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Applied Optoelectronics (AAOI) Financials

Applied Optoelectronics logo
$177.62 -3.87 (-2.13%)
As of 05/26/2026 04:00 PM Eastern
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Annual Income Statements for Applied Optoelectronics

Annual Income Statements for Applied Optoelectronics

This table shows Applied Optoelectronics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 11 31 74 -2.15 -66 -58 -54 -66 -56 -187 -38
Consolidated Net Income / (Loss)		 11 31 74 -2.15 -66 -58 -54 -66 -56 -187 -38
Net Income / (Loss) Continuing Operations		 11 31 74 -2.15 -66 -58 -54 -66 -56 -187 -38
Total Pre-Tax Income 		11 21 85 -9.78 -51 -51 -54 -66 -56 -187 -47
Total Operating Income		 13 23 87 -11 -49 -49 -57 -59 -41 -71 -55
Total Gross Profit		 60 87 166 88 46 51 38 34 59 62 137
Total Revenue		 190 261 382 267 191 235 212 223 218 249 456
Operating Revenue		 190 261 382 267 191 235 212 223 218 249 456
Total Cost of Revenue		 129 174 216 180 145 184 174 189 159 188 319
Operating Cost of Revenue		 129 174 216 180 145 184 174 189 159 188 319
Total Operating Expenses		 47 64 79 99 95 99 94 93 100 133 192
Selling, General & Admin Expense		 20 26 35 39 41 42 42 47 53 60 76
Marketing Expense		 6.38 6.63 8.70 9.14 10 14 11 9.72 11 18 30
Research & Development Expense		 21 32 35 50 43 43 41 36 36 55 86
Total Other Income / (Expense), net		 -2.28 -2.02 -2.43 0.99 -2.64 -2.38 2.61 -7.40 -15 -116 7.90
Interest Expense		 1.02 1.72 0.86 1.11 5.41 5.64 5.62 6.32 9.43 6.83 3.50
Interest & Investment Income		 0.33 0.25 0.22 0.28 0.93 0.26 0.07 0.13 0.61 0.87 1.79
Other Income / (Expense), net		 -1.59 -0.55 -1.79 1.81 1.84 3.00 8.16 -1.21 -5.87 -110 9.60
Income Tax Expense		 0.38 -10 11 -7.63 15 7.23 0.00 0.00 0.01 0.00 -8.48
Basic Earnings per Share		 $0.69 $1.82 $3.87 ($0.11) ($3.31) ($2.67) ($2.01) ($2.38) ($1.75) ($4.50) ($0.64)
Weighted Average Basic Shares Outstanding		 15.63M 17.20M 19.10M 19.65M 19.98M 21.87M 26.91M 27.85M 31.94M 41.54M 60.18M
Diluted Earnings per Share		 $0.65 $1.76 $3.67 ($0.11) ($3.31) ($2.67) ($2.01) ($2.38) ($1.75) ($4.50) ($0.64)
Weighted Average Diluted Shares Outstanding		 16.53M 17.71M 20.14M 19.65M 19.98M 21.87M 26.91M 27.85M 31.94M 41.54M 60.18M
Weighted Average Basic & Diluted Shares Outstanding		 15.60M 17.20M 19.10M 19.50M 20M 26.70M 27.51M 28.97M 38.40M 49.65M 75.20M

Quarterly Income Statements for Applied Optoelectronics

This table shows Applied Optoelectronics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -2.02 -14
Consolidated Net Income / (Loss)		 -8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -2.02 -14
Net Income / (Loss) Continuing Operations		 -8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -2.02 -14
Total Pre-Tax Income 		-8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -10 -13
Total Operating Income		 -6.69 -4.53 -22 -26 -17 -6.47 -8.94 -16 -18 -12 -13
Total Gross Profit		 20 22 7.59 9.56 16 29 31 31 33 42 44
Total Revenue		 63 60 41 43 65 100 100 103 119 134 151
Operating Revenue		 63 60 41 43 65 100 100 103 119 134 151
Total Cost of Revenue		 42 39 33 34 49 72 69 72 85 92 107
Operating Cost of Revenue		 42 39 33 34 49 72 69 72 85 92 107
Total Operating Expenses		 27 26 29 36 32 35 39 47 51 53 57
Selling, General & Admin Expense		 14 13 14 17 14 15 16 18 20 21 25
Marketing Expense		 3.04 3.44 3.80 5.91 4.80 3.65 5.36 8.14 9.87 6.90 6.35
Research & Development Expense		 9.46 9.34 12 13 13 17 18 21 21 26 26
Total Other Income / (Expense), net		 -2.27 -9.33 -1.52 0.13 -1.21 -113 -0.24 6.88 0.25 1.00 -0.24
Interest Expense		 1.99 3.13 1.68 1.69 1.70 1.76 0.93 0.82 0.90 0.84 0.86
Interest & Investment Income		 0.07 0.47 0.26 0.09 0.16 0.37 0.22 0.29 0.45 0.83 1.74
Other Income / (Expense), net		 -0.34 -6.67 -0.11 1.73 0.34 -112 0.48 7.41 0.70 1.02 -1.12
Income Tax Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -8.48 1.05
Basic Earnings per Share		 ($0.27) ($0.35) ($0.60) ($0.66) ($0.42) ($2.82) ($0.18) ($0.16) ($0.28) ($0.02) ($0.19)
Weighted Average Basic Shares Outstanding		 32.77M 31.94M 38.36M 39.37M 42.31M 41.54M 50.04M 56.77M 63.33M 60.18M 75.98M
Diluted Earnings per Share		 ($0.27) ($0.35) ($0.60) ($0.66) ($0.42) ($2.82) ($0.18) ($0.16) ($0.28) ($0.02) ($0.19)
Weighted Average Diluted Shares Outstanding		 32.77M 31.94M 38.36M 39.37M 42.31M 41.54M 50.04M 56.77M 63.33M 60.18M 75.98M
Weighted Average Basic & Diluted Shares Outstanding		 35.54M 38.40M 38.91M 40.90M 45.08M 49.65M 55.54M 62.35M 68.28M 75.20M 80.24M

