Aviat Networks

AVNW · Nasdaq · Information Technology · Financials, fiscal 2017 to 2026

AVNW · Last close · November 6, 2026

$17.66

Aviat Networks' revenue rose 1.2% to $440 million in fiscal 2026. Its operating margin was 4.4%, up from 2.4% a year earlier. Free cash flow was $6 million. The diluted share count rose 1.6%.

Aviat Networks, Inc. Latest fiscal year ended July 3, 2026 10-K filed August 27, 2026 · 0001628280-26-059187 Updated November 7, 2026

Revenue

$440M

1.2%

Operating margin

4.4%

1.9 pts

Net income

$2M

89.3%

Free cash flow

$6M

Return on capital

3.3%

1.3 pts

Market cap

$230M

Nov 6 close

P/E

92.9x

On $0.19 EPS, FY26

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. Share counts and per-share figures for earlier years are restated for a stock split (2-for-1), so every year is on today's share basis.

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

What Aviat Networks does

Aviat Networks designs, makes and sells wireless equipment that carries network traffic between points, using microwave and millimeter wave radio links over short, medium and long distances. It also sells routers, software tools for running and managing networks, and services such as network design, installation and support. It sources and integrates other makers' gear, such as antennas and power supplies, so customers can build a complete network.

It sells to two types of customers. The first is communications service providers: mobile and fixed telephone networks, broadband and internet providers. The second is private network operators, which build their own networks for cost, independence or security reasons. These include government agencies, transportation and energy companies, utilities, public safety agencies and broadcasters. Aviat sells mostly directly, and to a lesser extent through agents and resellers.

Aviat is based in Austin, Texas, and had 900 employees on July 3, 2026. It says its sales are split about evenly between North America and the rest of the world, and it competes with other network equipment makers.

Its biggest risks, as it describes them

Long sales cycles that delay revenue and make it harder to forecast.
Depending on timely new products and customer acceptance of them.
Relying on third-party service partners and contract manufacturers.
Falling average selling prices and strong competition.
Customers' financial trouble, which could raise credit and payment risks.

From Aviat Networks's annual report on Form 10-K, filed August 27, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2018 to 2026, earnings per share grew 1.4% a year and net income 4.2% a year, as new shares raised the share count by 15% and diluted each share's earnings.

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

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	48	22	65	60	73
Debt incl. finance leases	—	0	48	88	97
Net debt (negative means net cash)	—	−22	−16	28	24
Net debt to EBITDA	—	−0.7x	−0.7x	1.8x	1.1x
Debt to equity	—	0.0x	0.2x	0.3x	0.4x
Interest coverage	—	28.0x	7.7x	1.6x	2.3x
Current ratio	2.0x	1.8x	1.9x	1.6x	2.0x
Quick ratio	1.8x	1.7x	1.6x	1.4x	1.8x

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.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Aviat Networks' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Aviat Networks' projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Aviat Networks shares on the open market, and 4 insiders sold $1.2 million, $631,021 of it under trading plans set up in advance.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 31, 2026	Pete A SmithPresident and CEO	Sold	14,264	$19.69	$280,858	Form 4
Aug 31, 2026	Erin BoaseVP Legal Affairs	Sold	1,347	$19.69	$26,522	Form 4
Aug 31, 2026	Gary CrokeSVP of Product and Innovation	Sold	629	$19.69	$12,385	Form 4
Feb 9, 2026	Pete A SmithPresident and CEO	Sold plan	17,086	$26.33	$449,874	Form 4
Feb 6, 2026	Gary CrokeSVP of Product and Innovation	Sold plan	6,914	$26.20	$181,147	Form 4
Nov 11, 2025	Pete A SmithPresident and CEO	Sold	5,350	$23.39	$125,136	Form 4
Nov 11, 2025	Bruce M. TatenDirector	Sold	3,268	$23.39	$76,439	Form 4

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

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY24	FY25	FY26
Piotroski F-score	5 of 9	3 of 9	5 of 9
Rule of 40	25.3%	4.8%	2.5%
Altman Z''	−0.03	−0.23	0.30
Accruals ratio	−4.4%	−0.8%	−1.8%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Fail
Current ratio rose	Pass	Fail	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Fail	Fail	Fail
Revenue rose relative to assets	Pass	Fail	Fail
F-score	5 of 9	3 of 9	5 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Aviat Networks 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
Aviat Networks	FY26	1.2%	4.4%	1.4%	3.3%	1.1x	5
Powerfleet	FY26	22.4%	4.4%	2.0%	2.2%	3.1x	—	Compare
Digi International	FY25	1.5%	13.1%	24.5%	6.3%	1.5x	6	Compare
Arlo Technologies	FY25	3.6%	1.1%	—	—	—	—	Compare
Harmonic	FY25	−26.1%	3.9%	26.9%	1.6%	−0.5x	4	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 under Indicators.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	242	242	244	239	275	303	344	408	435	440
Revenue growth	−10.0%	0.3%	0.6%	−2.1%	15.2%	10.2%	13.7%	18.5%	6.5%	1.2%
Gross profit	76	80	79	85	103	109	122	145	139	138
Research and development	19	20	21	19	22	23	25	36	36	28
Operating income	−1	1	1	3	22	29	25	19	11	19
Net income	−1	2	10	0	110	21	10	11	1	2
Diluted EPS (US$)	−0.08	0.17	0.87	0.02	9.42	1.79	0.86	0.86	0.10	0.19
Diluted shares (millions)	11	11	11	11	12	12	12	12	13	13
Cash flow
Cash from operations	9	8	3	18	17	3	−2	30	6	14
Capital expenditure	4	7	5	5	3	2	5	3	13	8
Free cash flow	5	2	−2	13	14	1	−7	28	−7	6
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	2	2	0	0	0	0	0	0
Acquisitions	0	0	0	0	0	0	16	32	18	0
Stock-based compensation	2	2	2	2	3	4	7	7	7	6
Balance sheet at fiscal year end
Cash and short-term investments	36	37	32	42	48	48	22	65	60	73
Debt incl. finance leases	—	—	—	—	—	—	0	48	88	97
Total assets	153	156	169	180	298	324	363	535	633	599
Total liabilities	98	98	98	111	114	122	144	279	370	332
Shareholders' equity	54	58	72	69	183	202	219	256	263	267
Margins and ratios
Gross margin	31.2%	33.2%	32.5%	35.5%	37.3%	36.1%	35.5%	35.5%	32.1%	31.4%
Operating margin	−0.4%	0.5%	0.6%	1.4%	8.1%	9.5%	7.2%	4.8%	2.4%	4.4%
Net margin	−0.3%	0.8%	4.0%	0.1%	40.1%	7.0%	3.0%	2.6%	0.3%	0.6%
Free cash flow margin	2.2%	0.7%	−0.9%	5.4%	5.3%	0.3%	−2.0%	6.8%	−1.7%	1.4%
Rule of 40 (growth + FCF margin)	−7.8%	0.9%	−0.4%	3.3%	20.4%	10.5%	11.7%	25.3%	4.8%	2.5%
Return on capital	—	—	—	—	—	—	—	5.7%	2.0%	3.3%
Return on equity	−1.5%	3.3%	15.1%	0.4%	87.4%	11.0%	4.8%	4.5%	0.5%	1.0%
Return on assets	−0.5%	1.2%	6.0%	0.1%	46.1%	6.8%	3.0%	2.4%	0.2%	0.4%
Net debt to EBITDA	—	—	—	—	—	—	−0.7x	−0.7x	1.8x	1.1x

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