AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SSNC
SS&C Technologies Holdings, Inc.
SSNC has the edge over AAOI overall, supported by lower modeled downside and stronger valuation.
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.
SSNC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
SSNC'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.
SSNC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $79.37 | — |
| Cheap | 22x | $75.76 | -4.5% |
| Current | 23x | $79.37 | — |
| Fair | 26x | $88.73 | +12% |
| Expensive | 30x | $103 | +30% |
Historical ranges are pointers, not guarantees.
SSNC's PE is in its cheap range at 23x. If earnings grow as analysts expect, today's price would be 10x 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.
SSNC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for SSNC, 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.
SSNC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.66 | +121% |
| Q3 2026 | $3.47 | +3% |
| Q2 2026 | $3.47 | +8.8% |
| Q1 2026 | $3.22 | 0% |
| Q4 2025 | $3.15 | +5% |
| Q3 2025 | $3.37 | +20% |
| Q2 2025 | $3.19 | +16% |
| Q1 2025 | $3.22 | +28% |
| Q4 2024 | $3.00 | +26% |
SSNC 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 SSNC 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.
SSNC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.7B | +7.8% |
| Q2 2026 | $1.7B | +10% |
| Q1 2026 | $1.6B | +8.8% |
| Q4 2025 | $1.7B | +8.1% |
| Q3 2025 | $1.6B | +7% |
| Q2 2025 | $1.5B | +5.9% |
| Q1 2025 | $1.5B | +5.5% |
| Q4 2024 | $1.5B | +8.4% |
SSNC's revenue has grown year over year for 23 quarters in a row: $1.7B last quarter, up 7.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 24% | +0.9 points |
| Q2 2026 | 25% | +2.2 points |
| Q1 2026 | 24% | +0.5 points |
| Q4 2025 | 22% | -1.1 points |
| Q3 2025 | 23% | +1.1 points |
| Q2 2025 | 22% | -0.1 points |
| Q1 2025 | 24% | +0.4 points |
| Q4 2024 | 23% | -0.3 points |
SSNC 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.
SSNC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $482.2M | +14% |
| Q2 2026 | $403.4M | +15% |
| Q1 2026 | $293.7M | +13% |
| Q4 2025 | $633M | +36% |
| Q3 2025 | $421.5M | +36% |
| Q2 2025 | $350M | -6.6% |
| Q1 2025 | $259.5M | +49% |
| Q4 2024 | $466.9M | +25% |
SSNC 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.
SSNC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -1.4M shares |
| 1 year | -4.8% | -12M shares |
| 3 years | -5.2% | -13.3M shares |
| 5 years | -9.7% | -25.9M shares |
| Available history | -8.9% | -23.6M shares |
SSNC has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $154.8M |
| Q2 2026 | $437.7M |
| Q1 2026 | $168M |
| Q4 2025 | $318.7M |
| Q3 2025 | $240.1M |
| Q2 2025 | $270.3M |
| Q1 2025 | $206.9M |
| Q4 2024 | $368.2M |
SSNC spent $1.1B buying back its own shares over the past year, about the same as 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.
SSNC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.0x | Moderate |
| Q2 2026 | 3.2x | Elevated |
| Q1 2026 | 3.2x | Elevated |
| Q4 2025 | 3.3x | Elevated |
| Q3 2025 | 2.9x | Moderate |
| Q2 2025 | 3.1x | Elevated |
| Q1 2025 | 3.1x | Elevated |
| Q4 2024 | 3.2x | Elevated |
SSNC's net debt is about 3.0 years of its operating earnings (EBITDA), about the same as 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).
SSNC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.2 | Neutral |
| Stochastic | 24.8 | Neutral |
SSNC's weekly RSI is 53 (neutral) and its Stochastic is 25 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SSNC PE vs Technology Sector
| Metric | SSNC | Sector median | Relative |
|---|---|---|---|
| PE | 23x | 28x | 18% below |
| PE % | 23 | 35 | 12 pts below |
SSNC is trading at 23x earnings, a 18% 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.
SSNC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $80.3 | 1.2% below |
| 20 week MA | $78.3 | 1.4% above |
| 50 week MA | $76.1 | 4.3% above |
| 100 week MA | $79.3 | 0.1% above |
| 200 week MA | $70.7 | 12% above |
SSNC 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 SSNC on returns for 2026, with the stronger performance.
SSNC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $61.5 | $71.7 | +17% |
| 2021 | $71.7 | $81.7 | +14% |
| 2022 | $81.7 | $51.3 | -37% |
| 2023 | $51.3 | $61.1 | +19% |
| 2024 | $61.1 | $76.1 | +25% |
| 2025 | $76.1 | $89.6 | +18% |
| 2026 YTD | $89.6 | $79.4 | -11% |
SSNC has finished higher in five of the last six years. It's down 11% so far in 2026.