AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over SNPS overall, supported by stronger modeled upside and stronger valuation.
SNPS
Synopsys, Inc.
SNPS 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.
SNPS Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Strong | |
| Stable |
SNPS's revenue and cash flow are currently healthy, and its profitability 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.
SNPS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 25x | $463 | — |
| Cheap | 43x | $244 | -47% |
| Fair | 56x | $322 | -30% |
| Expensive | 69x | $396 | -15% |
| Current | 81x | $463 | — |
Historical ranges are pointers, not guarantees.
SNPS's PE is in its expensive range at 81x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 25x 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.
SNPS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for SNPS, 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.
SNPS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $18.70 | +228% |
| Q3 2026 | $5.71 | -55% |
| Q2 2026 | $4.37 | -68% |
| Q1 2026 | $6.49 | -52% |
| Q4 2025 | $8.04 | -45% |
| Q3 2025 | $12.73 | +32% |
| Q2 2025 | $13.84 | +51% |
| Q1 2025 | $13.51 | +49% |
| Q4 2024 | $14.51 | +83% |
SNPS 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 SNPS 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.
SNPS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +42% |
| Q2 2026 | $2.3B | +42% |
| Q1 2026 | $2.4B | +66% |
| Q4 2025 | $2.3B | +38% |
| Q3 2025 | $1.7B | +14% |
| Q2 2025 | $1.6B | +10% |
| Q1 2025 | $1.5B | -12% |
| Q4 2024 | $1.6B | +2.3% |
SNPS's revenue has grown year over year for six quarters in a row: $2.5B last quarter, up 42% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +4.9 points |
| Q2 2026 | 5.3% | -18 points |
| Q1 2026 | 8.4% | -8.9 points |
| Q4 2025 | 5.4% | -14 points |
| Q3 2025 | 9.5% | -14 points |
| Q2 2025 | 23% | +0.6 points |
| Q1 2025 | 17% | -4.5 points |
| Q4 2024 | 19% | -7.9 points |
SNPS 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.
SNPS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $746.3M | +18% |
| Q2 2026 | $574.7M | +162% |
| Q1 2026 | $821.5M | +$929.7M |
| Q4 2025 | $605.2M | +8.4% |
| Q3 2025 | $632.4M | +52% |
| Q2 2025 | $219.8M | -50% |
| Q1 2025 | -$108.2M | +$20M |
| Q4 2024 | $558.4M | +105% |
SNPS 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.
SNPS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +175K shares |
| 1 year | +19% | +30.6M shares |
| 3 years | +24% | +37.4M shares |
| 5 years | +23% | +35.4M shares |
| Available history | +25% | +38.1M shares |
SNPS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $37.5M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | $300M |
| Q3 2023 | $300M |
| Q2 2023 | $300M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SNPS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 3.7x | Elevated |
| Q1 2026 | 4.1x | High |
| Q4 2025 | 6.7x | High |
| Q3 2025 | 8.3x | High |
| Q2 2025 | -2.6x | Net Cash |
| Q1 2025 | -2.4x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
SNPS's net debt is about 2.5 years of its operating earnings (EBITDA), down from 8.3 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).
SNPS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 52.8 | Neutral |
| Stochastic | 65.2 | Neutral |
SNPS's weekly RSI is 53 (neutral) and its Stochastic is 65 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SNPS PE vs Technology Sector
| Metric | SNPS | Sector median | Relative |
|---|---|---|---|
| PE | 81x | 28x | 191% above |
| PE % | 95 | 35 | 60 pts above |
SNPS is trading at 81x earnings, a 191% premium to the Technology sector's median of 28x, though its recent earnings include one-off gains.
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.
SNPS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $461.4 | 0.3% above |
| 20 week MA | $428.7 | 7.9% above |
| 50 week MA | $447.4 | 3.4% above |
| 100 week MA | $469.7 | 1.5% below |
| 200 week MA | $479.9 | 3.6% below |
SNPS 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 SNPS on returns for 2026, with the stronger performance.
SNPS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $140.6 | $256.3 | +82% |
| 2021 | $256.3 | $366.2 | +43% |
| 2022 | $366.2 | $320.2 | -13% |
| 2023 | $320.2 | $514.9 | +61% |
| 2024 | $514.9 | $490.9 | -4.7% |
| 2025 | $490.9 | $477.1 | -2.8% |
| 2026 YTD | $477.1 | $462.7 | -3% |
SNPS has finished lower in three of the last six years. It's down 3% so far in 2026.