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Applied Optoelectronics, Inc. (AAOI) stock

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NASDAQ: AAOI Nasdaq Communications Equipment Next results ~November 5, 2026

D Fundamentals grade

Applied Optoelectronics, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$59

Valuation models combined (3)

Base case. Range ~$42–$73. Weighted average of 3 models (growth cash-flow model, forward price-to-earnings vs peers, forward price-to-sales vs peers), the growth cash-flow model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Applied Optoelectronics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 53 sales by directors and officers, last 12 monthsInsider trades
  • Funds300 adding, 207 cuttingOf 70 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Applied Optoelectronics files

Where Applied Optoelectronics stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $596m, up 61.8% on a year earlier, slower than 64.3% a quarter earlier. Free-cash-flow margin fell to -99.4% from -66.3% a year earlier. The diluted share count is up 49.3% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 4 of our 7 financial-health checks. Our price-to-sales vs peers value is $15.51 a share, against a share price of $78.09.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Applied Optoelectronics, Inc.'s trailing-twelve-month revenue grew 61.8% year on year, with a free-cash-flow margin of -99.5%. Where it stands out: revenue growth of 61.8% ranks 3 of 40 communications equipment companies we cover. Where it lags: change in share count of 49.3% ranks 36 of 36 communications equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 142.5% while net income grew 63.4%: a 206pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 61.8% over the last 12 months, against a median of 11.3% for communications equipment companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -11.3%: costs exceed revenue.
  • Burning cash. Free cash flow was -99.5% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 49.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 145% and a beta of 4.3 against the S&P 500.
  • Insiders selling. 10 insiders sold $126M of stock over the past 365 days and none bought (18% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.06 against an average estimate of $0.01: beat by 300.0%
Revenue
$192m, up 86.4% on a year earlier
Share reaction
+5.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $255m to $290m (third quarter of 2026); non-GAAP gross margin 29% to 30.5% (third quarter of 2026)
Next report
November 5, 2026; average EPS estimate $0.14

Applied Optoelectronics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-9.5%
  • 1 week-13.1%
  • 1 month-45.9%
  • This year+79.3%
  • 1 year+75.8%
  • 5 years+646.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$596M
Operating margin
-11.3%
Net margin
-9.6%
EPS (TTM, diluted)
$-0.78

Growth

Revenue growth
+61.8%
Change in growth rate
−2.5 pts
Share count change
+49.3%

Cash

Free cash flow (TTM)
-$593M
FCF margin
-99.5%
Stock pay % of revenue
2.6%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Insider trade
  4. Agreement
  5. Leadership
  6. Agreement
  7. Results
  8. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Applied Optoelectronics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Applied Optoelectronics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.77 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$57 ~$30–$84 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$73 ~$57–$99 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$42 ~$30–$150 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$59 ~$42–$73 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Applied Optoelectronics, Inc. with Communications Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$17.16$23.44$37.82$15.43$11.88$8.51$5.14$1.89$19.32$36.86$34.86$62.50
Market value$284m$415m$762m$303m$237m$186m$138m$53m$617m$1.5bn$2.1bn$4.6bn
+ Net debt (− = net cash)$37m−$7m−$33m$28m$50m$73m$94m$112m$54m$89m−$42m−$313m
Enterprise value$321m$408m$728m$332m$288m$259m$232m$165m$671m$1.6bn$2.1bn$4.2bn
Multiples
Price / sales 1.5x1.6x2.0x1.1x1.2x0.8x0.7x0.2x2.8x6.1x4.6x7.6x
Price / earnings 26.3x13.3x10.3x—————————
Price / free cash flow —54.2x44.0x—————————
EV / EBITDA 14.0x11.0x6.8x17.5x————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

16 /100

Weak moat

How hard Applied Optoelectronics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -1.5% of total assets over 10 years.

  • Pricing power 4 / 20

    Gross margin has been a median 26.3%, moving by 8.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -21.5%; its worst year was -29.1%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -21.0% of revenue.

