AAOI Nasdaq Semiconductors & Related Devices Financials FY2016βFY2025
Applied Optoelectronics, Inc. had $456M of revenue in fiscal 2025, up 82.8% on the year before. Over five years, revenue changed +14.2% a year on average.
Last close Β· Oct 23, 2026
$67.51
0.8%Hi! I read Applied Optoelectronics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+82.8%
Yes. Sales grew 82.8% last year.
Does it make a profit?
β8.4%
No. It lost money last year.
Does profit turn into cash?
β77.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 9
Mixed. It passes 4 of 9 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Applied Optoelectronics, Inc. had $456M of revenue in fiscal 2025, up 82.8% on the year before. Over five years, revenue changed +14.2% a year on average. Its operating margin was β12.0%, up 16.5Β pts: of every 100 in sales, about β12 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Applied Optoelectronics, Inc. lost $38.2M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$354M in fiscal 2025, β77.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $126M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$126M
10 insiders
Of sales under plans
18%
$22.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 12, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $102.87 | $0.4M | Form 4 |
| Oct 5, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 6,000 | $120.03 | $0.7M | Form 4 |
| Sep 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $105.33 | $0.4M | Form 4 |
| Sep 8, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold | 32,172 | $110.21 | $3.5M | Form 4 |
| Aug 18, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 6,000 | $147.73 | $0.9M | Form 4 |
| Aug 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $144.79 | $0.6M | Form 4 |
| Aug 4, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 4,715 | $126.50 | $0.6M | Form 4 |
| Jul 21, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 1,285 | $120.02 | $0.2M | Form 4 |
| Jul 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $122.09 | $0.5M | Form 4 |
| Jun 18, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 6,000 | $171.89 | $1.0M | Form 4 |
| Jun 17, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold plan | 40,329 | $170.60 | $6.9M | Form 4 |
| Jun 12, 2026 | Stefan J. MurryChief Financial Officer | Sold | 33,000 | $166.53 | $5.5M | Form 4 |
| Jun 12, 2026 | David C Kuo*** See Remarks | Sold | 29,227 | $166.53 | $4.9M | Form 4 |
| Jun 12, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold | 28,826 | $166.53 | $4.8M | Form 4 |
| Jun 12, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold | 34,000 | $166.53 | $5.7M | Form 4 |
| Jun 12, 2026 | Chih-Hsiang (Thompson) LinPresident and CEO, Director | Sold | 59,000 | $166.53 | $9.8M | Form 4 |
| Jun 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $171.45 | $0.7M | Form 4 |
| Jun 5, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold | 4,000 | $200.07 | $0.8M | Form 4 |
| Jun 4, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold | 10,000 | $205.07 | $2.1M | Form 4 |
| Jun 2, 2026 | Min-Chu (Mike) ChenDirector | Sold | 8,247 | $201.00 | $1.7M | Form 4 |
