Applied Optoelectronics, Inc. (AAOI) Financial Ratios
15 years of historical data (2011–2025) · Technology · Semiconductors
EV/EBITDA
N/A
—
5yr avg: N/A
30Y Low6.8·High50.3
P/FCF
N/A
—
5yr avg: N/A
30Y Low54.6·High58.4
P/B Ratio
↑
12.92
↑+388% vs avg
5yr avg: 2.65
30Y Low0.3·High6.7
ROE
↑
-7.9%
↓+77% vs avg
5yr avg: -34.1%
30Y Low-84%·High26%
Debt/EBITDA
N/A
—
5yr avg: N/A
30Y Low0.5·High9.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AAOI Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Applied Optoelectronics, Inc. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.4B | $2.1B | $1.5B | $617M | $53M | $138M | $186M | $237M | $303M | $762M | $415M |
| Enterprise Value | $12.4B | $2.0B | $1.7B | $693M | $183M | $254M | $298M | $320M | $336M | $728M | $408M |
| P/E Ratio → | -246.17 | — | — | — | — | — | — | — | — | 10.31 | 13.32 |
| P/S Ratio | 27.29 | 4.60 | 6.14 | 2.84 | 0.24 | 0.65 | 0.79 | 1.24 | 1.13 | 1.99 | 1.59 |
| P/B Ratio | 12.92 | 2.86 | 6.68 | 2.87 | 0.28 | 0.54 | 0.67 | 0.87 | 0.92 | 2.29 | 1.83 |
| P/FCF | — | — | — | — | — | — | — | — | — | 54.61 | 58.35 |
| P/OCF | — | — | — | — | — | — | — | — | 21.61 | 9.04 | 7.27 |
P/E links to full P/E history page with 30-year chart
AAOI EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.50 | 6.64 | 3.18 | 0.82 | 1.20 | 1.27 | 1.68 | 1.26 | 1.90 | 1.57 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 17.75 | 6.79 | 10.97 |
| EV / EBIT | — | — | — | — | — | — | — | — | — | 8.38 | 17.73 |
| EV / FCF | — | — | — | — | — | — | — | — | — | 52.22 | 57.36 |
AAOI Profitability
Margins and return-on-capital ratios measuring operating efficiency
Applied Optoelectronics, Inc. earns an operating margin of -12.0%. Operating margins have expanded from -19.0% to -12.0% over the past 3 years, signaling improving operational efficiency. A negative ROE of -7.9% indicates the company is currently destroying shareholder equity.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.0% | 30.0% | 24.8% | 27.1% | 15.1% | 17.8% | 21.5% | 24.2% | 32.8% | 43.5% | 33.4% |
| Operating Margin | -12.0% | -12.0% | -28.4% | -19.0% | -26.5% | -26.8% | -20.8% | -25.5% | -4.0% | 22.7% | 8.8% |
| Net Profit Margin | -8.4% | -8.4% | -74.9% | -25.8% | -29.8% | -25.6% | -24.9% | -34.6% | -0.8% | 19.3% | 12.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.9% | -7.9% | -84.1% | -28.1% | -30.2% | -20.3% | -21.2% | -21.9% | -0.6% | 26.4% | 15.9% |
| ROA | -4.5% | -4.5% | -39.9% | -14.1% | -15.4% | -11.6% | -12.3% | -14.1% | -0.5% | 19.1% | 10.5% |
| ROIC | -7.9% | -7.9% | -16.5% | -10.2% | -12.9% | -11.2% | -9.8% | -10.2% | -2.4% | 25.1% | 8.1% |
| ROCE | -8.5% | -8.5% | -21.1% | -14.6% | -19.2% | -15.7% | -13.0% | -12.7% | -2.8% | 27.0% | 10.0% |
AAOI Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The company holds a net cash position — cash of $216M exceeds total debt of $167M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.23 | 0.23 | 0.83 | 0.56 | 0.84 | 0.59 | 0.56 | 0.52 | 0.27 | 0.15 | 0.19 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 4.68 | 0.46 | 1.16 |
| Net Debt / Equity | — | -0.07 | 0.54 | 0.35 | 0.71 | 0.45 | 0.40 | 0.30 | 0.10 | -0.10 | -0.03 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 1.74 | -0.31 | -0.19 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -2.39 | -1.00 |
