AAOI
Applied Optoelectronics, Inc.
AAOI has a slight edge over RAL overall, supported by stronger fundamentals and stronger modeled upside.
RAL
Ralliant Corp
RAL 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.
RAL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Healthy | |
| Stable |
RAL's revenue and cash flow are currently healthy, and its balance sheet is stable, but its profitability is weak.
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.
RAL PE Valuation
RAL 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.
RAL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RAL, 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 |
AAOI has the edge over RAL on earnings, with more consistent year-over-year improvement.
RAL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.54 | — |
| Q3 2026 | -$10.45 | -745% |
| Q2 2026 | -$10.87 | -625% |
| Q1 2026 | -$10.96 | -594% |
| Q4 2025 | -$10.78 | -502% |
RAL has swung to a loss: it lost $10.45 per share over the past year, after a profit 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 RAL 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.
RAL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $620.1M | +17% |
| Q2 2026 | $567.8M | +13% |
| Q1 2026 | $534.6M | +11% |
| Q4 2025 | $554.5M | +1.2% |
| Q3 2025 | $529.1M | -0.5% |
| Q2 2025 | $503.3M | -5.7% |
| Q1 2025 | $481.8M | -11% |
RAL's revenue has grown year over year for four quarters in a row: $620M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 19% | +9.1 points |
| Q2 2026 | 14% | +2.8 points |
| Q1 2026 | 13% | -2.5 points |
| Q4 2025 | -247% | -265 points |
| Q3 2025 | 9.8% | -11 points |
| Q2 2025 | 12% | -8 points |
| Q1 2025 | 15% | -11 points |
| Q4 2024 | 18% | N/A |
RAL 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.
RAL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $101.9M | -20% |
| Q1 2026 | $10.4M | -84% |
| Q4 2025 | $91.6M | -38% |
| Q3 2025 | $126.6M | -4% |
| Q1 2025 | $66.4M | +20% |
RAL's free cash flow has been positive every quarter since early 2024: $303M over the past year, down 36% from the year before.
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.
RAL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -100K shares |
| 1 year | -0.8% | -900K shares |
RAL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $101M |
| Q1 2026 | $50.5M |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
RAL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 2.3x | Moderate |
| Q1 2025 | 2.3x | Moderate |
| Q4 2024 | 0.2x | Very low |
RAL's net debt is about 2.5 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).
RAL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.1 | Neutral |
| Stochastic | 55.1 | Neutral |
RAL's weekly RSI is 58 (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.
RAL PE vs Technology Sector
| Metric | RAL | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
RAL 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 |
RAL has stronger trend alignment. AAOI is above 1 of 5 weekly averages versus RAL above 3 of 3.
RAL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $69.4 | 1.7% above |
| 20 week MA | $68.1 | 3.7% above |
| 50 week MA | $57.9 | 22% above |
RAL is in an uptrend: it's above all three of its weekly moving averages, and 22% above its 50-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 RAL on returns for 2026, with the stronger performance.
RAL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $53.0 | $51.5 | -2.8% |
| 2026 YTD | $51.5 | $70.6 | +37% |
RAL has finished every year since 2025 lower, and it's up 37% so far in 2026.