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Held by 364 of 5,944 reporting institutions (95th percentile) — extremely crowded.
Data as of Q1 2026
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Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $455.7M 100.0% | $249.4M 100.0% | $217.6M 100.0% | $222.8M 100.0% | $211.6M 100.0% | $234.6M 100.0% | $190.9M 100.0% | $267.5M 100.0% | $382.3M 100.0% | $260.7M 100.0% |
| Cost of Revenue | $318.8M 70.0% | $187.6M 75.2% | $158.7M 72.9% | $189.2M 84.9% | $173.8M 82.2% | $184.1M 78.5% | $144.7M 75.8% | $179.7M 67.2% | $216.0M 56.5% | $173.8M 66.6% |
| Cost of Products | — | — | — | — | — | — | — | — | $216.0M 56.5% | $173.8M 66.6% |
| Gross Profit | $136.9M 30.0% | $61.8M 24.8% | $58.9M 27.1% | $33.6M 15.1% | $37.7M 17.8% | $50.5M 21.5% | $46.2M 24.2% | $87.8M 32.8% | $166.3M 43.5% | $87.0M 33.4% |
| Research & Development | $85.5M 18.8% | $55.0M 22.0% | $36.0M 16.5% | $36.2M 16.3% | $41.2M 19.5% | $43.4M 18.5% | $43.4M 22.7% | $49.9M 18.7% | $35.4M 9.2% | $31.8M 12.2% |
| Selling, General & Admin | $75.7M 16.6% | $59.6M 23.9% | $53.2M 24.5% | $46.7M 20.9% | $42.4M 20.0% | $41.9M 17.9% | $41.5M 21.7% | $39.5M 14.8% | $35.3M 9.2% | $25.5M 9.8% |
| Total Operating Expenses | $191.5M 42.0% | $132.7M 53.2% | $100.3M 46.1% | $92.6M 41.6% | $94.5M 44.7% | $99.4M 42.4% | $94.9M 49.7% | $98.5M 36.8% | $79.3M 20.7% | $63.9M 24.5% |
| Operating Income | -$54.6M -12.0% | -$70.9M -28.4% | -$41.3M -19.0% | -$59.0M -26.5% | -$56.8M -26.8% | -$48.8M -20.8% | -$48.7M -25.5% | -$10.8M -4.0% | $87.0M 22.7% | $23.0M 8.8% |
| Interest Expense | $3.5M 0.8% | $6.8M 2.7% | $9.4M 4.3% | $6.3M 2.8% | $5.6M 2.7% | $5.6M 2.4% | $5.4M 2.8% | $1.1M 0.4% | $858K 0.2% | $1.7M 0.7% |
| Interest & Investment Income | $1.8M 0.4% | $874K 0.4% | $609K 0.3% | $126K 0.1% | $70K 0.0% | $255K 0.1% | $925K 0.5% | $282K 0.1% | $221K 0.1% | $247K 0.1% |
| Other Income (Expense), net | $7.9M 1.7% | -$115.8M -46.4% | -$14.7M -6.7% | -$7.4M -3.3% | $2.6M 1.2% | -$2.4M -1.0% | -$2.6M -1.4% | $990K 0.4% | -$2.4M -0.6% | -$2.0M -0.8% |
| Pretax Income | -$46.7M -10.2% | -$186.7M -74.9% | -$56.0M -25.7% | -$66.4M -29.8% | -$54.2M -25.6% | -$51.2M -21.8% | -$51.4M -26.9% | -$9.8M -3.7% | $84.5M 22.1% | $21.0M 8.1% |
| Income Tax Expense | -$8.5M -1.9% | $2K 0.0% | $9K 0.0% | $1K 0.0% | $2K 0.0% | $7.2M 3.1% | $14.7M 7.7% | -$7.6M -2.9% | $10.6M 2.8% | -$10.2M -3.9% |
| Net Income | -$38.2M -8.4% | -$186.7M -74.9% | -$56.0M -25.8% | -$66.4M -29.8% | -$54.2M -25.6% | -$58.5M -24.9% | -$66.0M -34.6% | -$2.1M -0.8% | $74.0M 19.3% | $31.2M 12.0% |
| Per Share | ||||||||||
| EPS (Basic) | $-0.64 | $-4.50 | $-1.75 | $-2.38 | $-2.01 | $-2.67 | $-3.31 | $-0.11 | $3.87 | $1.82 |
| EPS (Diluted) | $-0.64 | $-4.50 | $-1.75 | $-2.38 | $-2.01 | $-2.67 | $-3.31 | $-0.11 | $3.67 | $1.76 |
| Weighted Avg Shares (Basic) | 60.2M | 41.5M | 31.9M | 27.8M | 26.9M | 21.9M | 20.0M | 19.6M | 19.1M | 17.2M |
| Weighted Avg Shares (Diluted) | 60.2M | 41.5M | 31.9M | 27.8M | 26.9M | 21.9M | 20.0M | 19.6M | 20.1M | 17.7M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on -$354M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -5%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $206M covers all $84M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2018-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~5.1% on $68M of debt.
Cash of $206M fully covers short-term debt of $34M.
Mostly short-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-09-17
No standout strengths flagged.
Where each multiple sits in its own 13-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 13-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 67.2 | 75.8 | 78.5 | 82.2 | 84.9 | 72.9 | 75.2 | 70.0 |
| Gross Profit | 32.8 | 24.2 | 21.5 | 17.8 | 15.1 | 27.1 | 24.8 | 30.0 |
| R&D | 18.7 | 22.7 | 18.5 | 19.5 | 16.3 | 16.5 | 22.0 | 18.8 |
| SG&A | 14.8 | 21.7 | 17.9 | 20.0 | 20.9 | 24.5 | 23.9 | 16.6 |
| Operating Income | -4.0 | -25.5 | -20.8 | -26.8 | -26.5 | -19.0 | -28.4 | -12.0 |
| Income Tax | -2.9 | 7.7 | 3.1 | 0.0 | 0.0 | 0.0 | 0.0 | -1.9 |
| Net Income | -0.8 | -34.6 | -24.9 | -25.6 | -29.8 | -25.8 | -74.9 | -8.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AAOI: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Ranked against 743 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TSM | $10.83T | — | — | — | — | — | — | — | — | — | 3,121 |
| NVDA | $5.20T | 43.6× | 39.0× | 24.1× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | 0.1× | 5,582 |
| AAPL | $4.91T | 44.6× | 34.3× | 11.8× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.6× | 5,858 |
| MSFT | $3.64T | 27.3× | 19.3× | 11.0× | 17.8% | 67.9% | 40.3% | 30.2% | 27.7% | 0.2× | 5,944 |
| AVGO | $1.61T | 71.2× | 63.6× | 25.2× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 2.5× | 4,442 |
| MU | $1.04T | 122.1× | 57.5× | 27.8× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.7× | 2,894 |
| AMD | $835.4B | 193.4× | 197.6× | 24.1× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | 0.8× | 3,059 |
| INTC | $504.6B | — | 62.9× | 9.6× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 5.5× | 2,495 |
| CSCO | $426.7B | 42.3× | 35.8× | 7.5× | 5.3% | 64.9% | 18.0% | 21.7% | 13.6% | 2.3× | 3,560 |
| PLTR | $416.9B | 276.7× | 288.5× | 93.2× | 56.2% | 82.4% | 36.3% | 22.0% | 22.0% | — | 2,883 |
| DELL | $367.3B | 64.9× | 34.6× | 3.2× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 2.8× | 1,564 |
| LRCX | $341.6B | 64.9× | 54.5× | 18.5× | 23.7% | 48.7% | 29.1% | 54.3% | 37.4% | 0.7× | 2,500 |
| AMAT | $329.4B | 48.0× | 37.9× | 11.6× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | 0.8× | 2,826 |
| RPAY | $325.1B | — | — | 1051.3× | -1.2% | 75.0% | -83.0% | -53.0% | -28.2% | -1.7× | 142 |
| UMC | $283.0B | — | — | — | — | — | — | — | — | — | 302 |
| SAP | $261.9B | — | — | — | — | — | — | — | — | — | 794 |
| ARM | $259.6B | 287.0× | 223.6× | 52.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | — | 730 |
| PANW | $250.9B | 234.8× | 156.8× | 27.2× | 14.9% | 73.4% | 12.3% | 14.5% | 14.5% | — | 2,374 |
| ANET | $248.2B | 71.8× | 62.7× | 27.6× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | — | 1,930 |
| TXN | $236.9B | 47.8× | 31.2× | 13.4× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.8× | 2,345 |
| CRM | $232.8B | 32.1× | 25.2× | 5.6× | 9.6% | 77.7% | 18.0% | 12.6% | 10.1% | 1.5× | 2,547 |
| IBM | $222.5B | 21.3× | — | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | — | 3,351 |
| SNDK | $221.9B | — | — | 30.2× | 10.4% | 30.1% | -22.3% | -17.8% | -14.8% | -1.5× | 1,127 |
| QCOM | $198.5B | 36.9× | 14.9× | 4.5× | 13.7% | 55.4% | 12.5% | 26.1% | 15.4% | 1.1× | 2,611 |
| MRVL | $194.6B | 74.8× | 127.2× | 23.8× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 2.9× | 1,477 |
| AAOI | $7.3B | — | — | 15.9× | 82.8% | 30.0% | -8.4% | -5.2% | -4.8% | -2.5× | 364 |
Peers = companies sharing AAOI's sector (Technology) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.