Aviat Networks Inc (AVNW) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.55	$0.64	+16.4%	—	$120.9M	—
Q3 26	$0.44	$0.06	-86.4%	—	$100M	—
Q2 26	$0.5	$0.54	+8.0%	—	$111.5M	—
Q1 26	$0.28	$0.43	+53.6%	—	$107.3M	—
Q4 25	$0.7	$0.83	+18.6%	—	$115.3M	—
Q3 25	$0.28	$0.88	+214.3%	—	$112.6M	—
Q2 25	$0.06	$0.82	+1266.7%	—	$118.2M	—
Q1 25	-$0.03	-$0.87	-2800.0%	—	$88.4M	—
Q3 24	$0.51	$0.73	+43.1%	—	$111.6M	—
Q2 24	$0.72	$0.97	+34.7%	—	$95M	—
Q1 24	$0.77	$0.87	+13.0%	—	$87.6M	—
Q4 23	$0.86	$0.87	+1.2%	—	$91.2M	—
Q3 23	$0.75	$0.75	0.0%	—	$83.5M	—
Q2 23	$0.79	$0.94	+19.0%	—	$90.7M	—
Q1 23	$0.71	$0.75	+5.6%	—	$81.3M	—
Q4 22	$0.68	$0.67	-1.5%	—	$77.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$0.2	—	—	$439.7M	—
FY25	—	$0.11	—	—	$434.6M	—
FY24	—	$0.88	—	—	$408.1M	—
FY23	—	$0.9	—	—	$344.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$241.9M	$242.5M	$243.9M	$238.6M	$274.9M	$303M	$344.4M	$408.1M	$434.6M	$439.7M
YoY change	-9.98%	+0.26%	+0.56%	-2.14%	+15.2%	+10.2%	+13.7%	+18.5%	+6.5%	+1.17%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	241.9M	242.5M	243.9M	238.6M	274.9M	303M	344.4M	408.1M	434.6M	439.7M
Cost of revenue	166.4M	162M	164.6M	153.9M	172.3M	193.7M	222.1M	263.4M	295.2M	301.4M
Gross profit	75.5M	80.5M	79.3M	84.7M	102.6M	109.2M	122.4M	144.7M	139.4M	138.3M
Gross margin	31.2%	33.2%	32.5%	35.5%	37.3%	36.1%	35.5%	35.5%	32.1%	31.5%
Research & development	18.7M	19.8M	21.1M	19.3M	21.8M	22.6M	24.9M	36.4M	35.8M	28.4M
Selling, general & administrative	57.2M	58.2M	56.1M	58M	56.3M	57.7M	69.8M	85M	89.5M	88.5M
Operating expenses	75.9M	77.9M	77.2M	77.3M	78.1M	80.3M	94.8M	121.5M	125.3M	116.9M
Operating income	-396K	2.6M	2.1M	7.4M	24.5M	29M	27.6M	23.3M	14.2M	21.4M
Operating margin	-0.16%	1.07%	0.86%	3.11%	8.91%	9.57%	8.02%	5.7%	3.26%	4.86%
Non-operating income, net	-420K	-1.5M	-719K	-3.7M	-2M	1.3M	-5.8M	-4M	-4.6M	-483K
Pretax income	-605K	1.3M	1.6M	3.7M	22.4M	30.4M	21.3M	16.9M	3.6M	13.2M
Income tax	16K	-1M	-8.2M	3.5M	-87.7M	9.3M	11.1M	6.1M	2.2M	10.7M
Net income	-621K	2.3M	9.7M	257K	110.1M	21.2M	10.2M	10.8M	1.3M	2.5M
Net margin	-0.26%	0.95%	3.99%	0.11%	40.1%	6.98%	2.95%	2.64%	0.31%	0.58%
EBITDA	5.9M	7.8M	6.9M	15.9M	32.1M	33.7M	36.8M	32.1M	21.3M	29.2M
EPS	-0.08	0.17	0.91	0.03	9.98	1.89	0.9	0.88	0.11	0.2
