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Sunday 1 November 2026
Export AAOI’s income statement to Excel — free account
Applied Optoelectronics, Inc.
AAOI Technology Communication Equipment
Applied Optoelectronics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $455.7 million, up 82.8% from fiscal 2024.
- Revenue
- +86.4%
- EPS
- −75.0%
- Free cash flow
- −191.6%
- Total debt
- +69.0%
Quarter to June 2026, against a year earlier
69.05
10.14
−12.80%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 261 | 382 | 267 | 191 | 235 | 212 | 223 | 218 | 249 | 456 | 596 | +6.4% | 1,038 | 2,663 | 3,964 | +105.7% | |
| Gross margin, % | 33.35 | 43.49 | 32.82 | 24.21 | 21.54 | 17.83 | 15.09 | 27.07 | 24.78 | 30.04 | 28.92 | (3.3) pt | ||||||
| EBT | 21 | 85 | (10) | (51) | (51) | (54) | (66) | (56) | (187) | (47) | (63) | n/m | ||||||
| EBT margin, % | 8.06 | 22.11 | (3.66) | (26.92) | (21.83) | (25.60) | (29.80) | (25.75) | (74.88) | (10.25) | (10.60) | (18.3) pt | ||||||
| Net income | 31 | 74 | (2) | (66) | (58) | (54) | (66) | (56) | (187) | (38) | (57) | n/m | ||||||
| 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 | 7.31 | (7.4%) | |||||
| Earnings | 1.82 | 3.87 | (0.11) | (3.31) | (2.67) | (2.01) | (2.38) | (1.75) | (4.50) | (0.64) | (0.78) | n/m | ||||||
| Cash flow | 3.32 | 4.41 | 0.71 | (0.09) | (2.01) | (0.43) | (0.50) | (0.25) | (1.67) | (2.90) | (1.62) | n/m | ||||||
| Capex | (2.91) | (3.52) | (3.65) | (1.47) | (0.73) | (0.31) | (0.12) | (0.30) | (1.06) | (2.98) | (5.65) | +0.3% | ||||||
| Free cash flow | 0.41 | 0.89 | (2.93) | (1.56) | (2.75) | (0.74) | (0.62) | (0.55) | (2.73) | (5.88) | (7.27) | n/m | ||||||
| Book value | 13.22 | 17.45 | 16.75 | 13.70 | 12.71 | 9.46 | 6.63 | 6.73 | 5.52 | 12.19 | 20.45 | (0.9%) | ||||||
| Shares, m | 17 | 19 | 20 | 20 | 22 | 27 | 28 | 32 | 42 | 60 | 70 | +14.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 12.83 | 9.80 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.3 | |||||
| P/S | 1.52 | 1.89 | 1.13 | 1.24 | 0.79 | 0.65 | 0.23 | 3.15 | 6.14 | 4.60 | 9.43 | 2.1 | ||||||
| P/B | 1.75 | 2.17 | 0.92 | 0.87 | 0.67 | 0.54 | 0.28 | 3.19 | 6.68 | 2.86 | 3.37 | 2.0 | ||||||
| EV/Sales | 1.54 | 1.86 | 1.22 | 1.60 | 1.24 | 1.13 | 0.77 | 3.25 | 6.47 | 4.59 | 9.02 | 2.4 | ||||||
| EV/FCF | 56.27 | 41.78 | (5.66) | (9.77) | (4.84) | (12.01) | (9.94) | (40.45) | (14.22) | (5.91) | (9.07) | (0.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 57 | 84 | 14 | (2) | (44) | (12) | (14) | (8) | (70) | (174) | (132) | n/m | |||||
| Capex | (50) | (67) | (72) | (29) | (16) | (8) | (3) | (10) | (44) | (180) | (461) | +15.3% | ||||||
| Free cash flow | 7 | 17 | (58) | (31) | (60) | (20) | (17) | (17) | (113) | (354) | (593) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 98 | 159 | 117 | 101 | 106 | 85 | 45 | 79 | 131 | 418 | 761 | +17.6% | |||||
| Net debt | (9) | (34) | 31 | 67 | 105 | 102 | 120 | 21 | 60 | (86) | (247) | +28.8% | ||||||
| Shareholders’ equity | 227 | 333 | 329 | 274 | 278 | 255 | 185 | 215 | 229 | 734 | 1,668 | +13.9% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 10.48 | 19.08 | (0.47) | (14.15) | (12.34) | (11.58) | (15.39) | (14.06) | (39.89) | (4.46) | (3.68) | (14.9) pt | |||||
| ROIC | 6.58 | 18.19 | (1.87) | (8.93) | (7.98) | (9.96) | (12.11) | (10.94) | (15.35) | (5.27) | (2.96) | (11.8) pt | ||||||
