AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
ST
Sensata Technologies Holding plc
ST 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.
ST Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ST'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.
ST PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 10x | $39.41 | — |
| Current | 16x | $39.41 | — |
| Cheap | 18x | $46.39 | +18% |
| Fair | 26x | $66.46 | +69% |
| Expensive | 77x | $194 | +393% |
Historical ranges are pointers, not guarantees.
ST's PE is in its cheap range at 16x. 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 |
AAOI has the edge over ST on the outlook, with more favorable revenue and profitability expectations.
ST Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect ST's earnings to grow, but its profitability to weaken.
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.
ST Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.95 | +57% |
| Q3 2026 | $2.52 | +$2.71 |
| Q2 2026 | $0.62 | -18% |
| Q1 2026 | $0.33 | -60% |
| Q4 2025 | $0.21 | -75% |
| Q3 2025 | -$0.19 | +$0.33 |
| Q2 2025 | $0.76 | +1167% |
| Q1 2025 | $0.82 | +$0.91 |
| Q4 2024 | $0.85 | +$0.88 |
ST 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 ST 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.
ST Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | +7.7% |
| Q2 2026 | $990.6M | +5% |
| Q1 2026 | $934.8M | +2.6% |
| Q4 2025 | $917.9M | +1.1% |
| Q3 2025 | $932M | -5.2% |
| Q2 2025 | $943.4M | -8.9% |
| Q1 2025 | $911.3M | -9.5% |
| Q4 2024 | $907.7M | -8.5% |
ST's revenue has grown year over year for four quarters in a row: $1B last quarter, up 7.7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +31 points |
| Q2 2026 | 17% | +2.1 points |
| Q1 2026 | 15% | +1.7 points |
| Q4 2025 | 11% | +2.8 points |
| Q3 2025 | -13% | +7.1 points |
| Q2 2025 | 15% | +2.1 points |
| Q1 2025 | 13% | -1 points |
| Q4 2024 | 8.1% | +28 points |
ST 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.
ST Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $198.3M | +46% |
| Q2 2026 | $186.4M | +61% |
| Q1 2026 | $104.6M | +21% |
| Q4 2025 | $151.9M | +9.4% |
| Q3 2025 | $136.2M | +49% |
| Q2 2025 | $115.5M | +17% |
| Q1 2025 | $86.6M | +35% |
| Q4 2024 | $138.9M | +145% |
ST 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.
ST Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +300K shares |
| 1 year | +0.9% | +1.3M shares |
| 3 years | -3.5% | -5.4M shares |
| 5 years | -7.8% | -12.5M shares |
| Available history | -9.2% | -15M shares |
ST has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $25.1M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $20.1M |
| Q1 2025 | $100.5M |
| Q4 2024 | $21.6M |
ST spent $25M buying back its own shares over the past year, down 82% 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.
ST Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.3x | Moderate |
| Q2 2026 | 3.9x | Elevated |
| Q1 2026 | 4.4x | High |
| Q4 2025 | 4.6x | High |
| Q3 2025 | 4.9x | High |
| Q2 2025 | 6.0x | High |
| Q1 2025 | 6.0x | High |
| Q4 2024 | 5.6x | High |
ST's net debt is about 2.3 years of its operating earnings (EBITDA), down from 4.9 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).
ST Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 10.0 | Oversold |
ST's weekly RSI is 40 (neutral) and its Stochastic is 10 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
ST PE vs Technology Sector
| Metric | ST | Sector median | Relative |
|---|---|---|---|
| PE | 16x | 28x | 44% below |
| PE % | 5 | 35 | 30 pts below |
ST is trading at 16x earnings, a 44% 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.
ST Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $41.0 | 3.9% below |
| 20 week MA | $43.1 | 8.5% below |
| 50 week MA | $40.9 | 3.5% below |
| 100 week MA | $34.6 | 14% above |
| 200 week MA | $36.8 | 7.2% above |
ST 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 ST on returns for 2026, with the stronger performance.
ST Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $53.7 | $52.2 | -2.8% |
| 2021 | $52.2 | $59.8 | +15% |
| 2022 | $59.8 | $39.8 | -34% |
| 2023 | $39.8 | $37.6 | -5.5% |
| 2024 | $37.6 | $27.4 | -27% |
| 2025 | $27.4 | $33.6 | +23% |
| 2026 YTD | $33.6 | $39.4 | +17% |
ST has finished lower in four of the last six years. It's up 17% so far in 2026.