Applied Optoelectronics, Inc.

AAOI

TechnologySmall CapUS Equities · NYSE / NASDAQ

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Company Profile

Applied Optoelectronics, Inc. engages in the design, manufacture, and sale of fiber-optic networking products in the United States, Taiwan, and China. The company offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, and distribution equipment, as well as amplifiers. It sells its products to internet data center operators, cable television, telecom equipment manufacturers, fiber-to-the-home, and internet service providers through its direct and indirect sales channels. Applied Optoelectronics, Inc. was incorporated in 1997 and is headquartered in Sugar Land, Texas.

Valuation

Market Cap$16.3B

Current Price$149.00as of Jun 23, 2026

P/E Ratio-425.88

P/B Ratio22.18

EV / EBITDA-1052.31

EV / Sales35.82

Profitability

Operating Margin-10.9%

Net Profit Margin-8.4%

EBITDA Margin-3.4%

Returns

ROE-5.2%

ROCE-5.5%

ROIC %-4.4%

ROA-3.3%

Solvency

Current Ratio2.63

Debt / Equity0.34

Debt / Assets0.21

CFO / Net Profit4.56

Price History▲ 560.17% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$456M▲ 82.8%

EBITDA$-16M▼ 90.3%

Net Profit$-38M▼ 79.5%

Cash from Ops (CFO)$-174M▲ 150.9%

Free Cash Flow (FCF)$-354M▲ 212.0%

Revenue CAGR 3Y26.9%

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$456M	$-16M	$-38M	$-354M	-5.2%	82.8%	-79.5%
2024	$249M	$-159M	$-187M	$-113M	-81.5%	14.6%	233.2%
2023	$218M	$-26M	$-56M	$-18M	-26.1%	-2.3%	-15.6%
2022	$223M	$-37M	$-66M	$-18M	-36.0%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	222.82	217.65	249.36	455.72
Operating Revenue	-	222.82	217.65	249.36	455.72
Cost Of Revenue	-	189.19	158.72	187.56	318.80
Gross Profit	-	33.63	58.92	61.80	136.91
Operating Expense	-	92.46	99.33	132.31	186.65
Research And Development	-	36.24	35.98	54.96	85.51
Selling General And Administration	-	56.38	64.30	77.75	106.01
Total Expenses	-	281.66	258.06	319.88	505.45
Operating Income	-	-58.84	-40.41	-70.51	-49.74
Total Operating Income As Reported	-	-59	-41.35	-70.91	-54.60
EBITDA	-	-36.88	-26.18	-159.26	-15.51
Normalized EBITDA	-	-35.43	-26.84	-47.31	-17.51
EBIT	-	-60.08	-46.61	-179.90	-43.21
Interest Income	-	0.13	0.61	0.87	1.79
Interest Expense	-	6.32	9.43	6.83	3.50
Net Interest Income	-	-6.19	-8.82	-5.95	-1.70
Other Non Operating Income Expenses	-	0.08	-7.47	1.68	2.74
Other Income Expense	-	-1.36	-6.81	-110.27	4.74
Interest Income Non Operating	-	0.13	0.61	0.87	1.79
Interest Expense Non Operating	-	6.32	9.43	6.83	3.50
Net Non Operating Interest Income Expense	-	-6.19	-8.82	-5.95	-1.70
Pretax Income	-	-66.40	-56.04	-186.73	-46.70
Tax Provision	-	0	0.01	0	-8.48
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	0	0.14	-23.51	0.36
Net Income Continuous Operations	-	-66.40	-56.05	-186.73	-38.23
Net Income From Continuing And Discontinued Operation	-	-66.40	-56.05	-186.73	-38.23
Net Income From Continuing Operation Net Minority Interest	-	-66.40	-56.05	-186.73	-38.23
Net Income	-	-66.40	-56.05	-186.73	-38.23
Net Income Common Stockholders	-	-66.40	-56.05	-186.73	-38.23
Net Income Including Noncontrolling Interests	-	-66.40	-56.05	-186.73	-38.23
Normalized Income	-	-64.96	-56.57	-98.29	-39.86
Diluted NI Availto Com Stockholders	-	-66.40	-56.05	-186.73	-38.23
Basic Average Shares	-	27.85	31.94	41.54	60.18
Diluted Average Shares	-	27.85	31.94	41.54	60.18
Reconciled Depreciation	-	23.20	20.43	20.65	27.70
Reconciled Cost Of Revenue	-	189.19	158.72	187.56	318.80
Total Unusual Items	-	-1.44	0.66	-111.95	2
Total Unusual Items Excluding Goodwill	-	-1.44	0.66	-111.95	2
Special Income Charges	-	0.05	-0.05	-112.09	-0.04
Other Special Charges	-6.23	-	-	111.96	-
Gain On Sale Of Security	-	-1.49	0.71	0.14	2.04
General And Administrative Expense	-	46.66	53.23	59.60	75.74
Other Gand A	-	46.66	53.23	59.60	75.74
Gain On Sale Of Ppe	-	0.05	-0.05	-0.13	-0.04
Other Operating Expenses	-	-0.16	-0.94	-0.40	-4.87
Selling And Marketing Expense	-	9.72	11.07	18.15	30.27

