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APPLIED OPTOELECTRONICS, INC. AAOI

Nasdaq · stock · Semiconductors & Related Devices · website · IPO 2013-09-26 · LEI

APPLIED OPTOELECTRONICS, INC. statistics & valuation

Market cap$10.9B
P / S23.9×
P / B14.8×
Net margin-8.4%
Return on equity-5.2%
FCF margin-77.6%
Net cash$172.2M
Enterprise value USD$10.7B
Earnings yield EBIT/EV-0.5%
Return on capital-6%

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports.

Profitability & efficiency

Net margin (%)
12.00% 19.30% -0.80% -34.60% -24.90% -25.60% -29.80% -25.80% -74.90% -8.40% 2016201720182019202020212022202320242025
Gross margin (%)
33.40% 43.50% 32.80% 24.20% 21.50% 17.80% 15.10% 27.10% 24.80% 30.00% 2016201720182019202020212022202320242025
Operating margin (%)
8.80% 22.70% -4.00% -25.50% -20.80% -26.80% -26.50% -19.00% -28.40% -12.00% 2016201720182019202020212022202320242025
Return on equity (%)
13.70% 22.20% -0.70% -24.10% -21.00% -21.30% -36.00% -26.10% -81.50% -5.20% 2016201720182019202020212022202320242025
Shares outstanding
18.4M 20.1M 19.8M 20.1M 25.1M 27.3M 28.6M 38.1M 49.4M 75.0M 2016201720182019202020212022202320242025
Net debt ($)
-$15.3M -$33.4M $28.3M -$10.1M $8.7M $20.0M $32.4M -$22.2M -$40.7M -$172.2M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
9.70% 16.30% -0.50% -14.10% -12.20% -11.90% -16.30% -14.40% -34.10% -3.30% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2.90% 4.50% -21.60% -16.00% -25.50% -9.30% -7.70% -7.80% -45.30% -77.60% 2016201720182019202020212022202320242025
Debt / equity (×)
0.15× 0.15× 0.25× 0.18× 0.19× 0.21× 0.31× 0.11× 0.12× 0.05× 2016201720182019202020212022202320242025
EPS ($)
$1.76 $3.67 -$0.11 -$3.31 -$2.67 -$2.01 -$2.38 -$1.75 -$4.50 -$0.64 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

APPLIED OPTOELECTRONICS, INC. trades at about 37.6× earnings — above its 10-year norm (10-year range 8.8×–31.9×, median 25.2×).

8.8× 37.6×

Shaded band = 10-year range (8.8×–31.9×); dot = today's 37.6×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin30.0%24.8%27.1%15.1%17.8%21.5%24.2%32.8%43.5%33.4%
Operating margin-12.0%-28.4%-19.0%-26.5%-26.8%-20.8%-25.5%-4.0%22.7%8.8%
Net margin-8.4%-74.9%-25.8%-29.8%-25.6%-24.9%-34.6%-0.8%19.3%12.0%
FCF margin-77.6%-45.3%-7.8%-7.7%-9.3%-25.5%-16.0%-21.6%4.5%2.9%
Return on assets-3.3%-34.1%-14.4%-16.3%-11.9%-12.2%-14.1%-0.5%16.3%9.7%
Return on equity-5.2%-81.5%-26.1%-36.0%-21.3%-21.0%-24.1%-0.7%22.2%13.7%
Debt / equity0.05×0.12×0.11×0.31×0.21×0.19×0.18×0.25×0.15×0.15×
Current ratio2.631.771.851.321.782.032.112.513.252.63

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.