Monday 12 October 2026 Export all AAOI data to Excel Powerpack

Applied Optoelectronics, Inc.

Applied Optoelectronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $455.7 million, up 82.8% from fiscal 2024. In the quarter to June 2026, revenue grew 86.4%, EPS fell 75.0%, free cash flow fell 191.6% and total debt rose 69.0%, each against the same quarter a year earlier.

100.68 8.96 −8.17%

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Market cap: $9.3B
P/E: 0.0×
Fwd P/E: 202×
Dividend yield: —
F-score: 4/9
Altman Z: 2.98
Beneish M: −0.51
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 125.19

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	3	3	3	9	1	7	11	2	3	2	1

Insider Ownership 1.26%

Capital & Financial Ratios $m

Market Cap 9,310.00

Revenue 595.97

Net Income (57.02)

Free Cash Flow (592.72)

Net Debt (246.78)

Current Ratio 2.78

Debt/Equity 0.16

P/E ratio 0.00

Fwd P/E 202.00

P/S ratio 13.78

P/B ratio 4.92

Past 5Y EPS Growth —

This Y EPS Growth 384.36%

Next Y EPS Growth 650.85%

Next Y revenue growth 127.77%

Next 5Y EPS Growth 13.00%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 95.46%

10-year low 10-year high

P/B against its own 10 years 91.88%

10-year low 10-year high

EV/Sales against its own 10 years 95.39%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2017	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	55	79	216	509
Receivables	48	117	244	314
Inventory	64	88	183	279
Other	0	0	—	—
	173	301	676	1,190

	2023	2024	2025	Q'26
Payables	33	105	144	286
ST’ Debt	0	—	—	57
Other	—	—	—	—
	93	170	257	428

Compound Annual Growth %

	10y	5y	3y
Sales	9.15%	14.20%	26.93%
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	16.07%	21.44%	58.40%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	151	192	—	—	—
’25	100	103	119	134	456
’24	41	43	65	100	249
’23	53	42	63	60	218
’22	52	52	57	62	223
’21	50	54	53	54	212
’20	40	65	77	52	235

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(85)	12	—	—	—
’25	(51)	(65)	(28)	(30)	(174)
’24	(28)	(2)	(14)	(25)	(70)
’23	(9)	15	(15)	2	(8)
’22	(4)	2	(9)	(3)	(14)
’21	(15)	0	3	0	(12)
’20	(8)	(16)	(6)	(14)	(44)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(144)	(265)	—	—	—
’25	(79)	(91)	(79)	(105)	(354)
’24	(34)	(8)	(18)	(53)	(113)
’23	(10)	14	(17)	(5)	(17)
’22	(5)	1	(10)	(4)	(17)
’21	(18)	(1)	1	(3)	(20)
’20	(11)	(20)	(12)	(18)	(60)