Annual Cash Flow Statements for Applied Optoelectronics

This table details how cash moves in and out of Applied Optoelectronics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 0.11 19 32 -26 9.03 -17 -8.98 -5.55 18 51 137
Net Cash From Operating Activities		 -15 57 84 14 -1.75 -44 -12 -14 -7.93 -70 -174
Net Cash From Continuing Operating Activities		 -15 57 84 14 -1.75 -44 -12 -14 -7.93 -70 -175
Net Income / (Loss) Continuing Operations		 11 31 74 -2.15 -66 -58 -54 -66 -56 -187 -38
Consolidated Net Income / (Loss)		 11 31 74 -2.15 -66 -58 -54 -66 -56 -187 -38
Depreciation Expense		 9.42 14 20 30 24 25 25 23 20 21 28
Amortization Expense		 - - 0.08 0.04 0.89 0.90 0.87 0.90 2.31 1.43 -1.02
Non-Cash Adjustments To Reconcile Net Income		 7.49 6.73 10 18 19 16 3.59 24 18 124 13
Changes in Operating Assets and Liabilities, net		 -43 4.95 -20 -31 20 -27 13 4.22 7.39 -29 -176
Net Cash From Investing Activities		 -62 -42 -70 -77 -32 -19 -11 -3.83 -15 -51 -211
Net Cash From Continuing Investing Activities		 -62 -42 -70 -77 -32 -19 -11 -3.83 -15 -51 -211
Purchase of Property, Plant & Equipment		 -57 -49 -67 -77 -29 -16 -7.98 -3.21 -9.08 -43 -179
Acquisitions		 -0.48 -0.55 -0.50 -0.48 -0.64 -0.49 -0.46 -0.50 -0.59 -0.51 -0.38
Sale of Property, Plant & Equipment		 0.35 0.01 0.17 0.70 0.00 0.22 0.11 0.40 0.14 0.01 0.01
Other Investing Activities, net		 -4.24 0.69 -2.87 0.67 -2.69 -3.28 -2.22 -0.53 -5.23 -6.79 -31
Net Cash From Financing Activities		 78 1.66 18 35 43 47 14 11 41 142 528
Net Cash From Continuing Financing Activities		 78 1.66 18 35 43 47 14 11 41 169 528
Repayment of Debt		 -131 -178 -39 -169 -54 -126 -148 -179 -226 -90 -163
Issuance of Debt		 170 152 88 208 97 136 148 189 198 93 183
Issuance of Common Equity		 39 27 22 0.00 0.00 39 15 1.24 69 146 519
Other Financing Activities, net		 0.45 0.86 -52 -4.02 -0.89 -1.08 -0.97 -0.47 -1.00 20 -10
Effect of Exchange Rate Changes		 -0.59 1.95 - - 0.30 -1.00 -0.88 - - 2.08 -6.01
Cash Interest Paid		 1.07 1.69 0.87 0.85 3.17 4.97 4.90 5.14 8.10 4.94 2.48

Quarterly Cash Flow Statements for Applied Optoelectronics

This table details how cash moves in and out of Applied Optoelectronics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 2.63 24 -38 -1.29 25 38 -12 20 64 65 233
Net Cash From Operating Activities		 -15 1.55 -28 -1.99 -14 -25 -51 -65 -28 -30 -85
Net Cash From Continuing Operating Activities		 -15 1.55 -28 -1.99 -14 -25 -51 -65 -28 -30 -85
Net Income / (Loss) Continuing Operations		 -8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -2.02 -14
Consolidated Net Income / (Loss)		 -8.95 -14 -23 -26 -18 -120 -9.17 -9.10 -18 -2.02 -14
Depreciation Expense		 4.98 4.93 5.00 5.07 5.23 5.36 5.73 6.40 7.37 8.21 9.23
Amortization Expense		 0.31 1.38 0.32 0.36 0.36 0.39 -0.21 -0.29 -0.27 -0.25 -0.26
Non-Cash Adjustments To Reconcile Net Income		 7.47 -6.39 4.92 9.29 2.43 108 4.67 -12 22 -1.71 9.80
Changes in Operating Assets and Liabilities, net		 -19 15 -16 9.41 -4.70 -18 -52 -51 -40 -34 -90
Net Cash From Investing Activities		 -3.25 -9.60 -8.07 -4.08 -9.27 -29 -36 -39 -50 -85 -68
Net Cash From Continuing Investing Activities		 -3.25 -9.60 -8.07 -4.08 -9.27 -29 -36 -39 -50 -85 -68
Purchase of Property, Plant & Equipment		 -1.46 -6.16 -5.76 -2.98 -6.29 -28 -28 -25 -50 -75 -58
Acquisitions		 -0.18 -0.16 -0.12 -0.11 -0.14 -0.13 -0.07 -0.08 -0.13 -0.11 -0.12
Other Investing Activities, net		 -1.68 -3.28 -2.19 -1.00 -2.84 -0.76 -7.85 -13 -0.11 -9.79 -9.74
Net Cash From Financing Activities		 21 31 -1.42 4.51 49 90 70 126 152 180 389
Net Cash From Continuing Financing Activities		 21 31 -1.42 4.51 49 90 70 126 152 180 389
Repayment of Debt		 -16 -31 -22 -25 -13 -29 -30 -39 -56 -38 -43
Issuance of Debt		 16 26 18 18 24 32 30 47 62 43 52
Issuance of Common Equity		 22 37 3.83 16 39 88 72 124 147 176 382
Other Financing Activities, net		 -0.47 -0.38 -1.01 -4.45 -0.38 -1.28 -1.69 -6.14 -1.36 -1.27 -1.74
Effect of Exchange Rate Changes		 - - 0.28 0.27 -0.41 1.94 4.88 - -9.79 0.13 -2.48
Cash Interest Paid		 2.44 2.04 0.06 2.47 0.11 2.31 0.11 0.17 2.11 0.10 1.82
Cash Income Taxes Paid		 - -0.00 - - - -0.00 0.00 - - - -0.00

Annual Balance Sheets for Applied Optoelectronics

This table presents Applied Optoelectronics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 273 322 453 467 467 481 454 408 389 547 1,168
Total Current Assets		 154 158 230 194 193 209 194 183 173 301 676
Cash & Equivalents		 28 50 83 56 60 43 35 25 45 67 206
Restricted Cash		 4.72 1.73 1.01 2.36 7.05 6.69 6.48 11 9.73 12 9.90
Accounts Receivable		 39 50 60 31 35 43 48 61 48 117 244
Inventories, net		 66 52 76 93 85 110 93 80 64 88 183
Prepaid Expenses		 8.24 3.97 8.67 11 5.87 5.21 4.33 6.38 5.35 17 32
Plant, Property, & Equipment, net		 110 144 198 234 248 253 243 210 200 219 376
Total Noncurrent Assets		 9.85 21 25 38 26 19 17 15 16 27 117
Intangible Assets		 4.75 4.77 4.81 9.79 9.68 9.85 9.69 8.94 8.66 3.68 3.62
Noncurrent Deferred & Refundable Income Taxes		 - 11 13 22 7.29 - - - - - 7.62
Other Noncurrent Operating Assets		 5.09 4.47 7.73 6.85 8.49 8.71 7.60 5.95 7.61 23 105
Total Liabilities & Shareholders' Equity		 273 322 453 467 467 481 454 408 389 547 1,168
Total Liabilities		 108 95 120 138 193 203 200 224 174 318 435
Total Current Liabilities		 74 60 71 77 91 103 109 139 93 170 257
Short-Term Debt		 31 7.87 0.56 24 33 38 50 57 23 22 34
Accounts Payable		 29 36 44 30 33 29 34 48 33 105 144
Accrued Expenses		 12 14 19 19 18 19 16 17 19 22 42
Other Current Liabilities		 3.00 0.31 - 4.63 7.29 17 9.28 13 17 21 37
Total Noncurrent Liabilities		 34 35 49 60 102 100 91 85 81 148 177
Long-Term Debt		 34 35 49 60 94 92 84 80 76 139 130
Other Noncurrent Operating Liabilities		 - - - 0.00 7.98 7.93 7.19 5.51 4.73 9.04 47
Commitments & Contingencies		 - - - - - - - - 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 165 227 333 329 274 278 255 185 215 229 734
Total Preferred & Common Equity		 165 227 333 329 274 278 255 185 215 229 734
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 165 227 333 329 274 278 255 185 215 229 734
Common Stock		 233 265 285 293 303 355 381 392 479 684 1,225
Retained Earnings		 -68 -37 38 36 -30 -89 -143 -209 -265 -452 -490
Accumulated Other Comprehensive Income / (Loss)		 0.29 -0.89 9.74 0.60 0.43 12 16 2.18 0.98 -2.55 -0.62

