AAOI vs ZBRA: Applied Opt and Zebra Technologies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Zebra Technologies is the larger company, worth $18.5B, about 2.5 times Applied Opt.
- Applied Opt grew revenue faster over the last year (+86.4% vs +20.4%).
- Zebra Technologies keeps more of each dollar of revenue as operating profit (14.7% vs -11.3%).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AAOI | ZBRA |
|---|---|---|
| Market cap | $7.5B | $18.5B |
| Share price | $109.64 | $387.18 |
| Revenue (last fiscal year) | $456M | $5.4B |
| Free cash flow (last fiscal year) | -$354M | $831M |
| Revenue growth, last year | +86.4% | +20.4% |
| Revenue growth per year, last 5 fiscal years | +21.1% | -1.0% |
| Operating margin | -11.3% | 14.7% |
| Net margin | -9.6% | 9.2% |
| Return on equity | -3.4% | 15.7% |
| P/E (trailing) | — | 46.9x |
| Price / free cash flow | — | 22.2x |
| EV / EBITDA | — | 23.6x |
| FCF growth the price implies | — | 6.4% |
| Dividend yield | — | — |
| Debt / equity | 0.38x | 1.51x |
| Fundamental grade | D | C |
| Superinvestors holding it | 3 | 5 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Applied Opt
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $212M | -$20M | -26.8% |
| 2022 | $223M | -$17M | -26.5% |
| 2023 | $218M | -$17M | -19.0% |
| 2024 | $249M | -$113M | -28.4% |
| 2025 | $456M | -$354M | -12.0% |
Zebra Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $5.6B | $1.0B | 17.4% |
| 2022 | $5.8B | $413M | 9.2% |
| 2023 | $4.6B | -$91M | 10.5% |
| 2024 | $5.0B | $954M | 14.9% |
| 2025 | $5.4B | $831M | 13.0% |
Where the revenue comes from
Applied Opt · by products, 2025
CATV$245M54%
Data Center$196M43%
Telecom$14M3%
FTTH and Other$1M0%
Zebra Technologies · by segments, 2025
CF$3.0B55%
AVA$2.4B45%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AAOI in InvestinglyQuestions
Which is bigger, Applied Opt or Zebra Technologies?
Zebra Technologies (ZBRA), at $18.5B against $7.5B.
Which grows faster, AAOI or ZBRA?
Applied Opt: revenue grew +86.4% over the last year, against +20.4%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.