AAOI Chart
About

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.

Fundamentals
Scroll to Statements
Sector Technology Industry Communication Equipment Market Cap 7.20B
Enterprise Value 7.01B Income -38.23M Sales 455.72M
Book/sh 9.79 Cash/sh 2.74 Dividend Yield
Payout 0.00% Employees 4691 IPO
P/E Forward P/E 28.97 PEG
P/S 15.79 P/B 9.47 P/C
EV/EBITDA -260.45 EV/Sales 15.38 Quick Ratio 1.75
Current Ratio 2.63 Debt/Eq 33.80 LT Debt/Eq
EPS (ttm) -0.64 EPS next Y 3.20 EPS Growth
Revenue Growth 33.90% Earnings 2026-05-07 ROA -3.98%
ROE -7.94% ROIC Gross Margin 30.04%
Oper. Margin -8.57% Profit Margin -8.39% Shs Outstand 77.68M
Shs Float 72.12M Short Float 14.50% Short Ratio 1.66
Short Interest 52W High 128.96 52W Low 9.71
Beta 3.27 Avg Volume 7.54M Volume 15.19M
Target Price $90.30 Recom Buy Prev Close $86.33
Price $92.63 Change 7.30%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$90.30
Mean price target
2. Current target
$92.63
Latest analyst target
3. DCF / Fair value
$-88.96
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$92.63
Low
$54.00
High
$140.00
Mean
$90.30

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-03-09 main Rosenblatt Buy → Buy $140
2026-02-27 main Rosenblatt Buy → Buy $125
2026-02-27 main Needham Buy → Buy $80
2026-02-27 up B. Riley Securities Sell → Neutral $54
2026-02-19 main Rosenblatt Buy → Buy $50
2025-12-19 main Rosenblatt Buy → Buy $50
2025-12-11 main Rosenblatt Buy → Buy $50
2025-12-11 main Needham Buy → Buy $43
2025-11-17 main Northland Capital Markets Outperform → Outperform $35
2025-11-10 down B. Riley Securities Neutral → Sell $15
2025-08-08 main Raymond James Outperform → Outperform $25
2025-08-08 main B. Riley Securities Neutral → Neutral $15
2025-07-25 init Needham — → Buy $32
2025-07-08 init Wolfe Research — → Peer Perform
2025-06-26 main Rosenblatt Buy → Buy $34
2025-05-09 main Raymond James Outperform → Outperform $18
2025-04-22 main Rosenblatt Buy → Buy $30
2025-04-14 main Raymond James Outperform → Outperform $20
2025-03-14 main Rosenblatt Buy → Buy $36
2025-03-07 up B. Riley Securities Sell → Neutral $13
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 4000 451044 Sale at price 112.76 per share. MURRY STEFAN J Chief Financial Officer 2026-03-10 00:00:00 D
1 50000 4854880 Sale at price 97.10 per share. YEH SHU-HUA JOSHUA Officer 2026-03-09 00:00:00 D
2 11335 1203016 Sale at price 97.00 - 108.72 per share. CHEN MIN-CHU MIKE Director 2026-03-09 00:00:00 D/I
3 15000 1586338 Sale at price 105.76 per share. YEH WILLIAM H Director 2026-03-09 00:00:00 D
4 3231 306945 Sale at price 95.00 per share. BLACK RICHARD B Director 2026-03-05 00:00:00 I
5 21000 2058344 Sale at price 98.02 per share. DELANEY CYNTHIA Director 2026-03-04 00:00:00 D
6 102347 9800605 Sale at price 95.76 per share. LOBOA ELIZABETH G Director 2026-03-03 00:00:00 D
7 5980 299922 Sale at price 50.15 per share. MURRY STEFAN J Chief Financial Officer 2026-02-20 00:00:00 D
