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APPLIED OPTOELECTRONICS, INC.（AAOI）与树莓派（ARM）财务数据对比。点击上方公司名可切换其他公司
树莓派的季度营收约是APPLIED OPTOELECTRONICS, INC.的9.2倍（$1.2B vs $134.3M）。APPLIED OPTOELECTRONICS, INC.同比增速更快（33.9% vs 26.3%）。树莓派自由现金流更多（$186.0M vs $-104.6M）。过去两年APPLIED OPTOELECTRONICS, INC.的营收复合增速更高（81.7% vs 24.1%）
应用光电是一家美国半导体企业，专注于光电器件领域，1997年于休斯顿大学成立，总部位于得克萨斯州舒格兰，深耕光通信相关的半导体器件研发与生产，在光电技术领域拥有深厚的技术积累。
树莓派是英国科技企业，设计并销售同名品牌的单板计算机、半导体及相关配件。初代产品由树莓派基金会研发，旨在推广计算机科学教育，推出后迅速受到爱好者和专业人士欢迎，目前已广泛应用于工业及嵌入式领域。
AAOI vs ARM — 直观对比
营收规模更大
ARM
是对方的9.2倍
$134.3M
营收增速更快
AAOI
高出7.6%
26.3%
自由现金流更多
ARM
多$290.6M
$-104.6M
两年增速更快
AAOI
近两年复合增速
24.1%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $134.3M | $1.2B |
| 净利润 | — | $223.0M |
| 毛利率 | 31.2% | 97.6% |
| 营业利润率 | -8.6% | 14.9% |
| 净利率 | — | 18.0% |
| 营收同比 | 33.9% | 26.3% |
| 净利润同比 | — | -11.5% |
| 每股收益（稀释后） | $-0.02 | $0.21 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AAOIARM
| Q4 25 | $134.3M | $1.2B | ||
| Q3 25 | $118.6M | $1.1B | ||
| Q2 25 | $103.0M | $1.1B | ||
| Q1 25 | $99.9M | — | ||
| Q4 24 | $100.3M | $983.0M | ||
| Q3 24 | $65.2M | $844.0M | ||
| Q2 24 | $43.3M | $939.0M | ||
| Q1 24 | $40.7M | — |
净利润AAOIARM
| Q4 25 | — | $223.0M | ||
| Q3 25 | $-17.9M | $238.0M | ||
| Q2 25 | $-9.1M | $130.0M | ||
| Q1 25 | $-9.2M | — | ||
| Q4 24 | — | $252.0M | ||
| Q3 24 | $-17.8M | $107.0M | ||
| Q2 24 | $-26.1M | $223.0M | ||
| Q1 24 | $-23.2M | — |
毛利率AAOIARM
| Q4 25 | 31.2% | 97.6% | ||
| Q3 25 | 28.0% | 97.4% | ||
| Q2 25 | 30.3% | 97.2% | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 28.7% | 97.2% | ||
| Q3 24 | 24.4% | 96.2% | ||
| Q2 24 | 22.1% | 96.5% | ||
| Q1 24 | 18.7% | — |
营业利润率AAOIARM
| Q4 25 | -8.6% | 14.9% | ||
| Q3 25 | -15.3% | 14.4% | ||
| Q2 25 | -15.5% | 10.8% | ||
| Q1 25 | -8.9% | — | ||
| Q4 24 | -6.5% | 17.8% | ||
| Q3 24 | -25.4% | 7.6% | ||
| Q2 24 | -60.7% | 19.4% | ||
| Q1 24 | -53.2% | — |
净利率AAOIARM
| Q4 25 | — | 18.0% | ||
| Q3 25 | -15.1% | 21.0% | ||
| Q2 25 | -8.8% | 12.3% | ||
| Q1 25 | -9.2% | — | ||
| Q4 24 | — | 25.6% | ||
| Q3 24 | -27.3% | 12.7% | ||
| Q2 24 | -60.4% | 23.7% | ||
| Q1 24 | -57.0% | — |
每股收益（稀释后）AAOIARM
| Q4 25 | $-0.02 | $0.21 | ||
| Q3 25 | $-0.28 | $0.22 | ||
| Q2 25 | $-0.16 | $0.12 | ||
| Q1 25 | $-0.18 | — | ||
| Q4 24 | $-2.82 | $0.24 | ||
| Q3 24 | $-0.42 | $0.10 | ||
| Q2 24 | $-0.66 | $0.21 | ||
| Q1 24 | $-0.60 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $206.1M | $3.5B |
| 总债务越低越好 | $34.0M | — |
| 股东权益账面价值 | $733.9M | $7.8B |
| 总资产 | $1.2B | $10.2B |
| 负债/权益比越低杠杆越低 | 0.05× | — |
8季度趋势，按日历期对齐
现金及短期投资AAOIARM
| Q4 25 | $206.1M | $3.5B | ||
| Q3 25 | $137.0M | $3.3B | ||
| Q2 25 | $64.7M | $2.9B | ||
| Q1 25 | $51.1M | — | ||
