The balance sheet has transformed dramatically, with total debt increasing nearly 14-fold to $850.8M (D/E ratio of 0.19) and goodwill now representing $2.5B or 44% of total assets, creating a capital structure heavily reliant on acquisition-driven growth.
AeroVironment, Inc. (AVAV) balance sheet — 22-year assets, liabilities & shareholders' equity history
| Metric | TTM | Apr'26 | Apr'25 | Apr'24 | Apr'23 | Apr'22 | Apr'21 | Apr'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 |
|---|
| Total Current Assets | 1.88B | 1.89B | 606.52M | 515.58M | 477M | 368.91M | 401.64M | 503.93M | 469.59M | 399.15M | 354.08M | 349.7M | 329.03M | 306.86M | 263.45M | 281.77M | 298.03M | 245.59M | 221.37M | 189.56M | 161.07M | 56.51M | 45.45M |
| Cash & Short-Term Investments | 580.23M | 632.3M | 40.86M | 73.3M | 132.86M | 101.95M | 180.71M | 302.65M | 323.19M | 257.17M | 199.88M | 227.69M | 228.79M | 197.61M | 148.57M | 141.37M | 62.04M | 164.44M | 138.02M | 118.44M | 109.25M | 15.39M | 10.06M |
| Cash Only | 278.39M | 377.32M | 40.86M | 73.3M | 132.86M | 77.23M | 148.74M | 255.14M | 172.71M | 143.52M | 79.9M | 124.29M | 143.41M | 126.97M | 75.33M | 64.22M | 62.04M | 28.66M | 116.5M | 105.06M | 20.92M | 15.39M | 10.06M |
| Short-Term Investments | 301.84M | 254.97M | 0 | 0 | 0 | 24.72M | 31.97M | 47.51M | 150.49M | 113.65M | 119.97M | 103.4M | 85.38M | 70.64M | 73.24M | 77.15M | 0 | 135.77M | 21.52M | 13.38M | 88.33M | 0 | 0 |
| Accounts Receivable | 826.77M | 886.58M | 392.6M | 269.78M | 193.29M | 164.81M | 134.28M | 149.5M | 84.92M | 73.69M | 82.84M | 74.94M | 50.96M | 49.25M | 42.85M | 83.45M | 66.34M | 57.35M | 66.04M | 50.38M | 34.19M | 26.42M | 20.17M |
| Days Sales Outstanding | 148.46 | 163.7 | 174.62 | 137.39 | 130.52 | 134.96 | 124.11 | 148.56 | 98.63 | 100.2 | 129.71 | 117.03 | 71.71 | 71.42 | 65.13 | 93.72 | 82.78 | 83.9 | 97.32 | 85.23 | 71.83 | 69.21 | 70 |
| Inventory | 410.77M | 312.86M | 144.09M | 150.17M | 138.81M | 90.63M | 71.65M | 45.53M | 54.06M | 38.64M | 60.08M | 37.49M | 39.41M | 50.7M | 62.56M | 43.54M | 38.14M | 20.93M | 11.6M | 15.92M | 14.02M | 11.45M | 11.51M |
| Days Inventory Outstanding | 79.45 | 77.36 | 105.67 | 126.65 | 138.05 | 108.64 | 113.52 | 77.59 | 106.15 | 87.74 | 161.62 | 107.01 | 92.74 | 117.05 | 154.69 | 81.21 | 79.38 | 50.03 | 26.62 | 42.36 | 48.61 | 50.61 | 71.72 |
| Other Current Assets | 63.86M | 58.7M | 28.97M | 22.33M | 12.04M | 0 | 0 | 0 | 0 | 25.67M | 24.93M | 0 | 5.26M | 5.04M | 5.17M | 7.89M | 2.3M | 956K | 3.99M | 2.81M | 2.12M | 2.79M | 1.13M |
| Total Non-Current Assets | 3.85B | 3.83B | 514.05M | 500.28M | 347.57M | 545.29M | 526.93M | 81.03M | 39.26M | 74.37M | 78.42M | 66.39M | 68.44M | 78.1M | 98.15M | 88.87M | 33.72M | 36.38M | 31.81M | 13.21M | 7.11M | 8.27M | 4.91M |
| Property, Plant & Equipment | 316.48M | 267.11M | 82.58M | 76.64M | 67.16M | 89.06M | 81.8M | 30.49M | 16.91M | 19.22M | 19.22M | 16.76M | 13.5M | 20M | 24.43M | 23.52M | 17.5M | 20.02M | 18.22M | 10.31M | 6.23M | 6.1M | 4.17M |
| Fixed Asset Turnover | 7.39x | 7.40x | 9.94x | 9.35x | 8.05x | 5.00x | 4.83x | 12.05x | 18.59x | 13.97x | 12.13x | 13.94x | 19.22x | 12.59x | 9.83x | 13.82x | 16.72x | 12.46x | 13.59x | 20.93x | 27.89x | 22.85x | 25.19x |
| Goodwill | 2.49B | 2.49B | 256.78M | 275.65M | 180.8M | 334.35M | 314.2M | 6.34M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 886.47M | 929.83M | 48.71M | 72.22M | 43.58M | 97.22M | 106.27M | 13.64M | 459K | 628K | 1.82M | 300K | 380K | 667K | 815K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 318.53M | 81.13M | 31.63M | 20.96M | 23.61M | 15.43M | 12.16M | 15.03M | 9.39M | 40.66M | 42.1M | 33.86M | 46.77M | 50.51M | 68.92M | 58.46M | 6.28M | 6.51M | 7.16M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 57.44M | 54.58M | 32.89M | 13.51M | 5.22M | 1.93M | 10.44M | 10.61M | 5.82M | 2.37M | 187K | 450K | 361K | 207K | 245K | 201K | 181K | 89K | 120K | 122K | 119K | 119K | 90K |
| Total Assets | 5.73B | 5.72B | 1.12B | 1.02B | 824.58M | 914.2M | 928.57M | 584.95M | 508.84M | 473.42M | 432.5M | 410.66M | 397.47M | 384.95M | 361.6M | 369.15M | 331.75M | 281.97M | 253.18M | 202.78M | 168.18M | 64.95M | 50.36M |
| Asset Turnover | 0.36x | 0.35x | 0.73x | 0.71x | 0.66x | 0.49x | 0.43x | 0.63x | 0.62x | 0.57x | 0.54x | 0.57x | 0.65x | 0.65x | 0.66x | 0.88x | 0.88x | 0.88x | 0.98x | 1.06x | 1.03x | 2.15x | 2.09x |
| Asset Growth % | 1285.66% | 410.17% | 10.31% | 23.2% | -9.8% | -1.55% | 58.74% | 14.96% | 7.48% | 9.46% | 5.32% | 3.32% | 3.25% | 6.46% | -2.04% | 11.27% | 17.65% | 11.37% | 24.86% | 20.57% | 158.93% | 28.96% | - |
| Total Current Liabilities | 441.73M | 439.24M | 172.16M | 144.88M | 121.33M | 101.39M | 96.19M | 66.95M | 44.87M | 62.09M | 48.06M | 46.34M | 46.73M | 37.73M | 42.19M | 63.7M | 62.1M | 44.11M | 38.64M | 32.1M | 31.21M | 28.03M | 26.14M |
| Accounts Payable | 174.84M | 160.51M | 72.46M | 48.3M | 31.36M | 19.24M | 24.84M | 19.86M | 15.97M | 21.34M | 15.9M | 17.71M | 19.24M | 13.91M | 16.14M | 20.21M | 31.13M | 20.2M | 23.99M | 14.08M | 16.02M | 8.52M | 9.27M |
| Days Payables Outstanding | 34.98 | 39.69 | 53.14 | 40.73 | 31.18 | 23.07 | 39.36 | 33.84 | 31.36 | 48.46 | 42.76 | 50.56 | 45.28 | 32.11 | 39.92 | 37.7 | 64.81 | 48.3 | 55.05 | 37.46 | 55.58 | 37.65 | 57.81 |
| Short-Term Debt | 0 | 0 | 0 | 10M | 7.5M | 10M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M |
| Deferred Revenue (Current) | 305.86M | 79.61M | 15.95M | 11.19M | 16.64M | 8.97M | 7.18M | 7.9M | 2.96M | 2.15M | 2.06M | 2.54M | 4.24M | 2.98M | 7.52M | 5.12M | 0 | 0 | 0 | 262K | 139K | 9.03M | 9.73M |
| Other Current Liabilities | 161.04M | 82.95M | 28.66M | 17.07M | 19.63M | 30.2M | 19.08M | 10.78M | 7.42M | 16.21M | 12.19M | 11.17M | 9.17M | 6.76M | 6.41M | 9.9M | 8.11M | 7.07M | 4.42M | 7.59M | 6.25M | 2.03M | 1.05M |
| Current Ratio | 4.26x | 4.30x | 3.52x | 3.56x | 3.93x | 3.64x | 4.18x | 7.53x | 10.47x | 6.43x | 7.37x | 7.55x | 7.04x | 8.13x | 6.24x | 4.42x | 4.80x | 5.57x | 5.73x | 5.91x | 5.16x | 2.02x | 1.74x |
| Quick Ratio | 3.33x | 3.59x | 2.69x | 2.52x | 2.79x | 2.74x | 3.43x | 6.85x | 9.26x | 5.81x | 6.12x | 6.74x | 6.20x | 6.79x | 4.76x | 3.74x | 4.18x | 5.09x | 5.43x | 5.41x | 4.71x | 1.61x | 1.30x |
| Cash Conversion Cycle | 192.93 | 201.36 | 227.15 | 223.3 | 237.38 | 220.53 | 198.27 | 192.32 | 173.41 | 139.48 | 248.56 | 173.48 | 119.17 | 156.37 | 179.9 | 137.23 | 97.36 | 85.63 | 68.9 | 90.13 | 64.86 | 82.17 | 83.91 |
| Total Non-Current Liabilities | 892.91M | 877.11M | 61.9M | 48.24M | 152.27M | 204.6M | 220.27M | 8.1M | 1.4M | 2.27M | 2.24M | 2.79M | 1.82M | 4.75M | 4.23M | 6.85M | 6.17M | 4.44M | 7.12M | 941K | 541K | 2.62M | 1.58M |