| Interest Coverage | -12.36 | -12.36 | -26.36 | -4.94 | -9.51 | -8.64 | -8.09 | -8.51 | -7.84 | 101.34 | 13.41 |
Net cash position: cash ($216M) exceeds total debt ($167M)
AAOI Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Applied Optoelectronics, Inc.'s current ratio of 2.63x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The quick ratio of 1.91x is notably lower than the current ratio, indicating a significant portion of current assets is tied up in inventory. The current ratio has improved from 1.85x to 2.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.63 | 2.63 | 1.77 | 1.85 | 1.32 | 1.78 | 2.03 | 2.11 | 2.51 | 3.25 | 2.63 |
| Quick Ratio | 1.91 | 1.91 | 1.25 | 1.16 | 0.75 | 0.93 | 0.96 | 1.18 | 1.30 | 2.18 | 1.76 |
| Cash Ratio | 0.84 | 0.84 | 0.40 | 0.49 | 0.18 | 0.32 | 0.42 | 0.66 | 0.72 | 1.17 | 0.84 |
| Asset Turnover | — | 0.39 | 0.46 | 0.56 | 0.55 | 0.47 | 0.49 | 0.41 | 0.57 | 0.84 | 0.81 |
| Inventory Turnover | 1.74 | 1.74 | 2.13 | 2.49 | 2.37 | 1.88 | 1.67 | 1.70 | 1.93 | 2.85 | 3.35 |
| Days Sales Outstanding | — | 195.75 | 170.96 | 80.98 | 100.77 | 96.77 | 67.58 | 66.27 | 41.67 | 57.14 | 69.67 |
AAOI Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Applied Optoelectronics, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | 9.7% | 7.5% |
| FCF Yield | — | — | — | — | — | — | — | — | — | 1.8% | 1.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $60M | $42M | $32M | $28M | $27M | $22M | $20M | $20M | $20M | $18M |
Peer Comparison
Compare AAOI with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AAOIYou | $12B | -246.2 | — | — | 30.0% | -12.0% | -7.9% | -7.9% | — |
 LITE | $64B | 2412.9 | 859.4 | — | 28.0% | -10.9% | 2.5% | -4.3% | 34.0 |
 OESX | $33M | -2.6 | — | 66.5 | 25.4% | -13.3% | -68.6% | -34.8% | — |
 COHR | $51B | -613.8 | 48.6 | 262.6 | 35.4% | 9.4% | 0.6% | 3.6% | 3.5 |
 VIAV | $12B | 340.3 | 90.4 | 190.5 | 56.8% | 6.5% | 4.8% | 5.5% | 5.2 |
 CIEN | $76B | 633.2 | 169.9 | 114.4 | 41.5% | 6.5% | 4.4% | 6.9% | 3.5 |
 ADTN | $1B | -25.5 | 17.2 | 12.0 | 38.3% | -1.4% | -8.5% | -1.7% | 3.2 |
 CALX | $3B | 167.4 | 69.6 | 24.3 | 56.8% | 2.1% | 2.2% | 2.1% | 0.7 |
 CSCO | $365B | 36.1 | 26.3 | 27.5 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 ANET | $178B | 51.5 | 44.9 | 42.0 | 64.1% | 42.8% | 31.4% | 32.8% | — |
 AVGO | $2.0T | 86.5 | 58.5 | 72.7 | 67.8% | 39.9% | 31.0% | 14.9% | 1.9 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAAOI — Frequently Asked Questions
Quick answers to the most common questions about buying AAOI stock.
What is Applied Optoelectronics, Inc.'s P/E ratio?
Applied Optoelectronics, Inc.'s current P/E ratio is -246.2x. The historical average is 22.5x.
What is Applied Optoelectronics, Inc.'s ROE?
Applied Optoelectronics, Inc.'s return on equity (ROE) is -7.9%. The historical average is -12.8%.
Is AAOI stock overvalued?
Based on historical data, Applied Optoelectronics, Inc. is trading at a P/E of -246.2x. Compare with industry peers and growth rates for a complete picture.
What are Applied Optoelectronics, Inc.'s profit margins?
Applied Optoelectronics, Inc. has 30.0% gross margin and -12.0% operating margin.