AAOI
Applied Optoelectronics, Inc.
AAOI lost money over the past year, so it has no meaningful PE right now. Analysts expect earnings to recover and profitability to improve, though they disagree widely on how much.
VNET
VNET Group, Inc.
There isn't enough reported data to score VNET yet.
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.
VNET Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Under pressure | |
| Weak | |
| Weak |
VNET's profitability, cash flow and balance sheet are currently under pressure. There isn't enough data to rate its revenue.
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.
VNET PE Valuation
VNET 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.
VNET Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Returning to profit | |
| Strong growth | |
| Improving | |
| Limited | |
| Low |
Analysts expect VNET to return to profit, with revenue growing. 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 has the stronger earnings trend. Trailing diluted EPS is down 112% for AAOI versus VNET down 153%.
VNET Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2024 | -$2.30 | -$2.02 |
| Q2 2024 | -$2.51 | -$1.85 |
| Q1 2024 | -$2.78 | -$1.97 |
| Q4 2023 | -$2.61 | -$1.82 |
| Q3 2023 | -$0.28 | +$0.48 |
| Q2 2023 | -$0.66 | -$0.49 |
| Q1 2023 | -$0.81 | -223% |
| Q4 2022 | -$0.79 | -261% |
VNET is still losing money, but far less than before: $1.33 per share over the past year, against $3.48 at its worst in late 2020.
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 VNET 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.
VNET Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $415.8M | +14% |
| Q1 2026 | $403.9M | +20% |
| Q3 2025 | $385.4M | +24% |
| Q2 2025 | $365.3M | +22% |
| Q1 2025 | $337.1M | +18% |
| Q3 2024 | $311.3M | +9.9% |
| Q2 2024 | $299.2M | +9.4% |
| Q1 2024 | $284.9M | +5.1% |
VNET's revenue has grown year over year every quarter since late 2020: $416M last quarter, up 14% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 6.8% | -0.3 points |
| Q1 2026 | 9.2% | -1.9 points |
| Q4 2025 | 5.2% | N/A |
| Q3 2025 | 7.5% | -1 points |
| Q2 2025 | 7.1% | -2.6 points |
| Q1 2025 | 11% | +8.6 points |
| Q3 2024 | 8.5% | +6.8 points |
| Q2 2024 | 9.8% | +4.6 points |
VNET 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.
VNET Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$194.5M | +$31.2M |
| Q1 2026 | -$243.2M | +$1.4M |
| Q4 2025 | -$189.6M | -$51.4M |
| Q3 2025 | -$211.8M | -$111.8M |
| Q2 2025 | -$225.7M | -$136.6M |
| Q1 2025 | -$244.7M | -$133M |
| Q4 2024 | -$138.2M | -$95.1M |
| Q3 2024 | -$100M | -$26.2M |
VNET has the edge over AAOI on cash flow, with more consistent year-over-year improvement.
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.
VNET Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.5% | +9.5M shares |
| 1 year | +5.7% | +15.3M shares |
| 3 years | +61% | +108M shares |
| 5 years | +98% | +140M shares |
| Available history | +151% | +170M shares |
VNET has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q1 2026 | — |
| Q4 2025 | $2.6M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q3 2024 | — |
| Q2 2024 | — |
VNET spent $3M 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.
VNET Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 6.3x | High |
| Q1 2026 | 6.0x | High |
| Q4 2025 | 7.2x | High |
| Q3 2025 | 10.1x | High |
| Q2 2025 | 8.0x | High |
| Q1 2025 | 7.9x | High |
| Q4 2024 | 3.0x | Elevated |
| Q3 2024 | 278.7x | High |
VNET's net debt is about 6.3 years of its operating earnings (EBITDA), down from 8.0 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).
VNET Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 24.7 | Oversold |
| Stochastic | 3.9 | Oversold |
VNET's weekly RSI is 25 (oversold) and its Stochastic is 4 (oversold).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
VNET PE vs Technology Sector
| Metric | VNET | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
VNET 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 the edge over VNET on trend strength, trading above more of its moving averages.
VNET Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.30 | 28% below |
| 20 week MA | $5.98 | 48% below |
| 50 week MA | $8.15 | 62% below |
| 100 week MA | $8.04 | 62% below |
| 200 week MA | $5.47 | 44% below |
VNET is in a downtrend: it's below all five of its weekly moving averages, and 44% 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 VNET on returns for 2026, with the stronger performance.
VNET Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $6.41 | $32.4 | +405% |
| 2021 | $32.4 | $9.15 | -72% |
| 2022 | $9.15 | $5.64 | -38% |
| 2023 | $5.64 | $2.87 | -49% |
| 2024 | $2.87 | $4.27 | +49% |
| 2025 | $4.27 | $8.69 | +104% |
| 2026 YTD | $8.69 | $3.09 | -64% |
VNET's yearly returns have swung widely, from +405% in 2020 to −72% in 2021. It's down 64% so far in 2026.