AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SAIL
SailPoint, Inc.
SAIL has a slight edge over AAOI overall, supported by lower modeled downside.
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.
SAIL Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Weak | |
| Strong | |
| Strong |
SAIL's revenue, cash flow and balance sheet are currently healthy, 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.
SAIL PE Valuation
SAIL 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.
SAIL Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for SAIL, 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 stronger earnings trend. Trailing diluted EPS is down 112% for AAOI versus SAIL down 133%.
SAIL Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $0.38 | — |
| Q2 2022 | -$0.98 | -$0.57 |
| Q1 2022 | -$0.85 | -$0.65 |
| Q4 2021 | -$0.67 | -$0.55 |
| Q3 2021 | -$0.61 | -$0.60 |
| Q2 2021 | -$0.41 | -1125% |
| Q1 2021 | -$0.20 | -$0.11 |
| Q4 2020 | -$0.12 | -$0.02 |
| Q3 2020 | -$0.01 | +$0.01 |
SAIL is still losing money, but far less than before: $0.32 per share over the past year, against $0.98 at its worst in mid-2022.
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 SAIL 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 has the edge over SAIL on profitability, with a higher operating margin.
SAIL Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $308.8M | +17% |
| Q2 2026 | $280.1M | +22% |
| Q1 2026 | $294.6M | +23% |
| Q4 2025 | $281.9M | +20% |
| Q3 2025 | $264.4M | +33% |
| Q2 2025 | $230.5M | +23% |
| Q1 2025 | $240.1M | +18% |
| Q2 2022 | $134.3M | +31% |
SAIL's revenue has grown year over year every quarter since mid-2019: $309M last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -19% | -3.7 points |
| Q2 2026 | -28% | +52 points |
| Q1 2026 | -14% | -55 points |
| Q4 2025 | -15% | -4.3 points |
| Q3 2025 | -15% | +18 points |
| Q2 2025 | -80% | -44 points |
| Q1 2025 | 42% | +237 points |
| Q4 2024 | -10% | +9.5 points |
SAIL's operating margin was −19% last quarter, down 3.7 points from the same quarter a year ago.
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.
SAIL Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $43M | -12% |
| Q2 2026 | $37.3M | +$136.3M |
| Q1 2026 | $62.1M | +425% |
| Q4 2025 | $52.5M | +$69.3M |
| Q3 2025 | $49M | +$105.5M |
| Q2 2025 | -$99M | -$40.5M |
| Q1 2025 | $11.8M | +$66.7M |
| Q2 2022 | -$18.4M | -$4.8M |
SAIL 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.
SAIL Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.6% | +3.6M shares |
| 1 year | +2.2% | +12.4M shares |
| 3 years | +513% | +475M shares |
| 5 years | +539% | +479M shares |
| Available history | +559% | +482M shares |
SAIL has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q1 2026 | — |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $275,000 |
| Q4 2024 | $4.1M |
| Q3 2024 | — |
| Q2 2024 | $1.8M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SAIL Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -41.3x | Net Cash |
| Q4 2025 | -7.4x | Net Cash |
| Q3 2025 | -4.7x | Net Cash |
| Q2 2025 | -4.9x | Net Cash |
| Q1 2025 | 5.2x | High |
| Q1 2021 | -45.8x | Net Cash |
| Q4 2020 | -26.6x | Net Cash |
| Q3 2020 | -17.3x | Net Cash |
SAIL 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).
SAIL Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.0 | Neutral |
| Stochastic | 62.8 | Neutral |
SAIL's weekly RSI is 56 (neutral) and its Stochastic is 63 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SAIL PE vs Technology Sector
SAIL 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 |
SAIL has stronger trend alignment. AAOI is above 1 of 5 weekly averages versus SAIL above 3 of 3.
SAIL Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.4 | 0.9% above |
| 20 week MA | $18.6 | 11% above |
| 50 week MA | $16.8 | 23% above |
SAIL is in an uptrend: it's above all three of its weekly moving averages, and 23% 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 SAIL on returns for 2026, with the stronger performance.
SAIL Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2025 | $24.6 | $21.2 | -14% |
| 2026 YTD | $21.2 | $20.6 | -2.7% |
SAIL has finished every year since 2025 lower, and it's down 2.7% so far in 2026.