Quarterly Balance Sheets for Applied Optoelectronics

This table presents Applied Optoelectronics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 414 384 357 374 351 348 410 645 797 979 1,566
Total Current Assets		 188 162 145 164 134 133 188 359 458 575 993
Cash & Equivalents		 26 16 22 22 8.43 11 34 51 65 137 440
Restricted Cash		 8.31 11 7.03 9.30 8.97 5.47 7.24 16 22 14 9.67
Accounts Receivable		 53 57 43 61 57 58 75 171 211 224 299
Inventories, net		 94 70 66 68 54 54 64 102 139 170 206
Prepaid Expenses		 6.13 6.52 6.23 4.87 4.08 4.43 7.41 19 21 30 38
Plant, Property, & Equipment, net		 212 207 198 194 200 198 205 241 269 310 419
Total Noncurrent Assets		 15 15 14 16 17 17 16 44 69 93 154
Intangible Assets		 8.91 8.93 8.62 8.62 8.60 8.56 3.66 8.45 3.64 8.44 3.61
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - - - 6.68
Other Noncurrent Operating Assets		 6.02 5.90 5.83 6.95 8.74 8.74 13 36 65 84 144
Total Liabilities & Shareholders' Equity		 414 384 357 374 351 348 410 645 797 979 1,566
Total Liabilities		 216 211 194 195 155 162 198 336 372 419 460
Total Current Liabilities		 131 206 187 188 75 81 117 191 217 249 259
Short-Term Debt		 51 131 117 111 24 23 29 20 22 28 41
Accounts Payable		 52 38 35 35 24 34 56 125 133 150 148
Accrued Expenses		 12 14 15 16 13 17 19 20 28 34 31
Other Current Liabilities		 15 20 9.75 15 12 6.14 11 25 34 37 39
Total Noncurrent Liabilities		 85 5.31 6.15 7.19 81 81 81 145 155 170 200
Long-Term Debt		 79 0.00 0.00 0.00 76 77 77 136 134 130 130
Other Noncurrent Operating Liabilities		 5.57 5.31 5.15 4.77 4.25 3.92 3.73 8.61 21 40 71
Commitments & Contingencies		 - - - - - - - 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 199 173 163 178 196 186 212 309 425 559 1,106
Total Preferred & Common Equity		 199 173 163 178 196 186 212 309 425 559 1,106
Preferred Stock		 - - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 199 173 163 178 196 186 212 309 425 559 1,106
Common Stock		 388 394 407 432 485 502 544 773 894 1,046 1,611
Retained Earnings		 -189 -225 -242 -251 -288 -314 -332 -461 -470 -488 -504
Accumulated Other Comprehensive Income / (Loss)		 -0.99 3.82 -1.47 -2.19 -0.69 -1.53 0.71 -2.76 1.11 1.09 -0.21

