AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
SYNA
Synaptics Incorporated
SYNA has a slight edge over AAOI overall, supported by lower modeled downside and stronger fundamentals.
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.
SYNA Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Stable | |
| Weak |
SYNA's revenue and cash flow are currently stable, but its profitability and balance sheet are under pressure.
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.
SYNA PE Valuation
SYNA 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.
SYNA Forward outlook
There aren't enough analyst estimates for SYNA to show an outlook.
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 edge over SYNA on earnings, with more consistent year-over-year improvement.
SYNA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$12.54 | -$11.37 |
| Q2 2026 | -$12.62 | -$11.40 |
| Q1 2024 | -$2.69 | -161% |
| Q4 2023 | -$1.97 | -134% |
| Q3 2023 | -$1.19 | -117% |
| Q2 2023 | $1.83 | -71% |
| Q1 2023 | $4.44 | -6.3% |
| Q4 2022 | $5.77 | +65% |
SYNA lost $12.54 per share over the past year, a bigger loss than the year before.
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 SYNA 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 SYNA on profitability, with a higher operating margin.
SYNA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $294M | +0.5% |
| Q2 2026 | $308M | +8.9% |
| Q1 2026 | $294.2M | +10% |
| Q4 2025 | $302.5M | +13% |
| Q3 2025 | $292.5M | +14% |
| Q2 2025 | $282.8M | +14% |
| Q1 2025 | $266.6M | +12% |
| Q4 2024 | $267.2M | +13% |
SYNA's revenue has grown year over year for 10 quarters in a row: $294M last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -4.3% | +3.6 points |
| Q2 2026 | -5.2% | +3.3 points |
| Q1 2026 | -4.3% | +5.5 points |
| Q4 2025 | -5% | +0.7 points |
| Q3 2025 | -7.9% | +3.1 points |
| Q2 2025 | -8.6% | +4 points |
| Q1 2025 | -9.9% | -2.5 points |
| Q4 2024 | -5.7% | +1.9 points |
SYNA's operating margin was −4.3% last quarter, up 3.6 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.
SYNA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$18.6M | -203% |
| Q2 2026 | $55.3M | +9.3% |
| Q1 2026 | $9.9M | -85% |
| Q4 2025 | $18.2M | +0.6% |
| Q3 2025 | $18M | +$38.5M |
| Q2 2025 | $50.6M | -12% |
| Q1 2025 | $68M | +$90.7M |
| Q4 2024 | $18.1M | -37% |
SYNA 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.
SYNA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.3% | +500K shares |
| 1 year | +1.5% | +600K shares |
| 3 years | -3.2% | -1.3M shares |
| 5 years | +15% | +5M shares |
SYNA has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | $10.1M |
| Q1 2026 | $39M |
| Q4 2025 | $36.4M |
| Q3 2025 | $7.2M |
| Q2 2025 | $16M |
| Q1 2025 | $37.8M |
| Q2 2024 | — |
SYNA spent $86M buying back its own shares over the past year.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
SYNA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 8.7x | High |
| Q2 2026 | 6.7x | High |
| Q3 2023 | 4.7x | High |
| Q2 2023 | 0.3x | Very low |
| Q1 2023 | 0.2x | Very low |
| Q4 2022 | 0.4x | Very low |
| Q3 2022 | 0.3x | Very low |
| Q2 2022 | 0.4x | Very low |
SYNA's net debt is about 8.7 years of its operating earnings (EBITDA), up from less than a year 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).
SYNA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 56.4 | Neutral |
| Stochastic | 86.8 | Overbought |
SYNA's weekly RSI is 56 (neutral) and its Stochastic is 87 (overbought).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
SYNA PE vs Technology Sector
| Metric | SYNA | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
SYNA 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 |
AAOI has fallen below most of its moving averages, though it's still 43% above its 200-week average.
SYNA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $116.3 | 1.4% above |
| 20 week MA | $110.6 | 6.7% above |
| 50 week MA | $100.8 | 17% above |
| 100 week MA | $83.8 | 41% above |
| 200 week MA | $88.2 | 34% above |
SYNA 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's yearly returns have swung widely, from +891% in 2023 to −65% in 2022. It's up 42% so far in 2026.
SYNA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $66.9 | $86.2 | +29% |
| 2021 | $86.2 | $278.3 | +223% |
| 2022 | $278.3 | $94.2 | -66% |
| 2023 | $94.2 | $114.1 | +21% |
| 2024 | $114.1 | $77.2 | -32% |
| 2025 | $77.2 | $73.5 | -4.9% |
| 2026 YTD | $73.5 | $118.0 | +61% |
SYNA has the edge over AAOI on returns for 2026, with the stronger performance.