Aviat Networks, Inc. (AVNW) 10-Year Financial Performance & Capital Metrics

AVNW • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Backhaul Systems

AboutAviat Networks, Inc. provides wireless transport solutions worldwide. It offers a comprehensive suite of products and localized professional and support services enabling customers to simplify their networks and lives. The company's products and solutions include wireless transmission systems for microwave and millimeter wave networking applications. It serves communications service providers and private network operators, including state/local government, utility, federal government, and defense organizations. The company markets its products through a direct sales, service, and support organization; indirect sales channels comprising dealers, resellers, and sales representatives; and through online. Aviat Networks, Inc. was incorporated in 2006 and is headquartered in Austin, Texas.Show more

Revenue $435M +6.5%
EBITDA -$3M +82.4%
Net Income $1M -87.5%
EPS (Diluted) 0.10 -88.4%
Gross Margin 32.08% -9.5%
EBITDA Margin -0.58% +83.5%
Operating Margin -2.43% +48.8%
Net Margin 0.31% -88.3%
ROE 0.51% -87.7%
ROIC -2.69% +50.2%
Debt/Equity 0.35
Interest Coverage -1.75 +79.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.2%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.7%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.0%
✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.61%

5Y12.74%

3Y12.78%

TTM11.42%

Profit (Net Income) CAGR

10Y-

5Y39.16%

3Y-60.13%

TTM151.23%

EPS CAGR

10Y-

5Y31.95%

3Y-61.77%

TTM154.88%

ROCE

10Y Avg-1.28%

5Y Avg2.75%

3Y Avg-5.93%

Latest-3.01%

Peer Comparison

Wireless Backhaul Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVNWAviat Networks, Inc.	283.45M	22.08	220.80	6.5%	2.6%	4.44%		0.35
NOKNokia Oyj	36.66B	6.61	28.74	-9.07%	5.95%	6.09%	5.51%	0.23
CRNTCeragon Networks Ltd.	210.34M	2.34	8.67	13.54%	0.38%	0.81%	4.63%	0.25
ERICTelefonaktiebolaget LM Ericsson (publ)	29.18B	9.50		3.83%	10.24%	23.76%	100%	0.49

