AeroVironment, Inc. (AVAV) 10-Year Financial Performance & Capital Metrics

AVAV • • Industrial / General

IndustrialsAerospace & DefenseUnmanned Systems & RoboticsMilitary UAV Systems

AboutAeroVironment, Inc. designs, develops, produces, delivers, and supports a portfolio of robotic systems and related services for government agencies and businesses in the United States and internationally. It operates through four segments: Unmanned Aircraft Systems (UAS), Tactical Missile System (TMS), Medium Unmanned Aircraft Systems (MUAS), and High Altitude Pseudo-Satellite Systems (HAPS). The company supplies UAS, TMS, unmanned ground vehicle, and related services primarily to organizations within the U.S. Department of Defense and to international allied governments. It also designs, engineers, tools, and manufactures unmanned aerial and aircraft systems, including airborne platforms, payloads and payload integration, ground control systems, and ground support equipment and other items and services related to unmanned aircraft systems. In addition, the company offers small UAS products, including spare equipment, alternative payload modules, batteries, chargers, repair services, and customer support, as well as multiple aircraft, hand-held ground control system, and spare parts and accessories. Further, it develops high-altitude pseudo-satellite UAS systems. The company was incorporated in 1971 and is headquartered in Arlington, Virginia.Show more

Revenue $821M +14.5%
EBITDA $82M -24.0%
Net Income $44M -26.9%
EPS (Diluted) 1.55 -28.9%
Gross Margin 39.35% -0.7%
EBITDA Margin 9.97% -33.6%
Operating Margin 4.97% -50.4%
Net Margin 5.32% -36.2%
ROE 5.1% -41.2%
ROIC 3.56% -54.1%
Debt/Equity 0.07
Interest Coverage 18.64 +9.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Momentum leader: RS Rating 89 (top 11%)
✓Strong 5Y sales CAGR of 17.4%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Expensive at 12.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.21%

5Y17.44%

3Y22.56%

TTM79.89%

Profit (Net Income) CAGR

10Y31.16%

5Y1.21%

3Y-

TTM-243.02%

EPS CAGR

10Y28.13%

5Y-2.06%

3Y-

TTM-241.95%

ROCE

10Y Avg3.14%

5Y Avg-0.95%

3Y Avg-3.32%

Latest4.48%

Peer Comparison

Military UAV Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KTOSKratos Defense & Security Solutions, Inc.	21.03B	124.56	1132.36	9.57%	1.56%	1.01%		0.21
AVAVAeroVironment, Inc.	18.9B	378.57	244.24	14.5%	-5.08%	-1.57%		0.07