8 20000 1002905 Sale at price 50.00 - 50.17 per share. KUO DAVID C. Officer 2026-02-11 00:00:00 D
9 18020 898689 Sale at price 48.68 - 50.25 per share. MURRY STEFAN J Chief Financial Officer 2026-02-11 00:00:00 D
Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems364.18K-23.51M138.60K0.00
TaxRateForCalcs0.180.210.210.00
NormalizedEBITDA-17.51M-47.31M-26.84M-35.43M
TotalUnusualItems2.00M-111.95M660.00K-1.44M
TotalUnusualItemsExcludingGoodwill2.00M-111.95M660.00K-1.44M
NetIncomeFromContinuingOperationNetMinorityInterest-38.23M-186.73M-56.05M-66.40M
ReconciledDepreciation27.70M20.65M20.43M23.20M
ReconciledCostOfRevenue318.80M187.56M158.72M189.19M
EBITDA-15.51M-159.26M-26.18M-36.88M
EBIT-43.21M-179.91M-46.61M-60.08M
NetInterestIncome-1.71M-5.95M-8.82M-6.19M
InterestExpense3.50M6.83M9.43M6.32M
InterestIncome1.79M874.00K609.00K126.00K
NormalizedIncome-39.86M-98.29M-56.57M-64.96M
NetIncomeFromContinuingAndDiscontinuedOperation-38.23M-186.73M-56.05M-66.40M
TotalExpenses505.45M319.88M258.06M281.66M
TotalOperatingIncomeAsReported-54.60M-70.91M-41.35M-59.00M
DilutedAverageShares60.18M41.54M31.94M27.85M
BasicAverageShares60.18M41.54M31.94M27.85M
DilutedEPS-0.64-4.50-1.75-2.38
BasicEPS-0.64-4.50-1.75-2.38
DilutedNIAvailtoComStockholders-38.23M-186.73M-56.05M-66.40M
NetIncomeCommonStockholders-38.23M-186.73M-56.05M-66.40M
NetIncome-38.23M-186.73M-56.05M-66.40M
NetIncomeIncludingNoncontrollingInterests-38.23M-186.73M-56.05M-66.40M
NetIncomeContinuousOperations-38.23M-186.73M-56.05M-66.40M
TaxProvision-8.48M2.00K9.00K1.00K
PretaxIncome-46.70M-186.73M-56.04M-66.40M
OtherIncomeExpense4.74M-110.27M-6.81M-1.36M
OtherNonOperatingIncomeExpenses2.74M1.68M-7.47M76.00K
SpecialIncomeCharges-38.00K-112.09M-51.00K47.00K
GainOnSaleOfPPE-38.00K-132.00K-51.00K47.00K
OtherSpecialCharges111.96M-6.23M
GainOnSaleOfSecurity2.04M144.00K711.00K-1.49M
NetNonOperatingInterestIncomeExpense-1.71M-5.95M-8.82M-6.19M
InterestExpenseNonOperating3.50M6.83M9.43M6.32M
InterestIncomeNonOperating1.79M874.00K609.00K126.00K
OperatingIncome-49.74M-70.51M-40.41M-58.84M
OperatingExpense186.65M132.31M99.33M92.47M
OtherOperatingExpenses-4.87M-395.00K-937.00K-160.00K
ResearchAndDevelopment85.51M54.95M35.98M36.24M
SellingGeneralAndAdministration106.01M77.75M64.30M56.38M
SellingAndMarketingExpense30.27M18.15M11.07M9.72M
GeneralAndAdministrativeExpense75.74M59.60M53.23M46.66M
OtherGandA75.74M59.60M53.23M46.66M
GrossProfit136.91M61.80M58.92M33.63M
CostOfRevenue318.80M187.56M158.72M189.19M
TotalRevenue455.71M249.37M217.65M222.82M
OperatingRevenue455.71M249.37M217.65M222.82M
Line Item2025-12-312024-12-312023-12-312022-12-31
OrdinarySharesNumber75.00M49.39M38.15M28.62M
ShareIssued75.00M49.39M38.15M28.62M
NetDebt113.01M69.83M124.23M106.91M
TotalDebt248.08M190.86M121.07M155.53M
TangibleBookValue725.47M220.59M206.21M175.73M
InvestedCapital931.09M409.55M330.07M333.59M
WorkingCapital418.44M131.20M79.25M44.58M
NetTangibleAssets725.47M220.59M206.21M175.73M
CapitalLeaseObligations50.91M10.42M5.88M6.61M