Annual Metrics And Ratios for Applied Optoelectronics

This table displays calculated financial ratios and metrics derived from Applied Optoelectronics' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 45.58% 37.29% 46.65% -30.04% -28.64% 22.92% -9.83% 5.32% -2.32% 14.57% 82.75%
EBITDA Growth		 100.62% 72.26% 188.11% -80.32% -205.85% 8.14% -10.70% -61.34% 32.17% -548.15% 88.45%
EBIT Growth		 167.13% 89.52% 278.96% -110.51% -423.87% 2.27% -6.03% -23.85% 21.57% -282.84% 75.11%
NOPAT Growth		 164.72% 163.39% 122.22% -109.91% -352.70% -0.19% -16.22% -3.93% 29.91% -71.49% 23.00%
Net Income Growth		 152.00% 189.39% 136.76% -102.90% -2,977.77% 11.50% 7.34% -22.59% 15.59% -233.17% 79.53%
EPS Growth		 132.14% 170.77% 108.52% -103.00% -2,909.09% 19.34% 24.72% -18.41% 26.47% -157.14% 85.78%
Operating Cash Flow Growth		 -355.49% 475.39% 47.60% -83.36% -112.50% -2,409.07% 73.54% -20.42% 43.45% -776.86% -150.88%
Free Cash Flow Firm Growth		 -80.10% 107.76% -180.28% -1,303.62% 79.69% -349.88% 50.69% 169.30% -113.91% -3,558.20% -303.48%
Invested Capital Growth		 82.71% 15.07% 36.94% 18.80% -5.97% 7.20% -3.08% -17.64% -9.16% 19.91% 119.08%
Revenue Q/Q Growth		 9.55% 13.97% -1.30% -7.55% -4.67% 1.59% 0.99% 3.33% -0.52% 19.00% 8.06%
EBITDA Q/Q Growth		 15.52% 67.22% -4.11% -48.18% -5.46% 3.09% -7.89% -19.68% 24.01% -210.89% 85.72%
EBIT Q/Q Growth		 20.15% 141.46% -6.99% -173.04% -0.37% 0.62% -3.02% -9.66% 13.22% -145.34% 70.55%
NOPAT Q/Q Growth		 8.21% 244.75% -9.64% -162.19% 0.46% -2.32% -0.83% -8.73% 25.07% -2.81% -10.15%
Net Income Q/Q Growth		 23.15% 59.74% -10.32% -117.68% -68.54% 27.34% -2.08% -9.41% 10.24% -130.82% 75.48%
EPS Q/Q Growth		 20.37% 62.96% -13.03% -118.03% -68.02% 31.71% 0.00% -8.68% 17.45% -121.67% 81.40%
Operating Cash Flow Q/Q Growth		 9.64% 61.86% -2.26% -73.23% 82.78% -33.08% 54.31% -29.83% 38.83% -60.35% -2.93%
Free Cash Flow Firm Q/Q Growth		 -26.40% 112.16% -147.68% -72.12% 72.24% -162.58% 42.32% -7.08% -9.88% -51.26% -26.19%
Invested Capital Q/Q Growth		 16.82% -0.25% 1.84% 3.63% -5.94% 4.13% -2.03% -3.06% 0.36% 12.23% 20.34%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 31.83% 33.35% 43.49% 32.82% 24.21% 21.54% 17.83% 15.09% 27.07% 24.78% 30.04%
EBITDA Margin		 11.21% 14.06% 27.63% 7.77% -11.53% -8.61% -10.58% -16.20% -11.25% -63.64% -4.02%
Operating Margin		 7.08% 8.83% 22.74% -4.03% -25.54% -20.82% -26.83% -26.48% -19.00% -28.44% -11.98%
EBIT Margin		 6.24% 8.62% 22.27% -3.35% -24.58% -19.54% -22.98% -27.02% -21.70% -72.50% -9.87%
Profit (Net Income) Margin		 5.68% 11.98% 19.34% -0.80% -34.60% -24.91% -25.60% -29.80% -25.75% -74.88% -8.39%
Tax Burden Percent		 96.64% 148.71% 87.49% 21.95% 128.53% 114.11% 100.00% 100.00% 100.02% 100.00% 81.85%
Interest Burden Percent		 94.18% 93.46% 99.25% 109.20% 109.55% 111.74% 111.42% 110.29% 118.68% 103.29% 103.79%
Effective Tax Rate		 3.36% -48.71% 12.51% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 8.86% 16.79% 29.43% -2.31% -9.91% -9.89% -11.28% -13.06% -10.62% -17.40% -7.70%
ROIC Less NNEP Spread (ROIC-NNEP)		 -25.05% -23.09% 39.15% -128.45% -84.20% -44.54% -28.02% -39.03% -47.85% -233.87% -7.74%
Return on Net Nonoperating Assets (RNNOA)		 -1.16% -0.88% -3.05% 1.66% -12.00% -11.30% -9.07% -17.17% -17.44% -66.72% -0.24%
Return on Equity (ROE)		 7.70% 15.90% 26.38% -0.65% -21.91% -21.19% -20.34% -30.23% -28.06% -84.12% -7.94%
Cash Return on Invested Capital (CROIC)		 -49.65% 2.77% -1.76% -19.49% -3.76% -16.84% -8.15% 6.29% -1.02% -35.51% -82.34%
Operating Return on Assets (OROA)		 5.19% 7.54% 21.97% -1.95% -10.05% -9.68% -10.39% -13.96% -11.84% -38.62% -5.25%
Return on Assets (ROA)		 4.72% 10.48% 19.08% -0.47% -14.15% -12.34% -11.58% -15.39% -14.06% -39.89% -4.46%
Return on Common Equity (ROCE)		 7.70% 15.90% 26.38% -0.65% -21.91% -21.19% -20.34% -30.23% -28.06% -84.12% -7.94%
Return on Equity Simple (ROE_SIMPLE)		 6.53% 13.74% 22.19% -0.65% -24.12% -21.03% -21.28% -35.95% -26.08% -81.50% 0.00%
Net Operating Profit after Tax (NOPAT)		 13 34 76 -7.54 -34 -34 -40 -41 -29 -50 -38
NOPAT Margin		 6.84% 13.13% 19.90% -2.82% -17.88% -14.57% -18.78% -18.53% -13.30% -19.90% -8.39%
Net Nonoperating Expense Percent (NNEP)		 33.91% 39.88% -9.72% 126.15% 74.29% 34.65% 16.75% 25.97% 37.23% 216.47% 0.04%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - -12.86% -9.20% -12.72% -4.26%
Cost of Revenue to Revenue		 68.17% 66.65% 56.51% 67.18% 75.79% 78.46% 82.17% 84.91% 72.93% 75.22% 69.96%
SG&A Expenses to Revenue		 10.41% 9.79% 9.22% 14.77% 21.74% 17.86% 20.02% 20.94% 24.46% 23.90% 16.62%
R&D to Revenue		 10.98% 12.19% 9.25% 18.66% 22.74% 18.49% 19.48% 16.27% 16.53% 22.04% 18.76%
Operating Expenses to Revenue		 24.75% 24.52% 20.75% 36.84% 49.74% 42.36% 44.66% 41.57% 46.07% 53.22% 42.03%
Earnings before Interest and Taxes (EBIT)		 12 22 85 -8.95 -47 -46 -49 -60 -47 -181 -45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 21 37 106 21 -22 -20 -22 -36 -24 -159 -18
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.75 1.77 2.20 0.93 0.87 0.70 0.55 0.29 2.61 4.66 1.38
Price to Tangible Book Value (P/TBV)		 1.80 1.81 2.23 0.96 0.90 0.73 0.57 0.31 2.71 4.84 1.39
Price to Revenue (P/Rev)		 1.52 1.55 1.92 1.14 1.25 0.83 0.66 0.24 2.57 4.28 2.22
Price to Earnings (P/E)		 26.77 12.91 9.91 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.74% 7.75% 10.09% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.65 1.81 2.34 0.93 0.90 0.77 0.67 0.54 2.33 3.70 1.41
Enterprise Value to Revenue (EV/Rev)		 1.65 1.51 1.83 1.24 1.57 1.17 1.10 0.70 2.78 4.61 2.10
Enterprise Value to EBITDA (EV/EBITDA)		 14.71 10.75 6.61 15.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 26.41 17.53 8.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 24.09 11.51 9.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 6.90 8.29 23.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 69.66 0.00 0.00 0.00 0.00 0.00 7.78 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.39 0.19 0.15 0.26 0.46 0.47 0.52 0.74 0.46 0.70 0.22
Long-Term Debt to Equity		 0.21 0.15 0.15 0.18 0.34 0.33 0.33 0.43 0.35 0.61 0.18