Profit & Loss

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Sales/Revenue+	233.74M	233.1M	268.42M	314.27M	367.3M	394.91M	445.73M	540.54M	716.72M	820.63M
Revenue Growth %	-0.1%	-0%	0.15%	0.17%	0.17%	0.08%	0.13%	0.21%	0.33%	0.14%
Cost of Goods Sold+	127.86M	135.68M	160.74M	185.87M	214.19M	230.35M	304.5M	367.02M	432.79M	497.69M
COGS % of Revenue	0.55%	0.58%	0.6%	0.59%	0.58%	0.58%	0.68%	0.68%	0.6%	0.61%
Gross Profit+	105.87M	97.43M	107.69M	128.4M	153.1M	164.56M	141.24M	173.51M	283.93M	322.94M
Gross Margin %	0.45%	0.42%	0.4%	0.41%	0.42%	0.42%	0.32%	0.32%	0.4%	0.39%
Gross Profit Growth %	0.02%	-0.08%	0.11%	0.19%	0.19%	0.07%	-0.14%	0.23%	0.64%	0.14%
Operating Expenses+	85.8M	76.66M	77.26M	94.58M	105.97M	121.25M	151.12M	352.18M	212.11M	282.14M
OpEx % of Revenue	0.37%	0.33%	0.29%	0.3%	0.29%	0.31%	0.34%	0.65%	0.3%	0.34%
Selling, General & Admin	50.06M	46.86M	49.8M	55.95M	60.32M	60.51M	95.5M	97.32M	112.55M	158.82M
SG&A % of Revenue	0.21%	0.2%	0.19%	0.18%	0.16%	0.15%	0.21%	0.18%	0.16%	0.19%
Research & Development	69.83M	58.23M	67.48M	94.99M	54.58M	105.16M	113.74M	134.97M	159.87M	158.76M
R&D % of Revenue	0.3%	0.25%	0.25%	0.3%	0.15%	0.27%	0.26%	0.25%	0.22%	0.19%
Other Operating Expenses	-34.08M	-28.42M	-40.02M	-56.36M	-8.93M	-44.43M	-58.12M	119.89M	-60.31M	-35.44M
Operating Income+	20.07M	20.77M	30.43M	33.83M	47.13M	43.31M	-9.89M	-178.66M	71.82M	40.8M
Operating Margin %	0.09%	0.09%	0.11%	0.11%	0.13%	0.11%	-0.02%	-0.33%	0.1%	0.05%
Operating Income Growth %	8.97%	0.03%	0.47%	0.11%	0.39%	-0.08%	-1.23%	-17.07%	1.4%	-0.43%
EBITDA+	23.93M	25.82M	36.41M	41.49M	57.02M	62.58M	50.94M	-129.41M	107.57M	81.79M
EBITDA Margin %	0.1%	0.11%	0.14%	0.13%	0.16%	0.16%	0.11%	-0.24%	0.15%	0.1%
EBITDA Growth %	1.31%	0.08%	0.41%	0.14%	0.37%	0.1%	-0.19%	-3.54%	1.83%	-0.24%
D&A (Non-Cash Add-back)	3.85M	5.05M	5.98M	7.67M	9.89M	19.26M	60.83M	49.25M	35.75M	41M
EBIT	20.77M	22.1M	31.45M	38.22M	46.3M	50.28M	-8.95M	11.94M	73.7M	63.39M
Net Interest Income+	1.03M	1.62M	2.24M	4.67M	4.83M	-618K	-5.44M	-9.37M	-4.22M	-2.19M
Interest Income	1.03M	1.62M	2.24M	4.67M	4.83M	0	0	0	0	0
Interest Expense	0	0	0	0	0	618K	5.44M	9.37M	4.22M	2.19M
Other Income/Expense	-1.7M	1.67M	908K	12.71M	48K	-19.43M	-4.67M	-12.17M	-10.27M	3.71M
Pretax Income+	18.38M	22.44M	31.33M	46.53M	47.18M	23.88M	-14.55M	-190.83M	61.56M	44.5M
Pretax Margin %	0.08%	0.1%	0.12%	0.15%	0.13%	0.06%	-0.03%	-0.35%	0.09%	0.05%
Income Tax+	2.98M	4.76M	9.8M	4.64M	5.85M	539K	-10.37M	-14.66M	1.89M	882K
Effective Tax Rate %	0.49%	0.58%	0.57%	1.02%	0.87%	0.98%	0.29%	0.92%	0.97%	0.98%
Net Income+	8.97M	13.1M	17.86M	47.44M	41.07M	23.33M	-4.19M	-176.21M	59.67M	43.62M
Net Margin %	0.04%	0.06%	0.07%	0.15%	0.11%	0.06%	-0.01%	-0.33%	0.08%	0.05%
Net Income Growth %	2.1%	0.46%	0.36%	1.66%	-0.13%	-0.43%	-1.18%	-41.08%	1.34%	-0.27%
Net Income (Continuing)	15.39M	17.68M	21.53M	41.89M	41.34M	23.34M	-4.18M	-176.17M	59.67M	43.62M
Discontinued Operations	-6.43M	-4.6M	-3.89M	5.53M	-265K	0	0	0	0	0
Minority Interest	0	239K	23K	4K	0	14K	241K	0	0	0
EPS (Diluted)+	0.39	0.56	0.84	1.97	1.72	1.39	-0.36	-6.94	2.18	1.55
EPS Growth %	2%	0.44%	0.5%	1.35%	-0.13%	-0.19%	-1.26%	-18.28%	1.31%	-0.29%
EPS (Basic)	0.39	0.57	0.86	2.00	1.74	1.41	-0.36	-6.94	2.19	1.56
Diluted Shares Outstanding	23.15M	23.31M	23.81M	24.07M	24.09M	24.36M	24.69M	25.04M	27.33M	28.17M
Basic Shares Outstanding	22.94M	23.06M	23.47M	23.66M	23.81M	24.05M	24.69M	25.04M	27.2M	28.02M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Total Current Assets+	349.7M	354.08M	399.15M	469.59M	503.93M	401.64M	368.91M	477M	515.58M	606.52M
Cash & Short-Term Investments	227.69M	199.88M	257.17M	323.19M	302.65M	180.71M	101.95M	132.86M	73.3M	40.86M
Cash Only	124.29M	79.9M	143.52M	172.71M	255.14M	148.74M	77.23M	132.86M	73.3M	40.86M
Short-Term Investments	103.4M	119.97M	113.65M	150.49M	47.51M	31.97M	24.72M	0	0	0
Accounts Receivable	74.94M	82.84M	73.69M	84.92M	149.5M	134.28M	164.81M	193.29M	269.78M	392.6M
Days Sales Outstanding	117.03	129.71	100.2	98.63	148.56	124.11	134.96	130.52	137.39	174.62
Inventory	37.49M	60.08M	38.64M	54.06M	45.53M	71.65M	90.63M	138.81M	150.17M	144.09M
Days Inventory Outstanding	107.01	161.62	87.74	106.15	77.59	113.52	108.64	138.05	126.65	105.67
Other Current Assets	0	24.93M	25.67M	0	0	0	0	12.04M	22.33M	28.97M
Total Non-Current Assets+	66.39M	78.42M	74.37M	39.26M	81.03M	526.93M	545.29M	347.57M	500.28M	514.05M
Property, Plant & Equipment	16.76M	19.22M	19.22M	16.91M	30.49M	81.8M	89.06M	67.16M	76.64M	82.58M
Fixed Asset Turnover	13.94x	12.13x	13.97x	18.59x	12.05x	4.83x	5.00x	8.05x	9.35x	9.94x
Goodwill	0	0	0	0	6.34M	314.2M	334.35M	180.8M	275.65M	256.78M
Intangible Assets	300K	1.82M	628K	459K	13.64M	106.27M	97.22M	43.58M	72.22M	48.71M
Long-Term Investments	33.86M	42.1M	40.66M	9.39M	15.03M	12.16M	15.43M	23.61M	20.96M	31.63M
Other Non-Current Assets	450K	187K	2.37M	5.82M	10.61M	10.44M	1.93M	5.22M	13.51M	32.89M
Total Assets+	410.66M	432.5M	473.42M	508.84M	584.95M	928.57M	914.2M	824.58M	1.02B	1.12B