CommonStockEquity733.92M229.11M214.87M184.67M
TotalCapitalization863.75M367.92M291.10M264.18M
TotalEquityGrossMinorityInterest733.92M229.11M214.87M184.67M
StockholdersEquity733.92M229.11M214.87M184.67M
GainsLossesNotAffectingRetainedEarnings-617.00K-2.55M975.00K2.18M
OtherEquityAdjustments-617.00K-2.55M975.00K2.18M
RetainedEarnings-490.08M-451.85M-265.12M-209.07M
AdditionalPaidInCapital1.22B683.46M478.97M391.53M
CapitalStock75.00K49.00K38.00K29.00K
CommonStock75.00K49.00K38.00K29.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest434.50M317.92M174.32M223.59M
TotalNonCurrentLiabilitiesNetMinorityInterest177.22M147.85M80.96M85.01M
LongTermDebtAndCapitalLeaseObligation177.22M147.85M80.96M85.01M
LongTermCapitalLeaseObligation47.39M9.04M4.73M5.50M
LongTermDebt129.83M138.81M76.23M79.51M
CurrentLiabilities257.28M170.07M93.36M138.58M
OtherCurrentLiabilities-3.00M
CurrentDeferredLiabilities288.00K188.00K1.99M3.22M
CurrentDeferredRevenue0.001.80M3.00M0.00
CurrentDebtAndCapitalLeaseObligation70.86M43.01M40.11M70.52M
CurrentCapitalLeaseObligation3.52M1.38M1.15M1.10M
CurrentDebt67.34M41.63M38.97M69.41M
OtherCurrentBorrowings33.98M22.37M23.48M57.07M
CurrentNotesPayable33.36M19.26M15.48M12.34M
PensionandOtherPostRetirementBenefitPlansCurrent5.51M4.01M3.38M3.27M
PayablesAndAccruedExpenses180.63M122.86M47.88M61.59M
CurrentAccruedExpenses35.73M17.07M14.24M13.15M
InterestPayable1.60M114.00K341.00K1.60M
Payables144.90M105.79M33.64M48.43M
TotalTaxPayable965.00K824.00K745.00K588.00K
AccountsPayable143.93M104.97M32.89M47.84M
TotalAssets1.17B547.03M389.19M408.26M
TotalNonCurrentAssets492.70M245.76M216.58M225.10M
OtherNonCurrentAssets58.50M8.37M2.58M386.00K
GoodwillAndOtherIntangibleAssets8.45M8.52M8.66M8.94M
OtherIntangibleAssets8.45M8.52M8.66M8.94M
NetPPE425.75M228.88M205.34M215.78M
AccumulatedDepreciation-232.91M-204.50M-194.09M-177.52M
GrossPPE658.66M433.38M399.43M393.30M
ConstructionInProgress39.81M8.40M29.94M30.43M
OtherProperties49.70M9.65M5.03M5.59M
MachineryFurnitureEquipment429.08M294.78M276.02M268.99M
BuildingsAndImprovements138.16M118.65M86.53M86.37M
LandAndImprovements1.91M1.91M1.91M1.91M
Properties0.000.000.000.00
CurrentAssets675.73M301.27M172.60M183.16M
OtherCurrentAssets32.18M17.20M5.35M6.38M
RestrictedCash9.89M11.71M9.73M10.90M
PrepaidAssets4.00K3.00K0.001.00K
Inventory183.10M88.14M63.87M79.68M
InventoriesAdjustmentsAllowances-17.00M-15.25M-14.51M-12.41M
FinishedGoods18.82M17.29M22.45M26.79M
WorkInProcess95.54M35.72M33.79M39.56M
RawMaterials85.74M50.38M22.13M25.73M
Receivables244.40M116.80M48.29M61.51M
NotesReceivable0.00219.00K339.00K8.15M
AccountsReceivable244.40M116.80M48.07M61.17M
AllowanceForDoubtfulAccountsReceivable-1.00K-3.00K-28.00K-30.00K
GrossAccountsReceivable116.80M48.07M61.20M47.97M
CashCashEquivalentsAndShortTermInvestments206.14M67.43M45.37M24.68M
CashAndCashEquivalents206.14M67.43M45.37M24.68M
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow-353.95M-113.44M-17.60M-17.73M
