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Side-by-side financial comparison of APPLIED OPTOELECTRONICS, INC. (AAOI) and Marvell Technology, Inc. (MRVL). Click either name above to swap in a different company.
Marvell Technology, Inc. is the larger business by last-quarter revenue ($2.1B vs $134.3M, roughly 15.4× APPLIED OPTOELECTRONICS, INC.). On growth, Marvell Technology, Inc. posted the faster year-over-year revenue change (36.8% vs 33.9%). Marvell Technology, Inc. produced more free cash flow last quarter ($508.8M vs $-104.6M). Over the past eight quarters, APPLIED OPTOELECTRONICS, INC.'s revenue compounded faster (81.7% CAGR vs 20.6%).
Applied Optoelectronics Inc. is an American semiconductor company that focuses on optical devices. It was founded in 1997 at the University of Houston and is headquartered in Sugar Land, Texas.
Marvell Technology, Inc. is an American company, headquartered in Santa Clara, California, which develops and produces semiconductors and related technology. Founded in 1995, the company had more than 6,500 employees as of 2024, with over 10,000 patents worldwide, and an annual revenue of $5.5 billion for fiscal 2024.
AAOI vs MRVL — Head-to-Head
Income Statement — Q4 2025 vs Q4 2026
| Metric | | |
|---|---|---|
| Revenue | $134.3M | $2.1B |
| Net Profit | — | $1.9B |
| Gross Margin | 31.2% | 51.6% |
| Operating Margin | -8.6% | 17.2% |
| Net Margin | — | 91.7% |
| Revenue YoY | 33.9% | 36.8% |
| Net Profit YoY | — | 381.1% |
| EPS (diluted) | $-0.02 | $2.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $134.3M | $2.1B | ||
| Q3 25 | $118.6M | $2.0B | ||
| Q2 25 | $103.0M | $1.9B | ||
| Q1 25 | $99.9M | $1.8B | ||
| Q4 24 | $100.3M | $1.5B | ||
| Q3 24 | $65.2M | $1.3B | ||
| Q2 24 | $43.3M | $1.2B | ||
| Q1 24 | $40.7M | $1.4B |
| Q4 25 | — | $1.9B | ||
| Q3 25 | $-17.9M | $194.8M | ||
| Q2 25 | $-9.1M | $177.9M | ||
| Q1 25 | $-9.2M | $200.2M | ||
| Q4 24 | — | $-676.3M | ||
| Q3 24 | $-17.8M | $-193.3M | ||
| Q2 24 | $-26.1M | $-215.6M | ||
| Q1 24 | $-23.2M | $-392.7M |
| Q4 25 | 31.2% | 51.6% | ||
| Q3 25 | 28.0% | 50.4% | ||
| Q2 25 | 30.3% | 50.3% | ||
| Q1 25 | 30.6% | 50.5% | ||
| Q4 24 | 28.7% | 23.0% | ||
| Q3 24 | 24.4% | 46.2% | ||
| Q2 24 | 22.1% | 45.5% | ||
| Q1 24 | 18.7% | 46.6% |
| Q4 25 | -8.6% | 17.2% | ||
| Q3 25 | -15.3% | 14.5% | ||
| Q2 25 | -15.5% | 14.3% | ||
| Q1 25 | -8.9% | 12.9% | ||
| Q4 24 | -6.5% | -46.4% | ||
| Q3 24 | -25.4% | -7.9% | ||
| Q2 24 | -60.7% | -13.1% | ||
| Q1 24 | -53.2% | -2.3% |
| Q4 25 | — | 91.7% | ||
| Q3 25 | -15.1% | 9.7% | ||
| Q2 25 | -8.8% | 9.4% | ||
| Q1 25 | -9.2% | 11.0% | ||
| Q4 24 | — | -44.6% | ||
| Q3 24 | -27.3% | -15.2% | ||
| Q2 24 | -60.4% | -18.6% | ||
| Q1 24 | -57.0% | -27.5% |
| Q4 25 | $-0.02 | $2.20 | ||
| Q3 25 | $-0.28 | $0.22 | ||
| Q2 25 | $-0.16 | $0.20 | ||
| Q1 25 | $-0.18 | $0.23 | ||
| Q4 24 | $-2.82 | $-0.78 | ||
| Q3 24 | $-0.42 | $-0.22 | ||
| Q2 24 | $-0.66 | $-0.25 | ||
| Q1 24 | $-0.60 | $-0.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $206.1M | $2.7B |