  • Discipline 6 / 20

    The diluted share count rose 192.4% over five years; stock-based pay has been a median 5.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (21 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $268m and EPS of $0.14 (range $0.10 to $0.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.68 +362% $1.0bn +128%
Next $4.60 +577% $2.7bn +157%

Next year's EPS estimate has moved −3.6% in 90 days, across 5 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −23.5% on 90 days ago. In the last 30 days, 2 analysts raised Applied Optoelectronics, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Applied Optoelectronics, Inc., last 90 days
$0.00 $2.00 $4.00 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.89 Current fiscal year, 60 days ago: $0.68 Current fiscal year, 30 days ago: $0.68 Current fiscal year, 7 days ago: $0.68 Current fiscal year, Now: $0.68 $0.68 Next fiscal year, 90 days ago: $4.77 Next fiscal year, 60 days ago: $4.60 Next fiscal year, 30 days ago: $4.60 Next fiscal year, 7 days ago: $4.60 Next fiscal year, Now: $4.60 $4.60

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.89$4.77
60 days ago $0.68$4.60
30 days ago $0.68$4.60
7 days ago $0.68$4.60
Now $0.68$4.60

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.01 $0.06 +300.0%
Mar 2026 −$0.05 −$0.07 −44.8%
Dec 2025 −$0.11 −$0.01 +91.1%
Sept 2025 −$0.09 −$0.09 −2.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue third quarter of 2026 $255m to $290m
    “Revenue in the range of $255 million to $290 million.” source
  • non-GAAP income per share third quarter of 2026 $0.11 to $0.26 Non-GAAP
    “Non-GAAP net income in the range of $10.1 million to $24.0 million, and non-GAAP income per share in the range of $0.11 to $0.26 using approximately 92.8 million shares.” source
  • Non-GAAP gross margin third quarter of 2026 29% to 30.5% Non-GAAP
    “Non-GAAP gross margin in the range of 29% to 30.5%.” source
  • Non-GAAP net income third quarter of 2026 $10.1m to $24m Non-GAAP
    “Non-GAAP net income in the range of $10.1 million to $24.0 million, and non-GAAP income per share in the range of $0.11 to $0.26 using approximately 92.8 million shares.” source

How earlier guidance turned out

  • Revenue, second quarter of 2026 guided $180m to $198m Within range: $192m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy350%
Hold350%
Sell00%

Monthly trend

  1. Oct 20262136
  2. Sep 20262136
  3. Aug 20262136

Counts of recommendations published by analysts covering Applied Optoelectronics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.9%
of tradable shares
Days to cover
1.65
at average volume
Short interest, 1 month
+32%
to October 15, 2026
Held by institutions
64%
of shares
Held by insiders
9.7%
of shares
Employees
4,691
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +75.8%

$35.56 on October 31, 2025 to $62.50

ThenNowEffect
Revenue (last 12 months) $368m $596m +61.8%
P/S multiple 4.7x 7.6x +62.1%
Share count 49m 73m −33.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AAOI−40%−63%+922%+91%−5%+79%
Industry peers (median)+18%−18%−12%+23%+3%−6%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AAOI33%42%67%58%50%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AAOI−60%−72%−56%−69%−74%−72%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 99% from August 1, 2017 to July 11, 2022. Getting back needed a 6541% gain, reached on March 2, 2026, 1330 days after the low.

Price behaviour

52-week range
$19.49 – $223.10
From 52-week high
−72.0%
vs 50-day average
−35.9%
vs 200-day average
−45.3%
Volatility (1 year)
145%
Beta vs S&P 500
4.33

