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Makes optical transceivers and laser components that move data through data-center and cable-broadband networks.
Makes optical transceivers and laser components that move data through data-center and cable-broadband networks.
Makes its own laser chips, then assembles them into transceivers, the modules that turn electricity into light on fibre links, so it keeps the laser margin that rivals pay others for. Sales have shifted from cable-TV to data centres, where a handful of hyperscale buyers place orders in large lumps. Plants are in Texas, Taiwan and China.
In one line: A smaller, more customer-concentrated Lumentum.
Moat: none (customer qualification). Vertically integrated laser manufacturing helps cost control, but the transceiver market is intensely competitive.
Headquarters: Sugar Land, Texas, US · Founded: 1997 · Employees: 4,691
Size Applied Optoelectronics (AAOI) is a United States Information Technology company (Semiconductors) with a market value of $4.26B, the 1304th largest of 3,117 United States companies the cockpit tracks. Shares closed at $50.13 on 6 Nov 2026.
Performance Over six months the shares fell 66.3%, against -31.3% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 19 in its peer set.
Growth Revenue grew 61.9% over the last twelve months (peer median +22.6%); the operating margin is -11.3% (peer median 5.6%).
Valuation It trades at 23.5× forward earnings against a peer median of 33.3× (8th cheapest of 15).
Capital Return on invested capital runs 22.6 points below its cost of capital (18.9% WACC).
Credit Applied Optoelectronics has 1 bond outstanding ($125M).
Short interest Short interest is 19.2% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $596M | $456M | $249M | $218M | $223M |
| Revenue growth | — | +83% | +15% | -2% | — |
| Gross profit | $172M | $137M | $61.4M | $58.2M | $33.0M |
| EBITDA | -$32.1M | -$26.9M | -$50.3M | -$20.9M | -$35.8M |
| Net income | -$57.0M | -$38.2M | -$187M | -$56.0M | -$66.4M |
| Free cash flow | -$632M | -$385M | -$113M | -$17.0M | -$17.2M |
| Capital expenditure | $501M | $211M | $43.9M | $9.67M | $3.71M |
| Total debt | $300M | $248M | $191M | $121M | $156M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Applied Optoelectronics AAOI | $4.26B | -66% | +62% | -11% | 23.5× | n/a |
| Coherent COHR | $38.0B | -42% | +23% | 14% | 16.6× | n/a |
| Lumentum LITE | $48.9B | -40% | +103% | 23% | 18.8× | 41.7% |
| Eoptolink Technology 300502.SZ | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AAOI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -52.7% | -17.2% | lowest of 21 |
| 6-month return | -66.3% | -31.3% | lowest of 19 |
| Distance from 52-week high | -78.5% | -54.3% | lowest of 21 |
| Revenue growth (TTM) | +61.9% | +22.6% | 3rd highest of 21 |
| Operating margin | -11.3% | 5.6% | 3rd lowest of 21 |
| Forward P/E | 23.5× | 33.3× | 8th cheapest of 15 |
| ROIC minus cost of capital | -22.6 pp | -4.7 pp | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Applied Optoelectronics AAOI | United States | $4.26B | -66% | +62% | -11% | 23.5× | n/a | n/a |
| Hunan Goke Microelectronics 300672.SZ | China | $4.24B | -27% | +54% | 5% | 56.9× | 46.0% | +19.7% |
| Premier Energies PREMIERENE.NS | India | $4.28B | -13% | +32% | 25% | 19.7× | n/a | n/a |
| Shanghai Aiko Solar Energy 600732.SS | China | $4.23B | -13% | +25% | -8% | n/a | n/a | n/a |
| Hanwha Solutions 009830.KS | South Korea | $4.30B | -49% | +14% | 0% | 20.1× | n/a | n/a |
| eMemory Technology 3529.TWO | Taiwan | $4.17B | -58% | +17% | 61% | 45.0× | 32.2% | +16.7% |
| Shenzhen Goodix Technology 603160.SS | China | $4.35B | -2% | -7% | 6% | 51.0× | 26.7% | -6.8% |
| Bestechnic (Shanghai) 688608.SS | China | $4.41B | +2% | -26% | 8% | 50.6× | 42.7% | +27.1% |
| Chongqing Genori Technology 688797.SS | China | $4.45B | n/a | +37% | 29% | n/a | n/a | n/a |
| Jiangsu Leadmicro Nano Technology 688147.SS | China | $4.06B | -26% | -5% | 3% | 82.1× | n/a | n/a |
| MaxLinear MXL | United States | $4.48B | -51% | +56% | -1% | 12.1× | n/a | n/a |
| Chengdu Ultra Pure Applied Materials 301717.SZ | China | $4.03B | n/a | +93% | 42% | n/a | n/a | n/a |
| Allwinner Technology 300458.SZ | China | $4.02B | -25% | +26% | 15% | 57.3× | n/a | n/a |
| Maxscend Microelectronics 300782.SZ | China | $4.51B | -47% | -6% | -25% | n/a | n/a | n/a |
| Macronix International 2337.TW | Taiwan | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% | -6.2% |
| Shanghai Fudan Microelectronics 1385.HK | Hong Kong | $4.55B | -48% | +21% | 13% | 12.7× | 19.3% | +18.1% |
| Powertech Technology 6239.TW | Taiwan | $4.61B | -11% | +24% | 13% | 13.2× | n/a | n/a |
| Synaptics SYNA | United States | $4.63B | -7% | +11% | -3% | 21.6× | 34.6% | -2.2% |
| Trina Solar 688599.SS | China | $3.90B | -36% | -3% | -9% | n/a | -4.3% | +17.9% |
| Loongson Technology 688047.SS | China | $3.86B | -44% | +24% | -76% | n/a | n/a | n/a |
| Soitec SOI.PA | France | $3.79B | -38% | -34% | -6% | 141.8× | 25.0% | +0.3% |
Applied Optoelectronics has 1 bond outstanding with $125M face value.