| Total DebtLower is stronger | $34.0M | $4.5B |
| Stockholders' EquityBook value | $733.9M | $14.1B |
| Total Assets | $1.2B | $21.6B |
| Debt / EquityLower = less leverage | 0.05× | 0.32× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $206.1M | $2.7B | ||
| Q3 25 | $137.0M | $1.2B | ||
| Q2 25 | $64.7M | $885.9M | ||
| Q1 25 | $51.1M | $948.3M | ||
| Q4 24 | $67.4M | $868.1M | ||
| Q3 24 | $34.1M | $808.7M | ||
| Q2 24 | $10.7M | $847.7M | ||
| Q1 24 | $8.4M | $950.8M |
| Q4 25 | $34.0M | $4.5B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | $22.1M | $4.1B | ||
| Q4 24 | $26.7M | $4.1B | ||
| Q3 24 | $29.5M | $4.1B | ||
| Q2 24 | $22.5M | $4.1B | ||
| Q1 24 | $24.1M | $4.2B |
| Q4 25 | $733.9M | $14.1B | ||
| Q3 25 | $559.1M | $13.4B | ||
| Q2 25 | $425.0M | $13.3B | ||
| Q1 25 | $309.0M | $13.4B | ||
| Q4 24 | $229.1M | $13.4B | ||
| Q3 24 | $212.1M | $14.2B | ||
| Q2 24 | $186.5M | $14.5B | ||
| Q1 24 | $195.7M | $14.8B |
| Q4 25 | $1.2B | $21.6B | ||
| Q3 25 | $978.5M | $20.6B | ||
| Q2 25 | $796.9M | $20.0B | ||
| Q1 25 | $644.7M | $20.2B | ||
| Q4 24 | $547.0M | $19.7B | ||
| Q3 24 | $410.0M | $20.3B | ||
| Q2 24 | $348.0M | $20.5B | ||
| Q1 24 | $350.9M | $21.2B |
| Q4 25 | 0.05× | 0.32× | ||
| Q3 25 | — | 0.33× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | 0.07× | 0.30× | ||
| Q4 24 | 0.12× | 0.31× | ||
| Q3 24 | 0.14× | 0.29× | ||
| Q2 24 | 0.12× | 0.29× | ||
| Q1 24 | 0.12× | 0.28× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-29.6M | $582.3M |
| Free Cash FlowOCF − Capex | $-104.6M | $508.8M |
| FCF MarginFCF / Revenue | -77.9% | 24.5% |
| Capex IntensityCapex / Revenue | 55.9% | 3.5% |
| Cash ConversionOCF / Net Profit | — | 0.31× |
| TTM Free Cash FlowTrailing 4 quarters | $-353.6M | $1.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-29.6M | $582.3M | ||
| Q3 25 | $-28.5M | $461.6M | ||
| Q2 25 | $-65.5M | $332.9M | ||
| Q1 25 | $-50.9M | $514.0M | ||
| Q4 24 | $-24.6M | $536.3M | ||
| Q3 24 | $-14.4M | $306.4M | ||
| Q2 24 | $-2.0M | $324.5M | ||
| Q1 24 | $-28.5M | $546.6M |
| Q4 25 | $-104.6M | $508.8M | ||
| Q3 25 | $-78.7M | $414.1M | ||
| Q2 25 | $-91.0M | $214.1M | ||
| Q1 25 | $-79.3M | $444.1M | ||
| Q4 24 | $-53.0M | $461.3M | ||
| Q3 24 | $-20.7M | $258.2M | ||
| Q2 24 | $-5.0M | $233.0M | ||
| Q1 24 | $-34.2M | $475.6M |
| Q4 25 | -77.9% | 24.5% | ||
| Q3 25 | -66.3% | 20.6% | ||
| Q2 25 | -88.3% | 11.3% | ||
| Q1 25 | -79.4% | 24.4% | ||
| Q4 24 | -52.9% | 30.4% | ||
| Q3 24 | -31.8% | 20.3% | ||
| Q2 24 | -11.5% | 20.1% | ||
| Q1 24 | -84.2% | 33.3% |
| Q4 25 | 55.9% | 3.5% | ||
| Q3 25 | 42.4% | 2.4% | ||
| Q2 25 | 24.7% | 6.3% | ||
| Q1 25 | 28.4% | 3.8% | ||
| Q4 24 | 28.3% | 4.9% | ||
| Q3 24 | 9.7% | 3.8% | ||
| Q2 24 | 6.9% | 7.9% | ||
| Q1 24 | 14.2% | 5.0% |
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.87× | ||
| Q1 25 | — | 2.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AAOI
| Data Center | $74.9M | 56% |
| CATV | $54.0M | 40% |
| Telecom | $5.1M | 4% |
MRVL
Segment breakdown not available.