Peer Comparison

Technology sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
Applied Optoelectronics, Inc.this co.	AAOI	$16.3B	-425.88	22.18	-5.2%	-1052.31
TTM Technologies, Inc.	TTMI	$19.2B	108.18	10.89	10.1%	48.96
DigitalOcean Holdings, Inc.	DOCN	$18.8B	72.66	-656.60	-903.7%	55.75
SiTime Corporation	SITM	$18.7B	-434.98	16.14	-3.7%	-922.21
Rambus Inc.	RMBS	$18.3B

Learn while you research

Hand-picked academy chapters to deepen your understanding of Applied Optoelectronics, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Growth Investing

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$456M

$-16M

$-38M

$-354M

-5.2%

82.8%

-79.5%

2024

$249M

$-159M

$-187M

$-113M

-81.5%

14.6%

233.2%

2023

$218M

$-26M

$-56M

$-18M

-26.1%

-2.3%

-15.6%

2022

$223M

$-37M

$-66M

$-18M

-36.0%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

222.82

217.65

249.36

455.72

Operating Revenue

222.82

217.65

249.36

455.72

Cost Of Revenue

189.19

158.72

187.56

318.80

Gross Profit

33.63

58.92

61.80

136.91

Operating Expense

92.46

99.33

132.31

186.65

Research And Development

36.24

35.98

54.96

85.51

Selling General And Administration

56.38

64.30

77.75

106.01

Total Expenses

281.66

258.06

319.88

505.45

Operating Income

-58.84

-40.41

-70.51

-49.74

Total Operating Income As Reported

-59

-41.35

-70.91

-54.60

EBITDA

-36.88

-26.18

-159.26

-15.51

Normalized EBITDA

-35.43

-26.84

-47.31

-17.51

EBIT

-60.08

-46.61

-179.90

-43.21

Interest Income

0.13

0.61

0.87

1.79

Interest Expense

6.32

9.43

6.83

3.50

Net Interest Income

-6.19

-8.82

-5.95

-1.70

Other Non Operating Income Expenses

0.08

-7.47

1.68

2.74

Other Income Expense

-1.36

-6.81

-110.27

4.74

Interest Income Non Operating

0.13

0.61

0.87

1.79

Interest Expense Non Operating

6.32

9.43

6.83

3.50

Net Non Operating Interest Income Expense

-6.19

-8.82

-5.95

-1.70

Pretax Income

-66.40

-56.04

-186.73

-46.70

Tax Provision

0.01

-8.48

Tax Rate For Calcs

Tax Effect Of Unusual Items

0.14

-23.51

0.36

Net Income Continuous Operations

-66.40

-56.05

-186.73

-38.23

Net Income From Continuing And Discontinued Operation

-66.40

-56.05

-186.73

-38.23

Net Income From Continuing Operation Net Minority Interest

-66.40

-56.05

-186.73

-38.23

Net Income

-66.40

-56.05

-186.73

-38.23

Net Income Common Stockholders

-66.40

-56.05

-186.73

-38.23

Net Income Including Noncontrolling Interests

-66.40

-56.05

-186.73

-38.23

Normalized Income

-64.96

-56.57

-98.29

-39.86

Diluted NI Availto Com Stockholders

-66.40

-56.05

-186.73

-38.23

Basic Average Shares

27.85

31.94

41.54

60.18

Diluted Average Shares

27.85

31.94

41.54

60.18

Reconciled Depreciation

23.20

20.43

20.65

27.70

Reconciled Cost Of Revenue

189.19

158.72

187.56

318.80

Total Unusual Items

-1.44

0.66

-111.95

Total Unusual Items Excluding Goodwill

-1.44

0.66

-111.95

Special Income Charges

0.05

-0.05

-112.09

-0.04

Other Special Charges

-6.23

111.96

Gain On Sale Of Security

-1.49

0.71

0.14

2.04

General And Administrative Expense

46.66

53.23

59.60

75.74

Other Gand A

46.66

53.23

59.60

75.74

Gain On Sale Of Ppe

0.05

-0.05

-0.13

-0.04

Other Operating Expenses

-0.16

-0.94

-0.40

-4.87

Selling And Marketing Expense

9.72

11.07

18.15

30.27

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

Applied Optoelectronics, Inc.this co.

AAOI

$16.3B

-425.88

22.18

-5.2%

-1052.31

TTM Technologies, Inc.

TTMI

$19.2B

108.18

10.89

10.1%

48.96

DigitalOcean Holdings, Inc.

DOCN

$18.8B

72.66

-656.60

-903.7%

55.75

SiTime Corporation

SITM

$18.7B

-434.98

16.14

-3.7%

-922.21

Rambus Inc.

RMBS

$18.3B

Applied Optoelectronics, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Applied Optoelectronics, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on