Diluted EPS	-0.08	0.17	0.86	0.03	9.42	1.79	0.86	0.86	0.1	0.19

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	87.6M	95M	111.6M	113.9M	88.4M	118.2M	112.6M	115.3M	107.3M	111.5M	100M	120.9M
Cost of revenue	55.7M	58.2M	75.1M	74.4M	68.6M	77.3M	73.3M	75.9M	71.7M	75.4M	70.7M	83.6M
Gross profit	31.9M	36.8M	36.5M	39.5M	19.8M	40.9M	39.3M	39.5M	35.7M	36.1M	29.3M	37.2M
Gross margin	36.4%	38.8%	32.7%	34.7%	22.4%	34.6%	34.9%	34.2%	33.2%	32.4%	29.3%	30.8%
Research & development	6.4M	8.4M	10.6M	11M	10.4M	10.2M	7.7M	7.4M	7.1M	6.4M	7.7M	7.2M
Selling, general & administrative	19.2M	21.4M	21.3M	23.1M	24.9M	21.3M	22.1M	21.1M	23.4M	22.4M	20.4M	22.4M
Operating expenses	25.7M	29.8M	31.9M	34M	35.4M	31.5M	29.8M	28.6M	30.5M	28.8M	28M	29.6M
Operating income	6.2M	7M	4.6M	5.5M	-15.6M	9.4M	9.5M	10.9M	5.2M	7.3M	1.3M	7.6M
Operating margin	7.07%	7.36%	4.13%	4.81%	-17.6%	7.94%	8.41%	9.45%	4.84%	6.56%	1.26%	6.31%
Non-operating income, net	-1.5M	-1.8M	354K	-1.6M	-710K	-1.7M	-3.2M	1.1M	-973K	2.7M	-1.7M	-510K
Pretax income	4.6M	5.2M	4M	3M	-17.4M	6.1M	4.7M	10.2M	2.5M	8.1M	-2.3M	4.9M
Income tax	641K	2.3M	619K	2.5M	-5.5M	1.6M	1.1M	5M	2.3M	2.4M	-244K	6.2M
Net income	4M	2.9M	3.4M	447K	-11.9M	4.5M	3.5M	5.2M	162K	5.7M	-2.1M	-1.3M
Net margin	4.57%	3.04%	3.06%	0.39%	-13.4%	3.8%	3.13%	4.51%	0.15%	5.13%	-2.06%	-1.06%
EBITDA	8.2M	10.1M	5.8M	10.8M	-13.7M	11.4M	8.2M	16.1M	5.4M	11.7M	1.3M	10.8M
EPS	0.31	0.24	0.27	0.12	-0.94	0.35	0.28	0.41	0.01	0.44	-0.16	-0.1
Diluted EPS	0.3	0.24	0.27	0.12	-0.94	0.35	0.27	0.4	0.01	0.44	-0.16	-0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	92.1M	87.4M	73.7M	98.4M	361.6M	279.6M	379M	349.5M	305M	285.2M	253.6M
Enterprise value	65.2M	58.9M	50.7M	69.5M	317.7M	234.8M	359.5M	337.1M	336.2M	311.5M	283.5M
Shares outstanding	10.6M	10.7M	10.8M	10.8M	11M	11.2M	11.4M	12.2M	12.7M	12.8M	12.8M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	—	37.9	7.56	382.8	3.28	13.2	37.3	32.5	227.4	112.3	103.8
P/S	0.38	0.36	0.3	0.41	1.32	0.92	1.1	0.86	0.7	0.65	0.57
P/B	1.69	1.52	1.03	1.43	1.97	1.39	1.73	1.37	1.16	1.07	0.94
EV/EBITDA	11.1	7.58	7.4	4.38	9.89	6.97	9.76	10.5	15.8	10.7	10.3
EV/Sales	0.27	0.24	0.21	0.29	1.16	0.77	1.04	0.83	0.77	0.71	0.65
Earnings yield	—	2.64%	13.2%	0.26%	30.5%	7.57%	2.68%	3.08%	0.44%	0.89%	0.96%