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±16.7%
After a week
8 up, 4 down
typical move ±27.4%
After a month
7 up, 5 down
typical move ±39.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +5.5% +0.5% +1.2% −17.9%
May 7, 2026 −16.6% +0.5% +14.0% +10.1%
February 26, 2026 +44.9% −1.0% +74.0% +69.0%
November 6, 2025 −9.3% −1.0% −33.6% −11.6%
August 7, 2025 −7.1% +0.7% −9.6% +1.7%
May 8, 2025 +4.9% +0.6% +35.0% +20.7%
February 26, 2025 +3.0% −1.5% −22.5% −23.8%
November 7, 2024 +71.3% +1.2% +73.7% +123.1%
August 6, 2024 −1.4% +0.2% +15.1% +75.6%
May 9, 2024 −5.6% +0.7% +3.7% −6.1%
February 22, 2024 −26.3% +2.1% −16.7% −23.5%
November 9, 2023 −4.9% +0.8% +30.3% +88.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Applied Optoelectronics, Inc. in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Applied Optoelectronics, Inc.
$0 $200M $400M $600M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $218.8M Revenue (TTM), FY23 Q4: $217.6M Revenue (TTM), FY24 Q1: $205.3M Revenue (TTM), FY24 Q2: $206.9M Revenue (TTM), FY24 Q3: $209.5M Revenue (TTM), FY24 Q4: $249.4M Revenue (TTM), FY25 Q1: $308.6M Revenue (TTM), FY25 Q2: $368.2M Revenue (TTM), FY25 Q3: $421.7M Revenue (TTM), FY25 Q4: $455.7M Revenue (TTM), FY26 Q1: $507M Revenue (TTM), FY26 Q2: $596M $596M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $218.8M
FY23 Q4 $217.6M
FY24 Q1 $205.3M
FY24 Q2 $206.9M
FY24 Q3 $209.5M
FY24 Q4 $249.4M
FY25 Q1 $308.6M
FY25 Q2 $368.2M
FY25 Q3 $421.7M
FY25 Q4 $455.7M
FY26 Q1 $507M
FY26 Q2 $596M
Revenue growth, TTM YoY Applied Optoelectronics, Inc.
-50% 0% 50% 100% 150% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 1.5% Revenue growth, TTM YoY, FY23 Q4: -2.3% Revenue growth, TTM YoY, FY24 Q1: -8.2% Revenue growth, TTM YoY, FY24 Q2: -2.8% Revenue growth, TTM YoY, FY24 Q3: -4.2% Revenue growth, TTM YoY, FY24 Q4: 14.6% Revenue growth, TTM YoY, FY25 Q1: 50.3% Revenue growth, TTM YoY, FY25 Q2: 77.9% Revenue growth, TTM YoY, FY25 Q3: 101.2% Revenue growth, TTM YoY, FY25 Q4: 82.8% Revenue growth, TTM YoY, FY26 Q1: 64.3% Revenue growth, TTM YoY, FY26 Q2: 61.8% 61.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 1.5%
FY23 Q4 -2.3%
FY24 Q1 -8.2%
FY24 Q2 -2.8%
FY24 Q3 -4.2%
FY24 Q4 14.6%
FY25 Q1 50.3%
FY25 Q2 77.9%
FY25 Q3 101.2%
FY25 Q4 82.8%
FY26 Q1 64.3%
FY26 Q2 61.8%
Operating margin (TTM) Applied Optoelectronics, Inc.
-40% -30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -25.2% Operating margin (TTM), FY23 Q4: -19.0% Operating margin (TTM), FY24 Q1: -23.8% Operating margin (TTM), FY24 Q2: -28.6% Operating margin (TTM), FY24 Q3: -32.9% Operating margin (TTM), FY24 Q4: -28.4% Operating margin (TTM), FY25 Q1: -18.9% Operating margin (TTM), FY25 Q2: -13.0% Operating margin (TTM), FY25 Q3: -11.8% Operating margin (TTM), FY25 Q4: -12.0% Operating margin (TTM), FY26 Q1: -11.6% Operating margin (TTM), FY26 Q2: -11.3% -11.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -25.2%
FY23 Q4 -19.0%
FY24 Q1 -23.8%
FY24 Q2 -28.6%
FY24 Q3 -32.9%
FY24 Q4 -28.4%
FY25 Q1 -18.9%
FY25 Q2 -13.0%
FY25 Q3 -11.8%
FY25 Q4 -12.0%
FY26 Q1 -11.6%
FY26 Q2 -11.3%
FCF margin (TTM) Applied Optoelectronics, Inc.
-100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -7.8% FCF margin (TTM), FY23 Q4: -8.1% FCF margin (TTM), FY24 Q1: -20.4% FCF margin (TTM), FY24 Q2: -29.6% FCF margin (TTM), FY24 Q3: -31.1% FCF margin (TTM), FY24 Q4: -45.5% FCF margin (TTM), FY25 Q1: -51.4% FCF margin (TTM), FY25 Q2: -66.4% FCF margin (TTM), FY25 Q3: -71.7% FCF margin (TTM), FY25 Q4: -77.7% FCF margin (TTM), FY26 Q1: -82.5% FCF margin (TTM), FY26 Q2: -99.5% -99.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -7.8%
FY23 Q4 -8.1%
FY24 Q1 -20.4%
FY24 Q2 -29.6%
FY24 Q3 -31.1%
FY24 Q4 -45.5%
FY25 Q1 -51.4%
FY25 Q2 -66.4%
FY25 Q3 -71.7%
FY25 Q4 -77.7%
FY26 Q1 -82.5%
FY26 Q2 -99.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 48 63 78 130 190 261 382 267 191 235 212 223 218 249 456 596
Gross profit 13 19 23 44 60 87 166 88 46 51 38 34 59 62 137 172
EBITDA −1 3 3 11 23 37 107 19 −25 −24 −31 −36 −21 −50 −27 −32
Operating income −4 0 −0 5 13 23 87 −11 −49 −49 −57 −59 −41 −71 −55 −67
Net income −5 −1 −1 4 11 31 74 −2 −66 −58 −54 −66 −56 −187 −38 −57
Diluted EPS −$20.21 −$3.56 −$0.14 $0.28 $0.65 $1.76 $3.67 −$0.11 −$3.31 −$2.67 −$2.01 −$2.38 −$1.75 −$4.50 −$0.64 −$0.78
Growth (year on year)
Revenue — +32.6% +23.7% +66.3% +45.6% +37.3% +46.6% −30.0% −28.6% +22.9% −9.8% +5.3% −2.3% +14.6% +82.8% +61.8%
EBITDA — — −0.7% +264.7% +102.3% +62.7% +188.5% −82.4% −230.7% — — — — — — —
Operating income — — — — +161.8% +71.2% +277.7% −112.4% — — — — — — — —
Net income — — — — +152.0% +189.4% +136.8% −102.9% — — — — — — — —
Diluted EPS — — — — +132.1% +170.8% +108.5% −103.0% — — — — — — — —
Margins
Gross margin 28.0% 29.8% 29.4% 33.9% 31.8% 33.4% 43.5% 32.8% 24.2% 21.5% 17.8% 15.1% 27.1% 24.8% 30.0% 28.9%
EBITDA margin −1.3% 4.9% 4.0% 8.7% 12.0% 14.3% 28.1% 7.1% −13.0% −10.3% −14.8% −16.1% −9.6% −20.2% −5.9% −5.4%
Operating margin −7.8% 0.3% −0.4% 3.9% 7.1% 8.8% 22.7% −4.0% −25.5% −20.8% −26.8% −26.5% −19.0% −28.4% −12.0% −11.3%
Net margin −11.1% −1.5% −1.8% 3.3% 5.7% 12.0% 19.3% −0.8% −34.6% −24.9% −25.6% −29.8% −25.8% −74.9% −8.4% −9.6%
Free-cash-flow margin — — −20.1% −25.0% −38.1% 2.9% 4.5% −21.6% −16.0% −25.5% −9.3% −7.7% −7.8% −45.3% −77.6% −99.4%
Cash flow
Cash from operations −4 −0 −6 9 −15 57 84 14 −2 −44 −12 −14 −8 −70 −174 −132
Capital spending — — 10 41 57 49 67 72 29 16 8 3 9 43 179 460
Free cash flow — — −16 −33 −72 8 17 −58 −31 −60 −20 −17 −17 −113 −354 −592
Stock-based pay 1 0 1 2 2 4 8 11 12 13 12 10 12 15 12 15
Free cash flow after stock pay — — −17 −35 −74 4 10 −69 −42 −73 −32 −27 −29 −128 −365 −607
Balance sheet
Cash 2 11 22 32 28 50 83 56 60 43 35 25 45 67 206 500
Total debt 0 0 26 29 65 43 50 84 110 116 128 137 99 157 164 186
Net debt (negative = net cash) −2 −11 4 −4 37 −7 −33 28 50 73 94 112 54 89 −42 −313
Diluted shares — — 10m 15m 17m 18m 20m 20m 20m 22m 27m 28m 32m 42m 60m 73m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · June 30, 2026
What it owns · $2.3bn
Short-term assets $1.2bnLonger-term assets $1.1bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $428mLonger-term liabilities $205mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.2bn of assets due within a year against $428m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.2bn short-term assets against $205m of longer-dated liabilities.
  • More cash than debt $500m of cash against $59m of debt.
  • Debt below 40% of shareholders' equity Debt is 4% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 2% to 4% over five years.
  • A year's operating cash flow covers at least 20% of debt −$132m of operating cash flow against $59m of debt.
  • Operating profit covers interest at least five times over Operating income of −$67m against $4m of interest.