Financial Leverage		 0.05 0.04 -0.08 -0.01 0.14 0.25 0.32 0.44 0.36 0.29 0.03
Leverage Ratio		 1.63 1.52 1.38 1.39 1.55 1.72 1.76 1.96 2.00 2.11 1.78
Compound Leverage Factor		 1.54 1.42 1.37 1.52 1.70 1.92 1.96 2.17 2.37 2.18 1.85
Debt to Total Capital		 28.18% 15.85% 12.94% 20.32% 31.70% 31.89% 34.39% 42.52% 31.70% 41.30% 18.25%
Short-Term Debt to Total Capital		 13.42% 2.91% 0.15% 5.71% 8.32% 9.38% 12.81% 17.77% 7.46% 5.73% 3.78%
Long-Term Debt to Total Capital		 14.76% 12.94% 12.79% 14.61% 23.37% 22.51% 21.58% 24.75% 24.23% 35.57% 14.46%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 71.82% 84.15% 87.06% 79.68% 68.30% 68.11% 65.61% 57.48% 68.30% 58.70% 81.75%
Debt to EBITDA		 3.05 1.17 0.47 4.04 -5.78 -6.44 -5.96 -3.78 -4.07 -1.02 -8.94
Net Debt to EBITDA		 1.14 -0.25 -0.33 1.25 -2.73 -3.96 -4.13 -2.80 -1.82 -0.52 2.85
Long-Term Debt to EBITDA		 1.60 0.95 0.46 2.90 -4.26 -4.54 -3.74 -2.20 -3.11 -0.87 -7.08
Debt to NOPAT		 4.99 1.25 0.65 -11.13 -3.72 -3.81 -3.36 -3.31 -3.45 -3.25 -4.29
Net Debt to NOPAT		 1.86 -0.27 -0.45 -3.44 -1.76 -2.34 -2.32 -2.45 -1.54 -1.65 1.37
Long-Term Debt to NOPAT		 2.62 1.02 0.64 -8.00 -2.75 -2.69 -2.11 -1.93 -2.63 -2.80 -3.40
Altman Z-Score		 2.44 3.79 5.68 2.25 0.99 0.76 0.32 -0.38 1.38 0.51 1.50
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.08 2.63 3.25 2.51 2.11 2.03 1.78 1.32 1.85 1.77 2.63
Quick Ratio		 1.01 1.67 2.02 1.11 1.04 0.84 0.83 0.62 1.00 1.08 1.75
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -73 5.66 -4.54 -64 -13 -58 -29 20 -2.77 -101 -409
Operating Cash Flow to CapEx		 -26.82% 115.53% 126.18% 18.28% -6.09% -282.49% -148.01% -499.54% -88.65% -160.20% -97.37%
Free Cash Flow to Firm to Interest Expense		 -71.55 3.29 -5.29 -57.62 -2.40 -10.34 -5.11 3.15 -0.29 -14.84 -116.89
Operating Cash Flow to Interest Expense		 -14.94 33.26 98.23 12.68 -0.32 -7.81 -2.07 -2.22 -0.84 -10.19 -49.88
Operating Cash Flow Less CapEx to Interest Expense		 -70.67 4.47 20.38 -56.71 -5.65 -10.57 -3.47 -2.66 -1.79 -16.54 -101.11
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.83 0.88 0.99 0.58 0.41 0.50 0.45 0.52 0.55 0.53 0.53
Accounts Receivable Turnover		 5.40 5.89 6.98 5.92 5.86 6.04 4.65 4.08 3.98 3.03 2.52
Inventory Turnover		 2.59 2.94 3.39 2.13 1.62 1.88 1.71 2.20 2.21 2.47 2.35
Fixed Asset Turnover		 2.18 2.05 2.24 1.24 0.79 0.94 0.85 0.98 1.06 1.19 1.53
Accounts Payable Turnover		 4.34 5.34 5.40 4.89 4.61 5.91 5.44 4.60 3.93 2.72 2.56
Days Sales Outstanding (DSO)		 67.62 61.98 52.32 61.67 62.33 60.44 78.49 89.37 91.60 120.66 144.65
Days Inventory Outstanding (DIO)		 141.01 123.99 107.77 171.67 224.90 193.75 213.01 166.11 165.05 147.90 155.27
Days Payable Outstanding (DPO)		 84.10 68.32 67.58 74.68 79.14 61.77 67.06 79.34 92.83 134.14 142.48
Cash Conversion Cycle (CCC)		 124.53 117.66 92.52 158.65 208.09 192.41 224.43 176.14 163.82 134.42 157.44
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 190 218 299 355 334 358 347 286 259 311 682
Invested Capital Turnover		 1.29 1.28 1.48 0.82 0.55 0.68 0.60 0.70 0.80 0.87 0.92
Increase / (Decrease) in Invested Capital		 86 29 81 56 -21 24 -11 -61 -26 52 371
Enterprise Value (EV)		 313 394 699 331 299 276 233 155 604 1,150 958
Market Capitalization		 289 403 733 305 239 196 140 54 560 1,068 1,010
Book Value per Share		 $9.82 $13.22 $17.20 $16.62 $13.61 $12.09 $9.33 $6.47 $6.05 $5.08 $10.75
Tangible Book Value per Share		 $9.54 $12.94 $16.95 $16.13 $13.13 $11.67 $8.97 $6.16 $5.80 $4.89 $10.63
Total Capital		 230 270 383 413 401 408 388 321 315 390 898
Total Debt		 65 43 50 84 127 130 133 137 100 161 164
Total Long-Term Debt		 34 35 49 60 94 92 84 80 76 139 130
Net Debt		 24 -9.18 -34 26 60 80 92 101 45 82 -52
Capital Expenditures (CapEx)		 57 49 67 77 29 16 7.87 2.81 8.94 43 179
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 70 53 76 82 68 94 94 66 48 74 236
Debt-free Net Working Capital (DFNWC)		 111 105 160 140 135 144 135 102 103 154 452
Net Working Capital (NWC)		 80 98 159 117 101 106 85 45 79 131 418
Net Nonoperating Expense (NNE)		 2.20 3.00 2.12 -5.39 32 24 14 25 27 137 0.01
Net Nonoperating Obligations (NNO)		 24 -9.18 -34 26 60 80 92 101 45 82 -52
Total Depreciation and Amortization (D&A)		 9.42 14 20 30 25 26 26 24 23 22 27
Debt-free, Cash-free Net Working Capital to Revenue		 36.90% 20.50% 19.75% 30.82% 35.52% 40.14% 44.28% 29.65% 21.89% 29.85% 51.87%
Debt-free Net Working Capital to Revenue		 58.32% 40.44% 41.72% 52.51% 70.63% 61.50% 63.72% 45.62% 47.20% 61.58% 99.28%
Net Working Capital to Revenue		 42.05% 37.43% 41.57% 43.69% 53.15% 45.19% 40.23% 20.01% 36.41% 52.61% 91.82%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.69 $1.82 $3.87 ($0.11) ($3.31) ($2.67) ($2.01) ($2.38) ($1.75) ($4.50) ($0.64)
Adjusted Weighted Average Basic Shares Outstanding		 15.63M 17.20M 19.10M 19.65M 19.98M 21.87M 26.91M 27.85M 31.94M 41.54M 60.18M
Adjusted Diluted Earnings per Share		 $0.65 $1.76 $3.67 ($0.11) ($3.31) ($2.67) ($2.01) ($2.38) ($1.75) ($4.50) ($0.64)
Adjusted Weighted Average Diluted Shares Outstanding		 16.53M 17.71M 20.14M 19.65M 19.98M 21.87M 26.91M 27.85M 31.94M 41.54M 60.18M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 ($3.31) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 17.06M 18.68M 19.50M 19.88M 20.23M 26.70M 27.51M 28.97M 38.40M 49.65M 75.20M
Normalized Net Operating Profit after Tax (NOPAT)		 13 16 76 -7.54 -34 -34 -40 -41 -29 -50 -38
Normalized NOPAT Margin		 6.84% 6.18% 19.90% -2.82% -17.88% -14.57% -18.78% -18.53% -13.30% -19.90% -8.39%
Pre Tax Income Margin		 5.88% 8.06% 22.11% -3.66% -26.92% -21.83% -25.60% -29.80% -25.75% -74.88% -10.25%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.65 13.09 99.26 -8.10 -8.68 -8.14 -8.65 -9.53 -5.01 -26.48 -12.87
NOPAT to Interest Expense		 12.77 19.94 88.66 -6.82 -6.31 -6.07 -7.07 -6.54 -3.07 -7.27 -10.93
EBIT Less CapEx to Interest Expense		 -44.08 -15.70 21.41 -77.49 -14.00 -10.90 -10.05 -9.97 -5.96 -32.84 -64.10
NOPAT Less CapEx to Interest Expense		 -42.96 -8.85 10.81 -76.21 -11.64 -8.83 -8.47 -6.98 -4.02 -13.63 -62.16
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Applied Optoelectronics