FCF yield	5.85%	1.88%	-3.12%	13.1%	4%	0.36%	-1.84%	7.97%	-2.38%	2.14%	1.27%
PEG	—	—	—	—	—	—	—	—	—	—	-0.83

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	31.2%	33.2%	32.5%	35.5%	37.3%	36.1%	35.5%	35.5%	32.1%	31.5%	30.8%
Operating margin	-0.16%	1.07%	0.86%	3.11%	8.91%	9.57%	8.02%	5.7%	3.26%	4.86%	6.3%
Net margin	-0.26%	0.95%	3.99%	0.11%	40.1%	6.98%	2.95%	2.64%	0.31%	0.58%	0.58%
ROE	-1.14%	4%	13.6%	0.37%	60.1%	10.5%	4.65%	4.21%	0.51%	0.95%	0.96%
ROA	-0.41%	1.48%	5.76%	0.14%	37%	6.53%	2.8%	2.01%	0.21%	0.42%	2.17%
ROIC	-1.44%	8.92%	4.33%	1.29%	17.6%	12.8%	6.62%	6.08%	1.81%	1.4%	1.4%
Return on tangible assets	-0.41%	1.48%	5.76%	0.14%	37%	6.53%	3.04%	2.19%	0.25%	0.49%	0.49%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.45	1.43	1.53	1.49	1.77	1.98	1.81	1.85	1.64	1.97	1.97
Quick ratio	1.17	1.16	1.42	1.33	1.51	1.72	1.56	1.57	1.35	1.66	1.66
Debt / equity	0.17	0.16	0.13	0.19	0.02	0.01	0.01	0.2	0.35	0.37	0.37
Debt / assets	0.06	0.06	0.05	0.07	0.01	0.01	0.01	0.1	0.14	0.17	0.17
Net debt / EBITDA	-4.58	-3.66	-3.35	-1.82	-1.37	-1.33	-0.53	-0.39	1.47	0.9	0.9
Interest coverage	-11.1	44.7	16.2	137.5	—	—	—	—	1.59	2.72	2.72
Effective tax rate	0%	0%	0%	93.1%	0%	30.5%	52.3%	36.4%	62.5%	80.8%	80.8%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	22.9	22.7	22.7	22.1	24.9	27.1	30.3	33.5	34.3	34.2	34.2
EPS (basic)	-0.08	0.17	0.91	0.03	9.98	1.89	0.9	0.88	0.11	0.2	0.2
EPS (diluted)	-0.08	0.17	0.86	0.03	9.42	1.79	0.86	0.86	0.1	0.19	0.19
Book value per share	5.13	5.39	6.65	6.37	16.6	18.1	19.3	21	20.8	20.8	20.9
FCF per share	0.51	0.15	-0.21	1.2	1.31	0.09	-0.61	2.29	-0.57	0.47	0.47
Cash per share	3.39	3.51	2.97	3.86	4.34	4.28	1.96	5.3	4.71	5.67	5.69
Capex per share	0.38	0.61	0.49	0.43	0.26	0.16	0.47	0.22	—	—	—

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	1.66%	2.71%	2.15%	1.93%	1.04%	0.59%	1.55%	0.66%	—	—	—
Capex / operating cash flow	38.8%	130.9%	98.4%	37.8%	20.5%	53.2%	-223.5%	30.7%	—	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Revenue	$87.6M	$95M	$111.6M	$113.9M	$88.4M	$118.2M	$112.6M	$115.3M	$107.3M	$111.5M	$100M	$120.9M
YoY change	+7.77%	+4.8%	+33.7%	+24.9%	+0.99%	+24.4%	+0.92%	+1.29%	+21.4%	-5.69%	-11.2%	+4.81%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	35.9M	37.4M	31.9M	41.6M	47.9M	47.8M	22.2M	64.6M	59.7M	72.8M