| May 26, 2026 | Cynthia DeLaneyDirector | Sold | 56,575 | $189.23 | $10.7M | Form 4 |
| May 19, 2026 | Stefan J. MurryChief Financial Officer | Sold | 33,000 | $173.26 | $5.7M | Form 4 |
| May 19, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold | 39,154 | $173.26 | $6.8M | Form 4 |
| May 19, 2026 | Chih-Hsiang (Thompson) LinPresident and CEO, Director | Sold | 58,000 | $173.26 | $10.0M | Form 4 |
| May 19, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold | 33,630 | $173.26 | $5.8M | Form 4 |
| May 19, 2026 | David C Kuo*** See Remarks | Sold | 19,227 | $173.26 | $3.3M | Form 4 |
| May 11, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $159.53 | $0.6M | Form 4 |
| Apr 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $136.50 | $0.5M | Form 4 |
| Mar 19, 2026 | David C Kuo*** See Remarks | Sold | 29,000 | $100.13 | $2.9M | Form 4 |
| Mar 16, 2026 | Hung-Lun (Fred) Chang*** See Remarks | Sold | 36,400 | $100.25 | $3.6M | Form 4 |
| Mar 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $112.76 | $0.5M | Form 4 |
| Mar 9, 2026 | Min-Chu (Mike) ChenDirector | Sold | 8,835 | $108.72 | $1.0M | Form 4 |
| Mar 9, 2026 | William H YehDirector | Sold | 15,000 | $105.76 | $1.6M | Form 4 |
| Mar 9, 2026 | Shu-Hua (Joshua) Yeh*** See Remarks | Sold plan | 50,000 | $97.10 | $4.9M | Form 4 |
| Mar 6, 2026 | Min-Chu (Mike) ChenDirector | Sold | 2,500 | $97.00 | $0.2M | Form 4 |
| Mar 5, 2026 | Richard B BlackDirector | Sold | 3,231 | $95.00 | $0.3M | Form 4 |
| Mar 4, 2026 | Cynthia DeLaneyDirector | Sold | 21,000 | $98.02 | $2.1M | Form 4 |
| Mar 3, 2026 | Elizabeth G LoboaDirector | Sold | 102,347 | $95.76 | $9.8M | Form 4 |
| Feb 20, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 5,980 | $50.15 | $0.3M | Form 4 |
| Feb 11, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 11,693 | $50.25 | $0.6M | Form 4 |
| Feb 11, 2026 | David C Kuo*** See Remarks | Sold plan | 17,467 | $50.17 | $0.9M | Form 4 |
| Feb 10, 2026 | David C Kuo*** See Remarks | Sold plan | 2,533 | $50.00 | $0.1M | Form 4 |
| Feb 10, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 6,327 | $49.17 | $0.3M | Form 4 |
| Jan 28, 2026 | David C Kuo*** See Remarks | Sold plan | 12,000 | $45.06 | $0.5M | Form 4 |
| Jan 15, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 66 | $35.01 | $0.0M | Form 4 |
| Jan 13, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 934 | $35.00 | $0.0M | Form 4 |
| Jan 12, 2026 | Stefan J. MurryChief Financial Officer | Sold plan | 3,000 | $33.75 | $0.1M | Form 4 |
| Dec 23, 2025 | David C Kuo*** See Remarks | Sold plan | 12,500 | $40.15 | $0.5M | Form 4 |
| Dec 15, 2025 | Elizabeth G LoboaDirector | Sold | 4,121 | $30.23 | $0.1M | Form 4 |
| Dec 10, 2025 | Stefan J. MurryChief Financial Officer | Sold plan | 4,000 | $31.55 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Applied Optoelectronics, Inc. has $172M more cash than debt.
Cash, debt and the ratios that show how comfortably Applied Optoelectronics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $34.7M | $24.7M | $45.4M | $67.4M | $206M |
| Debt incl. finance leases | $54.8M | $57.1M | $23.2M | $26.7M | $34.0M |
| Debt / equity | 0.2x | 0.3x | 0.1x | 0.1x | 0.0x |
| Interest coverage | β10.1x | β9.3x | β4.4x | β10.4x | β15.6x |
