AAOI
Applied Optoelectronics, Inc.
AAOI has a slight edge over RDWR overall, supported by stronger modeled upside and stronger valuation.
RDWR
Radware Ltd.
RDWR 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.
RDWR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Strong |
RDWR's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
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.
RDWR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $31.82 | — |
| Cheap | 57x | $17.64 | -45% |
| Fair | 86x | $26.73 | -16% |
| Current | 103x | $31.82 | — |
| Expensive | 142x | $43.95 | +38% |
Historical ranges are pointers, not guarantees.
RDWR's PE is in its fair range at 103x. If earnings grow as analysts expect, today's price would be 23x next year's earnings, in its cheap range.
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.
RDWR Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for RDWR, 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 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.
RDWR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.36 | +338% |
| Q3 2026 | $0.31 | -18% |
| Q2 2026 | $0.38 | +19% |
| Q1 2026 | $0.43 | +59% |
| Q4 2025 | $0.45 | +221% |
| Q3 2025 | $0.38 | +$0.44 |
| Q2 2025 | $0.32 | +$0.61 |
| Q1 2025 | $0.27 | +$0.73 |
| Q4 2024 | $0.14 | +$0.64 |
RDWR 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 RDWR 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.
RDWR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $84.4M | +12% |
| Q2 2026 | $82.3M | +11% |
| Q1 2026 | $79.8M | +11% |
| Q4 2025 | $80.2M | +9.9% |
| Q3 2025 | $75.3M | +8.4% |
| Q2 2025 | $74.2M | +10% |
| Q1 2025 | $72.1M | +11% |
| Q4 2024 | $73M | +12% |
RDWR's revenue has grown year over year for 10 quarters in a row: $84M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.6% | -1.7 points |
| Q2 2026 | 3% | -0.8 points |
| Q1 2026 | 6% | +3.8 points |
| Q4 2025 | 4.9% | +3.5 points |
| Q3 2025 | 4.3% | +4.3 points |
| Q2 2025 | 3.8% | +5.6 points |
| Q1 2025 | 2.2% | +7.8 points |
| Q4 2024 | 1.4% | +13 points |
RDWR 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.
RDWR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $10.1M | +$15M |
| Q2 2026 | $9.1M | -24% |
| Q1 2026 | $15M | -30% |
| Q4 2025 | $14.5M | +24% |
| Q3 2025 | -$5M | -137% |
| Q2 2025 | $12M | -45% |
| Q1 2025 | $21.3M | +10% |
| Q4 2024 | $11.7M | +581% |
RDWR 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.
RDWR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -141K shares |
| 1 year | -3.1% | -1.4M shares |
| 3 years | +3% | +1.3M shares |
| 5 years | -8.6% | -4.1M shares |
| Available history | -9.8% | -4.8M shares |
RDWR has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12.7M |
| Q2 2026 | $18.8M |
| Q1 2026 | $29.4M |
| Q4 2025 | $10.5M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | $3,169 |
RDWR spent $71M buying back its own shares over the past year, more than ten times what it spent the year before.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
RDWR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.7x | Net Cash |
| Q2 2026 | -1.8x | Net Cash |
| Q1 2026 | -2.2x | Net Cash |
| Q4 2025 | -2.2x | Net Cash |
| Q3 2025 | -1.5x | Net Cash |
| Q2 2025 | -2.5x | Net Cash |
| Q1 2025 | -3.1x | Net Cash |
| Q4 2024 | -3.3x | Net Cash |
RDWR 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).
RDWR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.5 | Neutral |
| Stochastic | 49.6 | Neutral |
RDWR's weekly RSI is 55 (neutral) and its Stochastic is 50 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
RDWR PE vs Technology Sector
| Metric | RDWR | Sector median | Relative |
|---|---|---|---|
| PE | 103x | 28x | 268% above |
| PE % | 61 | 35 | 26 pts above |
RDWR is trading at 103x earnings, a 268% 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 fallen below most of its moving averages, though it's still 43% above its 200-week average.
RDWR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $30.7 | 3.6% above |
| 20 week MA | $29.6 | 7.5% above |
| 50 week MA | $27.3 | 16% above |
| 100 week MA | $25.8 | 23% above |
| 200 week MA | $22.5 | 41% above |
RDWR 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 RDWR on returns for 2026, with the stronger performance.
RDWR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $25.8 | $27.2 | +5.4% |
| 2021 | $27.2 | $38.3 | +41% |
| 2022 | $38.3 | $19.5 | -49% |
| 2023 | $19.5 | $16.7 | -14% |
| 2024 | $16.7 | $23.2 | +39% |
| 2025 | $23.2 | $24.4 | +5% |
| 2026 YTD | $24.4 | $31.8 | +31% |
RDWR has finished higher in four of the last six years. It's up 31% so far in 2026.