Receivables	45.9M	43.1M	51.9M	44.7M	48.1M	73.2M	100.9M	158M	180.3M	192.2M
Inventory	23.7M	22.8M	9.5M	15.2M	24.9M	27.2M	33.4M	62.3M	84M	69M
Total current assets	124.6M	123.5M	126M	139.9M	170.2M	206.4M	235.9M	405.2M	463.6M	439.2M
Property, plant & equipment	5M	5.6M	5.6M	8.6M	8.6M	5.8M	6.1M	11.9M	18.5M	18.7M
Goodwill & intangibles	—	—	—	—	—	0	28.3M	43.7M	93.1M	86M
Total assets	152.6M	156.1M	169.2M	179.8M	297.7M	323.9M	363.1M	535.2M	633.3M	599M
Accounts payable	33.6M	30.9M	35.6M	32M	32.4M	42.4M	60.1M	92.9M	148.1M	119.5M
Short-term debt	9M	9M	9M	10.4M	769K	513K	610K	3.4M	19.7M	8.3M
Total current liabilities	86M	86.5M	82.2M	94M	96.4M	104.5M	130.1M	218.9M	282.2M	223.2M
Long-term debt	—	—	0	2.3M	3.2M	2.4M	2.1M	48.8M	71.2M	90.8M
Total liabilities	98.2M	98.5M	97.7M	111.1M	114.3M	122.2M	144.4M	279.3M	370.1M	331.6M
Shareholders' equity	54.3M	57.5M	71.5M	68.7M	183.3M	201.8M	218.7M	255.9M	263.2M	267.4M
Total debt	9M	9M	9M	12.7M	4M	2.9M	2.8M	52.2M	90.9M	99.2M
Net debt	-26.7M	-28.4M	-22.9M	-28.9M	-44M	-34M	-19.5M	-12.4M	31.2M	26.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Cash & short-term investments	35.5M	45.9M	59.2M	64.6M	51M	52.6M	49.4M	59.7M	64.8M	86.5M	78.1M	72.8M
Receivables	94.5M	149.9M	138.4M	158M	169M	166.7M	178M	180.3M	180.5M	203.1M	187.6M	192.2M
Inventory	30.7M	66.8M	56.8M	62.3M	79.6M	76.5M	93.2M	84M	84M	76.6M	72.6M	69M
Total current assets	244.4M	367M	362.5M	405.2M	427.3M	422.9M	456.6M	463.6M	474.5M	493.9M	450.4M	439.2M
Property, plant & equipment	6.1M	6.7M	8.2M	11.9M	14.2M	16.4M	17.1M	18.5M	19.4M	19.8M	19.1M	18.7M
Goodwill & intangibles	28M	42.8M	44.4M	43.7M	87.8M	93M	92M	93.1M	90.6M	89.4M	87.7M	86M
Total assets	370.3M	500.1M	490.3M	535.2M	590.9M	594.1M	628.3M	633.3M	643.3M	659.4M	616.5M	599M
Accounts payable	61.8M	67.4M	64.6M	92.9M	104.9M	124.1M	137.7M	148.1M	142.4M	145.4M	112.1M	119.5M
Short-term debt	723K	3.2M	3.2M	3.4M	3.5M	5M	4.9M	19.7M	5.4M	5.2M	6.1M	8.3M
Total current liabilities	129.2M	183.7M	171.1M	218.9M	248.2M	252.3M	282.1M	282.2M	258.2M	267.1M	226.3M	223.2M
Long-term debt	2.4M	49.7M	48.9M	48.8M	83.8M	73.6M	72.6M	71.2M	104M	103.1M	100.5M	90.8M
Total liabilities	144.1M	246.2M	231.8M	279.3M	343.7M	344.5M	372.2M	370.1M	379.7M	387.7M	344.8M	331.6M
