AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over RMNI overall, supported by stronger valuation and stronger fundamentals.
RMNI
Rimini Street, Inc.
RMNI 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.
RMNI Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Healthy | |
| Strong |
RMNI's cash flow and balance sheet are currently healthy, and its revenue and profitability are 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.
RMNI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.4x | $0.82 | -85% |
| Fair | 10x | $1.14 | -80% |
| Forward | 14x | $5.59 | — |
| Expensive | 26x | $2.85 | -49% |
| Current | 51x | $5.59 | — |
Historical ranges are pointers, not guarantees.
RMNI's PE is in its expensive range at 51x. If earnings grow as analysts expect, today's price would be 14x 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.
RMNI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for RMNI, 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.
RMNI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.40 | +264% |
| Q3 2026 | $0.11 | -76% |
| Q2 2026 | $0.07 | +$0.11 |
| Q1 2026 | $0.36 | +$0.73 |
| Q4 2025 | $0.39 | +$0.79 |
| Q3 2025 | $0.46 | +$0.83 |
| Q2 2025 | -$0.04 | -122% |
| Q1 2025 | -$0.37 | -254% |
| Q4 2024 | -$0.40 | -238% |
RMNI 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 RMNI 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.
RMNI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $112.1M | +8.3% |
| Q2 2026 | $111.1M | +6.7% |
| Q1 2026 | $105.5M | +1.2% |
| Q4 2025 | $109.8M | -3.9% |
| Q3 2025 | $103.4M | -1.2% |
| Q2 2025 | $104.1M | +1% |
| Q1 2025 | $104.2M | -2.4% |
| Q4 2024 | $114.2M | +1.9% |
RMNI's revenue grew through 2022 and has held roughly level since: $112M last quarter, up 8.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8.8% | +4.5 points |
| Q2 2026 | 5.7% | -34 points |
| Q1 2026 | 4.5% | -4.4 points |
| Q4 2025 | 4.5% | -8.5 points |
| Q3 2025 | 4.2% | +52 points |
| Q2 2025 | 40% | +40 points |
| Q1 2025 | 9% | +5.8 points |
| Q4 2024 | 13% | +2.7 points |
RMNI 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.
RMNI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$18M | -177% |
| Q2 2026 | -$2.4M | +$17.2M |
| Q1 2026 | $23.9M | -27% |
| Q4 2025 | $18.9M | +$57.2M |
| Q3 2025 | $23.5M | +$42.7M |
| Q2 2025 | -$19.5M | -462% |
| Q1 2025 | $32.8M | +231% |
| Q4 2024 | -$38.4M | -$33.7M |
RMNI 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.
RMNI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.3% | +1.3M shares |
| 1 year | +0.9% | +821K shares |
| 3 years | +7.6% | +6.8M shares |
| 5 years | +12% | +9.9M shares |
| Available history | +43% | +28.8M shares |
RMNI has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | $3.8M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $1M |
| Q1 2023 | — |
| Q4 2022 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
RMNI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.7x | Net Cash |
| Q2 2026 | -3.1x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -0.8x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -1.2x | Net Cash |
| Q2 2024 | -2.2x | Net Cash |
| Q1 2024 | -1.5x | Net Cash |
RMNI 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).
RMNI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 65.6 | Neutral |
| Stochastic | 77.6 | Neutral |
RMNI's weekly RSI is 66 (neutral) and its Stochastic is 78 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
RMNI PE vs Technology Sector
| Metric | RMNI | Sector median | Relative |
|---|---|---|---|
| PE | 51x | 28x | 82% above |
| PE % | 92 | 35 | 57 pts above |
RMNI is trading at 51x earnings, a 82% 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.
RMNI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.55 | 23% above |
| 20 week MA | $4.72 | 18% above |
| 50 week MA | $4.11 | 36% above |
| 100 week MA | $3.91 | 43% above |
| 200 week MA | $3.49 | 60% above |
RMNI 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 RMNI on returns for 2026, with the stronger performance.
RMNI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.95 | $4.60 | +16% |
| 2021 | $4.60 | $5.86 | +27% |
| 2022 | $5.86 | $3.88 | -34% |
| 2023 | $3.88 | $3.27 | -16% |
| 2024 | $3.27 | $2.70 | -17% |
| 2025 | $2.70 | $3.94 | +46% |
| 2026 YTD | $3.94 | $5.59 | +42% |
RMNI is up 42% so far in 2026, after finishing lower in three of the previous six years.