AAOI Chart
About

Applied Optoelectronics, Inc. designs, manufactures, and sells fiber-optic networking products in the United States, Taiwan, and China. It offers optical modules, optical filters, lasers, laser components, subassemblies, transmitters and transceivers, turn-key equipment, headend, node, and distribution equipment, as well as amplifiers. The company 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 3.84B
Enterprise Value 3.94B Income -155.90M Sales 421.71M
Book/sh 8.21 Cash/sh 2.01 Dividend Yield —
Payout 0.00% Employees 3309 IPO —
P/E — Forward P/E 67.59 PEG —
P/S 9.11 P/B 6.85 P/C —
EV/EBITDA -159.36 EV/Sales 9.34 Quick Ratio 1.45
Current Ratio 2.31 Debt/Eq 42.06 LT Debt/Eq —
EPS (ttm) -3.46 EPS next Y 0.83 EPS Growth —
Revenue Growth 82.10% Earnings 2026-02-26 ROA -4.46%
ROE -40.43% ROIC — Gross Margin 29.33%
Oper. Margin -15.33% Profit Margin -36.97% Shs Outstand 68.28M
Shs Float 65.10M Short Float 17.54% Short Ratio 2.27
Short Interest — 52W High 56.61 52W Low 9.71
Beta 3.35 Avg Volume 5.04M Volume 4.16M
Target Price $36.60 Recom Buy Prev Close $53.96
Price $56.27 Change 4.28%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$36.60
Mean price target
2. Current target
$56.27
Latest analyst target
3. DCF / Fair value
$-86.21
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$56.27
Low
$15.00
High
$50.00
Mean
$36.60

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
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
2025-03-03 main B. Riley Securities Sell → Sell $13
2025-02-27 main Raymond James Outperform → Outperform $31
2025-02-27 main Rosenblatt Buy → Buy $36
2025-02-24 main Rosenblatt Buy → Buy $44
Insider Transactions
Date Shares Value Url Text Insider Position Transaction Start Date Ownership
0 20000 1002905 — Sale at price 50.00 - 50.17 per share. KUO DAVID C. Officer — 2026-02-11 00:00:00 D
1 18020 898689 — Sale at price 48.68 - 50.25 per share. MURRY STEFAN J Chief Financial Officer — 2026-02-11 00:00:00 D
2 25799 — — Stock Award(Grant) at price 0.00 per share. CHANG HUNG-LUN FRED Officer — 2026-02-09 00:00:00 D
3 25799 — — Stock Award(Grant) at price 0.00 per share. YEH SHU-HUA JOSHUA Officer — 2026-02-09 00:00:00 D
4 82559 — — Stock Award(Grant) at price 0.00 per share. LIN CHIH-HSIANG THOMPSON Chief Executive Officer — 2026-02-09 00:00:00 D
5 17027 — — Stock Award(Grant) at price 0.00 per share. KUO DAVID C. Officer — 2026-02-09 00:00:00 D
6 32249 — — Stock Award(Grant) at price 0.00 per share. MURRY STEFAN J Chief Financial Officer — 2026-02-09 00:00:00 D
7 12000 540660 — Sale at price 45.06 per share. KUO DAVID C. Officer — 2026-01-28 00:00:00 D
8 66 2311 — Sale at price 35.01 per share. MURRY STEFAN J Chief Financial Officer — 2026-01-15 00:00:00 D
9 3934 133932 — Sale at price 33.75 - 35.00 per share. MURRY STEFAN J Chief Financial Officer — 2026-01-13 00:00:00 D
