Monday 12 October 2026
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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. 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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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
12.83 | 9.80 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Piotroski F-Score |
8 | 7 | 2 | 1 | 3 | 3 | 2 | 6 | 1 | 4 |
P/S ratio |
1.52 | 1.89 | 1.13 | 1.24 | 0.79 | 0.65 | 0.23 | 2.74 | 6.14 | 4.60 |
Altman Z-Score |
3.80 | 5.64 | 2.23 | 0.97 | 0.71 | 0.25 | (0.38) | 1.62 | 2.05 | 2.98 |
P/FCF ratio |
55.74 | 42.62 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Altman Z″-Score (non-manufacturers) |
4.61 | 6.79 | 4.25 | 2.00 | 1.60 | 0.70 | (1.06) | (0.30) | (1.23) | 2.44 |
Beneish M-Score |
(2.20) | (2.47) | (2.96) | (2.95) | (2.46) | (2.70) | (2.86) | (3.40) | (2.30) | (0.51) |
P/Operating CF |
13.83 | 27.03 | (26.14) | (75.00) | (13.19) | (529.99) | (15.03) | 385.18 | (62.20) | (70.93) |
P/B ratio |
1.75 | 2.17 | 0.92 | 0.87 | 0.67 | 0.54 | 0.28 | 2.78 | 6.68 | 2.86 |
Price to Tangible BV |
1.79 | 2.20 | 0.95 | 0.90 | 0.69 | 0.56 | 0.30 | 2.90 | 6.94 | 2.89 |
EV/Sales |
1.54 | 1.86 | 1.22 | 1.60 | 1.24 | 1.13 | 0.77 | 2.84 | 6.47 | 4.59 |
EV/EBITDA |
10.78 | 6.61 | 17.20 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
7.02 | 8.42 | 23.26 | (173.73) | (6.61) | (20.60) | (12.29) | (78.00) | (23.20) | (12.00) |
EV/FCF |
56.27 | 41.78 | (5.66) | (9.77) | (4.84) | (12.01) | (9.94) | (35.42) | (14.22) | (5.91) |
Quick Ratio |
1.70 | 2.03 | 1.14 | 1.11 | 0.90 | 0.82 | 0.70 | 1.11 | 1.15 | 1.79 |
Current Ratio |
2.63 | 3.25 | 2.51 | 2.11 | 2.03 | 1.78 | 1.32 | 1.85 | 1.77 | 2.63 |
Net Debt/EBITDA |
(0.24) | (0.32) | 1.61 | (2.82) | (4.51) | (3.33) | (3.44) | (1.15) | (1.22) | 3.09 |
Debt/Assets |
13.38% | 10.93% | 18.97% | 28.78% | 32.20% | 31.40% | 38.09% | 19.66% | 25.38% | 11.11% |
Debt/Equity |
0.19 | 0.15 | 0.27 | 0.49 | 0.56 | 0.56 | 0.84 | 0.36 | 0.61 | 0.18 |
Asset Turnover |
0.88 | 0.99 | 0.58 | 0.41 | 0.50 | 0.45 | 0.52 | 0.55 | 0.53 | 0.53 |
Operating CF/Net income |
1.83 | 1.14 | (6.54) | 0.03 | 0.75 | 0.22 | 0.21 | 0.14 | 0.37 | 4.56 |
Capex/Depreciation |
(3.52) | (3.29) | (2.41) | (1.18) | (0.63) | (0.32) | (0.14) | (0.42) | (1.99) | (6.73) |
Interest Coverage |
13.41 | 101.34 | (9.74) | (9.02) | (8.67) | (10.10) | (9.34) | (4.39) | (10.39) | (15.61) |
| 15.90% | 26.38% | (0.65%) | (21.91%) | (21.19%) | (20.34%) | (30.23%) | (28.06%) | (84.12%) | (7.94%) | |
| 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%) |
Return on Tangible Assets |
12.92% | 20.72% | (0.61%) | (18.88%) | (16.28%) | (16.50%) | (26.06%) | (20.05%) | (53.29%) | (4.81%) |
Average Days of Receivables |
69.67 | 57.14 | 41.67 | 66.27 | 66.96 | 82.71 | 100.21 | 80.62 | 170.96 | 195.75 |
Research and Development Expense of Revenue |
12.19% | 9.25% | 18.66% | 22.74% | 18.49% | 19.48% | 16.27% | 16.53% | 22.04% | 18.76% |
Selling, General and Administrative Expense of Revenue |
12.33% | 11.50% | 18.18% | 27.01% | 23.86% | 25.17% | 25.30% | 29.54% | 31.18% | 23.26% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 |
Share Based Compensation of Revenue |
