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Stocks · Technology · Semiconductors & Related Devices

APPLIED OPTOELECTRONICS, INC.

AAOI Clue Score51
United States Fiscal year ends December CIK 0001158114
$109.64 +3.53% Close, 9 Oct 2026
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Price $109.64 +1,509.99% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue260.7Operating income23.0Net income31.2EPS, diluted1.76Fiscal year 2017Revenue382.3 +46.6%Operating income87.0Net income74.0 +136.8%EPS, diluted3.67 +108.5%Fiscal year 2018Revenue267.5 −30.0%Operating income−10.8Net income−2.1 −102.9%EPS, diluted−0.11 −103.0%Fiscal year 2019Revenue190.9 −28.6%Operating income−48.7Net income−66.0EPS, diluted−3.31Fiscal year 2020Revenue234.6 +22.9%Operating income−48.8Net income−58.5EPS, diluted−2.67Fiscal year 2021Revenue211.6 −9.8%Operating income−56.8Net income−54.2EPS, diluted−2.01Fiscal year 2022Revenue222.8 +5.3%Operating income−59.0Net income−66.4EPS, diluted−2.38Fiscal year 2023Revenue217.6 −2.3%Operating income−41.3Net income−56.0EPS, diluted−1.75Fiscal year 2024Revenue249.4 +14.6%Operating income−70.9Net income−186.7EPS, diluted−4.50Fiscal year 2025Revenue455.7 +82.8%Operating income−54.6Net income−38.2EPS, diluted−0.64
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 260.7 382.3 267.5 190.9 234.6 211.6 222.8 217.6 249.4 455.7
Growth +46.6% −30.0% −28.6% +22.9% −9.8% +5.3% −2.3% +14.6% +82.8%
Operating income 23.0 87.0 −10.8 −48.7 −48.8 −56.8 −59.0 −41.3 −70.9 −54.6
Net income 31.2 74.0 −2.1 −66.0 −58.5 −54.2 −66.4 −56.0 −186.7 −38.2
Growth +136.8% −102.9%
EPS, diluted 1.76 3.67 −0.11 −3.31 −2.67 −2.01 −2.38 −1.75 −4.50 −0.64
Growth +108.5% −103.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin33.4%Operating margin8.8%Net margin12.0%Free cash flow margin2.9%Fiscal year 2017Gross margin43.5%Operating margin22.7%Net margin19.3%Free cash flow margin4.5%Fiscal year 2018Gross margin32.8%Operating margin−4.0%Net margin−0.8%Free cash flow margin−21.6%Fiscal year 2019Gross margin24.2%Operating margin−25.5%Net margin−34.6%Free cash flow margin−16.0%Fiscal year 2020Gross margin21.5%Operating margin−20.8%Net margin−24.9%Free cash flow margin−25.5%Fiscal year 2021Gross margin17.8%Operating margin−26.8%Net margin−25.6%Free cash flow margin−9.3%Fiscal year 2022Gross margin15.1%Operating margin−26.5%Net margin−29.8%Free cash flow margin−7.7%Fiscal year 2023Gross margin27.1%Operating margin−19.0%Net margin−25.8%Free cash flow margin−7.8%Fiscal year 2024Gross margin24.8%Operating margin−28.4%Net margin−74.9%Free cash flow margin−45.3%Fiscal year 2025Gross margin30.0%Operating margin−12.0%Net margin−8.4%Free cash flow margin−77.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 33.4% 43.5% 32.8% 24.2% 21.5% 17.8% 15.1% 27.1% 24.8% 30.0%
Operating margin 8.8% 22.7% −4.0% −25.5% −20.8% −26.8% −26.5% −19.0% −28.4% −12.0%
Net margin 12.0% 19.3% −0.8% −34.6% −24.9% −25.6% −29.8% −25.8% −74.9% −8.4%