Financials
Line Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems0.000.000.000.00
TaxRateForCalcs0.000.000.000.00
NormalizedEBITDA-47.31M-26.84M-35.43M-29.85M
TotalUnusualItems-111.95M660.00K-1.44M6.68M
TotalUnusualItemsExcludingGoodwill-111.95M660.00K-1.44M6.68M
NetIncomeFromContinuingOperationNetMinorityInterest-186.73M-56.05M-66.40M-54.16M
ReconciledDepreciation20.65M20.43M23.20M25.37M
ReconciledCostOfRevenue187.56M158.72M189.19M173.85M
EBITDA-159.26M-26.18M-36.88M-23.17M
EBIT-179.91M-46.61M-60.08M-48.54M
NetInterestIncome-5.95M-8.82M-6.19M-5.55M
InterestExpense6.83M9.43M6.32M5.62M
InterestIncome874.00K609.00K126.00K70.00K
NormalizedIncome-74.78M-56.71M-64.96M-60.84M
NetIncomeFromContinuingAndDiscontinuedOperation-186.73M-56.05M-66.40M-54.16M
TotalExpenses319.88M258.06M281.66M266.99M
TotalOperatingIncomeAsReported-70.91M-41.35M-59.00M-56.77M
DilutedAverageShares41.54M31.94M27.85M26.91M
BasicAverageShares41.54M31.94M27.85M26.91M
DilutedEPS-4.50-1.75-2.38-2.01
BasicEPS-4.50-1.75-2.38-2.01
DilutedNIAvailtoComStockholders-186.73M-56.05M-66.40M-54.16M
NetIncomeCommonStockholders-186.73M-56.05M-66.40M-54.16M
NetIncome-186.73M-56.05M-66.40M-54.16M
NetIncomeIncludingNoncontrollingInterests-186.73M-56.05M-66.40M-54.16M
NetIncomeContinuousOperations-186.73M-56.05M-66.40M-54.16M
TaxProvision2.00K9.00K1.00K2.00K
PretaxIncome-186.73M-56.04M-66.40M-54.16M
OtherIncomeExpense-110.27M-6.81M-1.36M6.81M
OtherNonOperatingIncomeExpenses1.68M-7.47M76.00K129.00K
SpecialIncomeCharges-112.09M-51.00K47.00K6.23M
GainOnSaleOfPPE-132.00K-51.00K47.00K-1.00K
OtherSpecialCharges111.96M-6.23M
GainOnSaleOfSecurity144.00K711.00K-1.49M454.00K
NetNonOperatingInterestIncomeExpense-5.95M-8.82M-6.19M-5.55M
InterestExpenseNonOperating6.83M9.43M6.32M5.62M
InterestIncomeNonOperating874.00K609.00K126.00K70.00K
OperatingIncome-70.51M-40.41M-58.84M-55.42M
OperatingExpense132.31M99.33M92.47M93.14M
OtherOperatingExpenses-395.00K-937.00K-160.00K-1.34M
ResearchAndDevelopment54.95M35.98M36.24M41.22M
SellingGeneralAndAdministration77.75M64.30M56.38M53.26M
SellingAndMarketingExpense18.15M11.07M9.72M10.90M
GeneralAndAdministrativeExpense59.60M53.23M46.66M42.36M
OtherGandA59.60M53.23M46.66M42.36M
GrossProfit61.80M58.92M33.63M37.72M
CostOfRevenue187.56M158.72M189.19M173.85M
TotalRevenue249.37M217.65M222.82M211.56M
OperatingRevenue249.37M217.65M222.82M211.56M
Line Item2024-12-312023-12-312022-12-312021-12-31
OrdinarySharesNumber49.39M38.15M28.62M27.32M
ShareIssued49.39M38.15M28.62M27.32M
NetDebt113.01M69.83M124.23M106.91M
TotalDebt190.86M121.07M155.53M149.90M
TangibleBookValue220.59M206.21M175.73M244.88M
InvestedCapital409.55M330.07M333.59M396.14M
WorkingCapital131.20M79.25M44.58M85.12M
NetTangibleAssets220.59M206.21M175.73M244.88M
CapitalLeaseObligations10.42M5.88M6.61M8.33M
CommonStockEquity229.11M214.87M184.67M254.57M
TotalCapitalization367.92M291.10M264.18M338.25M