Profit & Loss

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	268.69M	241.87M	242.51M	243.86M	238.64M	302.96M	302.96M	344.43M	408.08M	434.61M
Revenue Growth %	-0.2%	-0.1%	0%	0.01%	-0.02%	0.27%	0%	0.14%	0.18%	0.06%
Cost of Goods Sold+	206.97M	166.4M	162M	164.59M	153.95M	193.72M	193.72M	222.05M	263.35M	295.17M
COGS % of Revenue	0.77%	0.69%	0.67%	0.67%	0.65%	0.64%	0.64%	0.64%	0.65%	0.68%
Gross Profit+	61.72M	75.47M	80.5M	79.27M	84.7M	109.23M	109.23M	122.38M	144.73M	139.44M
Gross Margin %	0.23%	0.31%	0.33%	0.33%	0.35%	0.36%	0.36%	0.36%	0.35%	0.32%
Gross Profit Growth %	-0.24%	0.22%	0.07%	-0.02%	0.07%	0.29%	0%	0.12%	0.18%	-0.04%
Operating Expenses+	86.71M	75.87M	77.91M	77.9M	81.32M	80.49M	80.49M	147M	164.13M	150.01M
OpEx % of Revenue	0.32%	0.31%	0.32%	0.32%	0.34%	0.27%	0.27%	0.43%	0.4%	0.35%
Selling, General & Admin	65.9M	57.18M	58.16M	56.05M	57.98M	57.66M	57.66M	69.84M	85.04M	89.48M
SG&A % of Revenue	0.25%	0.24%	0.24%	0.23%	0.24%	0.19%	0.19%	0.2%	0.21%	0.21%
Research & Development	20.81M	18.68M	19.75M	21.11M	19.28M	22.6M	22.6M	24.91M	36.43M	35.77M
R&D % of Revenue	0.08%	0.08%	0.08%	0.09%	0.08%	0.07%	0.07%	0.07%	0.09%	0.08%
Other Operating Expenses	0	169K	-220K	736K	4.05M	238K	238K	52.25M	42.67M	24.76M
Operating Income+	-27.45M	-985K	1.32M	1.37M	3.38M	28.75M	28.75M	-24.62M	-19.4M	-10.57M
Operating Margin %	-0.1%	-0%	0.01%	0.01%	0.01%	0.09%	0.09%	-0.07%	-0.05%	-0.02%
Operating Income Growth %	-0.06%	0.96%	2.34%	0.04%	1.47%	7.51%	0%	-1.86%	0.21%	0.45%
EBITDA+	-20.8M	4.86M	6.52M	5.84M	7.76M	33.21M	33.21M	-18.44M	-14.41M	-2.53M
EBITDA Margin %	-0.08%	0.02%	0.03%	0.02%	0.03%	0.11%	0.11%	-0.05%	-0.04%	-0.01%
EBITDA Growth %	-0.13%	1.23%	0.34%	-0.1%	0.33%	3.28%	0%	-1.56%	0.22%	0.82%
D&A (Non-Cash Add-back)	6.65M	5.84M	5.2M	4.47M	4.39M	4.46M	4.46M	6.18M	4.99M	8.04M
EBIT	-28.44M	-555K	2.6M	1.65M	7.43M	28.98M	28.98M	21.85M	19.24M	9.63M
Net Interest Income+	148K	211K	169K	165K	331K	0	0	-532K	-2.34M	-6.06M
Interest Income	252K	261K	198K	267K	385K	0	0	0	0	0
Interest Expense	104K	50K	29K	102K	54K	0	0	532K	2.34M	6.06M
Other Income/Expense	-1.1M	380K	-51K	182K	331K	1.69M	1.69M	45.93M	36.31M	14.15M
Pretax Income+	-28.54M	-605K	1.27M	1.55M	3.71M	30.43M	30.43M	21.31M	16.91M	3.58M
Pretax Margin %	-0.11%	-0%	0.01%	0.01%	0.02%	0.1%	0.1%	0.06%	0.04%	0.01%
Income Tax+	1.64M	16K	-1.04M	-8.19M	3.45M	9.28M	9.28M	11.14M	6.15M	2.23M