| Long-Term Debt | 730.06M | 728.97M | 30M | 17.09M | 125.9M | 177.84M | 187.51M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.5M |
| Capital Lease Obligations | 358.05M | 88.23M | 23.81M | 22.75M | 21.19M | 21.91M | 19.1M | 6.83M | 0 | 0 | 161K | 449K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 227.8M | 50.49M | 0 | 664K | 1.73M | 2.63M | 0 | 0 | 29K | 67K | 116K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 9.41M | 9.42M | 8.09M | 7.74M | 3.45M | 2.22M | 13.66M | 1.27M | 1.37M | 2.21M | 1.97M | 2.34M | 1.82M | 4.75M | 4.23M | 5.83M | 4.9M | 3.17M | 5.65M | 941K | 541K | 2.62M | 77K |
| Total Liabilities | 1.33B | 1.32B | 234.06M | 193.12M | 273.61M | 305.99M | 316.46M | 75.05M | 46.27M | 64.36M | 50.31M | 49.13M | 48.55M | 42.49M | 46.42M | 69.95M | 68.28M | 48.55M | 45.75M | 33.04M | 31.75M | 30.65M | 27.72M |
| Total Debt | 850.82M | 834.79M | 64.29M | 59.68M | 162.82M | 216.57M | 222.77M | 10.21M | 0 | 161K | 161K | 449K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.5M |
| Net Debt | 572.43M | 457.46M | 23.43M | -13.62M | 29.96M | 139.34M | 74.03M | -244.93M | -172.71M | -143.52M | -79.74M | -123.84M | -143.41M | -126.97M | -75.33M | -64.22M | -62.04M | -28.66M | -116.5M | -105.06M | -20.92M | -15.39M | -7.56M |
| Debt / Equity | 0.19x | 0.19x | 0.07x | 0.07x | 0.30x | 0.36x | 0.36x | 0.02x | - | 0.00x | 0.00x | 0.00x | - | - | - | - | - | - | - | - | - | - | 0.11x |
| Debt / EBITDA | 3.89x | 4.29x | 0.79x | 0.55x | - | 4.25x | 3.56x | 0.18x | - | 0.00x | 0.01x | 0.02x | - | - | - | - | - | - | - | - | - | - | 0.12x |
| Net Debt / EBITDA | 2.61x | 2.35x | 0.29x | -0.13x | - | 2.74x | 1.18x | -4.30x | -4.16x | -3.94x | -3.09x | -5.18x | -13.82x | -5.89x | -5.11x | -1.23x | -1.39x | -0.74x | -3.07x | -3.25x | -0.63x | -0.84x | -0.35x |
| Interest Coverage | - | -53.45x | 28.97x | 17.46x | 1.27x | -1.65x | 81.36x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 4.4B | 4.4B | 886.51M | 822.75M | 550.97M | 608.21M | 612.11M | 509.9M | 462.57M | 410.14M | 382.19M | 361.26M | 348.91M | 342.47M | 315.19M | 299.2M | 263.47M | 233.42M | 207.43M | 169.74M | 136.42M | 34.13M | 22.65M |
| Equity Growth % | 1206.52% | 396.38% | 7.75% | 49.33% | -9.41% | -0.64% | 20.04% | 10.23% | 12.78% | 7.31% | 5.79% | 3.54% | 1.88% | 8.66% | 5.34% | 13.56% | 12.87% | 12.53% | 22.2% | 24.42% | 299.7% | 50.71% | - |
| Book Value per Share | 88.23 | 89.64 | 31.47 | 30.11 | 22.00 | 24.64 | 25.12 | 21.17 | 19.22 | 17.22 | 16.40 | 15.60 | 15.07 | 15.07 | 14.08 | 13.41 | 11.93 | 10.62 | 9.53 | 7.94 | 8.03 | 15.99 | 11.27 |
| Total Shareholders' Equity | 4.4B | 4.4B | 886.51M | 822.75M | 550.97M | 607.97M | 612.09M | 509.9M | 462.57M | 410.12M | 381.95M | 361.26M | 348.91M | 342.47M | 315.19M | 299.2M | 263.47M | 233.42M | 207.43M | 169.74M | 136.42M | 34.13M | 22.65M |
| Common Stock | 6K | 6K | 4K | 4K | 4K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 2K | 0 | 0 |
| Retained Earnings | 4.12M | 9.18M | 274.31M | 230.69M | 171.02M | 347.23M | 351.42M | 328.09M | 286.35M | 240M | 219.93M | 207.19M | 201.97M | 199.08M | 185.36M | 174.94M | 144.49M | 118.58M | 97.86M | 73.61M | 52.81M | 32.41M | 21M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -5.75M | -5.63M | -6.51M | -5.59M | -4.45M | -6.51M | 343K | 328K | 2K | -21K | -127K | -201K | -1.36M | -263K | -705K | -694K | -784K | -760K | -537K | -13.79M | -11.32M | -8.91M | -7.23M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 241K | 14K | 0 | 4K | 23K | 239K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying AVAV stock.
