NCSM vs. AAOI

Last updated Apr 2, 2026

Compare and contrast key facts about NCS Multistage Holdings, Inc. (NCSM) and Applied Optoelectronics, Inc. (AAOI).

Performance

NCSM vs. AAOI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NCS Multistage Holdings, Inc. (NCSM) and Applied Optoelectronics, Inc. (AAOI). The values are adjusted to include any dividend payments, if applicable.

NCSM vs. AAOI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NCSM NCS Multistage Holdings, Inc.	52.47%	52.12%	45.43%	-28.60%	-13.76%	28.79%	-46.40%	-58.74%	-65.47%	-26.34%
AAOI Applied Optoelectronics, Inc.	147.71%	-5.43%	90.79%	922.22%	-63.23%	-39.60%	-28.37%	-23.01%	-59.20%	-23.43%

Fundamentals

Market Cap NCSM : $168.65M AAOI : $6.07B
EPS NCSM : $8.65 AAOI : -$0.60
PS Ratio NCSM : 0.90 AAOI : 12.03
PB Ratio NCSM : 1.34 AAOI : 8.28
Total Revenue (TTM) NCSM : $183.63M AAOI : $455.72M
Gross Profit (TTM) NCSM : $75.43M AAOI : $136.91M
EBITDA (TTM) NCSM : $19.22M AAOI : -$26.01M

Returns By Period

In the year-to-date period, NCSM achieves a 52.47% return, which is significantly lower than AAOI's 147.71% return.

NCSM

• 1D: -2.64%
• 1M: 47.10%
• YTD: 52.47%
• 6M: 18.06%
• 1Y: 66.51%
• 3Y*: 36.45%
• 5Y*: 18.14%
• 10Y*: —

AAOI

• 1D: 2.08%
• 1M: -15.76%
• YTD: 147.71%
• 6M: 203.84%
• 1Y: 472.23%
• 3Y*: 239.33%
• 5Y*: 57.82%
• 10Y*: 19.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

NCSM vs. AAOI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NCSM

NCSM Risk / Return Rank: 72
NCSM Sharpe Ratio Rank: 73
NCSM Sortino Ratio Rank: 72
NCSM Omega Ratio Rank: 70
NCSM Calmar Ratio Rank: 77
NCSM Martin Ratio Rank: 69

AAOI

AAOI Risk / Return Rank: 96
AAOI Sharpe Ratio Rank: 98
AAOI Sortino Ratio Rank: 94
AAOI Omega Ratio Rank: 91
AAOI Calmar Ratio Rank: 98
AAOI Martin Ratio Rank: 98

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NCSM vs. AAOI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NCS Multistage Holdings, Inc. (NCSM) and Applied Optoelectronics, Inc. (AAOI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	NCSM	AAOI	Difference
Sharpe ratio Return per unit of total volatility	0.98	3.49	-2.52
Sortino ratio Return per unit of downside risk	1.74	3.51	-1.77
Omega ratio Gain probability vs. loss probability	1.22	1.42	-0.20
Calmar ratio Return relative to maximum drawdown	2.13	9.71	-7.58
Martin ratio Return relative to average drawdown	3.43	25.23	-21.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCSM vs. AAOI - Sharpe Ratio Comparison

The current NCSM Sharpe Ratio is 0.98, which is lower than the AAOI Sharpe Ratio of 3.49. The chart below compares the historical Sharpe Ratios of NCSM and AAOI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NCSM	AAOI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.98	3.49	-2.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.50	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.20	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.25	0.21	-0.46

Correlation

The correlation between NCSM and AAOI is 0.14, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

NCSM vs. AAOI - Dividend Comparison

Neither NCSM nor AAOI has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

NCSM vs. AAOI - Drawdown Comparison

The maximum NCSM drawdown since its inception was -98.58%, roughly equal to the maximum AAOI drawdown of -98.49%. Use the drawdown chart below to compare losses from any high point for NCSM and AAOI.

Drawdown Indicators

	NCSM	AAOI	Difference
Max Drawdown Largest peak-to-trough decline	-98.58%	-98.49%	-0.09%
Max Drawdown (1Y) Largest decline over 1 year	-33.80%	-47.64%	+13.84%
Max Drawdown (5Y) Largest decline over 5 years	-78.56%	-83.07%	+4.51%
Max Drawdown (10Y) Largest decline over 10 years	—	-98.49%	—
Current Drawdown Current decline from peak	-88.87%	-32.01%	-56.86%
Average Drawdown Average peak-to-trough decline	-83.10%	-66.55%	-16.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.00%	18.34%	+2.66%

Volatility

NCSM vs. AAOI - Volatility Comparison

The current volatility for NCS Multistage Holdings, Inc. (NCSM) is 31.33%, while Applied Optoelectronics, Inc. (AAOI) has a volatility of 46.64%. This indicates that NCSM experiences smaller price fluctuations and is considered to be less risky than AAOI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NCSM	AAOI	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.33%	46.64%	-15.31%
Volatility (6M) Calculated over the trailing 6-month period	48.11%	103.13%	-55.02%
Volatility (1Y) Calculated over the trailing 1-year period	68.47%	136.36%	-67.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.47%	115.76%	-55.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.28%	96.76%	-19.48%

Financials

NCSM vs. AAOI - Profitability Comparison

The chart below illustrates the profitability comparison between NCS Multistage Holdings, Inc. and Applied Optoelectronics, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NCSM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, NCS Multistage Holdings, Inc. reported a gross profit of 25.47M and revenue of 50.63M. Therefore, the gross margin over that period was 50.3%.

AAOI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Applied Optoelectronics, Inc. reported a gross profit of 41.95M and revenue of 134.27M. Therefore, the gross margin over that period was 31.2%.

NCSM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NCS Multistage Holdings, Inc. reported an operating income of 5.22M and revenue of 50.63M, resulting in an operating margin of 10.3%.

AAOI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Applied Optoelectronics, Inc. reported an operating income of -11.50M and revenue of 134.27M, resulting in an operating margin of -8.6%.

NCSM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NCS Multistage Holdings, Inc. reported a net income of 14.96M and revenue of 50.63M, resulting in a net margin of 29.6%.

AAOI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Applied Optoelectronics, Inc. reported a net income of -2.02M and revenue of 134.27M, resulting in a net margin of -1.5%.