Effective Tax Rate %	1.05%	1.36%	1.46%	6.28%	0.07%	0.7%	0.7%	0.48%	0.64%	0.38%
Net Income+	-29.91M	-823K	1.84M	9.74M	257K	21.16M	21.16M	10.17M	10.76M	1.34M
Net Margin %	-0.11%	-0%	0.01%	0.04%	0%	0.07%	0.07%	0.03%	0.03%	0%
Net Income Growth %	-0.21%	0.97%	3.24%	4.28%	-0.97%	81.33%	0%	-0.52%	0.06%	-0.88%
Net Income (Continuing)	-30.18M	-621K	2.3M	9.74M	257K	21.16M	21.16M	10.17M	10.76M	1.34M
Discontinued Operations	541K	0	0	0	0	0	0	0	0	0
Minority Interest	341K	543K	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.85	-0.08	0.16	0.87	0.03	1.79	1.79	0.97	0.86	0.10
EPS Growth %	-0.2%	0.97%	3.06%	4.44%	-0.97%	70.6%	0%	-0.46%	-0.11%	-0.88%
EPS (Basic)	-2.85	-0.08	0.17	0.91	0.03	1.89	1.89	1.01	0.88	0.11
Diluted Shares Outstanding	10.48M	10.58M	11.29M	11.24M	10.94M	11.82M	11.82M	11.86M	12.46M	12.83M
Basic Shares Outstanding	10.48M	10.29M	11.18M	10.75M	10.78M	11.17M	11.17M	11.36M	12.18M	12.68M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	140.41M	124.58M	123.47M	126M	139.95M	206.4M	235.91M	405.22M	463.57M	463.57M
Cash & Short-Term Investments	30.7M	35.92M	37.42M	31.95M	41.62M	47.77M	22.24M	64.62M	59.69M	59.69M
Cash Only	30.48M	35.66M	37.42M	31.95M	41.62M	36.88M	22.24M	64.62M	59.69M	59.69M
Short-Term Investments	222K	264K	0	0	0	10.89M	2K	0	0	0
Accounts Receivable	68.57M	58.05M	57.23M	79.72M	72.75M	119.03M	166.99M	262.06M	305.48M	305.48M
Days Sales Outstanding	93.14	87.61	86.15	119.32	111.26	143.4	201.18	277.7	273.23	256.56
Inventory	30.36M	23.66M	22.8M	9.51M	15.23M	27.17M	33.43M	62.27M	83.98M	83.98M
Days Inventory Outstanding	53.53	51.91	51.36	21.09	36.11	51.19	62.98	102.35	116.39	103.85
Other Current Assets	10.79M	6.94M	6.01M	4.83M	10.36M	12.44M	13.26M	16.28M	14.42M	14.42M
Total Non-Current Assets+	25.7M	27.99M	32.59M	43.2M	39.85M	117.5M	127.22M	130M	169.72M	169.72M
Property, Plant & Equipment	18.16M	16.41M	17.18M	17.25M	20.39M	11.65M	12.01M	13.19M	20.57M	20.57M
Fixed Asset Turnover	14.79x	14.74x	14.12x	14.13x	11.71x	26.01x	25.23x	26.11x	19.84x	21.13x
Goodwill	0	0	0	0	0	0	5.11M	8.22M	19.66M	19.66M
Intangible Assets	0	0	0	0	0	0	9.05M	13.64M	26.9M	26.9M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.47M	5.41M	9.82M	12.08M	6.67M	10.45M	13.98M	11.84M	14.45M	14.45M
Total Assets+	166.11M	152.58M	156.06M	169.19M	179.8M	323.9M	363.14M	535.22M	633.3M	633.3M
Asset Turnover	1.62x	1.59x	1.55x	1.44x	1.33x	0.94x	0.83x	0.64x	0.64x	0.69x
