AAOI · Applied Optoelectronics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $455.71M | $249.37M | $217.65M | $222.82M | $211.56M | $234.62M |
| Cost of Revenue | $318.80M | $187.56M | $158.72M | $189.19M | $173.85M | $184.08M |
| Gross Profit | $136.91M | $61.80M | $58.92M | $33.63M | $37.72M | $50.54M |
| R&D | $85.51M | $54.95M | $35.98M | $36.24M | $41.22M | $43.39M |
| SG&A | $75.74M | $59.60M | $53.23M | $46.66M | $42.36M | $41.90M |
| Total Operating Expenses | $191.51M | $132.71M | $100.27M | $92.63M | $94.48M | $99.38M |
| D&A | $27.70M | $20.65M | $20.43M | $23.20M | $25.37M | $24.73M |
| Operating Income | ($54.60M) | ($70.91M) | ($41.35M) | ($59.00M) | ($56.77M) | ($48.84M) |
| Interest Expense | $3.50M | $6.83M | $9.43M | $6.32M | $5.62M | $5.63M |
| Income Tax | ($8.48M) | $2.0K | $9.0K | $1.0K | $2.0K | $7.23M |
| Net Income | ($38.23M) | ($186.73M) | ($56.05M) | ($66.40M) | ($54.16M) | ($58.45M) |
| EPS - Basic | ($0.64) | ($4.50) | ($1.75) | ($2.38) | ($2.01) | ($2.67) |
| EPS - Diluted | ($0.64) | ($4.50) | ($1.75) | ($2.38) | ($2.01) | ($2.67) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $206.14M | $67.43M | $45.37M | $24.68M | $34.66M | $43.42M |
| Accounts Receivable | $244.40M | $116.80M | $48.07M | $61.17M | $47.94M | $43.04M |
| Inventory | $183.10M | $88.14M | $63.87M | $79.68M | $92.52M | $110.40M |
| Accounts Payable | $143.93M | $104.97M | $32.89M | $47.84M | $34.40M | $29.48M |
| Current Assets | $675.73M | $301.27M | $172.60M | $183.16M | $194.08M | $209.17M |
| Total Assets | $1.17B | $547.03M | $389.19M | $408.26M | $454.46M | $480.81M |
| Current Liabilities | $257.28M | $170.07M | $93.36M | $138.58M | $108.96M | $103.15M |
| Long-term Debt | $0 | $4.31M | $0 | $0 | $5.00M | $13.90M |
| Total Liabilities | $434.50M | $317.92M | $174.32M | $223.59M | $199.89M | $202.91M |
| Stockholders' Equity | $733.92M | $229.11M | $214.87M | $184.67M | $254.57M | $277.89M |
| Retained Earnings | ($490.08M) | ($451.85M) | ($265.12M) | ($209.07M) | ($142.67M) | ($88.51M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($174.43M) | ($69.53M) | ($7.93M) | ($14.02M) | ($11.64M) | ($44.01M) |
| Investing Cash Flow | ($210.60M) | ($50.70M) | ($14.76M) | ($3.83M) | ($10.55M) | ($19.35M) |
| Financing Cash Flow | $527.94M | $142.18M | $40.58M | $10.75M | $14.09M | $47.44M |
| CapEx | $179.15M | $43.41M | $9.08M | $3.21M | $7.98M | $15.79M |
| Free Cash Flow | ($353.58M) | ($112.93M) | ($17.01M) | ($17.23M) | ($19.63M) | ($59.80M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 30.0% | 24.8% | 27.1% | 15.1% | 17.8% | 21.5% |
| Operating margin | -12.0% | -28.4% | -19.0% | -26.5% | -26.8% | -20.8% |
| EBITDA margin | -5.9% | -20.2% | -9.6% | -16.1% | -14.8% | -10.3% |
| Net margin | -8.4% | -74.9% | -25.8% | -29.8% | -25.6% | -24.9% |
| Free cash flow margin | -77.6% | -45.3% | -7.8% | -7.7% | -9.3% | -25.5% |
