AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
WETH
Wetouch Technology Inc.
WETH has a slight edge over AAOI overall, supported by 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.
WETH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Unavailable | |
| Strong |
WETH's profitability and balance sheet are currently healthy, and its revenue is stable. There isn't enough data to rate its cash flow.
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.
WETH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 1.2x | $0.81 | — |
| Cheap | 1.9x | $1.32 | +63% |
| Fair | 3.2x | $2.22 | +174% |
| Expensive | 5.2x | $3.65 | +351% |
Historical ranges are pointers, not guarantees.
WETH's PE is in its cheap range at 1.2x.
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.
WETH Forward outlook
There aren't enough analyst estimates for WETH 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.
WETH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $0.70 | +11% |
| Q1 2026 | $0.71 | +6% |
| Q4 2025 | $0.60 | +20% |
| Q3 2025 | $0.62 | +121% |
| Q2 2025 | $0.63 | +80% |
| Q1 2025 | $0.67 | +29% |
| Q4 2024 | $0.50 | -43% |
| Q3 2024 | $0.28 | -74% |
WETH 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 WETH 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.
WETH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $14M | +13% |
| Q1 2026 | $16.3M | +6.7% |
| Q4 2025 | $5.2M | +45% |
| Q3 2025 | $12.2M | +5.6% |
| Q2 2025 | $12.4M | +1.5% |
| Q1 2025 | $15.3M | +2.8% |
| Q4 2024 | $3.6M | +53% |
| Q3 2024 | $11.5M | +3.7% |
WETH's revenue has grown year over year for eight quarters in a row: $14M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 23% | -2.2 points |
| Q1 2026 | 31% | +5.2 points |
| Q4 2025 | -4.1% | +1.3 points |
| Q3 2025 | 26% | -4.5 points |
| Q2 2025 | 25% | -5.6 points |
| Q1 2025 | 26% | +11 points |
| Q4 2024 | -5.4% | +80 points |
| Q3 2024 | 30% | -8.3 points |
WETH 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.
WETH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2024 | $4.6M | +104% |
| Q2 2024 | $3.9M | -4.1% |
| Q1 2024 | -$9.3M | -443% |
| Q1 2023 | $2.7M | +$4.2M |
| Q1 2022 | -$1.4M | -110% |
WETH generated $12M in free cash flow over the past year, more than ten times what it generated the year before.
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.
WETH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +2.8% | +336K shares |
| 1 year | +2.8% | +336K shares |
| 3 years | +51% | +4.2M shares |
WETH has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
WETH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -11.4x | Net Cash |
| Q1 2026 | -10.9x | Net Cash |
| Q4 2023 | -7.6x | Net Cash |
| Q3 2023 | -6.6x | Net Cash |
| Q2 2023 | -6.4x | Net Cash |
| Q1 2023 | -7.5x | Net Cash |
| Q4 2022 | -4.4x | Net Cash |
| Q3 2022 | -3.6x | Net Cash |
WETH 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).
WETH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 36.0 | Neutral |
| Stochastic | 12.1 | Oversold |
WETH'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.
WETH PE vs Technology Sector
| Metric | WETH | Sector median | Relative |
|---|---|---|---|
| PE | 1.2x | 28x | 96% below |
| PE % | 1 | 17 | 16 pts below |
WETH is trading at 1.2x earnings, a 96% 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 stronger trend alignment. AAOI is above 1 of 5 weekly averages versus WETH above 0 of 4.
WETH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $0.92 | 12% below |
| 20 week MA | $1.09 | 26% below |
| 50 week MA | $1.38 | 41% below |
| 100 week MA | $1.37 | 41% below |
WETH is in a downtrend: it's below all four of its weekly moving averages, and 41% below its 100-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 WETH on returns for 2026, with the stronger performance.
WETH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2024 | $4.77 | $1.64 | -66% |
| 2025 | $1.64 | $1.49 | -9.1% |
| 2026 YTD | $1.49 | $0.81 | -46% |
WETH has finished every year since 2024 lower, and it's down 46% so far in 2026.