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	(0.19)	(0.28)	—	—	—
’25	(0.18)	(0.16)	(0.28)	(0.03)	(0.64)
’24	(0.60)	(0.66)	(0.42)	(2.60)	(4.50)
’23	(0.56)	(0.57)	(0.27)	(0.38)	(1.75)
’22	(0.58)	(0.52)	(0.56)	(0.71)	(2.38)
’21	(0.59)	(0.31)	(0.58)	(0.54)	(2.01)
’20	(0.83)	(0.89)	(0.42)	(0.57)	(2.67)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	8.08	21.88	13.42	8.34	5.00	5.12	1.48	1.60	6.70	9.71	Analyst estimates 2026–2028 Powerpack
	High	27.28	103.41	50.30	18.04	17.57	13.95	5.38	24.08	44.50	41.96
People
People	Employees	2,776	3,054	2,956	3,115	2,682	226	217	2,149	3,309	4,691
	Revenue/emp, $m	0.09	0.13	0.09	0.06	0.09	0.94	1.03	0.10	0.08	0.10
Income, $m
Income, $m	Revenue	261	382	267	191	235	212	223	218	249	456
	Gross margin, %	33.35	43.49	32.82	24.21	21.54	17.83	15.09	27.07	24.78	30.04
	EBT	21	85	(10)	(51)	(51)	(54)	(66)	(56)	(187)	(47)
	EBT margin, %	8.06	22.11	(3.66)	(26.92)	(21.83)	(25.60)	(29.80)	(25.75)	(74.88)	(10.25)
	Net income	31	74	(2)	(66)	(58)	(54)	(66)	(56)	(187)	(38)
	Depreciation	14	20	30	25	26	26	24	23	22	27
Per share, $
Per share, $	Revenue	15.16	20.02	13.61	9.55	10.73	7.86	8.00	6.81	6.00	7.57
	Earnings	1.82	3.87	(0.11)	(3.31)	(2.67)	(2.01)	(2.38)	(1.75)	(4.50)	(0.64)
	Cash flow	3.32	4.41	0.71	(0.09)	(2.01)	(0.43)	(0.50)	(0.25)	(1.67)	(2.90)
	Capex	(2.91)	(3.52)	(3.65)	(1.47)	(0.73)	(0.31)	(0.12)	(0.30)	(1.06)	(2.98)
	Free cash flow	0.41	0.89	(2.93)	(1.56)	(2.75)	(0.74)	(0.62)	(0.55)	(2.73)	(5.88)
	Book value	13.22	17.45	16.75	13.70	12.71	9.46	6.63	6.73	5.52	12.19
	Shares, m	17	19	20	20	22	27	28	32	42	60
Valuation, ×
Valuation, ×	P/E	12.83	9.80	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	1.52	1.89	1.13	1.24	0.79	0.65	0.23	2.74	6.14	4.60
	P/B	1.75	2.17	0.92	0.87	0.67	0.54	0.28	2.78	6.68	2.86
	EV/Sales	1.54	1.86	1.22	1.60	1.24	1.13	0.77	2.84	6.47	4.59
	EV/FCF	56.27	41.78	(5.66)	(9.77)	(4.84)	(12.01)	(9.94)	(35.42)	(14.22)	(5.91)
Cash, $m
Cash, $m	Operating cash flow	57	84	14	(2)	(44)	(12)	(14)	(8)	(70)	(174)
	Capex	(50)	(67)	(72)	(29)	(16)	(8)	(3)	(10)	(44)	(180)
	Free cash flow	7	17	(58)	(31)	(60)	(20)	(17)	(17)	(113)	(354)
Balance, $m
Balance, $m	Working capital	98	159	117	101	106	85	45	79	131	418
	Total debt	43	50	89	134	155	143	156	77	139	130
	Net debt	(9)	(34)	31	67	105	102	120	21	60	(86)
	Shareholders’ equity	227	333	329	274	278	255	185	215	229	734
Returns, %
Returns, %	ROA	10.48	19.08	(0.47)	(14.15)	(12.34)	(11.58)	(15.39)	(14.06)	(39.89)	(4.46)
	ROIC	6.58	18.19	(1.87)	(8.93)	(7.98)	(9.96)	(12.11)	(10.94)	(15.35)	(5.27)
	ROE	15.90	26.38	(0.65)	(21.91)	(21.19)	(20.34)	(30.23)	(28.06)	(84.12)	(7.94)

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ASTS AST SpaceMobile, Inc.	$22.2B	— (loss-making)	— (loss-making)	+2,626.64% (above 0%: growing)	n/m	−103.37% (below 0%: shrinking)	25.23%	(944.09%)	Compare
ZBRA Zebra Technologies Corporation	$18.1B	35.2×	18.8×	+20.42% (above 0%: growing)	+122.27% (above 0%: growing)	+52.31% (above 0%: growing)	52.99%	20.62%	Compare
VIAV Viavi Solutions Inc.	$10.8B	— (loss-making)	59.1×	+52.53% (above 0%: growing)	+250.00% (above 0%: growing)	+6,100.00% (above 0%: growing)	59.06%	13.83%	Compare
VSAT Viasat Inc.	$9.3B	— (loss-making)	— (loss-making)	−1.24% (below 0%: shrinking)	n/m	−31.14% (below 0%: shrinking)	35.70%	4.09%	Compare
AAOI Applied Optoelectronics, Inc.	$9.0B	— (loss-making)	202×	+86.42% (above 0%: growing)	n/m	−191.62% (below 0%: shrinking)	27.72%	(12.88%)
BDC Belden Inc	$4.2B	17.5×	18.8×	+11.63% (above 0%: growing)	+14.29% (above 0%: growing)	+55.69% (above 0%: growing)	39.14%	13.23%	Compare
ONDS Ondas Holdings Inc.	$4.0B	— (loss-making)	19.8×	+1,235.44% (above 0%: growing)	n/m	−1,000.26% (below 0%: shrinking)	43.13%	(194.51%)	Compare
EXTR Extreme Networks, Inc.	$3.2B	75.6×	67.1×	+10.28% (above 0%: growing)	n/m	−13.31% (below 0%: shrinking)	62.17%	6.22%	Compare
DGII Digi International Inc.	$2.8B	58.5×	48.2×	+28.98% (above 0%: growing)	+50.00% (above 0%: growing)	+41.46% (above 0%: growing)	64.85%	16.51%	Compare
Median of peers	$6.8B	46.9×	34.0×	+24.70%	+86.14%	+14.08%	48.06%	9.73%

All 47 Communication Equipment stocks →

Applied Optoelectronics, Inc. (AAOI) key facts

Strength: Applied Optoelectronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $455.7 million, up 82.8% from fiscal 2024.
Applied Optoelectronics, Inc. (AAOI) is a Communication Equipment company in the Technology sector, listed on Nasdaq.
As of October 12, 2026, AAOI traded at $100.68, a market capitalization of $9.3 billion.
Return on equity was −7.94% and debt-to-equity 0.16.
Its Piotroski F-score is 4 out of 9 and its Altman Z-score is 2.98 (grey zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.