APPLIED OPTOELECTRONICS, INC.
AAOI· Nasdaq· Semiconductors & Related Devices
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- -77.6%
- ROIC, 5 yr avg
- –
- Revenue, 5 yr CAGR
- +14.2%
We record prices for the companies we cover; AAOI is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 60.2M
- Revenue
- $455.7M
- Free cash flow
- -$353.6M
- Owner earnings
- -$365.3M
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- 30.0%
- Operating
- -12.0%
- Net
- -8.4%
- Free cash flow
- -77.6%
- Owner earnings
- -80.2%
- Stock pay
- 2.6%
Returns
- ROIC, FY2025
- –
- ROIC, 5 yr avg
- –
- ROE, FY2025
- -5.2%
- ROE, 5 yr avg
- -34.0%
Growth (CAGR)
- Revenue, 3 yr
- 26.9%
- Revenue, 5 yr
- 14.2%
- Revenue, 9 yr
- 6.4%
- Diluted EPS, 3 yr
- –
- Diluted EPS, 5 yr
- –
- Diluted EPS, 9 yr
- –
- Free cash flow, 3 yr
- –
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- –
Financial health · FY2025
- Cash and investments
- $206.1M
- Total debt
- $34.0M
- Net cash
- $172.2M
- Debt/Equity
- 0.0x
- Debt/FCF
- –
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- –
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 22.4%
Financials: ten years from the 10-Ks
Revenue
$455.7M
+6.4% a year over 9 years
FY2016FY2025
Margins
Gross30.0%Operating-12.0%Net-8.4%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow-$353.6MOwner earnings-$365.3M
FY2025
FY2016FY2025
Diluted shares
60.2M
+239.8% over 9 years, net dilution
FY2016FY2025
Return on invested capital
–
FY2025
FY2016FY2025
Net cash
$172.2M
$172.2M more cash than debt
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $260.7M | $382.3M | $267.5M | $190.9M | $234.6M | $211.6M | $222.8M | $217.6M | $249.4M | $455.7M |
| Revenue growth | 37.3% | 46.6% | -30.0% | -28.6% | 22.9% | -9.8% | 5.3% | -2.3% | 14.6% | 82.8% |
| Gross margin | 33.4% | 43.5% | 32.8% | 24.2% | 21.5% | 17.8% | 15.1% | 27.1% | 24.8% | 30.0% |
| Operating margin | 8.8% | 22.7% | -4.0% | -25.5% | -20.8% | -26.8% | -26.5% | -19.0% | -28.4% | -12.0% |
| Net income | $31.2M | $74.0M | -$2.1M | -$66.0M | -$58.5M | -$54.2M | -$66.4M | -$56.0M | -$186.7M | -$38.2M |
| Net margin | 12.0% | 19.3% | -0.8% | -34.6% | -24.9% | -25.6% | -29.8% | -25.8% | -74.9% | -8.4% |
| Diluted EPS | $1.76 | $3.67 | $-0.11 | $-3.31 | $-2.67 | $-2.01 | $-2.38 | $-1.75 | $-4.50 | $-0.64 |
| Return on invested capital? | – | 25.4% | – | – | – | – | – | – | – | – |
| Cash | ||||||||||
| Operating cash flow | $57.1M | $84.3M | $14.0M | -$1.8M | -$44.0M | -$11.6M | -$14.0M | -$7.9M | -$69.5M | -$174.4M |
| Capital expenditure | $49.4M | $67.0M | $71.9M | $28.8M | $15.8M | $8.0M | $3.2M | $9.1M | $43.4M | $179.1M |
| Free cash flow | $7.7M | $17.3M | -$57.8M | -$30.5M | -$59.8M | -$19.6M | -$17.2M | -$17.0M | -$112.9M | -$353.6M |
| Stock-based compensation | $3.8M | $7.8M | $11.1M | $11.8M | $13.0M | $12.1M | $9.6M | $11.9M | $14.8M | $11.7M |
| Owner earnings? | $3.8M | $9.5M | -$68.9M | -$42.3M | -$72.8M | -$31.7M | -$26.8M | -$28.9M | -$127.7M | -$365.3M |
| Free cash flow per share | $0.43 | $0.86 | $-2.94 | $-1.53 | $-2.73 | $-0.73 | $-0.62 | $-0.53 | $-2.72 | $-5.87 |
| Capital allocation | ||||||||||
| Dividends paid | – | – | – | – | – | – | – | – | – | – |
| Share repurchases | – | – | – | – | – | – | – | – | – | – |
| Diluted shares | 17.7M | 20.1M | 19.6M | 20.0M | 21.9M | 26.9M | 27.8M | 31.9M | 41.5M | 60.2M |
| Share count change? | 7.1% | 13.7% | -2.4% | 1.7% | 9.4% | 23.1% | 3.5% | 14.7% | 30.0% | 44.9% |
| Balance sheet | ||||||||||
| Cash and equivalents | $50.2M | $82.9M | $55.6M | $60.0M | $43.4M | $34.7M | $24.7M | $45.4M | $67.4M | $206.1M |
| Short-term investments | $44.0K | $36.0K | – | – | – | – | – | – | – | – |
| Total debt | $42.8M | $49.5M | $83.9M | $49.9M | $52.2M | $54.7M | $57.1M | $23.2M | $26.7M | $34.0M |
| Net debt | -$7.4M | -$33.4M | $28.3M | -$10.1M | $8.7M | $20.0M | $32.4M | -$22.2M | -$40.7M | -$172.2M |
| Shareholders' equity | $227.4M | $333.3M | $329.1M | $273.8M | $277.9M | $254.6M | $184.7M | $214.9M | $229.1M | $733.9M |
Latest filings
| 2026-08-06 | 10-Q | Quarterly report |
| 2026-08-06 | 8-K | Earnings release |
| 2026-05-07 | 10-Q | Quarterly report |
| 2026-05-07 | 8-K | Earnings release |
| 2026-04-24 | DEF 14A | Proxy statement |
| 2026-02-26 | 10-K | Annual report |
| 2026-02-26 | 8-K | Earnings release |
| 2025-11-06 | 10-Q | Quarterly report |
| 2025-11-06 | 8-K | Earnings release |
| 2025-08-07 | 10-Q | Quarterly report |
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