AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
TUYA
Tuya Inc.
TUYA 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.
TUYA Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Healthy | |
| Strong |
TUYA's revenue, profitability, cash flow and balance sheet are all currently healthy.
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.
TUYA PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 12x | $1.61 | — |
| Cheap | 18x | $2.46 | +53% |
| Fair | 28x | $3.86 | +140% |
| Expensive | 74x | $10.36 | +543% |
Historical ranges are pointers, not guarantees.
TUYA's PE is in its cheap range at 12x, but its recent earnings include one-off gains.
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.
TUYA Forward outlook
There aren't enough analyst estimates for TUYA 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 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.
TUYA Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.14 | +180% |
| Q1 2026 | $0.10 | +233% |
| Q4 2025 | $0.09 | +800% |
| Q3 2025 | $0.08 | +$0.11 |
| Q2 2025 | $0.05 | +$0.08 |
| Q1 2025 | $0.03 | +$0.11 |
| Q4 2024 | $0.01 | +$0.12 |
| Q3 2024 | -$0.03 | +$0.10 |
TUYA 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 TUYA 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.
TUYA Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $173.8M | +117% |
| Q1 2026 | $81.1M | +8.6% |
| Q4 2025 | $84.9M | +3.4% |
| Q3 2025 | $82.6M | +1.2% |
| Q2 2025 | $80.1M | +9.3% |
| Q1 2025 | $74.7M | +21% |
| Q4 2024 | $82.1M | +27% |
| Q3 2024 | $81.6M | +34% |
TUYA's revenue has grown year over year for 12 quarters in a row: $174M last quarter, up 117% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 9.7% | +8.3 points |
| Q1 2026 | 5.2% | +7.1 points |
| Q4 2025 | 6.4% | +11 points |
| Q3 2025 | 0.7% | +22 points |
| Q2 2025 | 1.4% | +16 points |
| Q1 2025 | -1.9% | +25 points |
| Q4 2024 | -4.6% | +32 points |
| Q3 2024 | -21% | +9.3 points |
TUYA 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.
TUYA Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.2M | +$6.2M |
| Q1 2026 | $6.4M | +$6.4M |
| Q4 2025 | $16.4M | +$16.4M |
| Q3 2025 | $30M | +$30M |
| Q2 2025 | $0 | $0 |
| Q1 2025 | $0 | $0 |
| Q4 2024 | $0 | -100% |
| Q3 2024 | $0 | -100% |
TUYA 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.
TUYA Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +1% | +5.8M shares |
| 3 years | +11% | +61.4M shares |
| 5 years | +9.9% | +55.4M shares |
| Available history | +11% | +60.6M shares |
TUYA has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $24,000 |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
TUYA has spent almost nothing on buybacks in 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.
TUYA Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -9.4x | Net Cash |
| Q1 2026 | -13.0x | Net Cash |
| Q4 2025 | -13.6x | Net Cash |
TUYA 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).
TUYA Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.2 | Neutral |
| Stochastic | 12.0 | Oversold |
TUYA's weekly RSI is 36 (neutral) and its Stochastic is 12 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
TUYA PE vs Technology Sector
| Metric | TUYA | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 28x | 58% below |
| PE % | 1 | 41 | 40 pts below |
TUYA is trading at 12x earnings, a 58% discount 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 the edge over TUYA on trend strength, trading above more of its moving averages.
TUYA Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1.65 | 2.4% below |
| 20 week MA | $1.73 | 6.9% below |
| 50 week MA | $2.03 | 21% below |
| 100 week MA | $2.27 | 29% below |
| 200 week MA | $2.04 | 21% below |
TUYA is in a downtrend: it's below all five of its weekly moving averages, and 21% below its 200-week average.
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 TUYA on returns for 2026, with the stronger performance.
TUYA Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $25.1 | $6.40 | -75% |
| 2022 | $6.40 | $1.79 | -72% |
| 2023 | $1.79 | $2.30 | +28% |
| 2024 | $2.30 | $1.78 | -23% |
| 2025 | $1.78 | $2.21 | +24% |
| 2026 YTD | $2.21 | $1.61 | -27% |
TUYA has finished lower in three of the last five years. It's down 27% so far in 2026.