As of 2026, AeroVironment, Inc. (AVAV) had total assets of $5.72B including $1.89B in current assets.
AeroVironment, Inc. (AVAV) carries total debt of $834.8M, offset by $632.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
AeroVironment, Inc. (AVAV) has total shareholders' equity (book value) of $4.40B ($89.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
AeroVironment, Inc. (AVAV) reported a current ratio of 4.30x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Acquisition-funded growth with margin pressure
Metrics are mathematically derived from official filings.
Transformative Shift to Debt-Funded Scale
AVAV's balance sheet has undergone a dramatic transformation since Q4 FY25, with total assets surging from $1.0B to $5.7B, largely financed by new debt and goodwill, indicating a significant, potentially acquisition-driven, strategic pivot.
The explosion in assets, particularly goodwill growing from $275.7M to $2.5B, suggests the company's recent growth trajectory is heavily reliant on M&A rather than organic asset generation. This shift from a $1B to a $5.7B balance sheet in under two years warrants scrutiny of integration risks and the sustainability of this new, larger operational base.
Leverage Emerges from a Zero-Debt Base
The company's debt load has increased nearly 14-fold from $64.3M in Q4 FY25 to $850.8M in Q1 FY27, pushing the D/E ratio from a negligible 0.07 to 0.19, which marks a clear shift from a conservative to a more strategic capital structure.
This rapid accumulation of debt appears to be the primary engine for the balance sheet's expansion, funding acquisitions or large-scale investments. While the resulting D/E ratio of 0.19 remains low for an industrial firm, the velocity of increase and the associated interest burden will be a critical factor for cash flow generation moving forward.
High Headline Liquidity Masked by Cash Burn
Despite a robust current ratio of 4.26, cash has fallen from a peak of $685.8M in Q1 FY26 to $278.4M in Q1 FY27, suggesting that operational and investment activities are rapidly consuming the liquidity buffer built earlier.
The current ratio remains strong, but the declining cash balance is a direct counterpoint, aligning with prior cash flow analysis showing negative operating and free cash flow. This indicates the high working capital ratio may be inflated by receivables or inventory tied to growth, rather than pure cash readiness.
Acquisition Goodwill Dominates Asset Base
Goodwill now constitutes 44% of total assets at $2.5B, a stark increase from 28% just two years prior, creating a significant balance sheet concentration risk that could mask underlying operational asset quality.
This heavy concentration in intangible assets derived from acquisitions makes the balance sheet highly vulnerable to future impairment charges if the acquired businesses underperform. It also distorts traditional asset-based valuation metrics and means the tangible asset base, including PPE, is relatively small compared to the overall enterprise value.