From Applied Optoelectronics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+49.3%
year over year
R&D spending
18.1%
of revenue
Days sales outstanding
192 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in communications equipment
Last 12 months unless stated AAOI NTGR DGII GILT RBBN AVNW Median
Revenue, last 12 months $596m $694m $506m $452m $801m $440m $324m
Revenue growth, last 12 months 61.8% −0.5% 20.3% 47.9% −7.8% 1.2% 11.0%
Revenue growth, 3-year average 40.9% −6.6% 4.9% 24.4% −1.3% 8.5% 4.1%
Revenue growth, latest quarter 86.4% −1.2% 29.0% — 1.6% 4.8% 12.9%
Gross margin 28.9% 40.0% 63.8% 29.5% 48.3% 31.5% 43.7%
Operating margin −11.3% −4.9% 13.9% 5.2% −3.6% 4.4% 2.2%
Operating margin, 3-year average −17.6% −2.3% 12.8% 3.3% −0.4% 3.9% −1.4%
Net margin −9.6% −3.7% 9.6% 4.6% 2.3% 0.6% −0.0%
Cash from operations / revenue −22.1% 0.5% 27.3% 4.6% −2.3% 3.1% 9.9%
Free-cash-flow margin −99.5% −2.5% 26.9% 2.0% −3.6% 1.4% 7.7%
Free-cash-flow margin, 3-year average −65.1% 9.6% 22.1% −0.2% 0.5% 2.2% 2.2%
Stock pay / revenue 2.6% 5.2% 3.4% 1.9% 2.7% 1.4% 3.9%
Change in share count 49.3% −5.3% 2.3% 5.9% 2.5% 1.6% 1.5%

