AOSL continues to struggle with structural margin compression, as evidenced by gross margins hovering between 21.1% and 23.5% over the last ten quarters while operating income remains negative at -$14.1 million in 2026Q3.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 |
|---|
| Sales/Revenue | 685.04M | 696.16M | 657.27M | 691.32M | 777.55M | 656.9M | 464.91M | 450.92M | 421.55M | 383.34M | 335.66M | 327.94M | 318.12M | 337.44M | 342.29M | 361.31M | 301.84M | 185.08M | 248.03M |
| Revenue Growth % | 0.6% | 5.92% | -4.92% | -11.09% | 18.37% | 41.3% | 3.1% | 6.97% | 9.97% | 14.2% | 2.36% | 3.08% | -5.72% | -1.42% | -5.26% | 19.7% | 63.09% | -25.38% | - |
| Cost of Goods Sold | 531.55M | 535.16M | 485.36M | 491.79M | 509M | 452.36M | 362.18M | 335.54M | 309.63M | 291.52M | 269.84M | 267.45M | 259.05M | 272.85M | 259.13M | 256.09M | 221.54M | 146.08M | 188.72M |
| COGS % of Revenue | - | 76.87% | 73.84% | 71.14% | 65.46% | 68.86% | 77.9% | 74.41% | 73.45% | 76.05% | 80.39% | 81.56% | 81.43% | 80.86% | 75.7% | 70.88% | 73.4% | 78.93% | 76.09% |
| Gross Profit | 153.49M | 161M | 171.92M | 199.54M | 268.56M | 204.54M | 102.73M | 115.38M | 111.93M | 91.82M | 65.82M | 60.48M | 59.07M | 64.58M | 83.17M | 105.22M | 80.3M | 39M | 59.31M |
| Gross Margin % | 22.41% | 23.13% | 26.16% | 28.86% | 34.54% | 31.14% | 22.1% | 25.59% | 26.55% | 23.95% | 19.61% | 18.44% | 18.57% | 19.14% | 24.3% | 29.12% | 26.6% | 21.07% | 23.91% |
| Gross Profit Growth % | - | -6.35% | -13.84% | -25.7% | 31.3% | 99.11% | -10.96% | 3.08% | 21.9% | 39.5% | 8.83% | 2.39% | -8.54% | -22.34% | -20.96% | 31.03% | 105.91% | -34.24% | - |
| Operating Expenses | 197.31M | 189.44M | 175.67M | 177.01M | 166.52M | 140.47M | 116.67M | 122.4M | 103.51M | 78.68M | 63.88M | 64.27M | 59.26M | 63.31M | 66.43M | 67.41M | 47.16M | 39.74M | 58.35M |
| OpEx % of Revenue | - | 27.21% | 26.73% | 25.6% | 21.42% | 21.38% | 25.09% | 27.14% | 24.55% | 20.52% | 19.03% | 19.6% | 18.63% | 18.76% | 19.41% | 18.66% | 15.63% | 21.47% | 23.52% |
| Selling, General & Admin | 97.49M | 95.17M | 85.73M | 88.86M | 95.26M | 77.51M | 64.82M | 75.97M | 66.16M | 48.84M | 37.87M | 37.2M | 34.85M | 35.47M | 35.8M | 37.94M | 26.18M | 20.57M | 35.64M |
| SG&A % of Revenue | - | 13.67% | 13.04% | 12.85% | 12.25% | 11.8% | 13.94% | 16.85% | 15.7% | 12.74% | 11.28% | 11.34% | 10.96% | 10.51% | 10.46% | 10.5% | 8.67% | 11.11% | 14.37% |
| Research & Development | 99.82M | 94.27M | 89.94M | 88.15M | 71.26M | 62.95M | 51.25M | 46.43M | 37.34M | 29.84M | 26.01M | 27.07M | 24.41M | 27.83M | 30.63M | 29.47M | 20.98M | 19.17M | 22.71M |
| R&D % of Revenue | - | 13.54% | 13.68% | 12.75% | 9.16% | 9.58% | 11.02% | 10.3% | 8.86% | 7.78% | 7.75% | 8.26% | 7.67% | 8.25% | 8.95% | 8.16% | 6.95% | 10.36% | 9.16% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 0 | 432K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -43.83M | -28.44M | -3.76M | 22.53M | 102.04M | 64.08M | -13.94M | -7.02M | 8.42M | 13.14M | 1.51M | -3.79M | -193K | -1.28M | 16.73M | 37.81M | 33.14M | -742K | 963K |
| Operating Margin % | -6.4% | -4.08% | -0.57% | 3.26% | 13.12% | 9.75% | -3% | -1.56% | 2% | 3.43% | 0.45% | -1.16% | -0.06% | -0.38% | 4.89% | 10.47% | 10.98% | -0.4% | 0.39% |
| Operating Income Growth % | - | -657.08% | -116.67% | -77.92% | 59.25% | 559.75% | -98.53% | -183.37% | -35.94% | 770.46% | 139.83% | -1864.25% | 84.9% | -107.64% | -55.74% | 14.1% | 4566.31% | -177.05% | - |
| EBITDA | -28.38M | 33.96M | 50M | 65.74M | 144.89M | 116.76M | 31.15M | 25.02M | 37.84M | 40.33M | 28.81M | 23.76M | 27.68M | 28.08M | 42M | 54.49M | 42.15M | 6.79M | 4.01M |
| EBITDA Margin % | -4.14% | 4.88% | 7.61% | 9.51% | 18.63% | 17.77% | 6.7% | 5.55% | 8.98% | 10.52% | 8.58% | 7.24% | 8.7% | 8.32% | 12.27% | 15.08% | 13.96% | 3.67% | 1.62% |
