AAOI
Applied Optoelectronics, Inc.
AAOI offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
XPER
Xperi Inc.
XPER 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.
XPER Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Under pressure | |
| Under pressure | |
| Healthy |
XPER's balance sheet is currently healthy, and its revenue is stable, but its profitability and cash flow 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.
XPER PE Valuation
XPER 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.
XPER Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for XPER, with profitability improving. 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.
XPER Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.07 | — |
| Q3 2026 | -$0.68 | -525% |
| Q2 2026 | -$0.70 | -$0.62 |
| Q1 2026 | -$0.99 | -$0.56 |
| Q4 2025 | -$1.23 | -$0.92 |
| Q3 2025 | $0.16 | +$2.05 |
| Q2 2025 | -$0.08 | +$2.40 |
| Q1 2025 | -$0.43 | +$2.28 |
| Q4 2024 | -$0.31 | +$2.87 |
XPER has swung to a loss: it lost $0.68 per share over the past year, after a profit 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 XPER 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.
XPER Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $114M | +2.1% |
| Q2 2026 | $114.5M | +8.1% |
| Q1 2026 | $114.2M | +0.2% |
| Q4 2025 | $116.5M | -4.8% |
| Q3 2025 | $111.6M | -16% |
| Q2 2025 | $105.9M | -11% |
| Q1 2025 | $114M | -4% |
| Q4 2024 | $122.4M | -11% |
XPER's revenue fell from its 2020 peak and has held roughly level since: $114M last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 1.6% | +2.8 points |
| Q2 2026 | 2.5% | +13 points |
| Q1 2026 | 1.9% | +16 points |
| Q4 2025 | -13% | -1 points |
| Q3 2025 | -1.2% | +13 points |
| Q2 2025 | -11% | +7.8 points |
| Q1 2025 | -14% | +13 points |
| Q4 2024 | -12% | +10 points |
XPER 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.
XPER Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.3M | -51% |
| Q2 2026 | $14.1M | +47% |
| Q1 2026 | -$19.1M | +$4.2M |
| Q4 2025 | $1.2M | +$1.7M |
| Q3 2025 | $6.7M | +$12.4M |
| Q2 2025 | $9.5M | +$12.1M |
| Q1 2025 | -$23.3M | +$28.3M |
| Q4 2024 | -$510K | -103% |
XPER 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.
XPER Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.7% | +360K shares |
| 1 year | +5.4% | +2.5M shares |
| 3 years | +13% | +5.5M shares |
| 5 years | +17% | +7.1M shares |
| Available history | -2.8% | -1.4M shares |
XPER has the edge over AAOI on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q4 2024 | $10M |
| Q2 2022 | — |
| Q1 2022 | — |
| Q4 2021 | — |
| Q3 2021 | $31.9M |
| Q2 2021 | $11M |
| Q1 2021 | $32.4M |
AAOI Net Leverage
AAOI's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
XPER Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.4x | Net Cash |
| Q1 2026 | -1.3x | Net Cash |
| Q4 2025 | -12.5x | Net Cash |
| Q3 2025 | -8.5x | Net Cash |
| Q3 2021 | 2.9x | Moderate |
| Q2 2021 | 2.5x | Moderate |
| Q1 2021 | 2.6x | Moderate |
XPER 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).
XPER Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.8 | Neutral |
| Stochastic | 30.8 | Neutral |
XPER's weekly RSI is 50 (neutral) and its Stochastic is 31 (neutral).
AAOI PE vs Technology Sector
AAOI has no meaningful PE right now: it lost money over the past year.
XPER PE vs Technology Sector
| Metric | XPER | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
XPER 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.
XPER Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $5.44 | 13% above |
| 20 week MA | $6.27 | 1.9% below |
| 50 week MA | $6.37 | 3.5% below |
| 100 week MA | $6.94 | 11% below |
| 200 week MA | $8.51 | 28% below |
XPER has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 28% 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 XPER on returns for 2026, with the stronger performance.
XPER Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $14.8 | $8.35 | -44% |
| 2023 | $8.35 | $11.0 | +32% |
| 2024 | $11.0 | $10.1 | -8.1% |
| 2025 | $10.1 | $5.93 | -41% |
| 2026 YTD | $5.93 | $6.15 | +3.7% |
XPER has finished lower in three of the last four years. It's up 3.7% so far in 2026.