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APPLIED OPTOELECTRONICS, INC. USD

Update

Designs and manufactures fiber-optic networking transceivers and components for data-center, broadband, and telecom networks.

Sector: United States — large cap (SEC filings)

US_AAOI

Price chart

191.55 USDDay 13.31%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
191.55 USD · 13.31%
Market cap
11.5 bn USD

Growth

Δ revenue y/y
51.4%
Δ EBITDA y/y

Multiples

P/E (LTM)
P/B (FY)
15.7x
P/E (ann.)
<0
EV/EBITDA (LTM)
EV/EBITDA (ann.)
<0

Cash return

Dividend yield
FCF yield (LTM)
-3.1%

Value creation

fundamental value/yr, % of market cap
Value created / year

Liquidity

Daily turnover (US listing)
2.8 bln USD

Shares: yahoo_fundamentals_timeseries/AAOI

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 0 / Warn: 3 / Err: 10 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1Errors 2Warn 2
2023-06-30 Q2Errors 1Warn 2
2023-09-30 Q3Errors 2Warn 1
2023-12-31 FYErrors 1Warn 1
2024-03-31 Q1Errors 1Warn 1
2024-06-30 Q2Warn 3
2024-09-30 Q3Errors 2Warn 1
2024-12-31 FYErrors 1Warn 3
2025-03-31 Q1Errors 1Warn 3
2025-06-30 Q2Errors 1Warn 2
2025-09-30 Q3Errors 1Warn 1
2025-12-31 FYWarn 3
2026-03-31 Q1Warn 2
All checks pass · Has warnings (review) · Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK151.1
y/y 51.4%
-13.0
y/y
9.2
y/y 61.2%
-3.8
y/y
-14.3
y/y
-85.4-58.21565.9
y/y 142.9%
1106.0
y/y 257.9%
-6.2%-395.5Link
2025-12-31Q4 2025 (3M)OK134.3
y/y 33.9%
-11.5
y/y -77.7%
8.2
y/y 53.2%
-3.3
y/y -195.7%
-2.0
y/y 98.3%
-29.6-75.01168.4
y/y 113.6%
733.9
y/y 220.3%
-5.9%-168.6Link
2025-09-30Q3 2025 (3M)OK118.6
y/y 82.1%
-18.2
y/y
7.4
y/y 40.8%
-10.8
y/y
-17.9
y/y
-28.5-50.2978.5
y/y 138.7%
559.1
y/y 163.6%
-4.9%-106.1Link
2025-06-30Q2 2025 (3M)OK103.0
y/y 137.9%
-16.0
y/y
6.4
y/y 26.3%
-9.6
y/y
-9.1
y/y
-65.5-25.5796.9
y/y 129.0%
425.0
y/y 127.9%
-9.9%-40.6Link
2025-03-31Q1 2025 (3M)OK99.9
y/y 145.5%
-8.9
y/y
5.7
y/y 14.6%
-3.2
y/y
-9.2
y/y
-50.9-28.4644.7
y/y 83.7%
309.0
y/y 57.9%
-13.6%-27.7Link
2024-12-31Q4 2024 (3M)OK100.3
y/y 65.9%
-6.5
y/y -42.8%
5.4
y/y 8.7%
-1.1
y/y -380.9%
-119.7
y/y -763.6%
-24.6-28.4547.0
y/y 40.6%
229.1
y/y 6.6%
-84.6%-39.4Link
2024-09-30Q3 2024 (3M)OK65.2
y/y 4.2%
-16.5
y/y
5.2
y/y 5.1%
-11.3
y/y
-17.8
y/y
-14.4-6.3410.0
y/y 9.7%
212.1
y/y 18.9%
-11.9%-3.5Link
2024-06-30Q2 2024 (3M)OK43.3
y/y 4.0%
-26.2
y/y
5.1
y/y -2.4%
-21.2
y/y
-26.1
y/y
-2.0-3.0348.0
y/y -2.5%
186.5
y/y 14.2%
-54.7%12.9Link
2024-03-31Q1 2024 (3M)OK40.7
y/y -23.3%
-21.6
y/y
5.0
y/y -6.3%
-16.7
y/y
-23.2
y/y
-28.5-5.8350.9
y/y -8.5%
195.7
y/y 13.4%
-45.1%19.3Link
2023-12-31Q4 2023 (3M)OK60.5
y/y
-4.5
y/y
4.9
y/y
0.4
y/y
-13.9
y/y
1.6-6.2389.2
y/y
214.9
y/y
-28.5%-21.0Link
2023-09-30Q3 2023 (3M)OK62.5
y/y
-6.7
y/y
5.0
y/y
-1.7
y/y
-9.0
y/y
-15.3-1.5373.8
y/y
178.4
y/y
-7.0%10.5Link
2023-06-30Q2 2023 (3M)OK41.6
y/y
-16.0
y/y
5.2
y/y
-10.8
y/y
-16.9
y/y
15.3-0.9356.9
y/y
163.3
y/y
-40.4%16.8Link
2023-03-31Q1 2023 (3M)OK53.0
y/y
-14.2
y/y
5.3
y/y
-8.8
y/y
-16.3
y/y
-9.4-0.6383.6
y/y
172.6
y/y
35.9Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-500501001502023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-400%-200%0%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-200-150-100-5002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

-400-300-200-10002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +83% vs +15% the year before — a +68.2 pp move. 3-year CAGR +27%.
revenue growth by year: 2023 -2% · 2024 +15% · 2025 +83%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -48.8%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-03-31 vs 2025-03-31)
= (-4 − -3) × 4.00
-2
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (11 528 + -396) ÷ -27
0.0x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (0.0 + 12) ÷ 2
6.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 368 + 0 + 0 − 830
368
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 51.8% × 11 528
−5 976
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-2 × 6.0 + 368 − 5 976) ÷ 11 528
-48.8%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: (Balance sheet / Profit or loss (P&L) / Cash flows)