| FCF / Net income | 9.25 | 0.60 | 0.30 | 0.26 | 0.36 | 1.02 |
| R&D / Revenue | 18.8% | 22.0% | 16.5% | 16.3% | 19.5% | 18.5% |
| SG&A / Revenue | 16.6% | 23.9% | 24.5% | 20.9% | 20.0% | 17.9% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -3.3% | -34.1% | -14.4% | -16.3% | -11.9% | -12.2% |
| Return on equity | -5.2% | -81.5% | -26.1% | -36.0% | -21.3% | -21.0% |
| Return on invested capital | -5.9% | -24.0% | -15.2% | -25.2% | -17.3% | -13.2% |
| Liquidity | ||||||
| Current ratio | 2.63 | 1.77 | 1.85 | 1.32 | 1.78 | 2.03 |
| Quick ratio | 1.91 | 1.25 | 1.16 | 0.75 | 0.93 | 0.96 |
| Cash ratio | 0.80 | 0.40 | 0.49 | 0.18 | 0.32 | 0.42 |
| Leverage | ||||||
| Debt / Equity | 0.00 | 0.02 | 0.00 | 0.00 | 0.02 | 0.05 |
| Debt / Assets | 0.00 | 0.01 | 0.00 | 0.00 | 0.01 | 0.03 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -15.6x | -10.4x | -4.4x | -9.3x | -10.1x | -8.7x |
| Equity multiplier | 1.59 | 2.39 | 1.81 | 2.21 | 1.79 | 1.73 |
| Liabilities / Assets | 0.37 | 0.58 | 0.45 | 0.55 | 0.44 | 0.42 |
| Efficiency | ||||||
| Asset turnover | 0.39 | 0.46 | 0.56 | 0.55 | 0.47 | 0.49 |
| Inventory turnover | 1.74 | 2.13 | 2.49 | 2.37 | 1.88 | 1.67 |
| Days sales outstanding | 196d | 171d | 81d | 100d | 83d | 67d |
| Days inventory outstanding | 210d | 172d | 147d | 154d | 194d | 219d |
| Days payable outstanding | 165d | 204d | 76d | 92d | 72d | 58d |
| Cash conversion cycle | 241d | 138d | 152d | 162d | 205d | 227d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 2.9x | 6.7x | 2.9x | 0.3x | 0.5x | 0.7x |
| P / S | 4.6x | 6.1x | 2.8x | 0.2x | 0.7x | 0.8x |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 82.8% | 14.6% | -2.3% | 5.3% | -9.8% | 22.9% |
| Revenue CAGR (3y) | 26.9% | 5.6% | -2.5% | 5.3% | -6.7% | -15.0% |
| Revenue CAGR (5y) | 14.2% | 5.5% | -3.5% | -10.2% | -4.1% | 4.3% |
| Gross profit growth (YoY) | 121.5% | 4.9% | 75.2% | -10.8% | -25.4% | 9.4% |
| Operating income growth (YoY) | 23.0% | -71.5% | 29.9% | -3.9% | -16.2% | -0.2% |
| Net income growth (YoY) | 79.5% | -233.2% | 15.6% | -22.6% | 7.3% | 11.5% |
| EPS growth (YoY) | 85.8% | -157.1% | 26.5% | -18.4% | 24.7% | 19.3% |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -213.1% | -564.0% | 1.3% | 12.2% | 67.2% | -95.8% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | 220.3% | 6.6% | 16.4% | -27.5% | -8.4% | 1.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$455.71M totalCATV$245.12M · 53.8%
Data Center$195.65M · 42.9%
Telecom$13.73M · 3.0%
Ftth And Other$1.21M · 0.3%
Geographic
$455.71M totalCN$262.14M · 57.5%
TW$174.20M · 38.2%
US$19.38M · 4.3%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.85
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
4/9
Neutral
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- ✓Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Semiconductors & Related Devices
Comparing APPLIED OPTOELECTRONICS against the 5 most active filers in the same SIC group.