Shareholders' equity	226.2M	253.9M	258.5M	255.9M	247.1M	249.6M	256.1M	263.2M	263.6M	271.6M	271.8M	267.4M
Total debt	3.2M	52.8M	52.1M	52.2M	87.3M	78.6M	77.5M	90.9M	109.4M	108.4M	106.7M	99.2M
Net debt	-32.3M	6.9M	-6.1M	-12.4M	36.2M	26.1M	28.1M	31.2M	44.6M	21.9M	28.5M	26.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	-621K	2.3M	9.7M	257K	110.1M	21.2M	10.2M	10.8M	—	2.5M
Depreciation & amortization	5.8M	5.2M	4.5M	4.4M	5.4M	4.5M	6.2M	5M	8M	6.1M
Stock-based compensation	2.1M	2.4M	1.7M	1.7M	2.9M	3.8M	6.7M	7.3M	7.1M	6.2M
Change in working capital	2.9M	-1.7M	-1.8M	1.6M	-13.6M	-35.1M	-35.2M	-19.1M	-11.7M	-9.4M
Operating cash flow	10.4M	5M	5.3M	12.2M	13.9M	3.4M	-2.4M	8.7M	5.5M	13.6M
Capital expenditure	-4M	-6.6M	-5.2M	-4.6M	-2.8M	-1.8M	-5.3M	-2.7M	—	—
Investing cash flow	-4M	-6.3M	-5.2M	-4.6M	-2.8M	-7.8M	-11.9M	-35.2M	-15.6M	138K
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-8K	-2.3M	-1.8M	-787K	-5.4M	0	-332K	-597K	-2.7M
Financing cash flow	0	-8K	-3M	-2.6M	-10M	-5.9M	-2M	47.6M	18.5M	5.8M
Net change in cash	6.3M	-1.3M	-2.9M	5M	1.1M	-10.3M	-16.3M	21.1M	8.4M	19.5M
Free cash flow	5.4M	1.6M	-2.3M	12.9M	14.5M	997K	-7M	27.9M	-7.2M	6.1M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26
Net income	4M	2.9M	5M	447K	-11.9M	4.5M	3.5M	5.2M	162K	5.7M	-2.1M	-1.3M
Depreciation & amortization	1.3M	1.1M	1.2M	1.3M	1.8M	2.3M	1.8M	2.1M	1.2M	1.6M	1.4M	1.9M
Stock-based compensation	1.8M	1.8M	1.9M	1.8M	1.7M	2M	2M	1.4M	1.6M	1.3M	1.6M	1.7M
Change in working capital	8M	-30.1M	-2.2M	-3.3M	-26.3M	29.4M	-10.6M	-2.4M	-13.1M	13.1M	-7.6M	-1.8M
Operating cash flow	15.4M	-23.4M	8.3M	2.1M	-41.2M	39.9M	-1.4M	10.5M	-11.7M	23.9M	-1.7M	3.1M
Capital expenditure	-717K	-652K	-497K	-809K	-5.4M	-2.5M	-2.8M	—	—	—	—	—
Investing cash flow	-717K	-32.8M	-497K	-270K	-21.2M	-2.3M	-2.8M	0	0	0	0	-689K
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	0	0	—	—	-99K	1K	—	—	-500K	-2.2M
Financing cash flow	-105K	49.9M	-1.2M	-631K	34.3M	-15.3M	-1.1M	1M	18.3M	-1.4M	-1.7M	-9.5M
Net change in cash	14.5M	-6.3M	6.6M	1.2M	-28.1M	22.4M	-5.3M	11.5M	6.6M	22.5M	-3.4M	-7.1M
Free cash flow	13.3M	-7.7M	14.8M	7.5M	-32.6M	18.3M	-1.2M	8.2M	-13.5M	22.5M	-5.4M	2.5M

Aviat Networks Inc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement