# APPLIED OPTOELECTRONICS, INC. (AAOI) · Edgar & Edgarette company card

> Applied Optoelectronics (AAOI) grew revenue 82.8% in FY2025 to $456 million, operating margin -12.0% against a 2.4% median for semiconductors & related devices, equity 62.8% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1158114 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/AAOI) · [JSON](https://www.pops4.com/boards/company/AAOI.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $456M |
| Revenue growth, 1 year | 82.8% |
| Revenue growth per year | 21.1% |
| Operating margin | -12.0% (prior year -28.4%) |
| Net margin | -8.4% |
| Operating cash flow | −$174M |
| Capital spending | $179M |
| Free cash flow | −$354M |
| Cash | $206M |
| Long-term debt | $34M |
| Total assets | $1.2B |
| Total equity | $734M |
| Equity ÷ assets | 62.8% |
| Return on equity | -5.2% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: 2.44 (grey zone)
- Piotroski F: 4 of 9 (middling)
- Beneish M: -0.55 (above the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed auditor change in the last 12 months; operating cash flow was negative; operating loss: a margin of -12.0% in FY2025; revenue is hard to predict: its 80% range is ±33%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $455.7M (FY2025), total debt $34.0M. Experience: revenue up 82.8% on the year, up 21.1% a year over 4 years; operating margin -12.0%, up from -28.4%. Soundness: equity 62.8% of assets, return on equity -5.2%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $490.6M and $982.6M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $411.6M to $1.2B. A statistical range, not company guidance. Against peers (63 filers, $50M+ revenue, semiconductors & related devices): operating margin -12.0% against a 2.4% median; growth 82.8% against 15.5%.

Range logged 2026-09-24, receipt 053f7411aa9e6cef, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 4.01 Auditor change: 1, latest 2026-05-08 ([filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826003572/0001683168-26-003572-index.htm))
- Item 5.02 Director or officer change: 3, latest 2026-08-24 ([filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826006693/0001683168-26-006693-index.htm))

## Recent filings

- 8-K · filed 2026-11-04 · 1.01 Entry into a Material Definitive Agreement; 1.02 Termination of a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826008310/0001683168-26-008310-index.htm)
- 8-K · filed 2026-09-15 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826007160/0001683168-26-007160-index.htm)
- 8-K · filed 2026-09-10 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826007057/0001683168-26-007057-index.htm)
- 8-K · filed 2026-09-01 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826006862/0001683168-26-006862-index.htm)
- 8-K · filed 2026-08-24 · 1.01 Entry into a Material Definitive Agreement; 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000168316826006693/0001683168-26-006693-index.htm)
- 8-K · filed 2026-08-21 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1158114/000110465926099688/0001104659-26-099688-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001158114.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1158114

## Cite

POPS4, Edgar & Edgarette: APPLIED OPTOELECTRONICS, INC. (AAOI) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/AAOI. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.