Asset Growth %	-0.26%	-0.08%	0.02%	0.08%	0.06%	0.8%	0.12%	0.47%	0.18%	0%
Total Current Liabilities+	99.95M	86.02M	86.47M	82.21M	93.97M	104.48M	130.06M	218.86M	282.2M	282.2M
Accounts Payable	33.22M	33.61M	30.88M	35.6M	32M	42.39M	60.14M	92.85M	148.09M	148.09M
Days Payables Outstanding	58.58	73.71	69.57	78.96	75.86	79.88	113.31	152.63	205.25	183.13
Short-Term Debt	9M	9M	9M	9M	9M	0	0	2.4M	18.62M	18.62M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.07M	9.79M	10M	8.67M	14.55M	13.01M	10.97M	31.3M	11.69M	11.69M
Current Ratio	1.40x	1.45x	1.43x	1.53x	1.49x	1.98x	1.81x	1.85x	1.64x	1.64x
Quick Ratio	1.10x	1.17x	1.16x	1.42x	1.33x	1.72x	1.56x	1.57x	1.35x	1.35x
Cash Conversion Cycle	88.1	65.8	67.94	61.45	71.52	114.71	150.85	227.43	184.37	177.28
Total Non-Current Liabilities+	12.71M	12.22M	12.08M	15.47M	17.15M	17.67M	14.34M	60.48M	87.92M	87.92M
Long-Term Debt	0	0	0	0	0	0	0	45.95M	68.97M	68.97M
Capital Lease Obligations	0	0	0	0	2.3M	2.41M	2.14M	2.82M	2.24M	2.24M
Deferred Tax Liabilities	2.91M	4.13M	4.23M	4.98M	6.3M	6.07M	4.47M	3.9M	8.22M	8.22M
Other Non-Current Liabilities	1.41M	1.02M	1.25M	820K	401K	273K	314K	394K	430K	430K
Total Liabilities	112.65M	98.24M	98.55M	97.68M	111.12M	122.15M	144.4M	279.34M	370.11M	370.11M
Total Debt+	9M	9M	9M	9M	12.75M	2.92M	2.75M	52.18M	90.92M	90.92M
Net Debt	-21.48M	-26.66M	-28.43M	-22.95M	-28.87M	-33.95M	-19.49M	-12.44M	31.23M	31.23M
Debt / Equity	0.17x	0.17x	0.16x	0.13x	0.19x	0.01x	0.01x	0.20x	0.35x	0.35x
Debt / EBITDA	-	1.85x	1.38x	1.54x	1.64x	0.09x	0.08x	-	-	-
Net Debt / EBITDA	-	-5.49x	-4.36x	-3.93x	-3.72x	-1.02x	-0.59x	-	-	-
Interest Coverage	-263.90x	-19.70x	45.41x	13.41x	62.56x	-	-	-46.28x	-8.30x	-1.75x
Total Equity+	53.46M	54.34M	57.52M	71.52M	68.68M	201.75M	218.74M	255.88M	263.18M	263.18M
Equity Growth %	-0.36%	0.02%	0.06%	0.24%	-0.04%	1.94%	0.08%	0.17%	0.03%	0%
Book Value per Share	5.10	5.13	5.09	6.36	6.28	17.07	18.51	21.58	21.13	20.52
Total Shareholders' Equity	53.12M	53.8M	57.52M	71.52M	68.68M	201.75M	218.74M	255.88M	263.18M	263.18M
Common Stock	53K	53K	54K	54K	108K	112K	115K	126K	127K	127K
Retained Earnings	-747.38M	-748.2M	-746.36M	-731M	-730.74M	-599.44M	-589.27M	-578.51M	-577.17M	-577.17M
Treasury Stock	0	0	0	0	0	-6.15M	-6.15M	-6.48M	-7.08M	-7.08M
Accumulated OCI	-11.16M	-11.79M	-12.61M	-12.74M	-14.97M	-16.03M	-16M	-19.32M	-18.82M	-18.82M
Minority Interest	341K	543K	0	0	0	0	0	0	0	0

