AAOINasdaqSemiconductors & Related DevicesFiscal year ends December 31
APPLIED OPTOELECTRONICS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$78.20+2.63 (+3.48%)
Close on Oct 19, 2026
- Market cap
- $6.38B
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
30.0%+8.5 pts over 5 years
Operating margin
-12.0%+8.8 pts over 5 years
Net margin
-8.4%+16.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +82.8% | +26.9% | +14.2% | +9.1% | |
| Gross profit | +121.5% | +59.7% | +22.1% | +8.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 15.9% | -21.2% | -7.9% | |
| Return on assets | 10.5% | -12.3% | -4.5% | |
| Current ratio | 2.63 | 2.03 | 2.63 | |
| Debt to equity | 0.19 | 0.19 | 0.05 | |
| Net debt to EBITDA | -0.25× | -0.36× | 6.40× | |
| Interest coverage | 13.4× | -8.7× | -15.6× | |
| Inventory turnover | 2.9× | 1.9× | 2.4× | |
| Capex to revenue | 19.0% | 6.7% | 39.3% | |
| Diluted shares | 18M | 22M | 60M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Applied Optoelectronics generated $277.55M from operations and spent $242.82M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$277.55M
Used
$242.82M
Capital expenditure$242.82M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-8.4%
×Asset turnover0.53×
×Equity multiplier1.78×
=Return on equity, FY2025-7.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -8.4% | 0.53× | 1.78× | -7.9% |
| FY2024 | -74.9% | 0.53× | 2.11× | -84.1% |
| FY2023 | -25.8% | 0.55× | 2.00× | -28.1% |
| FY2022 | -29.8% | 0.52× | 1.96× | -30.2% |
| FY2021 | -25.6% | 0.45× | 1.76× | -20.3% |
| FY2020 | -24.9% | 0.50× | 1.72× | -21.2% |
| FY2019 | -34.6% | 0.41× | 1.55× | -21.9% |
| FY2018 | -0.8% | 0.58× | 1.39× | -0.6% |
| FY2017 | 19.3% | 0.99× | 1.38× | 26.4% |
| FY2016 | 12.0% | 0.88× | 1.52× | 15.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero-$38.23M
- Cash generatingOperating cash flow above zero-$174.43M
- Return on assets improvedROA up on the prior year-48.0% → -7.0%
- Earnings backed by cashOperating cash flow above net income-$174.43M vs -$38.23M
- Less leverageLong-term debt to assets fell0.8% → 0.0%
- Better liquidityCurrent ratio rose1.77 → 2.63
- No dilutionShare count did not rise42M → 60M
- Gross margin improvedGross margin up on the prior year24.78% → 30.04%
- More efficientAsset turnover rose0.64 → 0.83