Asset Turnover	0.57x	0.54x	0.57x	0.62x	0.63x	0.43x	0.49x	0.66x	0.71x	0.73x
Asset Growth %	0.03%	0.05%	0.09%	0.07%	0.15%	0.59%	-0.02%	-0.1%	0.23%	0.1%
Total Current Liabilities+	46.34M	48.06M	62.09M	44.87M	66.95M	96.19M	101.39M	121.33M	144.88M	172.16M
Accounts Payable	17.71M	15.9M	21.34M	15.97M	19.86M	24.84M	19.24M	31.36M	48.3M	72.46M
Days Payables Outstanding	50.56	42.76	48.46	31.36	33.84	39.36	23.07	31.18	40.73	53.14
Short-Term Debt	0	0	0	0	0	10M	10M	7.5M	10M	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.17M	12.19M	16.21M	7.42M	10.78M	19.08M	30.2M	19.63M	17.07M	28.66M
Current Ratio	7.55x	7.37x	6.43x	10.47x	7.53x	4.18x	3.64x	3.93x	3.56x	3.52x
Quick Ratio	6.74x	6.12x	5.81x	9.26x	6.85x	3.43x	2.74x	2.79x	2.52x	2.69x
Cash Conversion Cycle	173.48	248.56	139.48	173.41	192.32	198.27	220.53	237.38	223.3	227.15
Total Non-Current Liabilities+	2.79M	2.24M	2.27M	1.4M	8.1M	220.27M	204.6M	152.27M	48.24M	61.9M
Long-Term Debt	0	0	0	0	0	187.51M	177.84M	125.9M	17.09M	30M
Capital Lease Obligations	449K	161K	0	0	6.83M	19.1M	21.91M	21.19M	22.75M	23.81M
Deferred Tax Liabilities	0	116K	67K	29K	0	0	2.63M	1.73M	664K	0
Other Non-Current Liabilities	2.34M	1.97M	2.21M	1.37M	1.27M	13.66M	2.22M	3.45M	7.74M	8.09M
Total Liabilities	49.13M	50.31M	64.36M	46.27M	75.05M	316.46M	305.99M	273.61M	193.12M	234.06M
Total Debt+	449K	161K	161K	0	10.21M	222.77M	216.57M	162.82M	59.68M	64.29M
Net Debt	-123.84M	-79.74M	-143.52M	-172.71M	-244.93M	74.03M	139.34M	29.96M	-13.62M	23.43M
Debt / Equity	0.00x	0.00x	0.00x	-	0.02x	0.36x	0.36x	0.30x	0.07x	0.07x
Debt / EBITDA	0.02x	0.01x	0.00x	-	0.18x	3.56x	4.25x	-	0.55x	0.79x
Net Debt / EBITDA	-5.18x	-3.09x	-3.94x	-4.16x	-4.30x	1.18x	2.74x	-	-0.13x	0.29x
Interest Coverage	-	-	-	-	-	70.09x	-1.82x	-19.07x	17.02x	18.64x
Total Equity+	361.26M	382.19M	410.14M	462.57M	509.9M	612.11M	608.21M	550.97M	822.75M	886.51M
Equity Growth %	0.04%	0.06%	0.07%	0.13%	0.1%	0.2%	-0.01%	-0.09%	0.49%	0.08%
Book Value per Share	15.60	16.40	17.22	19.22	21.17	25.12	24.64	22.00	30.11	31.47
Total Shareholders' Equity	361.26M	381.95M	410.12M	462.57M	509.9M	612.09M	607.97M	550.97M	822.75M	886.51M
Common Stock	2K	2K	2K	2K	2K	2K	2K	4K	4K	4K
Retained Earnings	207.19M	219.93M	240M	286.35M	328.09M	351.42M	347.23M	171.02M	230.69M	274.31M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-201K	-127K	-21K	2K	328K	343K	-6.51M	-4.45M	-5.59M	-6.51M
Minority Interest	0	239K	23K	4K	0	14K	241K	0	0	0