Cash Flow

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	-126K	9.4M	8.21M	2.94M	17.49M	17.3M	2.79M	-1.64M	30.54M	5.72M
Operating CF Margin %	-0%	0.04%	0.03%	0.01%	0.07%	0.06%	0.01%	-0%	0.07%	0.01%
Operating CF Growth %	0.99%	75.64%	-0.13%	-0.64%	4.94%	-0.01%	-0.84%	-1.59%	19.58%	-0.81%
Net Income	-29.64M	-621K	2.3M	9.74M	257K	110.14M	21.16M	10.17M	10.76M	1.34M
Depreciation & Amortization	6.65M	5.84M	5.2M	4.47M	4.39M	5.04M	4.46M	6.18M	4.99M	8.04M
Stock-Based Compensation	1.84M	2.11M	2.36M	1.72M	1.69M	0	3.83M	6.72M	7.34M	7.07M
Deferred Taxes	-334K	75K	-3.15M	-8.76M	-172K	-90.6M	8M	9.01M	3.63M	182K
Other Non-Cash Items	12.23M	361K	422K	198K	5.44M	4.55M	100K	5.04M	6.37M	5.93M
Working Capital Changes	9.13M	1.64M	1.08M	-4.42M	5.89M	-11.83M	-34.77M	-38.77M	-2.55M	-16.84M
Change in Receivables	17.02M	18.18M	2.83M	-6.39M	7.04M	-12.81M	-25.72M	-37.15M	-44.12M	-44.24M
Change in Inventory	-2.58M	6.47M	170K	871K	-6.67M	-11.09M	-3.9M	-4.89M	1.59M	-24.36M
Change in Payables	-13.98M	608K	-2.23M	5.07M	-3.12M	580K	10.5M	16.04M	16.55M	49.93M
Cash from Investing+	-1.8M	-4.04M	-6.3M	-5.25M	-4.61M	-2.85M	-7.79M	-11.95M	-35.22M	-28.53M
Capital Expenditures	-1.57M	-4.02M	-6.56M	-5.25M	-4.61M	-2.85M	-1.79M	-5.33M	-2.67M	-12.97M
CapEx % of Revenue	0.01%	0.02%	0.03%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-222K	-4.02M	264K	-5.25M	0	0	2.28M	0	0	2.59M
Cash from Financing+	13K	21K	12K	-2.95M	-2.54M	-8.05M	-4.87M	-681K	48.7M	18.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	13K	21K	20K	35K	29K	0	488K	-681K	283K	-1.77M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.7M	5.38M	1.65M	-2.3M	12.88M	14.45M	997K	-6.98M	27.86M	-7.25M
FCF Margin %	-0.01%	0.02%	0.01%	-0.01%	0.05%	0.05%	0%	-0.02%	0.07%	-0.02%
FCF Growth %	0.87%	4.17%	-0.69%	-2.4%	6.6%	0.12%	-0.93%	-8%	4.99%	-1.26%
FCF per Share	-0.16	0.51	0.15	-0.20	1.18	1.22	0.08	-0.59	2.24	-0.57
FCF Conversion (FCF/Net Income)	0.00x	-11.43x	4.45x	0.30x	68.07x	0.82x	0.13x	-0.16x	2.84x	4.27x
Interest Paid	111K	0	29K	70K	60K	0	0	880K	2.52M	6.68M
Taxes Paid	1.96M	0	1.28M	687K	1.06M	0	1.24M	1.61M	808K	1.72M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-43.58%	-1.53%	3.3%	15.09%	0.37%	15.65%	10.06%	4.29%	4.15%	0.51%
Return on Invested Capital (ROIC)	-45.72%	-2.48%	3.48%	2.64%	5.73%	20.77%	11.75%	-8.34%	-5.41%	-2.69%
Gross Margin	22.97%	31.2%	33.2%	32.51%	35.49%	36.06%	36.06%	35.53%	35.47%	32.08%
Net Margin	-11.13%	-0.34%	0.76%	3.99%	0.11%	6.98%	6.98%	2.95%	2.64%	0.31%
Debt / Equity	0.17x	0.17x	0.16x	0.13x	0.19x	0.01x	0.01x	0.20x	0.35x	0.35x
Interest Coverage	-263.90x	-19.70x	45.41x	13.41x	62.56x	-	-	-46.28x	-8.30x	-1.75x
FCF Conversion	0.00x	-11.43x	4.45x	0.30x	68.07x	0.82x	0.13x	-0.16x	2.84x	4.27x
Revenue Growth	-20.01%	-9.98%	0.26%	0.56%	-2.14%	26.95%	0%	13.69%	18.48%	6.5%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	151.69M	156.72M	153.79M	185.79M	208.1M	239.32M	274.2M	287.66M
Product Growth	-	-	-	3.32%	-1.87%	20.80%	12.01%	15.00%	14.58%	4.91%
Service	-	-	90.82M	87.13M	84.85M	89.12M	94.86M	-	133.88M	146.95M
Service Growth	-	-	-	-4.06%	-2.62%	5.04%	6.43%	-	-	9.76%
Product, Transaction price	-	-	-	71.7M	-	-	-	-	-	-
Product, Transaction price Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
North America	125.48M	132.08M	131.08M	132.88M	151.71M	183.07M	199.8M	202.1M	206.07M	207.61M
North America Growth	-	5.26%	-0.76%	1.38%	14.17%	20.67%	9.14%	1.15%	1.97%	0.74%
Latin America And Asia Pacific	-	-	-	-	-	-	-	-	128.52M	145.86M
Latin America And Asia Pacific Growth	-	-	-	-	-	-	-	-	-	13.49%
Africa And Middle East	-	-	-	-	-	-	-	-	48.88M	49.43M
Africa And Middle East Growth	-	-	-	-	-	-	-	-	-	1.11%
Europe	-	-	-	-	-	-	12.97M	18.77M	24.61M	31.71M
Europe Growth	-	-	-	-	-	-	-	44.70%	31.09%	28.87%
Latin America and Asia Pacific	39.93M	35.52M	34.76M	45.74M	38.18M	38.99M	42.66M	65.31M	-	-
Latin America and Asia Pacific Growth	-	-11.04%	-2.12%	31.56%	-16.52%	2.12%	9.40%	53.10%	-	-
Africa and Middle East	82.74M	60.15M	58.46M	48.3M	37.59M	44.02M	47.53M	60.42M	-	-
Africa and Middle East Growth	-	-27.30%	-2.81%	-17.37%	-22.17%	17.10%	7.96%	27.12%	-	-
Europe and Russia	20.54M	14.13M	18.2M	16.93M	11.16M	8.83M	-	-	-	-
Europe and Russia Growth	-	-31.21%	28.86%	-6.99%	-34.11%	-20.89%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Aviat Networks, Inc. (AVNW) has a price-to-earnings (P/E) ratio of 220.8x. This suggests investors expect higher future growth.