TotalEquityGrossMinorityInterest229.11M214.87M184.67M254.57M
StockholdersEquity229.11M214.87M184.67M254.57M
GainsLossesNotAffectingRetainedEarnings-2.55M975.00K2.18M16.07M
OtherEquityAdjustments-2.55M975.00K2.18M16.07M
RetainedEarnings-451.85M-265.12M-209.07M-142.67M
AdditionalPaidInCapital683.46M478.97M391.53M381.14M
CapitalStock49.00K38.00K29.00K27.00K
CommonStock49.00K38.00K29.00K27.00K
PreferredStock0.000.000.000.00
TotalLiabilitiesNetMinorityInterest317.92M174.32M223.59M199.89M
TotalNonCurrentLiabilitiesNetMinorityInterest147.85M80.96M85.01M90.93M
LongTermDebtAndCapitalLeaseObligation147.85M80.96M85.01M90.93M
LongTermCapitalLeaseObligation9.04M4.73M5.50M7.25M
LongTermDebt138.81M76.23M79.51M83.68M
CurrentLiabilities170.07M93.36M138.58M108.96M
OtherCurrentLiabilities-3.00M
CurrentDeferredLiabilities188.00K1.99M3.22M195.00K
CurrentDeferredRevenue0.001.80M3.00M0.00
CurrentDebtAndCapitalLeaseObligation43.01M40.11M70.52M58.97M
CurrentCapitalLeaseObligation1.38M1.15M1.10M1.08M
CurrentDebt41.63M38.97M69.41M57.89M
OtherCurrentBorrowings22.37M23.48M57.07M49.69M
CurrentNotesPayable19.26M15.48M12.34M8.20M
PensionandOtherPostRetirementBenefitPlansCurrent4.01M3.38M3.27M3.47M
PayablesAndAccruedExpenses122.86M47.88M61.59M46.32M
CurrentAccruedExpenses17.07M14.24M13.15M10.02M
InterestPayable114.00K341.00K1.60M1.48M
Payables105.79M33.64M48.43M36.30M
TotalTaxPayable824.00K745.00K588.00K1.90M
AccountsPayable104.97M32.89M47.84M34.40M
TotalAssets547.03M389.19M408.26M454.46M
TotalNonCurrentAssets245.76M216.58M225.10M260.38M
OtherNonCurrentAssets8.37M2.58M386.00K518.00K
GoodwillAndOtherIntangibleAssets8.52M8.66M8.94M9.69M
OtherIntangibleAssets8.52M8.66M8.94M9.69M
NetPPE228.88M205.34M215.78M250.17M
AccumulatedDepreciation-204.50M-194.09M-177.52M-167.77M
GrossPPE433.38M399.43M393.30M417.94M
ConstructionInProgress8.40M29.94M30.43M33.70M
OtherProperties9.65M5.03M5.59M7.13M
MachineryFurnitureEquipment294.78M276.02M268.99M285.50M
BuildingsAndImprovements118.65M86.53M86.37M89.70M
LandAndImprovements1.91M1.91M1.91M1.91M
Properties0.000.000.000.00
CurrentAssets301.27M172.60M183.16M194.08M
OtherCurrentAssets17.20M5.35M6.38M4.33M
RestrictedCash11.71M9.73M10.90M6.48M
PrepaidAssets4.00K3.00K0.001.00K
Inventory88.14M63.87M79.68M92.52M
InventoriesAdjustmentsAllowances-15.25M-14.51M-12.41M
FinishedGoods17.29M22.45M26.79M21.52M
WorkInProcess35.72M33.79M39.56M41.53M
RawMaterials50.38M22.13M25.73M29.47M
Receivables116.80M48.29M61.51M56.09M
NotesReceivable0.00219.00K339.00K8.15M
AccountsReceivable116.80M48.07M61.17M47.94M
AllowanceForDoubtfulAccountsReceivable-1.00K-3.00K-28.00K-30.00K
GrossAccountsReceivable116.80M48.07M61.20M47.97M
CashCashEquivalentsAndShortTermInvestments67.43M45.37M24.68M34.66M
CashAndCashEquivalents67.43M45.37M24.68M34.66M
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow-113.44M-17.60M-17.73M-20.08M
