AAOI
Applied Optoelectronics, Inc.
AAOI has the edge over SWKS overall, supported by stronger modeled upside and stronger valuation.
SWKS
Skyworks Solutions, Inc.
SWKS trails on the overall score without a compensating advantage in the available component scores.
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.
SWKS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Stable | |
| Strong |
SWKS's balance sheet is currently strong, and its revenue, profitability and cash flow 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.
SWKS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 15x | $17.25 | -81% |
| Forward | 16x | $90.03 | — |
| Fair | 21x | $23.51 | -74% |
| Expensive | 30x | $33.78 | -62% |
| Current | 79x | $90.03 | — |
Historical ranges are pointers, not guarantees.
SWKS's PE is in its expensive range at 79x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
AAOI Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
AAOI has the edge over SWKS on the outlook, with more favorable profitability expectations.
SWKS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly weakening | |
| Moderate | |
| Low |
Analysts expect strong earnings and revenue growth for SWKS, but weaker profitability. However, they disagree widely on these estimates.
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.
SWKS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.73 | +402% |
| Q3 2026 | $1.14 | -63% |
| Q2 2026 | $1.94 | -22% |
| Q1 2026 | $2.42 | -4.7% |
| Q4 2025 | $2.61 | -20% |
| Q3 2025 | $3.08 | -17% |
| Q2 2025 | $2.49 | -49% |
| Q1 2025 | $2.54 | -52% |
| Q4 2024 | $3.25 | -42% |
SWKS 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 SWKS 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.
SWKS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1B | -5% |
| Q2 2026 | $934.8M | -3.1% |
| Q1 2026 | $943.7M | -1% |
| Q4 2025 | $1B | -3.1% |
| Q3 2025 | $1.1B | +7.3% |
| Q2 2025 | $965M | +6.6% |
| Q1 2025 | $953.2M | -8.9% |
| Q4 2024 | $1.1B | -11% |
SWKS's revenue fell from its 2021 peak and has held roughly level since: $1B last quarter, down 5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 2.1% | -8 points |
| Q2 2026 | 5.2% | -6.3 points |
| Q1 2026 | 4.5% | -5.8 points |
| Q4 2025 | 10% | -6.9 points |
| Q3 2025 | 10% | +4.3 points |
| Q2 2025 | 11% | -2.9 points |
| Q1 2025 | 10% | -7.9 points |
| Q4 2024 | 17% | -4.6 points |
SWKS 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.
SWKS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$60.9M | -142% |
| Q2 2026 | -$16.7M | -107% |
| Q1 2026 | -$32.1M | -109% |
| Q4 2025 | $339M | +0.2% |
| Q3 2025 | $144M | -63% |
| Q2 2025 | $252.7M | +1.5% |
| Q1 2025 | $370.9M | +36% |
| Q4 2024 | $338.2M | -55% |
SWKS 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.
SWKS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.5% | +800K shares |
| 1 year | +0.7% | +1.1M shares |
| 3 years | -5.4% | -8.6M shares |
| 5 years | -9.3% | -15.6M shares |
| Available history | -12% | -20.2M shares |
SWKS has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $107M |
| Q2 2026 | — |
| Q3 2025 | — |
| Q2 2025 | $330.2M |
| Q3 2024 | — |
| Q2 2024 | $77.3M |
| Q1 2024 | — |
| Q4 2023 | — |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SWKS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | -0.4x | Net Cash |
| Q1 2026 | -1.1x | Net Cash |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.4x | Net Cash |
| Q4 2024 | -0.6x | Net Cash |
SWKS 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).
SWKS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.2 | Neutral |
| Stochastic | 80.8 | Overbought |
SWKS's weekly RSI is 62 (neutral) and its Stochastic is 81 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SWKS PE vs Technology Sector
| Metric | SWKS | Sector median | Relative |
|---|---|---|---|
| PE | 79x | 28x | 183% above |
| PE % | 100 | 35 | 65 pts above |
SWKS is trading at 79x earnings, a 183% premium 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.
SWKS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $84.2 | 6.9% above |
| 20 week MA | $75.1 | 20% above |
| 50 week MA | $68.3 | 32% above |
| 100 week MA | $70.6 | 28% above |
| 200 week MA | $86.8 | 3.7% above |
SWKS 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 SWKS on returns for 2026, with the stronger performance.
SWKS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $122.3 | $151.2 | +24% |
| 2021 | $151.2 | $153.4 | +1.5% |
| 2022 | $153.4 | $88.9 | -42% |
| 2023 | $88.9 | $112.4 | +27% |
| 2024 | $112.4 | $90.2 | -20% |
| 2025 | $90.2 | $64.2 | -29% |
| 2026 YTD | $64.2 | $90.0 | +40% |
SWKS is up 40% so far in 2026, after finishing lower in three of the previous six years.