.2M |
| Q1 2026 | -$17M | +$619K |
| Q4 2025 | -$12.5M | -492% |
| Q3 2025 | $7M | -16% |
| Q2 2025 | -$7.4M | +$6.8M |
| Q1 2025 | -$17.6M | +$6M |
| Q4 2024 | $3.2M | +249% |
PAR 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.
PAR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +84K shares |
| 1 year | +1.9% | +783K shares |
| 3 years | +51% | +13.9M shares |
| 5 years | +59% | +15.4M shares |
| Available history | +155% | +25.1M shares |
PAR has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $33.1M |
| Q3 2020 | $497,000 |
| Q2 2020 | $179,000 |
| Q1 2020 | $153,000 |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
PAR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1,866.6x | High |
PAR's net debt is more than 20 years of its operating earnings (EBITDA).
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).
PAR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.7 | Neutral |
| Stochastic | 83.5 | Overbought |
PAR's weekly RSI is 60 (neutral) and its Stochastic is 84 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
PAR PE vs Technology Sector
PAR 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.
PAR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $17.4 | 25% above |
| 20 week MA | $17.6 | 24% above |
| 50 week MA | $19.9 | 9.2% above |
| 100 week MA | $38.7 | 44% below |
| 200 week MA | $41.2 | 47% below |
PAR 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 PAR on returns for 2026, with the stronger performance.
PAR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.9 | $66.8 | +116% |
| 2021 | $66.8 | $55.2 | -17% |
| 2022 | $55.2 | $24.3 | -56% |
| 2023 | $24.3 | $43.5 | +79% |
| 2024 | $43.5 | $73.3 | +68% |
| 2025 | $73.3 | $37.7 | -49% |
| 2026 YTD | $37.7 | $21.8 | -42% |
PAR's yearly returns have swung widely, from +116% in 2020 to −56% in 2022. It's down 42% so far in 2026.