| Current ratio | 1.8x | 1.3x | 1.8x | 1.8x | 2.6x |
| Quick ratio | 0.9x | 0.7x | 1.2x | 1.3x | 1.9x |
| Total assets | $454M | $408M | $389M | $547M | $1.2B |
| Total liabilities | $200M | $224M | $174M | $318M | $435M |
| Shareholders' equity | $255M | $185M | $215M | $229M | $734M |
| Net debt (β = net cash) | $20.1M | $32.5M | β$22.2M | β$40.7M | β$172M |
KIRA Β· Its return on capital was β7.7%: every 100 invested in the business earned about β8 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Applied Optoelectronics, Inc. passes 4 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 8 / 9 | 3 / 9 | 2 / 9 | 3 / 9 | 2 / 9 | 2 / 9 | 6 / 9 | 2 / 9 | 4 / 9 |
| Accruals ratio | β8.0% | β2.7% | β3.5% | β13.8% | β3.0% | β9.1% | β12.1% | β12.1% | β25.0% | 15.9% |
| Altman Z'' | 4.61 | 6.79 | 4.25 | 2.00 | 1.60 | 0.70 | β1.06 | β0.30 | β1.23 | 2.44 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $261M | $382M | $267M | $191M | $235M | $212M | $223M | $218M | $249M | $456M |
| Gross profit | $87.0M | $166M | $87.8M | $46.2M | $50.5M | $37.7M | $33.6M | $58.9M | $61.8M | $137M |
| Research and development | $31.8M | $35.4M | $49.9M | $43.4M | $43.4M | $41.2M | $36.2M | $36.0M | $55.0M | $85.5M |
| Operating income | $23.0M | $87.0M | β$10.8M | β$48.7M | β$48.8M | β$56.8M | β$59.0M | β$41.3M | β$70.9M | β$54.6M |
| Interest expense | $1.7M | $0.9M | $1.1M | $5.4M | $5.6M | $5.6M | $6.3M | $9.4M | $6.8M | $3.5M |
| Pretax income | $21.0M | $84.5M | β$9.8M | β$51.4M | β$51.2M | β$54.2M | β$66.4M | β$56.0M | β$187M | β$46.7M |
| Income tax | β$10.2M | $10.6M | β$7.6M | $14.7M | $7.2M | $0.0M | $0.0M | $0.0M | $0.0M | β$8.5M |
| Net income | $31.2M | $74.0M | β$2.1M | β$66.0M | β$58.5M | β$54.2M | β$66.4M | β$56.0M | β$187M | β$38.2M |
| Net income to common | $31.2M | $74.0M | β | β | β | β | β | β | β | β |
| Diluted EPS | $1.76 | $3.67 | β$0.11 | β$3.31 | β$2.67 | β$2.01 | β$2.38 | β$1.75 | β$4.50 | β$0.64 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.03B | 0.03B | 0.03B | 0.04B | 0.06B |
| Cash flow | ||||||||||
| Cash from operations | $57.1M | $84.3M | $14.0M | β$1.8M | β$44.0M | β$11.6M | β$14.0M | β$7.9M | β$69.5M | β$174M |
| Capital expenditure | $49.4M | $67.0M | $71.9M | $28.8M | $15.8M | $8.0M | $3.2M | $9.1M | $43.4M | $179M |
| Free cash flow | $7.7M | $17.3M | β$57.8M | β$30.5M | β$59.8M | β$19.6M | β$17.2M | β$17.0M | β$113M | β$354M |
| Depreciation and amortization | $14.2M | $20.4M | $29.7M | $24.0M | $24.7M | $25.4M | $23.2M | $20.4M | $20.6M | $27.7M |
| Stock-based compensation | $3.8M | $7.8M | $11.1M | $11.8M | $13.0M | $12.1M | $9.6M | $11.9M | $14.8M | $11.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $50.3M | $83.0M | $55.6M | $60.0M | $43.4M | $34.7M | $24.7M | $45.4M | $67.4M | $206M |
| Total debt | $42.8M | $49.5M | $83.9M | $49.9M | $52.2M | $54.7M | $57.1M | $23.2M | $26.7M | $34.0M |
| Finance lease liabilities | β | β | β | $0.1M | $0.1M | $0.1M | $0.1M | $0.0M | β | β |
| Current assets | $158M | $230M | $194M | $193M | $209M | $194M | $183M | $173M | $301M | $676M |
| Current liabilities | $60.0M | $70.7M | $77.4M | $91.4M | $103M | $109M | $139M | $93.4M | $170M | $257M |