| ROE | 15.90 | 26.38 | (0.65) | (21.91) | (21.19) | (20.34) | (30.23) | (28.06) | (84.12) | (7.94) | (5.45) | (23.8) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 2,776 | 3,054 | 2,956 | 3,115 | 2,682 | 226 | 217 | 2,149 | 3,309 | 4,691 | — | +6.0% | |||||
| Revenue/emp, $m | 0.09 | 0.13 | 0.09 | 0.06 | 0.09 | 0.94 | 1.03 | 0.10 | 0.08 | 0.10 | — | +0.4% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2017
| Data Center | 307 | 80.22% |
|---|---|---|
| CATV | 61 | 15.89% |
| Telecom | 13 | 3.37% |
| Product and Service, Other | 1 | 0.39% |
| FTTH | 0 | 0.13% |
| Gross margin | 43.49% | |
| Operating margin | 22.74% | |
| Pre-tax margin | 22.11% |
Applied Optoelectronics, Inc. vs peers in Communication Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ZBRA Zebra Technologies Corporation | $17.9B | 32.7× | 24.3× | +20.42% (above 0%: growing) | +122.27% (above 0%: growing) | +52.31% (above 0%: growing) | 52.99% | 20.62% | Compare |
| ASTS AST SpaceMobile, Inc. | $16.8B | — (loss-making) | — (loss-making) | +2,626.64% (above 0%: growing) | n/m | −103.37% (below 0%: shrinking) | 25.23% | (944.09%) | Compare |
| VSAT Viasat Inc. | $10.7B | — (loss-making) | — (loss-making) | −1.24% (below 0%: shrinking) | n/m | −31.14% (below 0%: shrinking) | 35.70% | 4.09% | Compare |
| VIAV Viavi Solutions Inc. | $8.2B | — (loss-making) | 26.6× | +52.53% (above 0%: growing) | +250.00% (above 0%: growing) | +2,728.57% (above 0%: growing) | 59.06% | 13.83% | Compare |
| AAOI Applied Optoelectronics, Inc. | $6.7B | — (loss-making) | 19.6× | +86.42% (above 0%: growing) | n/m | −191.62% (below 0%: shrinking) | 27.72% | (12.88%) | |
| BDC Belden Inc | $4.2B | 17.0× | 16.9× | +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) | 23.4× | +1,235.44% (above 0%: growing) | n/m | −1,000.26% (below 0%: shrinking) | 43.13% | (194.51%) | Compare |
| EXTR Extreme Networks, Inc. | $3.1B | 70.8× | 42.1× | +10.28% (above 0%: growing) | n/m | −13.31% (below 0%: shrinking) | 62.17% | 6.22% | Compare |
| DGII Digi International Inc. | $3.0B | 55.8× | 47.9× | +28.98% (above 0%: growing) | +50.00% (above 0%: growing) | +41.46% (above 0%: growing) | 64.85% | 16.51% | Compare |
| Median of peers | $6.2B | 44.3× | 25.5× | +24.70% | +86.14% | +14.08% | 48.06% | 9.73% |
Pay and ownership Proxy statement filed 24 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.77m | (3.23m) | 409.64 |
| 2024 | 3.70m | 33.29m | 433.14 |
| 2023 | 6.05m | 38.41m | 227.03 |
| 2022 | 2.16m | 456.99k | 22.21 |
| 2021 | 3.66m | 2.73m | 60.40 |
Ownership
Directors and executive officers, together
3.80%
Jane Street Group, LLC
5.10%
The Vanguard Group
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Applied Optoelectronics designs and manufactures fiber-optic networking products for internet data centers, cable television networks, telecommunications networks and fiber-to-the-home services. Its products range from laser chips and other components to modules and complete networking equipment. The company was incorporated in 1997, is headquartered in Sugar Land, Texas, and is led by President and Chief Executive Officer Chih-Hsiang (Thompson) Lin.
In data centers, its optical transceivers plug into switches and servers and enable them to send and receive data over fiber-optic cables. Customers include large internet-based data center operators and equipment suppliers that serve those operators. The company manufactures many of the lasers and subassemblies used inside its transceivers.