This table displays calculated financial ratios and metrics derived from Applied Optoelectronics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 75,198,817.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 75,198,817.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 10.33% -1.83% -23.30% 3.98% 4.16% 65.86% 145.52% 137.93% 82.08% 33.91% 51.36%
EBITDA Growth		 78.59% 61.24% -92.26% -105.32% -510.87% -2,198.35% 82.07% 87.12% 2.19% 97.75% -74.13%
EBIT Growth		 49.93% 39.10% -53.33% -65.66% -130.63% -955.77% 61.10% 65.06% -7.86% 91.14% -66.70%
NOPAT Growth		 50.46% 75.33% -52.79% -64.38% -147.49% -42.82% 58.71% 39.13% -9.91% -77.75% -45.36%
Net Income Growth		 42.71% 31.57% -42.22% -54.13% -98.34% -763.63% 60.41% 65.16% -1.01% 98.31% -55.70%
EPS Growth		 51.79% 51.39% -7.14% -15.79% -55.56% -705.71% 70.00% 75.76% 33.33% 99.29% -5.56%
Operating Cash Flow Growth		 -67.01% 144.50% -203.31% -113.04% 5.91% -1,688.13% -78.77% -3,191.80% -97.11% -20.15% -67.64%
Free Cash Flow Firm Growth		 -37.09% -52.42% -135.65% -174.23% -196.35% -344.32% -615.54% -552.33% -897.20% -573.62% -247.42%
Invested Capital Growth		 -12.25% -9.16% 0.89% 7.04% 7.23% 19.91% 42.96% 83.22% 104.31% 119.08% 107.58%
Revenue Q/Q Growth		 50.30% -3.35% -32.72% 6.39% 50.57% 53.91% -0.41% 3.10% 15.23% 13.19% 12.56%
EBITDA Q/Q Growth		 81.31% -181.76% -235.80% -16.08% 44.38% -960.09% 97.38% 16.62% -322.33% 75.62% -102.80%
EBIT Q/Q Growth		 52.50% -59.41% -94.15% -12.69% 33.87% -629.75% 92.85% -1.23% -104.12% 40.03% -34.52%
NOPAT Q/Q Growth		 58.12% 32.23% -377.73% -21.24% 36.95% 60.89% -38.11% -78.76% -13.84% 36.76% -12.95%
Net Income Q/Q Growth		 47.16% -54.80% -67.18% -12.71% 32.00% -574.05% 92.34% 0.81% -97.14% 88.73% -606.28%
EPS Q/Q Growth		 52.63% -29.63% -71.43% -10.00% 36.36% -571.43% 93.62% 11.11% -75.00% 92.86% -850.00%
Operating Cash Flow Q/Q Growth		 -200.58% 110.10% -1,937.48% 93.02% -625.99% -70.47% -106.84% -28.59% 56.53% -3.92% -188.58%
Free Cash Flow Firm Q/Q Growth		 -35.39% -26.80% -176.57% -104.98% 16.13% -85.61% -124.25% -86.87% -28.20% -25.38% -15.66%
Invested Capital Q/Q Growth		 2.67% 0.36% 7.44% -3.30% 2.85% 12.23% 28.09% 23.92% 14.69% 20.34% 21.36%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 32.25% 35.74% 18.66% 22.10% 24.43% 28.65% 30.59% 30.27% 28.04% 31.24% 29.06%
EBITDA Margin		 -2.78% -8.10% -40.43% -44.12% -16.30% -112.25% -2.95% -2.39% -8.75% -1.89% -3.40%
Operating Margin		 -10.69% -7.50% -53.22% -60.65% -25.40% -6.45% -8.95% -15.52% -15.33% -8.57% -8.60%
EBIT Margin		 -11.24% -18.53% -53.49% -56.66% -24.88% -117.98% -8.47% -8.32% -14.74% -7.81% -9.33%
Profit (Net Income) Margin		 -14.31% -22.92% -56.97% -60.35% -27.26% -119.37% -9.19% -8.84% -15.12% -1.51% -9.45%
Tax Burden Percent		 100.00% 100.01% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 19.26% 107.93%
Interest Burden Percent		 127.37% 123.68% 106.51% 106.53% 109.54% 101.18% 108.39% 106.21% 102.58% 100.11% 93.80%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 -5.92% -4.19% -27.55% -33.70% -13.91% -3.95% -5.71% -10.48% -10.73% -5.50% -4.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 -10.76% -18.87% -36.14% -42.72% -22.40% -185.78% -9.09% -7.73% -25.08% 34.94% 0.51%
Return on Net Nonoperating Assets (RNNOA)		 -5.04% -6.88% -18.32% -20.97% -8.34% -53.00% -3.11% -1.92% -2.36% 1.08% -0.07%
Return on Equity (ROE)		 -10.95% -11.07% -45.88% -54.67% -22.25% -56.95% -8.81% -12.40% -13.09% -4.42% -5.04%
Cash Return on Invested Capital (CROIC)		 -0.91% -1.02% -13.20% -22.67% -25.00% -35.51% -47.40% -67.56% -76.78% -82.34% -76.65%
Operating Return on Assets (OROA)		 -6.24% -10.12% -29.90% -33.27% -13.31% -62.85% -5.25% -5.35% -8.95% -4.15% -4.28%
Return on Assets (ROA)		 -7.95% -12.51% -31.85% -35.44% -14.57% -63.59% -5.69% -5.68% -9.18% -0.80% -4.33%
Return on Common Equity (ROCE)		 -10.95% -11.07% -45.88% -54.67% -22.25% -56.95% -8.81% -12.40% -13.09% -4.42% -5.04%
Return on Equity Simple (ROE_SIMPLE)		 -35.01% 0.00% -32.15% -38.66% -38.15% 0.00% -55.90% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -4.68 -3.17 -15 -18 -12 -4.53 -6.26 -11 -13 -8.05 -9.09
NOPAT Margin		 -7.48% -5.25% -37.25% -42.46% -17.78% -4.52% -6.26% -10.86% -10.73% -6.00% -6.02%
Net Nonoperating Expense Percent (NNEP)		 4.85% 14.68% 8.59% 9.02% 8.49% 181.83% 3.38% -2.74% 14.35% -40.44% -5.49%
Return On Investment Capital (ROIC_SIMPLE)		 - -1.01% - - - -1.16% -1.34% -1.92% -1.78% -0.90% -0.71%
Cost of Revenue to Revenue		 67.75% 64.26% 81.34% 77.90% 75.57% 71.35% 69.41% 69.73% 71.96% 68.76% 70.94%
SG&A Expenses to Revenue		 22.97% 22.09% 33.75% 38.87% 21.86% 14.77% 16.34% 17.86% 17.12% 15.43% 16.48%
R&D to Revenue		 15.12% 15.45% 28.80% 30.22% 20.61% 16.69% 17.84% 20.02% 17.93% 19.23% 16.97%
Operating Expenses to Revenue		 42.94% 43.23% 71.88% 82.75% 49.83% 35.11% 39.54% 45.79% 43.37% 39.80% 37.65%
Earnings before Interest and Taxes (EBIT)		 -7.03 -11 -22 -25 -16 -118 -8.46 -8.57 -17 -10 -14
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -1.74 -4.90 -16 -19 -11 -113 -2.95 -2.46 -10 -2.53 -5.14
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.78 2.61 2.05 1.29 1.95 4.66 1.44 1.75 1.34 1.38 2.22
Price to Tangible Book Value (P/TBV)		 1.87 2.71 2.15 1.35 1.99 4.84 1.48 1.77 1.36 1.39 2.22
Price to Revenue (P/Rev)		 1.45 2.57 1.96 1.16 1.98 4.28 1.44 2.02 1.78 2.22 4.83
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.54 2.33 1.74 1.20 1.73 3.70 1.34 1.65 1.34 1.41 2.63
Enterprise Value to Revenue (EV/Rev)		 1.82 2.78 2.36 1.56 2.29 4.61 1.73 2.21 1.80 2.10 4.28
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.62 0.46 0.51 0.53 0.50 0.70 0.51 0.37 0.28 0.22 0.15
Long-Term Debt to Equity		 0.00 0.35 0.39 0.41 0.36 0.61 0.44 0.32 0.23 0.18 0.12
Financial Leverage		 0.47 0.36 0.51 0.49 0.37 0.29 0.34 0.25 0.09 0.03 -0.13
Leverage Ratio		 2.09 2.00 1.99 2.02 2.01 2.11 1.97 1.87 1.80 1.78 1.56
Compound Leverage Factor		 2.66 2.47 2.12 2.15 2.20 2.13 2.14 1.99 1.85 1.78 1.47
Debt to Total Capital		 38.46% 31.70% 33.92% 34.72% 33.44% 41.30% 33.60% 26.87% 22.04% 18.25% 13.37%
Short-Term Debt to Total Capital		 38.46% 7.46% 8.15% 7.88% 9.25% 5.73% 4.36% 3.82% 3.90% 3.78% 3.23%
