Applied Optoelectronics vs Ribbon Communications
Ribbon Communications is the larger business, with $845m of revenue in fiscal 2025 against $456m for Applied Optoelectronics (1.9 times as much). Applied Optoelectronics grew faster (82.8% against 1.3%). Ribbon Communications kept more of each dollar of sales as profit: a net margin of 4.7% against -8.4%. Applied Optoelectronics carries less debt relative to equity (22.3% against 76.2%).
| Latest fiscal year | Applied OptoelectronicsAAOI, 2025 | Ribbon CommunicationsRBBN, 2025 |
|---|---|---|
| Revenue | $456m | $845m |
| Revenue growth | 82.8% | 1.3% |
| Net income | −$38.2m | $39.6m |
| Operating margin | -12.0% | -0.4% |
| Net margin | -8.4% | 4.7% |
| Return on equity | -7.9% | 9.3% |
| Free cash flow | −$354m | $26.1m |
| Cash | $206m | $96.4m |
| Total debt | $164m | $342m |
| Debt to equity | 22.3% | 76.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | $9.0m |
| Employees | 4,691 | — |
| Market value | $5.33bn | $287m |
| Price vs our value range | — | — |
| Moat score | 16 (Weak) | 54 (Moderate) |
| Insider trades, 12 months | 0 buys, 53 sales | 4 buys, 0 sales |