1.47% | 2.04% | 4.16% | 6.18% | 5.56% | 5.73% | 4.31% | 5.46% | 5.93% | 2.57% |
Graham Net Nets |
0.16 | 0.15 | 0.19 | 0.00 | 0.03 | (0.04) | (0.77) | 0.00 | (0.01) | 0.12 |
Graham Number |
23.14 | 38.98 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Earnings Yield |
7.79% | 10.21% | (0.65%) | (27.78%) | (31.84%) | (39.30%) | (126.06%) | (9.52%) | (11.61%) | (1.86%) |
Free Cash Flow Yield |
1.79% | 2.35% | (19.00%) | (13.14%) | (32.28%) | (14.44%) | (33.10%) | (2.92%) | (7.41%) | (16.87%) |
Revenue per Share |
15.16 | 20.02 | 13.61 | 9.55 | 10.73 | 7.86 | 8.00 | 6.81 | 6.00 | 7.57 |
Operating CF per Share |
3.32 | 4.41 | 0.71 | (0.09) | (2.01) | (0.43) | (0.50) | (0.25) | (1.67) | (2.90) |
Capex per Share |
(2.91) | (3.52) | (3.65) | (1.47) | (0.73) | (0.31) | (0.12) | (0.30) | (1.06) | (2.98) |
Free Cash Flow per Share |
0.41 | 0.89 | (2.93) | (1.56) | (2.75) | (0.74) | (0.62) | (0.55) | (2.73) | (5.88) |
Cash per Share |
3.02 | 4.40 | 2.95 | 3.35 | 2.29 | 1.53 | 1.28 | 1.72 | 1.91 | 3.59 |
Shareholders Equity per Share |
13.22 | 17.45 | 16.75 | 13.70 | 12.71 | 9.46 | 6.63 | 6.73 | 5.52 | 12.19 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
13.22 | 17.45 | 16.75 | 13.70 | 12.71 | 9.46 | 6.63 | 6.73 | 5.52 | 12.19 |
Free Cash Flow |
7.13 | 16.99 | (57.60) | (31.18) | (60.08) | (19.97) | (17.33) | (17.46) | (113.43) | (353.95) |
Working Capital |
97.58 | 158.95 | 116.86 | 101.45 | 106.02 | 85.12 | 44.58 | 79.25 | 131.20 | 418.44 |
Capital Expenditures |
(49.97) | (67.30) | (71.63) | (29.43) | (16.07) | (8.32) | (3.30) | (9.53) | (43.90) | (179.52) |
Net Current Asset Value |
62.62 | 109.99 | 56.53 | (0.23) | 6.26 | (5.81) | (40.43) | (1.71) | (16.65) | 241.22 |
EV/EBIT |
17.42 | 8.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.19 | 0.18 | 0.27 | 0.15 | 0.07 | 0.04 | 0.01 | 0.04 | 0.18 | 0.39 |
Price to Operating Income |
17.26 | 8.33 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.10 | 0.10 | 0.13 | 0.10 | 0.10 | 0.11 | 0.11 | 0.11 | 0.10 | 0.07 |
Cash ROIC |
2.21% | 3.64% | (12.11%) | (6.56%) | (12.44%) | (4.55%) | (4.61%) | (5.04%) | (25.37%) | (32.78%) |
Accounts Receivable Turnover |
5.89 | 6.98 | 5.92 | 5.86 | 6.04 | 4.65 | 4.08 | 3.98 | 3.03 | 2.52 |
Accounts Payable Turnover |
5.34 | 5.40 | 4.89 | 4.61 | 5.91 | 5.44 | 4.60 | 3.93 | 2.72 | 2.56 |
Inventory Turnover |
2.94 | 3.39 | 2.13 | 1.62 | 1.88 | 1.71 | 2.20 | 2.21 | 2.47 | 2.35 |
Average Days of Payables |
76.41 | 73.70 | 60.75 | 82.82 | 58.46 | 72.23 | 92.31 | 75.64 | 204.27 | 164.79 |
Days of Inventory on Hand |
108.85 | 128.00 | 189.43 | 214.52 | 218.90 | 194.24 | 153.72 | 146.86 | 171.51 | 209.64 |
Average Receivables |
44.27 | 54.81 | 45.19 | 32.59 | 38.85 | 45.49 | 54.56 | 54.62 | 82.44 | 180.60 |
Average Payables |
32.52 | 40.00 | 36.77 | 31.37 | 31.16 | 31.94 | 41.12 | 40.37 | 68.93 | 124.45 |
Average Inventory |
59.03 | 63.79 | 84.51 | 89.14 | 97.71 | 101.46 | 86.10 | 71.77 | 76.00 | 135.62 |
Average Assets |
297.90 | 387.63 | 459.89 | 466.83 | 473.82 | 467.63 | 431.36 | 398.72 | 468.11 | 857.73 |
Average Common Equity |
196.39 | 280.33 | 331.19 | 301.44 | 275.84 | 266.23 | 219.62 | 199.77 | 221.99 | 481.51 |
Columns are period end dates