Median of all 40 companies we cover in communications equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 communications equipment companies
Measure Company Peer median Rank
Revenue growth Growth 61.8% 11.3% 3 of 40
Change in growth rate Growth -2.5pp +2.0pp 33 of 40
Gross margin Profitability 28.9% 44.1% 32 of 36
Operating margin Profitability -11.3% 2.4% 32 of 40
Net margin Profitability -9.6% 0.6% 30 of 40
Free-cash-flow margin Cash generation -99.5% 8.2% 37 of 38
Stock pay as % of revenue Cash generation 2.6% 3.9% 12 of 37
Long-term debt as % of assets Balance sheet 0.1% 10.4% 6 of 23
Change in share count Balance sheet 49.3% 1.6% 36 of 36
Days sales outstanding Balance sheet 192 days 75 days 34 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
CATV $245M 53.8% ▲ 179.5%
Data Center $196M 42.9% ▲ 31.7%
Telecom $13.7M 3.0% ▲ 25.0%
Ftth and Other $1.2M 0.3% ▼ 43.6%
Geography
Region Revenue Share YoY
China $262M 57.5% ▲ 134.5%
Taiwan $174M 38.2% ▲ 37.6%
United States $19.4M 4.3% ▲ 77.4%

From Applied Optoelectronics, Inc.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$7.6B
Institutions reporting
480
Shares held vs prior quarter
▼ 3.7%
Positions opened / closed
166 / 63