Free cash flow margin 2.9% 4.5% −21.6% −16.0% −25.5% −9.3% −7.7% −7.8% −45.3% −77.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow57.1Capital expenditure−49.4Free cash flow7.7Fiscal year 2017Operating cash flow84.3Capital expenditure−67.0Free cash flow17.3 +126.0%Fiscal year 2018Operating cash flow14.0Capital expenditure−71.9Free cash flow−57.8 −433.9%Fiscal year 2019Operating cash flow−1.8Capital expenditure−28.8Free cash flow−30.5Fiscal year 2020Operating cash flow−44.0Capital expenditure−15.8Free cash flow−59.8Fiscal year 2021Operating cash flow−11.6Capital expenditure−8.0Free cash flow−19.6Fiscal year 2022Operating cash flow−14.0Capital expenditure−3.2Free cash flow−17.2Fiscal year 2023Operating cash flow−7.9Capital expenditure−9.1Free cash flow−17.0Fiscal year 2024Operating cash flow−69.5Capital expenditure−43.4Free cash flow−112.9Fiscal year 2025Operating cash flow−174.4Capital expenditure−179.1Free cash flow−353.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 57.1 84.3 14.0 −1.8 −44.0 −11.6 −14.0 −7.9 −69.5 −174.4
Capital expenditure −49.4 −67.0 −71.9 −28.8 −15.8 −8.0 −3.2 −9.1 −43.4 −179.1
Free cash flow 7.7 17.3 −57.8 −30.5 −59.8 −19.6 −17.2 −17.0 −112.9 −353.6
Growth +126.0% −433.9%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash50.2Total debt42.8Net cash (debt)7.4Shareholders’ equity227.4Debt to equity0.19Fiscal year 2017Cash82.9Total debt49.5Net cash (debt)33.4Shareholders’ equity333.3Debt to equity0.15Fiscal year 2018Cash55.6Total debt83.9Net cash (debt)−28.3Shareholders’ equity329.1Debt to equity0.25Fiscal year 2019Cash60.0Total debt49.9Net cash (debt)10.1Shareholders’ equity273.8Debt to equity0.18Fiscal year 2020Cash43.4Total debt52.2Net cash (debt)−8.7Shareholders’ equity277.9Debt to equity0.19Fiscal year 2021Cash34.7Total debt54.7Net cash (debt)−20.0Shareholders’ equity254.6Debt to equity0.21Fiscal year 2022Cash24.7Total debt57.1Net cash (debt)−32.4Shareholders’ equity184.7Debt to equity0.31Fiscal year 2023Cash45.4Total debt23.2Net cash (debt)22.2Shareholders’ equity214.9Debt to equity0.11Fiscal year 2024Cash67.4Total debt26.7Net cash (debt)40.7Shareholders’ equity229.1Debt to equity0.12Fiscal year 2025Cash206.1Total debt34.0Net cash (debt)172.2Shareholders’ equity733.9Debt to equity0.05
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 50.2 82.9 55.6 60.0 43.4 34.7 24.7 45.4 67.4 206.1
Total debt 42.8 49.5 83.9 49.9 52.2 54.7 57.1 23.2 26.7 34.0
Net cash (debt) 7.4 33.4 −28.3 10.1 −8.7 −20.0 −32.4 22.2 40.7 172.2
Shareholders’ equity 227.4 333.3 329.1 273.8 277.9 254.6 184.7 214.9 229.1 733.9
Debt to equity 0.19 0.15 0.25 0.18 0.19 0.21 0.31 0.11 0.12 0.05

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
57.1 84.3 14.0 −1.8 −44.0 −11.6 −14.0 −7.9 −69.5 −174.4
Growth +47.6% −83.4% −112.5%
Investment
−49.4 −67.0 −71.9 −28.8 −15.8 −8.0 −3.2 −9.1 −43.4 −179.1
calc 7.7 17.3 −57.8 −30.5 −59.8 −19.6 −17.2 −17.0 −112.9 −353.6
Growth +126.0% −433.9%
calc 0.43 0.86 −2.94 −1.53 −2.73 −0.73 −0.62 −0.53 −2.72 −5.87
−41.5 −70.2 −76.5 −32.1 −19.3 −10.5 −3.8 −14.8 −50.7 −210.6
Financing
1.7 18.2 34.8 42.6 47.4 14.1 10.8 40.6 142.2 527.9

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.