Growth & Financials

Aviat Networks, Inc. (AVNW) reported $450.8M in revenue for fiscal year 2025. This represents a 2% increase from $444.0M in 2012.

Aviat Networks, Inc. (AVNW) grew revenue by 6.5% over the past year. This is steady growth.

Yes, Aviat Networks, Inc. (AVNW) is profitable, generating $11.7M in net income for fiscal year 2025 (0.3% net margin).

Dividend & Returns

Aviat Networks, Inc. (AVNW) has a return on equity (ROE) of 0.5%. This is below average, suggesting room for improvement.

Aviat Networks, Inc. (AVNW) generated $24.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Aviat Networks, Inc. (AVNW) 10-Year Financial Performance & Capital Metrics

AVNW • • Industrial / General

TechnologyCommunication EquipmentWireless Infrastructure & BackhaulWireless Backhaul Systems

Revenue $435M +6.5%
EBITDA -$3M +82.4%
Net Income $1M -87.5%
EPS (Diluted) 0.10 -88.4%
Gross Margin 32.08% -9.5%
EBITDA Margin -0.58% +83.5%
Operating Margin -2.43% +48.8%
Net Margin 0.31% -88.3%
ROE 0.51% -87.7%
ROIC -2.69% +50.2%
Debt/Equity 0.35
Interest Coverage -1.75 +79.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 39.2%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.7%
✓Trading at only 1.1x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.0%
✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y2.61%

5Y12.74%

3Y12.78%

TTM11.42%

Profit (Net Income) CAGR

10Y-

5Y39.16%

3Y-60.13%

TTM151.23%

EPS CAGR

10Y-

5Y31.95%

3Y-61.77%

TTM154.88%

ROCE

10Y Avg-1.28%

5Y Avg2.75%

3Y Avg-5.93%

Latest-3.01%

Peer Comparison

Wireless Backhaul Systems

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AVNWAviat Networks, Inc.	283.45M	22.08	220.80	6.5%	2.6%	4.44%		0.35
NOKNokia Oyj	36.66B	6.61	28.74	-9.07%	5.95%	6.09%	5.51%	0.23
CRNTCeragon Networks Ltd.	210.34M	2.34	8.67	13.54%	0.38%	0.81%	4.63%	0.25
ERICTelefonaktiebolaget LM Ericsson (publ)	29.18B	9.50		3.83%	10.24%	23.76%	100%	0.49

