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MARKETS / NASDAQ / AAOI
NASDAQ · SEMICONDUCTORS & RELATED DEVICES · LARGE CAP

Applied Optoelectronics, Inc. AAOI

15 fiscal years on record · USD · FY2025 reported · SEC filings only
$455.7M
▲ 82.8% YoY
$-38.2M
$-353.6M
In brief

What this company does

Applied Optoelectronics, Inc. is a vertically integrated provider of fiber-optic networking products, primarily for four networking end-markets: internet data center, cable television, telecommunications and fiber-to-the-home. All of its laser chips are manufactured at its facility in Sugar Land, Texas. In Taiwan, it manufactures transceivers for the internet data center, telecom, FTTH and other markets, as well as CATV outdoor equipment including amplifiers. In China, it manufactures more labor-intensive components and optical equipment systems, including optical subassemblies and transceivers for the CATV transmitters at the headend, the internet data center market, and CATV outdoor equipment. As of December 31, 2025, it employed 4,691 full-time employees, of whom 548 were located in the U.S., 1,262 in Taiwan and 2,881 in China. Digicomm accounted for 53.1% of its revenue in 2025. Microsoft accounted for 28.8% of its revenue in 2025. It was incorporated in the State of Texas in 1997, and in March 2013 converted into a Delaware corporation.

Written from the business description in APPLIED OPTOELECTRONICS, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 455.7M
Revenue, FY2025 · full 15-year series below
Revenue $M Net income $M
FY2025 · Revenue 455.7 · Net income -38.2
200M400M-80M-160M20112013201520172019202120232025
Compound annual growth
+26.9%
+14.2%
+9.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +14.2% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−8 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -12.0% · Net -8.4%
10%20%-20%-40%-60%20112013201520172019202120232025
ROE
FY2025 · ROE -7.9%
10%20%-50%20112013201520172019202120232025

Each USD of equity lost 8 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -353.6
-200M20112013201520172019202120232025

Total assetsUSD 1.2B
EquityUSD 733.9M
CashUSD 206.1M
Gross debtUSD 34.0M
Net debtUSD -172.2M
Current ratio2.63×

The company holds more cash than debt.

The 15-year record
15 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 202520242023202220212020201920182017201620152014201320122011
Revenue $B0.50.20.20.20.20.20.20.30.40.30.20.10.10.10.0
Operating income $B−0.1−0.1−0.0−0.1−0.1−0.0−0.0−0.00.10.00.00.0−0.00.0−0.0
EBITDA $B−0.0−0.1−0.0−0.0−0.0−0.0−0.00.00.10.00.00.00.00.0−0.0
Income tax $B−0.00.00.00.00.00.00.0−0.00.0−0.00.00.00.00.00.0
Net income $B−0.0−0.2−0.1−0.1−0.1−0.1−0.1−0.00.10.00.00.0−0.0−0.0−0.0
Free cash flow $B−0.4−0.1−0.0−0.0−0.0−0.1−0.0−0.10.00.0−0.1−0.0−0.0··
EPS, diluted $−0.64−4.50−1.75−2.38−2.01−2.67−3.31−0.113.671.760.650.28−0.14−3.56−20.21
Dividend / sh $···············
Payout %···············
ROE %−7.9−84.1−28.1−30.2−20.3−21.2−21.9−0.626.415.97.74.8−3.0−3.7−25.8
Shares out B0.070.050.040.030.030.030.020.020.020.020.020.010.010.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 73 reconciliationsAUDITED

Reconciled in 15 of 19 fiscal years. 22 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivitySemiconductors & Related Devices
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2011

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