AeroVironment

AVAV · Nasdaq · Industrials · Financials, fiscal 2017 to 2026

AVAV · Last close · October 26, 2026

$125.45

AeroVironment's revenue rose 140.9% to $2.0 billion in fiscal 2026. Its operating margin was −15.7%, down from 5.0% a year earlier. Free cash flow was −$141 million. The diluted share count rose 74.2%.

AEROVIRONMENT, INC. Latest fiscal year ended April 30, 2026 10-K filed June 29, 2026 · 0001104659-26-078906 Updated October 12, 2026

Revenue

$2.0B

140.9%

Operating margin

−15.7%

20.7 pts

Net income

−$265M

$44M a year earlier

Free cash flow

−$141M

Return on capital

−9.1%

13.9 pts

Market cap

$6.2B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. AeroVironment held no short-term investments at the end of fiscal 2023 (its 10-K tags them as zero), so its cash and short-term investments that year are its cash alone. AeroVironment's operating loss in fiscal 2026, after write-downs, made its EBITDA negative, so net debt to EBITDA is blank that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 13.6% a year and net income 16.2% a year, as new shares raised the share count by 21% and diluted each share's earnings. AeroVironment then lost money in fiscal 2026.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value AeroVironment yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

What AeroVironment says to expect

Fiscal 2027: revenue, earnings and EBITDAFor fiscal year 2027, the Company continues to expect revenue of between $2.125 billion and $2.225 billion, net income of between $10 million and $27 million, non-GAAP adjusted EBITDA of between $305 million and $325 million, earnings per diluted share of between $0.21 and $0.53 and non-GAAP earnings per diluted share, which excludes amortization of intangible assets and other non-cash purchase accounting expenses, of between $3.02 and $3.34.

The company's own words, from its earnings release (Form 8-K, Exhibit 99), filed September 9, 2026. They are its expectations, not ours, and not a forecast or price target from The Filing Desk. Replaced when the next release is out.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from AeroVironment's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. AeroVironment's free cash flow was negative in fiscal 2026 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at April 30, 2026. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to AeroVironment's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $125.45
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and AeroVironment's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	102	133	73	41	632
Debt incl. finance leases	190	135	28	30	748
Net debt (negative means net cash)	88	2	−45	−11	115
Net debt to EBITDA	1.7x	—	−0.4x	−0.1x	—
Debt to equity	0.3x	0.2x	0.0x	0.0x	0.2x
Interest coverage	−2.0x	−17.5x	10.5x	23.2x	−12.8x
Current ratio	3.6x	3.9x	3.6x	3.5x	4.3x
Quick ratio	2.7x	2.8x	2.5x	2.7x	3.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought AeroVironment shares on the open market, and 3 insiders sold $2.1 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Stephen F PageDirector	Sold plan	250	$152.27	$38,068	Form 4
Sep 15, 2026	Brian Charles ShackleySVP, Chief Accounting Officer	Sold plan	100	$152.27	$15,227	Form 4
Aug 17, 2026	Stephen F PageDirector	Sold plan	250	$191.98	$47,995	Form 4
Aug 14, 2026	Brian Charles ShackleySVP, Chief Accounting Officer	Sold plan	205	$201.86	$41,381	Form 4
Jul 15, 2026	Brian Charles ShackleySVP, Chief Accounting Officer	Sold plan	300	$143.00	$42,900	Form 4
Jul 15, 2026	Stephen F PageDirector	Sold plan	248	$143.00	$35,464	Form 4
Jun 15, 2026	Stephen F PageDirector	Sold plan	250	$174.41	$43,602	Form 4
May 15, 2026	Stephen F PageDirector	Sold plan	250	$162.31	$40,578	Form 4
Apr 15, 2026	Stephen F PageDirector	Sold plan	250	$197.29	$49,322	Form 4
Mar 16, 2026	Stephen F PageDirector	Sold plan	250	$212.52	$53,130	Form 4
Mar 16, 2026	Brian Charles ShackleyChief Accounting Officer	Sold plan	200	$212.52	$42,504	Form 4
Mar 10, 2026	Kevin Patrick McDonnellCFO	Sold plan	396	$224.55	$88,922	Form 4

The latest 12 of 21 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	Pass	Fail	Fail
Cash from operations exceeds net income	Fail	Fail	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	2 of 9	3 of 9
Accruals ratio	4.8%	4.2%	−5.5%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put AeroVironment side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
AeroVironment	FY26	140.9%	−15.7%	−7.1%	−9.1%	—	3
Hexcel	FY25	−0.5%	9.1%	8.3%	6.5%	3.1x	6	Compare
Axon Enterprise	FY25	33.5%	−2.2%	2.7%	−2.2%	4.9x	6	Compare
Kratos Defense & Security Solutions	FY25	18.5%	1.9%	−10.2%	1.2%	−6.3x	4	Compare
BWX Technologies	FY25	18.3%	12.7%	9.2%	13.9%	3.0x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	229	271	314	367	395	446	540	717	821	1,977
Revenue growth	−2.0%	18.4%	15.9%	16.9%	7.5%	12.9%	21.3%	32.6%	14.5%	140.9%
Gross profit	97	108	128	153	165	141	174	284	319	501
Research and development	28	26	34	46	54	55	64	98	101	128
Operating income	21	30	34	47	43	−10	−179	72	41	−311
Net income	13	18	47	41	23	−4	−176	60	44	−265
Diluted EPS (US$)	0.56	0.75	1.97	1.71	0.96	−0.17	−7.04	2.18	1.55	−5.40
Diluted shares (millions)	23	24	24	24	24	25	25	27	28	49
Cash flow
Cash from operations	−8	70	27	25	86	−10	11	15	−1	−78
Capital expenditure	9	10	9	11	11	22	15	23	20	62
Free cash flow	−17	60	18	14	75	−32	−3	−8	−21	−141
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	3	5	7	6	7	5	11	17	22	38
Balance sheet at fiscal year end
Cash and short-term investments	200	257	323	303	181	102	133	73	41	632
Debt incl. finance leases	—	—	—	—	200	190	135	28	30	748
Total assets	432	473	509	585	929	914	825	1,016	1,121	5,717
Total liabilities	49	64	46	75	316	306	274	193	234	1,316
Shareholders' equity	382	409	463	510	612	608	551	823	886	4,400
Margins and ratios
Gross margin	42.3%	39.7%	40.9%	41.7%	41.7%	31.7%	32.1%	39.6%	38.8%	25.3%
Operating margin	9.1%	11.2%	10.8%	12.8%	11.0%	−2.2%	−33.0%	10.0%	5.0%	−15.7%
Net margin	5.7%	6.5%	15.1%	11.2%	5.9%	−0.9%	−32.6%	8.3%	5.3%	−13.4%
Free cash flow margin	−7.5%	22.2%	5.7%	3.8%	19.1%	−7.2%	−0.6%	−1.1%	−2.5%	−7.1%
Return on capital	—	—	—	—	—	−1.2%	−22.6%	10.5%	4.8%	−9.1%
Return on equity	3.5%	4.5%	10.9%	8.4%	4.2%	−0.7%	−30.4%	8.7%	5.1%	−10.0%
Return on assets	3.1%	3.9%	9.7%	7.5%	3.1%	−0.5%	−20.3%	6.5%	4.1%	−7.8%
Net debt to EBITDA	—	—	—	—	0.3x	1.7x	—	−0.4x	−0.1x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: AeroVironment's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with AeroVironment.