Profit & Loss

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	268.69M	241.87M	242.51M	243.86M	238.64M	302.96M	302.96M	344.43M	408.08M	434.61M
Revenue Growth %	-0.2%	-0.1%	0%	0.01%	-0.02%	0.27%	0%	0.14%	0.18%	0.06%
Cost of Goods Sold+	206.97M	166.4M	162M	164.59M	153.95M	193.72M	193.72M	222.05M	263.35M	295.17M
COGS % of Revenue	0.77%	0.69%	0.67%	0.67%	0.65%	0.64%	0.64%	0.64%	0.65%	0.68%
Gross Profit+	61.72M	75.47M	80.5M	79.27M	84.7M	109.23M	109.23M	122.38M	144.73M	139.44M
Gross Margin %	0.23%	0.31%	0.33%	0.33%	0.35%	0.36%	0.36%	0.36%	0.35%	0.32%
Gross Profit Growth %	-0.24%	0.22%	0.07%	-0.02%	0.07%	0.29%	0%	0.12%	0.18%	-0.04%
Operating Expenses+	86.71M	75.87M	77.91M	77.9M	81.32M	80.49M	80.49M	147M	164.13M	150.01M
OpEx % of Revenue	0.32%	0.31%	0.32%	0.32%	0.34%	0.27%	0.27%	0.43%	0.4%	0.35%
Selling, General & Admin	65.9M	57.18M	58.16M	56.05M	57.98M	57.66M	57.66M	69.84M	85.04M	89.48M
SG&A % of Revenue	0.25%	0.24%	0.24%	0.23%	0.24%	0.19%	0.19%	0.2%	0.21%	0.21%
Research & Development	20.81M	18.68M	19.75M	21.11M	19.28M	22.6M	22.6M	24.91M	36.43M	35.77M
R&D % of Revenue	0.08%	0.08%	0.08%	0.09%	0.08%	0.07%	0.07%	0.07%	0.09%	0.08%
Other Operating Expenses	0	169K	-220K	736K	4.05M	238K	238K	52.25M	42.67M	24.76M
Operating Income+	-27.45M	-985K	1.32M	1.37M	3.38M	28.75M	28.75M	-24.62M	-19.4M	-10.57M
Operating Margin %	-0.1%	-0%	0.01%	0.01%	0.01%	0.09%	0.09%	-0.07%	-0.05%	-0.02%
Operating Income Growth %	-0.06%	0.96%	2.34%	0.04%	1.47%	7.51%	0%	-1.86%	0.21%	0.45%
EBITDA+	-20.8M	4.86M	6.52M	5.84M	7.76M	33.21M	33.21M	-18.44M	-14.41M	-2.53M
EBITDA Margin %	-0.08%	0.02%	0.03%	0.02%	0.03%	0.11%	0.11%	-0.05%	-0.04%	-0.01%
EBITDA Growth %	-0.13%	1.23%	0.34%	-0.1%	0.33%	3.28%	0%	-1.56%	0.22%	0.82%
D&A (Non-Cash Add-back)	6.65M	5.84M	5.2M	4.47M	4.39M	4.46M	4.46M	6.18M	4.99M	8.04M
EBIT	-28.44M	-555K	2.6M	1.65M	7.43M	28.98M	28.98M	21.85M	19.24M	9.63M
Net Interest Income+	148K	211K	169K	165K	331K	0	0	-532K	-2.34M	-6.06M
Interest Income	252K	261K	198K	267K	385K	0	0	0	0	0
Interest Expense	104K	50K	29K	102K	54K	0	0	532K	2.34M	6.06M
Other Income/Expense	-1.1M	380K	-51K	182K	331K	1.69M	1.69M	45.93M	36.31M	14.15M
Pretax Income+	-28.54M	-605K	1.27M	1.55M	3.71M	30.43M	30.43M	21.31M	16.91M	3.58M