| EBITDA Growth % | -166.71% | -32.08% | -23.94% | -54.63% | 24.09% | 274.8% | 24.52% | -33.88% | -6.18% | 39.98% | 21.29% | -14.19% | -1.42% | -33.13% | -22.93% | 29.28% | 521.15% | 69.14% | - |
| D&A (Non-Cash Add-back) | 15.45M | 62.4M | 53.76M | 43.21M | 42.85M | 52.69M | 45.09M | 32.04M | 29.42M | 27.19M | 27.3M | 27.55M | 27.88M | 29.36M | 25.26M | 16.68M | 9.01M | 7.53M | 3.05M |
| EBIT | -24.89M | -25.16M | 1.34M | 24.57M | 102.04M | 66.53M | -15.17M | -7.02M | 8.42M | 13.14M | 1.01M | -3.69M | -69K | -1.2M | 16.84M | 40.7M | 39.51M | -129K | 963K |
| Net Interest Income | 1.93M | 1.64M | 1.19M | -1.09M | -3.92M | -6.31M | -2.74M | -6.36M | -2.76M | -91K | -23K | -75K | -266K | -296K | -237K | 17K | -150K | 61K | -28.97M |
| Interest Income | 3.96M | 4.28M | 5.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106K | 0 | 76K | 105K | 280K | 39K | 648K | 2.04M |
| Interest Expense | -123K | 2.64M | 3.98M | 1.09M | 3.92M | 6.31M | 2.74M | 6.36M | 2.76M | 91K | 23K | 181K | 266K | 372K | 342K | 263K | 188K | 587K | 31.02M |
| Other Income/Expense | -69.42M | -77.17M | -3.68M | -4.23M | 390.4M | -3.85M | -3.97M | -6.36M | -2.76M | -232K | -521K | -75K | -142K | -296K | -237K | 2.62M | 6.36M | 26K | -26.15M |
| Pretax Income | -113.24M | -105.6M | -7.43M | 18.3M | 492.44M | 60.22M | -17.91M | -13.38M | 5.66M | 12.91M | 989K | -3.87M | -335K | -1.57M | 16.5M | 40.44M | 39.28M | -716K | -25.19M |
| Pretax Margin % | -16.53% | -15.17% | -1.13% | 2.65% | 63.33% | 9.17% | -3.85% | -2.97% | 1.34% | 3.37% | 0.29% | -1.18% | -0.11% | -0.47% | 4.82% | 11.19% | 13.02% | -0.39% | -10.16% |
| Income Tax | -7.13M | -8.63M | 3.65M | 5.94M | 39.26M | 3.94M | 348K | 1.26M | 708K | 3.65M | 4.02M | 4.07M | 2.97M | 4M | 3.58M | 2.61M | 1.69M | -174K | 1.57M |
| Effective Tax Rate % | 6.3% | 8.17% | -49.1% | 32.44% | 7.97% | 6.53% | -1.94% | -9.39% | 12.52% | 28.28% | 406.57% | -105.25% | -887.46% | -254.19% | 21.71% | 6.45% | 4.31% | 24.3% | -6.22% |
| Net Income | -77.06M | -96.98M | -11.08M | 12.36M | 453.16M | 58.12M | -6.6M | -14.64M | 14.26M | 13.83M | -2.93M | -7.93M | -3.31M | -5.58M | 12.92M | 37.83M | 37.59M | -542K | -26.76M |
| Net Margin % | -11.25% | -13.93% | -1.69% | 1.79% | 58.28% | 8.85% | -1.42% | -3.25% | 3.38% | 3.61% | -0.87% | -2.42% | -1.04% | -1.65% | 3.77% | 10.47% | 12.45% | -0.29% | -10.79% |
| Net Income Growth % | -240.23% | -775.16% | -189.62% | -97.27% | 679.76% | 981.08% | 54.94% | -202.63% | 3.14% | 572.3% | 63.1% | -139.87% | 40.66% | -143.16% | -65.85% | 0.63% | 7035.61% | 97.97% | - |
| Net Income (Continuing) | -77.06M | -96.98M | -11.08M | 12.36M | 453.18M | 56.29M | -18.26M | -14.64M | 4.95M | 9.26M | -3.03M | -7.93M | -3.31M | -5.58M | 12.92M | 37.83M | 37.82M | -507K | -29.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 143.12M | 138.2M | 152.26M | 147.57M | 27.78M | -103K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.58 | -3.30 | -0.39 | 0.42 | 16.07 | 2.13 | -0.73 | -0.59 | 0.57 | 0.56 | -0.13 | -0.30 | -0.13 | -0.22 | 0.50 | 1.51 | 1.78 | -0.03 | -1.44 |
| EPS Growth % | -356.08% | -746.15% | -192.86% | -97.39% | 654.46% | 391.78% | -23.73% | -203.51% | 1.79% | 530.77% | 56.67% | -130.77% | 40.91% | -144% | -66.89% | -15.17% | 6412.06% | 98.04% | - |
| EPS (Basic) | - | -3.30 | -0.39 | 0.45 | 16.93 | 2.25 | -0.73 | -0.61 | 0.60 | 0.59 | -0.13 | -0.30 | -0.13 | -0.22 | 0.52 | 1.61 | 1.85 | -0.03 | -1.44 |
| Diluted Shares Outstanding | 29.89M | 29.41M | 28.24M | 29.53M | 28.2M | 27.27M | 24.84M | 24.7M | 24.84M | 24.83M | 22.45M | 26.43M | 25.95M | 25.35M | 25.61M | 24.99M | 21.17M | 19.24M | 18.63M |
| Basic Shares Outstanding | 29.89M | 29.41M | 28.24M | 27.55M | 26.76M | 25.79M | 24.84M | 24.06M | 23.9M | 23.53M | 22.45M | 26.43M | 25.87M | 25.34M | 24.66M | 23.5M | 20.37M | 20.37M | 18.63M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical demand and utilization