Cash Flow

	Apr 2016	Apr 2017	Apr 2018	Apr 2019	Apr 2020	Apr 2021	Apr 2022	Apr 2023	Apr 2024	Apr 2025
Cash from Operations+	551K	-10.5M	69.21M	19.26M	25.1M	86.53M	-9.62M	11.4M	15.29M	-1.32M
Operating CF Margin %	0%	-0.05%	0.26%	0.06%	0.07%	0.22%	-0.02%	0.02%	0.02%	-0%
Operating CF Growth %	-0.99%	-20.05%	7.59%	-0.72%	0.3%	2.45%	-1.11%	2.19%	0.34%	-1.09%
Net Income	8.97M	12.46M	22.36M	41.89M	41.34M	23.34M	-4.18M	-176.17M	59.67M	43.62M
Depreciation & Amortization	6.07M	7.05M	5.98M	7.67M	9.89M	19.26M	60.83M	100M	35.05M	41M
Stock-Based Compensation	4.56M	3.71M	4.96M	6.99M	6.23M	6.93M	5.39M	10.77M	17.07M	21.46M
Deferred Taxes	-2.75M	-52K	3.83M	4.79M	3.42M	-1.69M	-7.28M	-18.66M	-23.29M	-20.16M
Other Non-Cash Items	6.24M	2.34M	3.67M	-775K	8.07M	15.63M	11.11M	179.66M	33.63M	31.04M
Working Capital Changes	-22.54M	-36.01M	28.41M	-41.3M	-43.84M	23.05M	-75.47M	-84.19M	-106.83M	-118.28M
Change in Receivables	-22.26M	-18.63M	11.21M	25.82M	-42.87M	17.18M	3.08M	-27.42M	19.21M	-122.86M
Change in Inventory	1.93M	-22.59M	2.27M	-16.63M	8.86M	-5.18M	-27.16M	-61.85M	13.94M	2.97M
Change in Payables	-2.71M	2.84M	5.74M	-7.05M	3.13M	2.56M	-7.04M	12.54M	12.97M	22.33M
Cash from Investing+	-16.58M	-37.35M	-7.62M	11.12M	59.17M	-378.77M	-52.29M	-7M	-51.71M	-28.49M
Capital Expenditures	-6.83M	-9.86M	-9.56M	-8.9M	-11.22M	-11.26M	-22.29M	-14.87M	-22.98M	0
CapEx % of Revenue	0.03%	0.04%	0.04%	0.03%	0.03%	0.03%	0.05%	0.03%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	80K	7K	-1.22M	-431K	81K	0	4.57M	-250K	-4.57M	-28.49M
Cash from Financing+	-3.1M	3.47M	2.02M	-1.18M	-1.83M	194.16M	-16.61M	50.83M	-22.85M	-2.86M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.13M	-5K	-397K	-1.09M	-1.93M	-3.85M	-9.38M	1.19M	-4.29M	-5.71M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-6.28M	-20.36M	59.65M	10.36M	13.88M	75.27M	-31.91M	-3.47M	-9.19M	-24.13M
FCF Margin %	-0.03%	-0.09%	0.22%	0.03%	0.04%	0.19%	-0.07%	-0.01%	-0.01%	-0.03%
FCF Growth %	-1.18%	-2.24%	3.93%	-0.83%	0.34%	4.42%	-1.42%	0.89%	-1.65%	-1.63%
FCF per Share	-0.27	-0.87	2.50	0.43	0.58	3.09	-1.29	-0.14	-0.34	-0.86
FCF Conversion (FCF/Net Income)	0.06x	-0.80x	3.87x	0.41x	0.61x	3.71x	2.30x	-0.06x	0.26x	-0.03x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.58M	1.8M	1.81M	6.78M	532K	2.4M	1.88M	2.91M	20.44M	24.63M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	2.53%	3.52%	4.51%	10.87%	8.45%	4.16%	-0.69%	-30.4%	8.69%	5.1%
Return on Invested Capital (ROIC)	6.8%	5.77%	8.02%	9.12%	12.74%	6.83%	-1.03%	-20.17%	7.75%	3.56%
Gross Margin	45.3%	41.8%	40.12%	40.86%	41.68%	41.67%	31.69%	32.1%	39.62%	39.35%
Net Margin	3.84%	5.62%	6.65%	15.09%	11.18%	5.91%	-0.94%	-32.6%	8.32%	5.32%
Debt / Equity	0.00x	0.00x	0.00x	-	0.02x	0.36x	0.36x	0.30x	0.07x	0.07x
Interest Coverage	-	-	-	-	-	70.09x	-1.82x	-19.07x	17.02x	18.64x
FCF Conversion	0.06x	-0.80x	3.87x	0.41x	0.61x	3.71x	2.30x	-0.06x	0.26x	-0.03x
Revenue Growth	-9.89%	-0.27%	15.15%	17.08%	16.87%	7.52%	12.87%	21.27%	32.59%	14.5%

