AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger valuation, but that advantage does not outweigh its weaker overall profile.
RELL
Richardson Electronics, Ltd.
RELL has a slight edge over AAOI overall, supported by lower modeled downside and stronger fundamentals.
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.
RELL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Under pressure | |
| Healthy |
RELL's revenue, profitability and balance sheet are currently healthy, but its cash flow 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.
RELL PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.8x | $6.45 | -67% |
| Fair | 16x | $10.71 | -46% |
| Forward | 26x | $19.74 | — |
| Current | 30x | $19.74 | — |
| Expensive | 111x | $73.11 | +270% |
Historical ranges are pointers, not guarantees.
RELL's PE is in its fair range at 30x. If earnings grow as analysts expect, today's price would be 26x next year's earnings.
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.
RELL Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect strong earnings and revenue growth for RELL, 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.
RELL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.75 | +14% |
| Q3 2026 | $0.66 | +3200% |
| Q2 2026 | $0.50 | +$0.59 |
| Q1 2026 | $0.30 | +$0.49 |
| Q4 2025 | $0.06 | +100% |
| Q3 2025 | $0.02 | +$0.09 |
| Q2 2025 | -$0.09 | -$0.08 |
| Q1 2025 | -$0.19 | -158% |
| Q4 2024 | $0.03 | -96% |
RELL 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 RELL 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.
RELL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $64.9M | +19% |
| Q2 2026 | $66.2M | +28% |
| Q1 2026 | $55.5M | +3.1% |
| Q4 2025 | $52.3M | +5.7% |
| Q3 2025 | $54.6M | +1.6% |
| Q2 2025 | $51.9M | +9.5% |
| Q1 2025 | $53.8M | +2.7% |
| Q4 2024 | $49.5M | +12% |
RELL's revenue has grown year over year for nine quarters in a row: $65M last quarter, up 19% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 7.9% | +6.1 points |
| Q2 2026 | 5.8% | +4.6 points |
| Q1 2026 | 2.7% | +7.8 points |
| Q4 2025 | 0.3% | +1.6 points |
| Q3 2025 | 1.8% | +1.2 points |
| Q2 2025 | 1.2% | +1.5 points |
| Q1 2025 | -5.1% | -7 points |
| Q4 2024 | -1.4% | +3.2 points |
RELL 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.
RELL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $4.2M | +1121% |
| Q2 2026 | $1.2M | +$1.9M |
| Q1 2026 | -$3.4M | -184% |
| Q4 2025 | -$1.7M | -134% |
| Q3 2025 | $342K | +$856K |
| Q2 2025 | -$745K | -112% |
| Q1 2025 | $4.1M | +$7M |
| Q4 2024 | $4.9M | +$5.7M |
RELL 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.
RELL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.6% | +334K shares |
| 1 year | +3.8% | +480K shares |
| 3 years | +3.9% | +485K shares |
| 5 years | +14% | +1.6M shares |
| Available history | -0.8% | -111K shares |
RELL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2020 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
RELL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -2.6x | Net Cash |
| Q2 2026 | -3.1x | Net Cash |
| Q1 2026 | -4.2x | Net Cash |
| Q4 2025 | -11.7x | Net Cash |
| Q3 2025 | -16.8x | Net Cash |
| Q2 2025 | -23.3x | Net Cash |
| Q1 2025 | -40.0x | Net Cash |
| Q4 2024 | -5.6x | Net Cash |
RELL 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).
RELL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.9 | Neutral |
| Stochastic | 55.8 | Neutral |
RELL's weekly RSI is 57 (neutral) and its Stochastic is 56 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
RELL PE vs Technology Sector
| Metric | RELL | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 28x | 7% above |
| PE % | 59 | 35 | 24 pts above |
RELL is trading at 30x earnings, in line with 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.
RELL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $18.8 | 5.1% above |
| 20 week MA | $18.2 | 8.3% above |
| 50 week MA | $15.2 | 30% above |
| 100 week MA | $13.0 | 52% above |
| 200 week MA | $13.3 | 49% above |
RELL 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
RELL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $5.61 | $4.50 | -20% |
| 2021 | $4.50 | $12.4 | +176% |
| 2022 | $12.4 | $21.5 | +73% |
| 2023 | $21.5 | $13.4 | -38% |
| 2024 | $13.4 | $13.9 | +3.9% |
| 2025 | $13.9 | $10.6 | -23% |
| 2026 YTD | $10.6 | $19.7 | +86% |
RELL has the edge over AAOI on returns for 2026, with the stronger performance.