AAOI
Applied Optoelectronics, Inc.
AAOI's outlook is improving, though it still trails on the overall score.
RNG
RingCentral, Inc.
RNG has the 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.
RNG Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
RNG's profitability and cash flow are currently healthy, and its revenue and balance sheet 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.
RNG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $75.89 | — |
| Forward | 14x | $75.89 | — |
| Cheap | 43x | $328 | +332% |
| Fair | 65x | $491 | +547% |
| Expensive | 182x | $1,375 | +1712% |
Historical ranges are pointers, not guarantees.
RNG's PE is in its cheap range at 10x. On analysts' estimates for next year's earnings, today's price would be 14x.
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.
RNG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for RNG, 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.
RNG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.41 | -28% |
| Q3 2026 | $7.56 | +4940% |
| Q2 2026 | $1.25 | +$1.38 |
| Q1 2026 | $0.94 | +$1.37 |
| Q4 2025 | $0.48 | +$1.11 |
| Q3 2025 | $0.15 | +$1.20 |
| Q2 2025 | -$0.13 | +$1.28 |
| Q1 2025 | -$0.43 | +$1.05 |
| Q4 2024 | -$0.63 | +$1.11 |
RNG 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 RNG 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.
RNG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $676M | +5.9% |
| Q2 2026 | $657M | +5.9% |
| Q1 2026 | $644.2M | +5.3% |
| Q4 2025 | $644M | +4.8% |
| Q3 2025 | $638.7M | +4.9% |
| Q2 2025 | $620.4M | +4.6% |
| Q1 2025 | $612.1M | +4.8% |
| Q4 2024 | $614.5M | +7.6% |
RNG's revenue has grown year over year every quarter since late 2020: $676M last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 8% | +3.1 points |
| Q2 2026 | 7.7% | +1.7 points |
| Q1 2026 | 7.8% | +6.1 points |
| Q4 2025 | 6.6% | +4 points |
| Q3 2025 | 4.8% | +4.3 points |
| Q2 2025 | 6% | +6.9 points |
| Q1 2025 | 1.7% | +3.6 points |
| Q4 2024 | 2.5% | +10 points |
RNG 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.
RNG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $172.9M | +20% |
| Q2 2026 | $195.8M | +24% |
| Q1 2026 | $157.5M | +9.3% |
| Q4 2025 | $141M | +11% |
| Q3 2025 | $143.8M | +20% |
| Q2 2025 | $158.5M | +30% |
| Q1 2025 | $144.1M | +60% |
| Q4 2024 | $126.5M | +17% |
RNG 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.
RNG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +1.1M shares |
| 1 year | -4.7% | -4.3M shares |
| 3 years | -7.3% | -6.9M shares |
| 5 years | -4.5% | -4.1M shares |
| Available history | +5.5% | +4.6M shares |
RNG has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $18M |
| Q2 2026 | $93.7M |
| Q1 2026 | $81.3M |
| Q4 2025 | $135.4M |
| Q3 2025 | $117.2M |
| Q2 2025 | $31.8M |
| Q1 2025 | $50M |
| Q4 2024 | $77.4M |
RNG spent $328M buying back its own shares over the past year, up 19% from 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.
RNG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.1x | Moderate |
| Q2 2026 | 2.5x | Moderate |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 3.5x | Elevated |
| Q2 2025 | 3.8x | Elevated |
| Q1 2025 | 4.9x | High |
| Q4 2024 | 5.7x | High |
RNG's net debt is about 2.1 years of its operating earnings (EBITDA), down from 3.5 years a year ago.
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).
RNG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.9 | Neutral |
| Stochastic | 47.8 | Neutral |
RNG's weekly RSI is 63 (neutral) and its Stochastic is 48 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
RNG PE vs Technology Sector
| Metric | RNG | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 28x | 64% below |
| PE % | 2 | 35 | 33 pts below |
RNG is trading at 10x earnings, a 64% discount 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.
RNG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $77.7 | 2.4% below |
| 20 week MA | $66.4 | 14% above |
| 50 week MA | $47.9 | 59% above |
| 100 week MA | $38.4 | 98% above |
| 200 week MA | $35.6 | 113% above |
RNG 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.
RNG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $169.0 | $398.5 | +136% |
| 2021 | $398.5 | $192.5 | -52% |
| 2022 | $192.5 | $33.7 | -83% |
| 2023 | $33.7 | $34.0 | +0.9% |
| 2024 | $34.0 | $36.1 | +6.4% |
| 2025 | $36.1 | $29.6 | -18% |
| 2026 YTD | $29.6 | $75.9 | +157% |
RNG has the edge over AAOI on returns for 2026, with the stronger performance.