RepaymentOfDebt-163.12M-89.82M-225.82M-178.96M
IssuanceOfDebt182.60M92.83M198.34M188.93M
IssuanceOfCapitalStock518.91M146.29M68.98M1.24M
CapitalExpenditure-179.53M-43.91M-9.67M-3.71M
InterestPaidSupplementalData2.48M4.94M8.10M5.14M
IncomeTaxPaidSupplementalData0.000.000.000.00
EndCashPosition216.03M79.13M55.10M35.59M
BeginningCashPosition79.13M55.10M35.59M41.14M
EffectOfExchangeRateChanges-6.01M2.08M1.62M1.55M
ChangesInCash142.91M21.96M17.89M-7.10M
FinancingCashFlow527.94M142.18M40.58M10.75M
CashFlowFromContinuingFinancingActivities527.94M142.18M40.58M10.75M
NetOtherFinancingCharges-10.45M-7.12M-956.00K-454.00K
ProceedsFromStockOptionExercised0.00-2.00K22.00K0.00
NetCommonStockIssuance518.91M146.29M68.98M1.24M
CommonStockIssuance518.91M146.29M68.98M1.24M
NetIssuancePaymentsOfDebt19.48M3.01M-27.47M9.97M
NetShortTermDebtIssuance13.38M3.98M3.31M5.09M
ShortTermDebtPayments-108.03M-40.17M-53.75M-40.57M
ShortTermDebtIssuance121.41M44.15M57.06M45.67M
NetLongTermDebtIssuance6.11M-973.00K-30.78M4.88M
LongTermDebtPayments-55.09M-49.65M-172.07M-138.38M
LongTermDebtIssuance61.20M48.68M141.29M143.26M
InvestingCashFlow-210.60M-50.70M-14.76M-3.83M
CashFlowFromContinuingInvestingActivities-210.60M-50.70M-14.76M-3.83M
NetOtherInvestingChanges-31.08M-6.79M-5.23M-529.00K
NetIntangiblesPurchaseAndSale-379.00K-506.00K-588.00K-498.00K
PurchaseOfIntangibles-379.00K-506.00K-588.00K-498.00K
NetPPEPurchaseAndSale-179.14M-43.40M-8.94M-2.81M
SaleOfPPE5.00K7.00K135.00K403.00K
PurchaseOfPPE-179.15M-43.41M-9.08M-3.21M
OperatingCashFlow-174.43M-69.53M-7.93M-14.02M
CashFlowFromContinuingOperatingActivities-174.43M-69.53M-7.93M-14.02M
ChangeInWorkingCapital-175.94M-35.88M6.06M11.90M
ChangeInOtherWorkingCapital-1.80M-1.20M
ChangeInOtherCurrentLiabilities41.33M5.01M-660.00K-969.00K
ChangeInOtherCurrentAssets-54.42M-17.06M1.54M-1.52M
ChangeInPayablesAndAccruedExpense65.47M75.90M-13.62M18.23M
ChangeInAccruedExpense26.51M3.83M1.33M5.26M
ChangeInPayable38.96M72.08M-14.95M12.97M
ChangeInAccountPayable38.96M72.08M-14.95M12.97M
ChangeInTaxPayable1.00K-1.00K0.001.00K
ChangeInIncomeTaxPayable1.00K-1.00K0.001.00K
ChangeInPrepaidAssets-2.00K-3.00K1.00K1.00K
ChangeInInventory-100.72M-29.41M6.79M1.15M
ChangeInReceivables-127.60M-68.51M13.21M-4.99M
ChangesInAccountReceivables-127.60M-68.51M13.21M-12.75M
OtherNonCashItems-1.02M1.43M2.31M902.00K
StockBasedCompensation11.71M14.79M11.88M9.60M
ProvisionandWriteOffofAssets7.80M3.43M8.70M4.90M
DeferredTax-7.58M0.000.000.00
DeferredIncomeTax-7.58M0.000.000.00
DepreciationAmortizationDepletion27.70M20.65M20.43M23.20M
DepreciationAndAmortization27.70M20.65M20.43M23.20M
OperatingGainsLosses1.13M112.78M-1.26M1.87M
GainLossOnInvestmentSecurities823.00K
NetForeignCurrencyExchangeGainLoss272.00K689.00K-1.31M1.92M
NetIncomeFromContinuingOperations-38.23M-186.73M-56.05M-66.40M
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

Public Trades for AAOI
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status