APPLIED OPTOELECTRONICS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data APPLIED OPTOELECTRONICS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	261	382	267	191	235	212	223	218	249	456
Cost of revenue	174	216	180	145	184	174	189	159	188	319
Gross profit	87	166	87.8	46.2	50.5	37.7	33.6	58.9	61.8	137
Research and development	31.8	35.4	49.9	43.4	43.4	41.2	36.2	36	55	85.5
Selling and marketing	6.63	8.7	9.14	10.1	14.1	10.9	9.72	11.1	18.2	30.3
General and administrative	25.5	35.3	39.5	41.5	41.9	42.4	46.7	53.2	59.6	75.7
Operating expenses	63.9	79.3	98.5	94.9	99.4	94.5	92.6	100	133	192
Operating income	23	87	-10.8	-48.7	-48.8	-56.8	-59	-41.3	-70.9	-54.6
Interest expense	1.72	0.86	1.11	5.41	5.64	5.62	6.32	9.43	6.83	3.5
Interest income	0.25	0.22	0.28	0.93	0.26	0.07	0.13	0.61	0.87	1.79
Other non-operating income	-2.02	-2.43	0.99	-2.64	-2.38	2.61	-7.4	-14.7	-116	7.9
Pre-tax income	21	84.5	-9.78	-51.4	-51.2	-54.2	-66.4	-56	-187	-46.7
Income tax	-10.2	10.6	-7.63	14.7	7.23	0	0	0.01	0	-8.48
Net income	31.2	74	-2.15	-66	-58.5	-54.2	-66.4	-56	-187	-38.2
EBITDA	37.2	107	18.9	-24.7	-24.1	-31.4	-35.8	-20.9	-50.3	-26.9
EPS, basic	1.82	3.87	-0.11	-3.31	-2.67	-2.01	-2.38	-1.75	-4.50	-0.64
EPS, diluted	1.76	3.67	-0.11	-3.31	-2.67	-2.01	-2.38	-1.75	-4.50	-0.64
Shares, basic (weighted)	17.2	19.1	19.6	20	21.9	26.9	27.8	31.9	41.5	60.2
Shares, diluted (weighted)	17.7	20.1	19.6	20	21.9	26.9	27.8	31.9	41.5	60.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	50.2	82.9	55.6	60	43.4	34.7	24.7	45.4	67.4	206
Short-term investments	0.04	0.04
Receivables	49.8	59.9	30.5	34.7	43	47.9	61.2	48.1	117	244
Inventory	51.8	75.8	93.3	85	110	92.5	79.7	63.9	88.1	183
Other current assets	3.97	8.67	11.3	5.87	5.21	4.33	6.38	5.35	17.2	32.2
Total current assets	158	230	194	193	209	194	183	173	301	676
Property, plant and equipment	144	198	234	248	253	243	210	200	219	376
Lease right-of-use assets			0	7.77	7.73	7.08	5.57	5.03	9.65	49.7
Intangible assets	3.99	4.01	3.98	4.08	4	3.84	3.7	3.63	3.68	3.62
Other non-current assets	4.47	7.73	6.85	0.72	0.98	0.52	0.39	2.58	8.37	50.9
Total assets	322	453	467	467	481	454	408	389	547	1,168
Accounts payable	36.4	43.6	29.9	32.8	29.5	34.4	47.8	32.9	105	144
Accrued liabilities	14.5	19.1	19.3	17.9	18.5	15.6	17.2	18.5	22.1	42.5
Deferred revenue			0.43	0.31	0.3	0.2	3	1.8	0
Short-term debt	7.87	0.56	23.6	33.4	38.3	49.7	57.1	23.2	22.4	34
Total current liabilities	60	70.7	77.4	91.4	103	109	139	93.4	170	257
Long-term debt	35	49	60.3	16.6	13.9	5	0	0	4.31	0
Lease liabilities			0	7.98	7.93	7.19	5.51	4.73	9.04	47.4
Total liabilities	94.9	120	138	193	203	200	224	174	318	435
Total debt	42.8	49.5	83.9	49.9	52.2	54.7	57.1	23.2	26.7	34
Paid-in capital	265	285	292	303	355	381	392	479	683	1,225
Retained earnings	-37	38.1	36	-30.1	-88.5	-143	-209	-265	-452	-490
Other comprehensive income			0.6	0.43	11.7	16.1	2.18	0.98	-2.55	-0.62
Shareholders' equity	227	333	329	274	278	255	185	215	229	734
Total equity	227	333	329	274	278	255	185	215	229	734
Total liabilities and equity	322	453	467	467	481	454	408	389	547	1,168
Shares outstanding	18.4	19.5	19.8	20.1	25.1	27.3	28.6	38.1	49.4	75