Top buyers and sellers, Q2 2026: 300 institutions bought and 207 sold ; the biggest buyer was Marex Group Ltd (+2.5M shares) and the biggest seller D. E. Shaw & Co., Inc (−2.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $956M 6.5M 12.6% ▼ 10.3%
Invesco Ltd. $506M 3.4M 6.7% ▲ 69.5%
Vanguard Capital Management LLC $498M 3.4M 6.6% ▲ 9.8%
Marex Group Ltd $419M 2.8M 5.5% ▲ 878.8%
Vanguard Portfolio Management LLC $393M 2.7M 5.2% ▲ 47.2%
UBS Group AG $313M 2.1M 4.1% ▲ 117.5%
Oberweis Asset Management Inc/ $265M 1.8M 3.5% ▼ 23.8%
Geode Capital Management, LLC $248M 1.7M 3.3% ▲ 3.1%
Value Aligned Research Advisors, LLC $236M 1.6M 3.1% ▲ 25.8%
Goldman Sachs Group Inc $235M 1.6M 3.1% ▲ 46.2%
State Street Corp $222M 1.5M 2.9% ▼ 8.9%
Hood River Capital Management LLC $206M 1.4M 2.7% ▲ 9.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Applied Optoelectronics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $126M 53 trades by 10 insiders · 18% under pre-set plans
Net ▼ $126M net selling
Insider Date Trade Shares Price Value
Murry Stefan J. Chief Financial Officer October 12, 2026 Sell pre-set plan 4,000 $102.87 $411,480
Yeh Shu-Hua (Joshua) *** See Remarks October 5, 2026 Sell pre-set plan 6,000 $120.03 $720,180
Murry Stefan J. Chief Financial Officer September 10, 2026 Sell pre-set plan 4,000 $105.33 $421,320
Chang Hung-Lun (Fred) *** See Remarks September 8, 2026 Sell 32,172 $110.21 $3.5M
Yeh Shu-Hua (Joshua) *** See Remarks August 18, 2026 Sell pre-set plan 6,000 $147.73 $886,380
Murry Stefan J. Chief Financial Officer August 10, 2026 Sell pre-set plan 4,000 $144.79 $579,160
Yeh Shu-Hua (Joshua) *** See Remarks August 4, 2026 Sell pre-set plan 4,715 $126.50 $596,448
Yeh Shu-Hua (Joshua) *** See Remarks July 21, 2026 Sell pre-set plan 1,285 $120.02 $154,226
Murry Stefan J. Chief Financial Officer July 10, 2026 Sell pre-set plan 4,000 $122.09 $488,360
Yeh Shu-Hua (Joshua) *** See Remarks June 18, 2026 Sell pre-set plan 6,000 $171.89 $1M
Chang Hung-Lun (Fred) *** See Remarks June 17, 2026 Sell pre-set plan 40,329 $170.60 $6.9M
Chang Hung-Lun (Fred) *** See Remarks June 12, 2026 Sell 34,000 $166.53 $5.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 26, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Applied Optoelectronics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Applied Optoelectronics, Inc. in brief

What does Applied Optoelectronics, Inc. do?
Applied Optoelectronics, Inc. is a US-listed company in the communications equipment industry. Its financial year ends in December.
What is Applied Optoelectronics, Inc.'s stock ticker?
Applied Optoelectronics, Inc. trades under the ticker AAOI on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Applied Optoelectronics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Applied Optoelectronics, Inc. reported revenue of $596M, 61.8% higher than a year earlier, according to its SEC filings.
What is Applied Optoelectronics, Inc.'s free cash flow?
Applied Optoelectronics, Inc.'s free-cash-flow margin is -99.5% of revenue over the trailing twelve months, ranking 37 of the 38 communications equipment companies we cover.
Who are Applied Optoelectronics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Invesco Ltd. and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Applied Optoelectronics, Inc.'s market cap?
On November 2, 2026, Applied Optoelectronics, Inc.'s market capitalisation was about $4.6B and net debt of -$313M. Market figures come from third-party market data and may be delayed.
How much debt does Applied Optoelectronics, Inc. have?
Applied Optoelectronics, Inc.'s debt-to-equity ratio is 3.5%, from its latest balance sheet (2.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Applied Optoelectronics, Inc.'s competitors?
In our Communications Equipment peer group, the companies closest to Applied Optoelectronics, Inc. are Netgear, Inc., Digi International Inc, Gilat Satellite Networks LTD, Ribbon Communications Inc. and Aviat Networks, Inc. The side-by-side comparison below sets their revenue, margins and growth against Applied Optoelectronics, Inc.'s.
Are insiders buying or selling Applied Optoelectronics, Inc. stock?
Over the last 12 months, Applied Optoelectronics, Inc.'s directors and officers reported 0 open-market purchases and 53 sales on Form 4. The insider trading page charts every trade.
When is Applied Optoelectronics, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Applied Optoelectronics, Inc. announces its own schedule.