Long-Term Debt to Total Capital		 0.00% 24.23% 25.77% 26.84% 24.18% 35.57% 29.23% 23.05% 18.14% 14.46% 10.14%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 61.54% 68.30% 66.08% 65.28% 66.56% 58.70% 66.40% 73.13% 77.96% 81.75% 86.63%
Debt to EBITDA		 -3.46 -4.07 -3.10 -2.35 -2.09 -1.02 -1.08 -1.21 -1.23 -8.94 -8.32
Net Debt to EBITDA		 -2.49 -1.82 -2.57 -1.97 -1.28 -0.52 -0.62 -0.54 -0.06 2.85 13.58
Long-Term Debt to EBITDA		 0.00 -3.11 -2.36 -1.82 -1.51 -0.87 -0.94 -1.04 -1.01 -7.08 -6.31
Debt to NOPAT		 -2.89 -3.45 -2.94 -2.40 -2.21 -3.25 -3.84 -4.65 -4.56 -4.29 -4.16
Net Debt to NOPAT		 -2.08 -1.54 -2.43 -2.01 -1.35 -1.65 -2.20 -2.05 -0.21 1.37 6.79
Long-Term Debt to NOPAT		 0.00 -2.63 -2.23 -1.85 -1.60 -2.80 -3.34 -3.99 -3.75 -3.40 -3.15
Altman Z-Score		 0.48 1.68 0.98 0.17 0.71 0.89 0.54 1.17 1.15 1.60 3.60
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.87 1.85 1.79 1.64 1.61 1.77 1.88 2.11 2.31 2.63 3.83
Quick Ratio		 0.44 1.00 0.89 0.85 0.93 1.08 1.16 1.27 1.45 1.75 2.85
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 31 23 -18 -36 -30 -56 -126 -236 -302 -379 -438
Operating Cash Flow to CapEx		 -1,104.10% 25.16% -494.38% -66.90% -229.72% -86.74% -179.35% -256.97% -56.65% -39.42% -146.59%
Free Cash Flow to Firm to Interest Expense		 15.80 7.36 -10.51 -21.33 -17.79 -32.02 -134.93 -287.92 -334.75 -449.09 -507.36
Operating Cash Flow to Interest Expense		 -7.72 0.50 -16.99 -1.17 -8.48 -14.03 -54.51 -80.04 -31.55 -35.09 -98.90
Operating Cash Flow Less CapEx to Interest Expense		 -8.41 -1.47 -20.43 -2.93 -12.18 -30.20 -84.91 -111.19 -87.26 -124.09 -166.37
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.56 0.55 0.56 0.59 0.53 0.53 0.62 0.64 0.61 0.53 0.46
Accounts Receivable Turnover		 3.85 3.98 3.59 4.13 3.08 3.03 2.70 2.74 2.82 2.52 2.16
Inventory Turnover		 2.17 2.21 2.38 2.45 2.35 2.47 2.86 2.71 2.54 2.35 2.31
Fixed Asset Turnover		 1.08 1.06 1.01 1.05 1.05 1.19 1.40 1.58 1.64 1.53 1.54
Accounts Payable Turnover		 4.02 3.93 4.77 4.31 3.41 2.72 3.01 3.15 2.89 2.56 2.61
Days Sales Outstanding (DSO)		 94.74 91.60 101.59 88.42 118.36 120.66 135.20 133.38 129.47 144.65 169.22
Days Inventory Outstanding (DIO)		 168.50 165.05 153.51 148.75 155.45 147.90 127.73 134.63 143.66 155.27 157.86
Days Payable Outstanding (DPO)		 90.78 92.83 76.51 84.62 107.05 134.14 121.10 116.02 126.24 142.48 139.68
Cash Conversion Cycle (CCC)		 172.46 163.82 178.59 152.55 166.76 134.42 141.83 151.99 146.90 157.44 187.40
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 259 259 279 270 277 311 399 494 566 682 827
Invested Capital Turnover		 0.79 0.80 0.74 0.79 0.78 0.87 0.91 0.96 1.00 0.92 0.83
Increase / (Decrease) in Invested Capital		 -36 -26 2.46 18 19 52 120 224 289 371 429
Enterprise Value (EV)		 398 604 485 323 480 1,150 534 813 759 958 2,172
Market Capitalization		 318 560 402 240 415 1,068 445 744 751 1,010 2,451
Book Value per Share		 $5.55 $6.05 $5.10 $4.79 $5.19 $5.08 $6.22 $7.65 $8.97 $10.75 $14.71
Tangible Book Value per Share		 $5.28 $5.80 $4.88 $4.57 $5.10 $4.89 $6.05 $7.59 $8.83 $10.63 $14.66
Total Capital		 290 315 296 286 319 390 465 581 717 898 1,277
Total Debt		 111 100 100 99 107 161 156 156 158 164 171
Total Long-Term Debt		 0.00 76 76 77 77 139 136 134 130 130 130
Net Debt		 80 45 83 83 65 82 90 69 7.38 -52 -279
Capital Expenditures (CapEx)		 1.39 6.16 5.76 2.97 6.29 28 28 25 50 75 58
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 56 48 66 58 59 74 121 176 203 236 325
Debt-free Net Working Capital (DFNWC)		 88 103 83 75 101 154 188 264 354 452 774
Net Working Capital (NWC)		 -24 79 59 52 71 131 168 241 326 418 733
Net Nonoperating Expense (NNE)		 4.27 11 8.02 7.74 6.17 115 2.92 -2.09 5.21 -6.03 5.19
Net Nonoperating Obligations (NNO)		 80 45 83 83 65 82 90 69 7.38 -52 -279
Total Depreciation and Amortization (D&A)		 5.29 6.31 5.31 5.43 5.59 5.75 5.51 6.11 7.10 7.95 8.97
Debt-free, Cash-free Net Working Capital to Revenue		 25.76% 21.89% 32.03% 28.23% 28.34% 29.85% 39.32% 47.93% 48.24% 51.87% 64.10%
Debt-free Net Working Capital to Revenue		 40.04% 47.20% 40.51% 36.02% 48.08% 61.58% 60.98% 71.61% 83.98% 99.28% 152.74%
Net Working Capital to Revenue		 -10.90% 36.41% 28.75% 25.14% 34.01% 52.61% 54.39% 65.58% 77.34% 91.82% 144.61%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.27) ($0.35) ($0.60) ($0.66) ($0.42) ($2.82) ($0.18) ($0.16) ($0.28) ($0.02) ($0.19)
Adjusted Weighted Average Basic Shares Outstanding		 32.77M 31.94M 38.36M 39.36M 42.31M 41.54M 50.04M 56.77M 63.33M 60.18M 75.98M
Adjusted Diluted Earnings per Share		 ($0.27) ($0.35) ($0.60) ($0.66) ($0.42) ($2.82) ($0.18) ($0.16) ($0.28) ($0.02) ($0.19)
Adjusted Weighted Average Diluted Shares Outstanding		 32.77M 31.94M 38.36M 39.36M 42.31M 41.54M 50.04M 56.77M 63.33M 60.18M 75.98M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 35.54M 38.40M 38.91M 40.90M 45.08M 49.65M 55.54M 62.35M 68.28M 75.20M 80.24M
Normalized Net Operating Profit after Tax (NOPAT)		 -4.68 -3.17 -15 -18 -12 -4.53 -6.26 -11 -13 -8.05 -9.09
Normalized NOPAT Margin		 -7.48% -5.25% -37.25% -42.46% -17.78% -4.52% -6.26% -10.86% -10.73% -6.00% -6.02%
Pre Tax Income Margin		 -14.31% -22.92% -56.97% -60.35% -27.26% -119.37% -9.19% -8.84% -15.12% -7.82% -8.75%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.53 -3.58 -12.98 -14.48 -9.52 -67.41 -9.06 -10.47 -19.38 -12.44 -16.35
NOPAT to Interest Expense		 -2.35 -1.01 -9.04 -10.85 -6.81 -2.58 -6.70 -13.67 -14.11 -9.55 -10.54
EBIT Less CapEx to Interest Expense		 -4.23 -5.55 -16.42 -16.24 -13.22 -83.58 -39.46 -41.62 -75.09 -101.45 -83.81
NOPAT Less CapEx to Interest Expense		 -3.05 -2.98 -12.48 -12.61 -10.50 -18.75 -37.09 -44.82 -69.82 -98.56 -78.01
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Applied Optoelectronics, Inc. (AAOI) shows a constructive top-line trend in 2025, with revenue strengthening into Q4, but profitability remains a challenge due to ongoing operating losses and cash burn. Below are the key takeaways from the latest four quarters of 2025, with a focus on how these points could affect investors' view of the stock.

