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Semiconductors · Technology · Fiscal year ends Dec 31
Applied Optoelectronics reported revenue of $456M in the fiscal year ended Dec 2025, up 82.8% from the year before. Operating income was −$55M, an operating margin of −12.0%, and net income was −$38M. Operating cash flow of −$174M less capital expenditure of $179M left free cash flow of −$354M. It held more cash than debt (net cash $172M).
Ranks among the 51 semiconductors companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 212 | 223 | 218 | 249 | 456 |
| Cost of revenue | 174 | 189 | 159 | 188 | 319 |
| Gross profit | 37.7 | 33.6 | 58.9 | 61.8 | 137 |
| Research & development | 41.2 | 36.2 | 36.0 | 55.0 | 85.5 |
| Selling, general & admin | 53.3 | 56.4 | 64.3 | 77.8 | 106 |
| Operating income | −56.8 | −59.0 | −41.3 | −70.9 | −54.6 |
| Interest expense | 5.6 | 6.3 | 9.4 | 6.8 | 3.5 |
| Pre-tax income | −54.2 | −66.4 | −56.0 | −187 | −46.7 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | −8.5 |
| Net income | −54.2 | −66.4 | −56.0 | −187 | −38.2 |
| Diluted EPS | −2.01 | −2.38 | −1.75 | −4.50 | −0.64 |
| Diluted shares | 26.9 | 27.8 | 31.9 | 41.5 | 60.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 34.7 | 24.7 | 45.4 | 67.4 | 206 |
| Receivables | 47.9 | 61.2 | 48.1 | 117 | 244 |
| Inventory | 92.5 | 79.7 | 63.9 | 88.1 | 183 |
| Current assets | 194 | 183 | 173 | 301 | 676 |
| Net PP&E | 243 | 210 | 200 | 219 | 376 |
| Total assets | 454 | 408 | 389 | 547 | 1,168 |
| Payables | 34.4 | 47.8 | 32.9 | 105 | 144 |
| Deferred revenue | 0.2 | 3.0 | 1.8 | 0.0 | – |
| Current liabilities | 109 | 139 | 93.4 | 170 | 257 |
| Short-term debt | 49.7 | 57.1 | 23.2 | 22.4 | 34.0 |
| Long-term debt | 5.0 | 0.0 | 0.0 | 4.3 | 0.0 |
| Total liabilities | 200 | 224 | 174 | 318 | 435 |
| Shareholders' equity | 255 | 185 | 215 | 229 | 734 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −11.6 | −14.0 | −7.9 | −69.5 | −174 |
| Capital expenditure | 8.0 | 3.2 | 9.1 | 43.4 | 179 |
| Free cash flow | −19.6 | −17.2 | −17.0 | −113 | −354 |
| Depreciation & amortisation | 25.4 | 23.2 | 20.4 | 20.6 | 27.7 |
| Stock-based compensation | 12.1 | 9.6 | 11.9 | 14.8 | 11.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 5.3% | −2.3% | 14.6% | 82.8% |
| Gross margin | 17.8% | 15.1% | 27.1% | 24.8% | 30.0% |
| Operating margin | −26.8% | −26.5% | −19.0% | −28.4% | −12.0% |
| Net margin | −25.6% | −29.8% | −25.8% | −74.9% | −8.4% |
| Return on equityBlank when equity is negative | −21.3% | −36.0% | −26.1% | −81.5% | −5.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −16.4% | −21.9% | −14.0% | −18.8% | −6.0% |
| Free cash flow margin | −9.3% | −7.7% | −7.8% | −45.3% | −77.6% |
| Cash conversion (CFO ÷ net income) | 0.21x | 0.21x | 0.14x | 0.37x | 4.56x |
| Receivable days | 83 | 100 | 81 | 171 | 196 |
| Inventory days | 194 | 154 | 147 | 172 | 210 |
| Payable days | 72 | 92 | 76 | 204 | 165 |
| Interest cover | −10.1x | −9.34x | −4.39x | −10.4x | −15.6x |
| Debt ÷ equity | 0.21x | 0.31x | 0.11x | 0.12x | 0.05x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 20.0 | 32.4 | −22.2 | −40.7 | −172 |
| Current ratio | 1.78x | 1.32x | 1.85x | 1.77x | 2.63x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.