As reported in recent financial filings, AOSL's revenue trajectory remains largely stagnant, with the most recent quarterly figure of $163.8M representing a marginal 0.5% year-over-year decline, highlighting the company's ongoing struggle to achieve meaningful top-line expansion within its core consumer and computing end-markets.
The lack of consistent revenue growth suggests that the company is heavily tethered to volatile PC and smartphone replacement cycles. Investors should monitor whether the firm can successfully pivot toward higher-value industrial or automotive applications to break this pattern of cyclical stagnation.
Based on the provided income statement data, AOSL's gross margins have consistently hovered near the 21-23% range, reflecting significant pricing pressure and the high fixed-cost burden associated with maintaining internal fabrication facilities during periods of softened demand across the broader semiconductor industry.
These margin levels appear structurally inferior to peers like Monolithic Power Systems, suggesting a lack of pricing power in the commodity MOSFET space. The inability to expand margins despite various product cycles warrants further investigation into whether the current manufacturing footprint is optimized for the current demand environment.
According to the quarterly income statements, AOSL has failed to demonstrate positive operating leverage, as operating income has remained consistently negative, reaching -$14.1M in 2026Q3, even as the company maintains relatively stable R&D and SG&A expenditures throughout the observed ten-quarter period.
The persistence of negative operating margins suggests that the company's revenue scale is currently insufficient to cover its fixed overhead and R&D investments. This indicates that operational profitability is highly sensitive to volume recovery, which remains uncertain given the current macroeconomic backdrop.
As evidenced by the erratic net income figures, including a significant $77.1M loss in 2025Q4, AOSL's bottom-line performance appears heavily impacted by non-operating items and potential inventory adjustments, which complicates the assessment of the company's true underlying earnings power and long-term profitability potential.
The discrepancy between operating losses and fluctuating net income suggests that investors should look past headline EPS to understand the impact of one-time charges and joint venture accounting. The reliance on non-operating items to bridge the gap to profitability may indicate a lack of core operational stability.
While some market participants may anticipate a margin spring, the data suggests that AOSL faces a formidable challenge, as the company's heavy reliance on China-based manufacturing and revenue creates a binary risk profile that could be severely disrupted by further geopolitical or trade-related regulatory escalations.
Short-sellers would likely focus on the company's inability to achieve break-even operating margins despite years of investment in new product platforms. The risk remains that the current business model is fundamentally mismatched with the competitive landscape, potentially leading to further erosion of shareholder value.
Quick answers to the most common questions about buying AOSL stock.
For fiscal year 2025, Alpha and Omega Semiconductor Limited (AOSL) reported total revenue of $696.2M. This represents a 180.7% increase compared to $248.0M in 2008.
Alpha and Omega Semiconductor Limited (AOSL) reported a net loss of $97.0M for the fiscal year ending 2025.
Alpha and Omega Semiconductor Limited (AOSL) reported an operating income of $-28.4M, resulting in an operating profit margin of -4.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Alpha and Omega Semiconductor Limited (AOSL) generated $161.0M in gross profit for the year, representing a gross profit margin of 23.1%. This demonstrates the company's core pricing power and production efficiency.