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	31.2	74	-2.15	-66	-58.5	-54.2	-66.4	-56	-187	-38.2
Depreciation and amortization	14.2	20.4	29.7	24	24.7	25.4	23.2	20.4	20.6	27.7
Stock-based compensation	3.83	7.8	11.1	11.8	13	12.1	9.6	11.9	14.8	11.7
Deferred income tax	-11.4	-0.1	-9.06	14.5	7.19	0	0	0	0	-8.48
Change in receivables	-11.1	-10.1	29.3	-4.35	-8.42	-7.02	-12.7	13.2	-68.5	-128
Change in inventory	10.2	-21.9	-28.4	1.56	-23.7	15.8	1.15	6.79	-29.4	-101
Change in payables	9.11	7.25	-13.7	3.15	-3.35	7.07	13	-15	72.1	39
Cash from operations	57.1	84.3	14	-1.75	-44	-11.6	-14	-7.93	-69.5	-174
Capital expenditures	-49.4	-67	-71.9	-28.8	-15.8	-7.98	-3.21	-9.08	-43.4	-179
Cash from investing	-41.5	-70.2	-76.5	-32.1	-19.3	-10.5	-3.83	-14.8	-50.7	-211
Debt issued	28.9
Debt repaid	-5.86	-42.8	-3.13
Stock issued	27.2	21.6	0	0	39.2	15.4	1.24	69	146	519
Cash from financing	1.66	18.2	34.8	42.6	47.4	14.1	10.8	40.6	142	528
Exchange rate effect		-0.39	1.74	0.3
Net change in cash	19.2	32	-25.9	9.03	-16.9	-8.98	-5.55	19.5	24	137
Free cash flow	7.66	17.3	-57.8	-30.5	-59.8	-19.6	-17.2	-17	-113	-354
Interest paid	1.69	0.87	0.85	3.17	4.97	4.9	5.14	8.1	4.94	2.48
Income taxes paid	-0.01	5.84	8.47	-0.89	-0.36	0	0	0.01	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $101.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.9%	Gross profit / revenue.
Operating margin	-11.3%	Operating income / revenue.
EBITDA margin	-5.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-10.6%	Pre-tax income / revenue.
Net margin	-9.6%	Net income / revenue.
Operating cash flow margin	-22.1%	Cash from operations / revenue.
Return on equity (ROE)	-3.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.5%	Net income / average total assets.
Return on invested capital (ROIC)	-4.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	18.1%	Research and development expense / revenue.
Stock-based pay / revenue	2.6%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	82.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	121.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	59.7%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	22.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	220.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	58.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	21.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	113.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	42.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	44.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	29.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	22.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.78x	Current assets / current liabilities.
Quick ratio	1.90x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.17x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.04x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.6%	Total debt / total assets.
Liabilities / assets	27.5%	Total liabilities / total assets.
Net debt	-$440.8M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-19.1x	Operating income / interest expense.
Working capital	$761.4M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.66B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	0.85x	Revenue / average property, plant and equipment.
Inventory turnover	1.52x	Cost of revenue / average inventory.
Days inventory	240 days	365 x average inventory / cost of revenue.
Receivables turnover	1.90x	Revenue / average receivables.
Days sales outstanding	192 days	365 x average receivables / revenue.
Days payables	246 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	186 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.31	Revenue / diluted weighted shares.
Operating cash flow per share	-$1.62	Cash from operations / diluted weighted shares.
Book value per share	$19.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$19.72	Tangible book value / shares outstanding.
Cash per share	$5.92	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.58B	Share price x shares outstanding.
Enterprise value	$8.13B	Market cap + total debt - cash - short-term investments.
P/S	14.4x	Market cap / revenue.
P/B	5.14x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	5.15x	Market cap / tangible book value, when positive.
EV/Sales	13.6x	Enterprise value / revenue.
Earnings yield	-0.7%	Net income / market cap (the inverse of P/E).

What was APPLIED OPTOELECTRONICS, INC.'s revenue in fiscal 2025?

APPLIED OPTOELECTRONICS, INC. reported revenue of $455.7M for fiscal 2025, 82.8% higher than the year before.

Was APPLIED OPTOELECTRONICS, INC. profitable in fiscal 2025?

No. It reported a net loss of $38.2M.

How much free cash flow did APPLIED OPTOELECTRONICS, INC. generate in fiscal 2025?

Cash from operations of $174.4M minus capital expenditures of $179.1M left free cash flow of -$353.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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