Revenue by Segment

	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
Product sales	-	-	-	-	-	-	-	-	-	585.77M
Product sales Growth	-	-	-	-	-	-	-	-	-	-
Contract services	-	-	-	-	-	-	-	-	-	130.95M
Contract services Growth	-	-	-	-	-	-	-	-	-	-
Small UAS	-	-	-	-	-	-	-	178.2M	233.91M	-
Small UAS Growth	-	-	-	-	-	-	-	-	31.26%	-
TMS	-	-	-	-	-	-	-	76.42M	120.62M	-
TMS Growth	-	-	-	-	-	-	-	-	57.85%	-
Other.	-	-	-	-	-	-	-	54.63M	115.68M	-
Other. Growth	-	-	-	-	-	-	-	-	111.73%	-
MUAS.	-	-	-	-	-	-	-	93.16M	-	-
MUAS. Growth	-	-	-	-	-	-	-	-	-	-
HAPS	-	-	-	-	-	-	-	43.33M	-	-
HAPS Growth	-	-	-	-	-	-	-	-	-	-
Small Uas	-	-	-	-	183.16M	225.89M	235.85M	-	-	-
Small Uas Growth	-	-	-	-	-	23.33%	4.41%	-	-	-
Tms	-	-	-	-	65.09M	63.78M	87.27M	-	-	-
Tms Growth	-	-	-	-	-	-2.01%	36.82%	-	-	-
Haps	-	-	-	-	55.41M	60.86M	42.43M	-	-	-
Haps Growth	-	-	-	-	-	9.85%	-30.29%	-	-	-
Muas	-	-	-	-	-	-	15.84M	-	-	-
Muas Growth	-	-	-	-	-	-	-	-	-	-
Other	-	-	-	-	10.62M	16.76M	13.53M	-	-	-
Other Growth	-	-	-	-	-	57.80%	-19.30%	-	-	-
Product	-	-	-	-	212.09M	-	-	-	-	-
Product Growth	-	-	-	-	-	-	-	-	-	-
Service	-	-	-	-	102.19M	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Unmanned Aircraft Systems	336.8M	220.95M	233.74M	228.94M	-	-	-	-	-	-
Unmanned Aircraft Systems Growth	-	-34.40%	5.79%	-2.05%	-	-	-	-	-	-
Efficient Energy Systems	72.99M	38.45M	30.36M	35.93M	-	-	-	-	-	-
Efficient Energy Systems Growth	-	-47.33%	-21.04%	18.36%	-	-	-	-	-	-

Revenue by Geography

	2014	2015	2016	2017	2019	2020	2021	2022	2023	2024
International	-	-	-	-	-	-	-	183.47M	289.11M	444.99M
International Growth	-	-	-	-	-	-	-	-	57.57%	53.92%
Domestic	-	-	-	-	-	-	-	262.26M	251.43M	271.73M
Domestic Growth	-	-	-	-	-	-	-	-	-4.13%	8.07%

Frequently Asked Questions

Valuation & Price

AeroVironment, Inc. (AVAV) has a price-to-earnings (P/E) ratio of 244.2x. This suggests investors expect higher future growth.

Growth & Financials

AeroVironment, Inc. (AVAV) reported $1.37B in revenue for fiscal year 2025. This represents a 321% increase from $325.0M in 2012.

AeroVironment, Inc. (AVAV) grew revenue by 14.5% over the past year. This is steady growth.

AeroVironment, Inc. (AVAV) reported a net loss of $69.6M for fiscal year 2025.

Dividend & Returns

AeroVironment, Inc. (AVAV) has a return on equity (ROE) of 5.1%. This is below average, suggesting room for improvement.

AeroVironment, Inc. (AVAV) had negative free cash flow of $207.2M in fiscal year 2025, likely due to heavy capital investments.

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