| Q4 24 | $67.4M | $2.7B | ||
| Q3 24 | $34.1M | $2.4B | ||
| Q2 24 | $10.7M | $2.5B | ||
| Q1 24 | $8.4M | — |
总债务AAOIARM
| Q4 25 | $34.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $22.1M | — | ||
| Q4 24 | $26.7M | — | ||
| Q3 24 | $29.5M | — | ||
| Q2 24 | $22.5M | — | ||
| Q1 24 | $24.1M | — |
股东权益AAOIARM
| Q4 25 | $733.9M | $7.8B | ||
| Q3 25 | $559.1M | $7.4B | ||
| Q2 25 | $425.0M | $7.0B | ||
| Q1 25 | $309.0M | — | ||
| Q4 24 | $229.1M | $6.4B | ||
| Q3 24 | $212.1M | $6.0B | ||
| Q2 24 | $186.5M | $5.7B | ||
| Q1 24 | $195.7M | — |
总资产AAOIARM
| Q4 25 | $1.2B | $10.2B | ||
| Q3 25 | $978.5M | $9.7B | ||
| Q2 25 | $796.9M | $9.4B | ||
| Q1 25 | $644.7M | — | ||
| Q4 24 | $547.0M | $8.5B | ||
| Q3 24 | $410.0M | $8.1B | ||
| Q2 24 | $348.0M | $7.9B | ||
| Q1 24 | $350.9M | — |
负债/权益比AAOIARM
| Q4 25 | 0.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.07× | — | ||
| Q4 24 | 0.12× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.12× | — | ||
| Q1 24 | 0.12× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $-29.6M | $365.0M |
| 自由现金流经营现金流 - 资本支出 | $-104.6M | $186.0M |
| 自由现金流率自由现金流/营收 | -77.9% | 15.0% |
| 资本支出强度资本支出/营收 | 55.9% | 14.4% |
| 现金转化率经营现金流/净利润 | — | 1.64× |
| 过去12个月自由现金流最近4个季度 | $-353.6M | $1.2B |
8季度趋势，按日历期对齐
经营现金流AAOIARM
| Q4 25 | $-29.6M | $365.0M | ||
| Q3 25 | $-28.5M | $567.0M | ||
| Q2 25 | $-65.5M | $332.0M | ||
| Q1 25 | $-50.9M | — | ||
| Q4 24 | $-24.6M | $423.0M | ||
| Q3 24 | $-14.4M | $6.0M | ||
| Q2 24 | $-2.0M | $-290.0M | ||
| Q1 24 | $-28.5M | — |
自由现金流AAOIARM
| Q4 25 | $-104.6M | $186.0M | ||
| Q3 25 | $-78.7M | $429.0M | ||
| Q2 25 | $-91.0M | $178.0M | ||
| Q1 25 | $-79.3M | — | ||
| Q4 24 | $-53.0M | $360.0M | ||
| Q3 24 | $-20.7M | $-47.0M | ||
| Q2 24 | $-5.0M | $-319.0M | ||
| Q1 24 | $-34.2M | — |
自由现金流率AAOIARM
| Q4 25 | -77.9% | 15.0% | ||
| Q3 25 | -66.3% | 37.8% | ||
| Q2 25 | -88.3% | 16.9% | ||
| Q1 25 | -79.4% | — | ||
| Q4 24 | -52.9% | 36.6% | ||
| Q3 24 | -31.8% | -5.6% | ||
| Q2 24 | -11.5% | -34.0% | ||
| Q1 24 | -84.2% | — |
资本支出强度AAOIARM
| Q4 25 | 55.9% | 14.4% | ||
| Q3 25 | 42.4% | 12.2% | ||
| Q2 25 | 24.7% | 14.6% | ||
| Q1 25 | 28.4% | — | ||
| Q4 24 | 28.3% | 6.4% | ||
| Q3 24 | 9.7% | 6.3% | ||
| Q2 24 | 6.9% | 3.1% | ||
| Q1 24 | 14.2% | — |
现金转化率AAOIARM
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 2.38× | ||
| Q2 25 | — | 2.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 0.06× | ||
| Q2 24 | — | -1.30× | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AAOI
| Data Center | $74.9M | 56% |
| CATV | $54.0M | 40% |
| Telecom | $5.1M | 4% |
ARM
| Royalty | $737.0M | 59% |
| Transferred Over Time | $294.0M | 24% |
| Transferred At Point In Time | $211.0M | 17% |
