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Formfactor vs Applied Optoelectronics: FORM and AAOI compared
Formfactor is the larger company: $281M of revenue in its latest quarter (Q3 2026) against $270M for Applied Optoelectronics (Q3 2026). Applied Optoelectronics is growing faster (+128% against +38% a year earlier). Formfactor is more profitable, with an operating margin of 29.1% against -0.5%.
Where the money goes: FORM and AAOI
Formfactor (FORM) · Q3 2026
Formfactor, Q3 2026: revenue $281M (+38% year over year), operating margin 29.1%, net earnings $73.8M, operating cash flow $104M. The chart follows the revenue to costs, profit and cash.
Applied Optoelectronics (AAOI) · Q3 2026
Applied Optoelectronics, Q3 2026: revenue $270M (+128% year over year), operating margin -0.5%, net earnings $6.3M, operating cash flow −$2.9M. The chart follows the revenue to costs, profit and cash.
| Formfactor (FORM) | Applied Optoelectronics (AAOI) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $281M | $270M |
| Revenue growth, Y/Y | +38% | +128% |
| Gross margin | 54.7% | — |
| Operating margin | 29.1% | -0.5% |
| Net earnings | $73.8M | $6.3M |
| Net margin | 26.3% | 2.3% |
| Operating cash flow | $104M | −$2.9M |
| Free cash flow | $64.6M | — |
| Market value | $7.8B | — |
| P/E | 44.6× | — |
| Analysts’ mean target | $152.22 | — |
Where the revenue comes from
Formfactor
- Foundry & Logic: $134M (48%)
- DRAM: $84.9M (30%)
- Systems: $59.5M (21%)
- Flash: $2.2M (1%)
Applied Optoelectronics
- Data Center: $156M (58%)
- CATV: $111M (41%)
- Telecom: $2.7M (1%)
Questions
Which is bigger, Formfactor or Applied Optoelectronics?
Formfactor is the larger company: $281M of revenue in its latest quarter (Q3 2026) against $270M for Applied Optoelectronics (Q3 2026).
Is Formfactor or Applied Optoelectronics growing faster?
Applied Optoelectronics is growing faster (+128% against +38% a year earlier).
Which is more profitable, Formfactor or Applied Optoelectronics?
Formfactor is more profitable, with an operating margin of 29.1% against -0.5%.
More: Formfactor earnings · how Formfactor makes money · Applied Optoelectronics earnings · how Applied Optoelectronics makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.