AAOIApplied Optoelectronics, Inc.
Is it safe?
One accounting flag to check: a safe balance sheet, but an accounting pattern worth a look (common in fast growers) and heavy debt (BB).
Financially healthy, low distress risk Altman Z-score, a bankruptcy-risk model from five balance-sheet ratios.
Several accounting flags in the manipulation-likely range Beneish M-score, a forensic model that detects earnings-manipulation patterns (receivables outrunning sales, margins slipping, accrual-heavy profit).
Mixed fundamental signals Piotroski F-score, nine pass/fail tests of year-over-year financial health across profitability, balance sheet and efficiency. 7 to 9 is strong, 0 to 3 weak.
Insiders were net sellers (-$7.4M, 90 days to Oct 8, 2026), selling is often routine.
Net cash, but unprofitable, speculative. A rule of thumb on leverage, not a credit rating.
Large price swings, high volatility. Worst drawdown -98% · now 51% below its 52-week high.
Unless marked, from SEC EDGAR, as of Dec 31, 2025.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. Altman sits structurally low for utilities and pipelines; Beneish runs high for fast growers, since sales growth alone lifts it; banks and REITs are excluded.
Can AAOI take a bad year?
Applied Optoelectronics, Inc. holds $441M more cash than debt, and is burning $220M a quarter, about 0.6 years of cover.
Net cash
- Net debt / EBITDA
- net cash
Net debt / EBITDA · no net borrowings to measure against earnings
- Altman Z-score
- 15.43
Altman Z-score · safe zone, above 3
- Cash runway
- 0.6 years
Cash runway · burning $220M a quarter at the current rate
Details›
- Total debtQ2 2026
- $59M
- Cash and short-term investments
- $500M
- Net cash
- $441M
- EBITDA, trailing twelve months
- −$32M
- Operating profit, trailing twelve months
- −$67M
- Debt / equity
- 0.04×
- Annualised volatilitytwo years of daily moves
- 139%
- Worst drawdown on file
- −98%
- Below its 52-week high
- 51%
Balance sheet from SEC filings; drawdown and volatility from end-of-day closes; Altman Z from the filed statements.
Communication Equipment
Ranks #20 of 20 by RyuScore