  • Q4 2025 revenue climbs to $134.274 million, marking a continued rise from earlier 2025 quarters (e.g., $118.63 million in Q3 2025 and $100.271 million in Q4 2024).
  • Gross margin in Q4 2025 is about 31% (gross profit $41.944 million on $134.274 million revenue), an improvement versus mid-2025 levels.
  • Liquidity support from financing activities in Q4 2025: net cash from financing activities of $179.693 million, including $176.353 million from issuance of common equity.
  • Net change in cash and equivalents in Q4 2025 is +$65.318 million, aided by the financing activity. This provides a liquidity cushion despite operating cash flow challenges.
  • Net loss narrows in Q4 2025 to $2.022 million, a substantial improvement from the $17.936 million loss reported in Q3 2025, signaling momentum on the bottom line if financing effects persist.
  • Operating expenses in Q4 2025 totaled $53.446 million (SG&A $20.722 million, RD $25.82 million, Marketing $6.904 million), roughly 39–40% of revenue, indicating a still-high but persistent cost base.
  • Debt and leverage appear moderate by quarter: long-term debt around $130.12 million and total liabilities about $419.443 million against nearly $559.085 million in equity, suggesting a traditional balance between leverage and equity in the near term.
  • Cash flow from operations remained negative in Q4 2025 (-$29.801 million), underscoring ongoing cash burn even as revenue grows.
  • Net income remains negative across quarters, highlighting persistent profitability hurdles despite top-line growth (e.g., -$2.022 million in Q4 2025 vs prior quarters).
  • Retained earnings show a large cumulative deficit (around -$488 million by Q3 2025), reflecting substantial losses over multiple years and ongoing pressure on shareholder equity.
05/27/26 02:32 AM ETAI Generated. May Contain Errors.

Applied Optoelectronics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Applied Optoelectronics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Applied Optoelectronics' net income appears to be on an upward trend, with a most recent value of -$38.23 million in 2025, falling from $10.79 million in 2015. The previous period was -$186.73 million in 2024. Find out what analysts predict for Applied Optoelectronics in the coming months.

Applied Optoelectronics' total operating income in 2025 was -$54.60 million, based on the following breakdown:
  • Total Gross Profit: $136.91 million
  • Total Operating Expenses: $191.52 million

Over the last 10 years, Applied Optoelectronics' total revenue changed from $189.90 million in 2015 to $455.72 million in 2025, a change of 140.0%.

Applied Optoelectronics' total liabilities were at $434.51 million at the end of 2025, a 36.7% increase from 2024, and a 302.0% increase since 2015.

In the past 10 years, Applied Optoelectronics' cash and equivalents has ranged from $24.69 million in 2022 to $206.14 million in 2025, and is currently $206.14 million as of their latest financial filing in 2025.

Over the last 10 years, Applied Optoelectronics' book value per share changed from 9.82 in 2015 to 10.75 in 2025, a change of 9.4%.


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Financial statements for NASDAQ:AAOI last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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