| Inventory | $51.8M | $75.8M | $93.3M | $85.0M | $110M | $92.5M | $79.7M | $63.9M | $88.1M | $183M |
| Property and equipment, net | $144M | $198M | $234M | $248M | $253M | $243M | $210M | $200M | $219M | $376M |
| Intangible assets | $4.0M | $4.0M | $4.0M | $4.1M | $4.0M | $3.8M | $3.7M | $3.6M | $3.7M | $3.6M |
| Total assets | $322M | $453M | $467M | $467M | $481M | $454M | $408M | $389M | $547M | $1.2B |
| Total liabilities | $94.9M | $120M | $138M | $193M | $203M | $200M | $224M | $174M | $318M | $435M |
| Preferred stock | β | β | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $227M | $333M | $329M | $274M | $278M | $255M | $185M | $215M | $229M | $734M |
| Margins | ||||||||||
| 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% | β4.0% | β25.5% | β20.8% | β26.8% | β26.5% | β19.0% | β28.4% | β12.0% |
| EBITDA margin | 14.3% | 28.1% | 7.1% | β13.0% | β10.3% | β14.8% | β16.1% | β9.6% | β20.2% | β5.9% |
| Net margin | 12.0% | 19.3% | β0.8% | β34.6% | β24.9% | β25.6% | β29.8% | β25.8% | β74.9% | β8.4% |
| FCF margin | 2.9% | 4.5% | β21.6% | β16.0% | β25.5% | β9.3% | β7.7% | β7.8% | β45.3% | β77.6% |
| Returns | ||||||||||
| Return on capital | 10.5% | 25.4% | β2.4% | β14.6% | β13.5% | β16.3% | β21.5% | β17.0% | β29.7% | β7.7% |
| Return on capital employed | 8.8% | 22.7% | β2.8% | β13.0% | β12.9% | β16.4% | β21.9% | β14.0% | β18.8% | β6.0% |
| Return on equity | 13.7% | 26.4% | β0.6% | β21.9% | β21.2% | β20.3% | β30.2% | β28.1% | β84.1% | β7.9% |
| Return on assets | 9.7% | 19.1% | β0.5% | β14.1% | β12.3% | β11.6% | β15.4% | β14.1% | β39.9% | β4.5% |
| Return on tangible equity | 14.0% | 22.5% | β0.7% | β24.5% | β21.3% | β21.6% | β36.7% | β26.5% | β82.8% | β5.2% |
| Growth | ||||||||||
| Revenue growth | β | 46.6% | β30.0% | β28.6% | 22.9% | β9.8% | 5.3% | β2.3% | 14.6% | 82.8% |
| Net income growth | β | 136.8% | β102.9% | β | β | β | β | β | β | β |
| EPS growth | β | 108.5% | β103.0% | β | β | β | β | β | β | β |
| FCF growth | β | 126.0% | β433.9% | β | β | β | β | β | β | β |
| Share count change | β | 13.7% | β2.4% | 1.7% | 9.4% | 23.1% | 3.5% | 14.7% | 30.0% | 44.9% |
| Financial health | ||||||||||
| Net debt / EBITDA | β0.2x | β0.3x | 1.5x | β | β | β | β | β | β | β |
| Debt / equity | 0.2x | 0.1x | 0.3x | 0.2x | 0.2x | 0.2x | 0.3x | 0.1x | 0.1x | 0.0x |
| Interest coverage | 13.4x | 101.3x | β9.7x | β9.0x | β8.7x | β10.1x | β9.3x | β4.4x | β10.4x | β15.6x |
| Current ratio | 2.6x | 3.2x | 2.5x | 2.1x | 2.0x | 1.8x | 1.3x | 1.8x | 1.8x | 2.6x |
| Quick ratio | 1.8x | 2.2x | 1.3x | 1.2x | 1.0x | 0.9x | 0.7x | 1.2x | 1.3x | 1.9x |
| Capital allocation | ||||||||||
| Capex / revenue | 19.0% | 17.5% | 26.9% | 15.1% | 6.7% | 3.8% | 1.4% | 4.2% | 17.4% | 39.3% |
| Stock comp / revenue | 1.5% | 2.0% | 4.2% | 6.2% | 5.6% | 5.7% | 4.3% | 5.5% | 5.9% | 2.6% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 8.0 | 3.0 | 2.0 | 3.0 | 2.0 | 2.0 | 6.0 | 2.0 | 4.0 |
| Altman Z'' | 4.6 | 6.8 | 4.2 | 2.0 | 1.6 | 0.7 | β1.1 | β0.3 | β1.2 | 2.4 |
| Accruals ratio | β8.0% | β2.7% | β3.5% | β13.8% | β3.0% | β9.1% | β12.1% | β12.1% | β25.0% | 15.9% |
Source: SEC EDGAR XBRL filings (CIK 0001158114). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
