APPLIED OPTOELECTRONICS, INC.

AAOI

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.

About the company

Country: United StatesPrice: $49.89Market Cap: $4.5B

Investment snapshot

18%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

1 / 12

NEUTRAL / FAIL

Median fair value

—

No comparable estimates

Models with upside

0 / 17

Positive margin of safety

Strongest signal

10 of 12 pass — Buffett and Marks object

Key risk

No clean pass — all 16 investors flag at least one profitability criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #1905 (Top 61.5%)	PASS	FAIL	PASS	FAIL	FAIL	FAIL	PASS	FAIL	FAIL	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30 vs 2025-09-30 · TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-26 Score computed: 2026-11-14	TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025 Latest source filing: 2026-11-05 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-26 Score computed: 2026-11-14	Annual history · FY 2025 · Balance sheet at 2026-09-30 Latest source filing: 2026-11-05 Score computed: 2026-11-14	TTM ended 2026-09-30 · Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-11-05 Score computed: 2026-11-14

Where It Passes

Debt & Leverage83% pass✓ 13✗ 2▾
10 of 12 pass — Buffett and Marks object
LT Debt vs Net Current AssetsLT Debt $36.6M vs NCA $884.0M
✓GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.04, IC: -13.1x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.04
✓Lynch< 0.33
Cash - Long-term Debt$568.8M
✓LynchPositive preferred
LT Debt / Total Assets Change0.79% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities2.34
✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.04
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.04
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-13.1x, D/EBITDA=N/A
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.04
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0431; #964/4210 (top 22.9%)
✓AsnessTop 30% of eligible cross-section

Where It Falls Short

Profitability0% pass✓ 3✗ 32▾
No clean pass — all 16 investors flag at least one profitability criterion
Positive EPS (10 years)4/16 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)4/16 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)-34.0%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-12.0% (latest)
✗BuffettStable or rising over 10 years
Free Cash Flow Proxy$-38.2M
✗BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
ROE-1.5%
✗Lynch> 15%
EBIT / Enterprise Value-1.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.3%, ROC=-3.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets-3.27%
✗PiotroskiROA > 0
ROA Change YoY-34.14% -> -3.27% (delta: +30.86%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=-14.93%, ROA=-3.27%
✗PiotroskiCFO/Assets > ROA
Gross Margin Change YoY24.8% -> 30.0%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue-4.9%
✗Dreman>= 8%
Net Income / Shareholders' Equity-1.5%
✗Dreman> 12%
Margin of SafetyP/B=5.1x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity-37.6% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency4/15 years positive
✗MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-6.8%
✗Ackman>= 15%
Net Income / Shareholders Equity-1.5%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-19.0% (2023) -> -12.0% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 27.1% -> 30.0%, operating margin -19.0% -> -12.0%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization-0.72%; #3363/6340 (top 53.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+6.86%; #3002/3702 (top 81.1%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity-1.46%; #3014/5226 (top 57.7%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.1010; #3502/5884 (top 59.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR135.8% over 3 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years2/10 years positive
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Valuation0% pass✗ 28▾
All 13 investors flag AAOI's valuation
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio5.1x
✗Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-1.3%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.3%, ROC=-3.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
Price / Book Value per Share5.1x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessOE Yield=-5.1%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldFCF Yield=-7.8%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=5.1x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Price vs. Trailing Low390% of trailing low ($12.79)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization-0.72%; #3363/6340 (top 53.0%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.4949; #2909/6449 (top 45.1%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share5.14x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1650; #3961/5247 (top 75.5%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization-7.81%; #3143/4519 (top 69.6%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-66.87%; #5586/6202 (top 90.1%)
✗OshaughnessyTop 10% of eligible cross-section
Cash Flow0% pass✗ 12▾
All 10 investors flag AAOI's cash flow
Free Cash Flow Proxy$-38.2M
✗BuffettPositive and growing
FCF Positive and Growing$-353.6M
✗LynchPositive and growing
Operating Cash Flow$-174.4M
✗PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=-14.93%, ROA=-3.27%
✗PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)N/A (negative CFPS)
✗Dreman< 8x
P/E or FCF YieldFCF Yield=-7.8%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive2/13 years FCF positive
✗MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap-9.4%
✗Ackman>= 4%
Price / FCF per ShareN/A (negative FCF)
✗Ackman<= 25
Positive Operating Cash Flow frequency4/15 years positive
✗SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$-353.6M
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization-7.81%; #3143/4519 (top 69.6%)
✗OshaughnessyTop 10% of eligible cross-section
Growth0% pass✓ 3✗ 10▾
No clean pass — all 8 investors flag at least one growth criterion
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR
✗Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 122.1% vs Rev: 77.2%
✗LynchInventory growth < Revenue growth
EPS Growth Direction
✗DremanPositive over recent years
EPS CAGR135.8% CAGR over 3 years
✓Dreman> 5% annualized
Positive Net Income Frequency4/15 years positive
✗MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth14.6%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 27.1% -> 30.0%, operating margin -19.0% -> -12.0%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR14.2%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR135.8% over 3 years
✗Neff7%-20% annualized
Verdicts19% pass✓ 3✗ 13▾
Split decision: 12 FAIL · 3 PASS · 1 NEUTRAL
Overall verdict
✗GrahamFAIL (3/9)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)✗GreenblattRank #1905✓PiotroskiPASS (F-Score 4)✗DremanFAIL (4/11)✓MungerPASS (2/4)✗PabraiFAIL (0/3)✗AkreFAIL (1/6)✗MarksFAIL (0/5)✓AckmanPASS (4/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)✗AsnessFAIL (Rank #1007/2370 (Top 42.5%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
Efficiency25% pass✓ 3✗ 8▾
6 of 8 flag AAOI's efficiency — Buffett, Greenblatt, Piotroski +3 more
Current Ratio2.34
✓Graham>= 2.0
ROIC (3-5 yr avg)-18.4%
✗Buffett> 10%
ROIC - WACC-28.4%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-3.7%
✗Greenblatt> 25%
Current Ratio Change YoY1.77 -> 2.63
✓PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.46x -> 0.39x
✗PiotroskiImproved YoY
Current Assets / Current Liabilities2.34
✓Dreman> 1.5
Return on Invested Capital-1.7%
✗Munger> 15%
ROIC (high and growing)FY2023: ROIC=-13.7%; FY2024: ROIC=-21.9%; FY2025: ROIC=-5.6%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROICN/A (non-positive net income)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -5.6%)
✗SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Electronic Equipment