RepaymentOfDebt-89.82M-225.82M-178.96M-147.91M
IssuanceOfDebt92.83M198.34M188.93M147.56M
IssuanceOfCapitalStock146.29M68.98M1.24M15.40M
CapitalExpenditure-43.91M-9.67M-3.71M-8.44M
InterestPaidSupplementalData4.94M8.10M5.14M4.90M
IncomeTaxPaidSupplementalData0.009.00K0.001.00K
EndCashPosition79.13M55.10M35.59M41.14M
BeginningCashPosition55.10M35.59M41.14M50.12M
EffectOfExchangeRateChanges2.08M1.62M1.55M-876.00K
ChangesInCash21.96M17.89M-7.10M-8.10M
FinancingCashFlow142.18M40.58M10.75M14.09M
CashFlowFromContinuingFinancingActivities142.18M40.58M10.75M14.09M
NetOtherFinancingCharges-7.12M-956.00K-454.00K-961.00K
ProceedsFromStockOptionExercised-2.00K22.00K0.008.00K
NetCommonStockIssuance146.29M68.98M1.24M15.40M
CommonStockIssuance146.29M68.98M1.24M15.40M
NetIssuancePaymentsOfDebt3.01M-27.47M9.97M-357.00K
NetShortTermDebtIssuance3.98M3.31M5.09M3.81M
ShortTermDebtPayments-40.17M-53.75M-40.57M-143.75M
ShortTermDebtIssuance44.15M57.06M45.67M147.56M
NetLongTermDebtIssuance-973.00K-30.78M4.88M-4.16M
LongTermDebtPayments-49.65M-172.07M-138.38M-4.16M
LongTermDebtIssuance48.68M141.29M143.26M0.00
InvestingCashFlow-50.70M-14.76M-3.83M-10.55M
CashFlowFromContinuingInvestingActivities-50.70M-14.76M-3.83M-10.55M
NetOtherInvestingChanges-6.79M-5.23M-529.00K-2.22M
NetIntangiblesPurchaseAndSale-506.00K-588.00K-498.00K-457.00K
PurchaseOfIntangibles-506.00K-588.00K-498.00K-457.00K
NetPPEPurchaseAndSale-43.40M-8.94M-2.81M-7.87M
SaleOfPPE7.00K135.00K403.00K114.00K
PurchaseOfPPE-43.41M-9.08M-3.21M-7.98M
OperatingCashFlow-69.53M-7.93M-14.02M-11.64M
CashFlowFromContinuingOperatingActivities-69.53M-7.93M-14.02M-11.64M
ChangeInWorkingCapital-35.88M6.06M11.90M5.96M
ChangeInOtherWorkingCapital-1.80M-1.20M
ChangeInOtherCurrentLiabilities5.01M-660.00K-969.00K-918.00K
ChangeInOtherCurrentAssets-17.06M1.54M-1.52M1.72M
ChangeInPayablesAndAccruedExpense75.90M-13.62M18.23M3.98M
ChangeInAccruedExpense3.83M1.33M5.26M-3.09M
ChangeInPayable72.08M-14.95M12.97M7.07M
ChangeInAccountPayable72.08M-14.95M12.97M7.07M
ChangeInTaxPayable1.00K-1.00K0.001.00K
ChangeInIncomeTaxPayable1.00K-1.00K0.001.00K
ChangeInPrepaidAssets-2.00K-3.00K1.00K1.00K
ChangeInInventory-29.41M6.79M1.15M15.79M
ChangeInReceivables-68.51M13.21M-4.99M-14.61M
ChangesInAccountReceivables-68.73M13.13M-12.75M-7.02M
OtherNonCashItems1.43M2.31M902.00K4.68M
StockBasedCompensation14.79M11.88M9.60M12.12M
ProvisionandWriteOffofAssets3.43M8.70M4.90M-32.00K
DeferredTax0.000.00
DeferredIncomeTax0.000.00
DepreciationAmortizationDepletion20.65M20.43M23.20M25.37M
DepreciationAndAmortization20.65M20.43M23.20M25.37M
OperatingGainsLosses112.78M-1.26M1.87M-5.58M
NetForeignCurrencyExchangeGainLoss689.00K-1.31M1.92M645.00K
NetIncomeFromContinuingOperations-186.73M-56.05M-66.40M-54.16M
SEC Filings

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

Public Trades for AAOI
Date User Asset Broker Type Position Size Entry Price Patterns