SIC Sector: Electronic & Electrical Equipment

Size: Mid Cap($4.5B)

Revenue: $455.7M+82.8% YoY

Net Income: $38.2M+79.5% YoY

Financial Snapshot

Operating Margin-12.0%

Return on Equity-5.2%

Debt / Equity0.05

Current Ratio2.63

EPS (Diluted)$-0.64

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Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

Metric	TTM · 2026-09-30 2025-10-01 – 2026-09-30 Sources · derived quarter values 10-K · 2026-02-26 10-Q · 2026-05-07 10-Q · 2026-08-06 10-Q · 2026-11-05 Derived from cumulative filings: revenue, net income, operating income, gross profit, ebit, pre tax income, interest expense, operating cash flow, depreciation amortization, capex.	Q3 FY 2026 2026-07-01 – 2026-09-30 Sources · derived quarter values 10-Q · 2026-11-05 Derived from cumulative filings: operating cash flow, depreciation amortization.	Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter values 10-Q · 2026-08-06 Derived from cumulative filings: operating cash flow, depreciation amortization.	Q1 FY 2026 2026-01-01 – 2026-03-31 Sources 10-Q · 2026-05-07	FY 2025 Sources 10-K · 2026-02-26	FY 2024 Sources 10-K · 2025-02-28	FY 2023 Sources 10-K · 2024-02-23	FY 2022 Sources 10-K · 2023-02-27	FY 2021 Sources 10-K · 2023-02-27
Market Cap	$4.5Bcurrent	--	--	--	$3.3Best.	$1.4Best.	$604.0Mest.	$69.2Mest.	$112.8Mest.
Revenue	$747.2M↑77%	$269.9M↑127%	$191.9M↑86%	$151.1M↑51%	$455.7M↑83%	$249.4M↑15%	$217.6M↓2%	$222.8M↑5%	$211.6M
Operating Income	-$50.7M↓2%	-$1.4M↑92%	-$24.7M↓55%	-$13.0M↓45%	-$54.6M↑23%	-$70.9M↓71%	-$41.3M↑30%	-$59.0M↓4%	-$56.8M
Net Income	-$32.8M↑79%	$6.3M↑135%	-$22.8M↓150%	-$14.3M↓56%	-$38.2M↑80%	-$186.7M↓233%	-$56.0M↑16%	-$66.4M↓23%	-$54.2M
EPS (Diluted)	--	$0.07↑125%	$-0.28↓75%	$-0.19↓6%	$-0.64↑86%	$-4.50↓157%	$-1.75↑26%	$-2.38↓18%	$-2.01
Gross Margin	28.8%↓2%	28.2%↑1%	27.7%↓8%	29.1%↓5%	30.0%↑21%	24.8%↓8%	27.1%↑79%	15.1%↓15%	17.8%
Operating Margin	-6.8%↑42%	-0.5%↑97%	-12.9%↑17%	-8.6%↑4%	-12.0%↑58%	-28.4%↓50%	-19.0%↑28%	-26.5%↑1%	-26.8%
ROE	-1.5%↑95%	—	—	—	-5.2%↑94%	-81.5%↓212%	-26.1%↑27%	-36.0%↓69%	-21.3%
Total Debt	$96.6M↑245%	$96.6M↑245%	$58.9M↑166%	$41.2M↑86%	$34.0M↑27%	$26.7M↑15%	$23.2M↓59%	$57.1M↑4%	$54.7M
Shareholders' Equity	$2.2B↑301%	$2.2B↑301%	$1.7B↑292%	$1.1B↑258%	$733.9M↑220%	$229.1M↑7%	$214.9M↑16%	$184.7M↓27%	$254.6M
Current Ratio	2.34↑1%	2.34↑1%	2.78↑31%	3.83↑104%	2.63↑48%	1.77↓4%	1.85↑40%	1.32↓26%	1.78
Debt / Equity	0.04↓14%	0.04↓14%	0.04↓32%	0.04↓48%	0.05↓60%	0.12↑8%	0.11↓65%	0.31↑44%	0.21
Operating Cash Flow	-$106.2M↑37%	-$2.9M↑90%	$11.6M↑118%	-$85.4M↓68%	-$174.4M↓151%	-$69.5M↓777%	-$7.9M↑43%	-$14.0M↓20%	-$11.6M
Free Cash Flow	--	--	--	-$143.6M↓81%	-$353.6M↓213%	-$112.9M↓564%	-$17.0M↑1%	-$17.2M↑12%	-$19.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Electronic Equipment

AAOI vs Peers — Financial Grading

Revenue$455.7MBottom 25%

Net Income$38.2MBottom 25%

ROE-5.2%Bottom 25%

D/E0.05Top 25%

Op. Margin-12.0%Bottom 25%

Curr. Ratio2.63Top 25%

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