Pretax Margin %	-0.11%	-0%	0.01%	0.01%	0.02%	0.1%	0.1%	0.06%	0.04%	0.01%
Income Tax+	1.64M	16K	-1.04M	-8.19M	3.45M	9.28M	9.28M	11.14M	6.15M	2.23M
Effective Tax Rate %	1.05%	1.36%	1.46%	6.28%	0.07%	0.7%	0.7%	0.48%	0.64%	0.38%
Net Income+	-29.91M	-823K	1.84M	9.74M	257K	21.16M	21.16M	10.17M	10.76M	1.34M
Net Margin %	-0.11%	-0%	0.01%	0.04%	0%	0.07%	0.07%	0.03%	0.03%	0%
Net Income Growth %	-0.21%	0.97%	3.24%	4.28%	-0.97%	81.33%	0%	-0.52%	0.06%	-0.88%
Net Income (Continuing)	-30.18M	-621K	2.3M	9.74M	257K	21.16M	21.16M	10.17M	10.76M	1.34M
Discontinued Operations	541K	0	0	0	0	0	0	0	0	0
Minority Interest	341K	543K	0	0	0	0	0	0	0	0
EPS (Diluted)+	-2.85	-0.08	0.16	0.87	0.03	1.79	1.79	0.97	0.86	0.10
EPS Growth %	-0.2%	0.97%	3.06%	4.44%	-0.97%	70.6%	0%	-0.46%	-0.11%	-0.88%
EPS (Basic)	-2.85	-0.08	0.17	0.91	0.03	1.89	1.89	1.01	0.88	0.11
Diluted Shares Outstanding	10.48M	10.58M	11.29M	11.24M	10.94M	11.82M	11.82M	11.86M	12.46M	12.83M
Basic Shares Outstanding	10.48M	10.29M	11.18M	10.75M	10.78M	11.17M	11.17M	11.36M	12.18M	12.68M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	140.41M	124.58M	123.47M	126M	139.95M	206.4M	235.91M	405.22M	463.57M	463.57M
Cash & Short-Term Investments	30.7M	35.92M	37.42M	31.95M	41.62M	47.77M	22.24M	64.62M	59.69M	59.69M
Cash Only	30.48M	35.66M	37.42M	31.95M	41.62M	36.88M	22.24M	64.62M	59.69M	59.69M
Short-Term Investments	222K	264K	0	0	0	10.89M	2K	0	0	0
Accounts Receivable	68.57M	58.05M	57.23M	79.72M	72.75M	119.03M	166.99M	262.06M	305.48M	305.48M
Days Sales Outstanding	93.14	87.61	86.15	119.32	111.26	143.4	201.18	277.7	273.23	256.56
Inventory	30.36M	23.66M	22.8M	9.51M	15.23M	27.17M	33.43M	62.27M	83.98M	83.98M
Days Inventory Outstanding	53.53	51.91	51.36	21.09	36.11	51.19	62.98	102.35	116.39	103.85
Other Current Assets	10.79M	6.94M	6.01M	4.83M	10.36M	12.44M	13.26M	16.28M	14.42M	14.42M
Total Non-Current Assets+	25.7M	27.99M	32.59M	43.2M	39.85M	117.5M	127.22M	130M	169.72M	169.72M
Property, Plant & Equipment	18.16M	16.41M	17.18M	17.25M	20.39M	11.65M	12.01M	13.19M	20.57M	20.57M
Fixed Asset Turnover	14.79x	14.74x	14.12x	14.13x	11.71x	26.01x	25.23x	26.11x	19.84x	21.13x
Goodwill	0	0	0	0	0	0	5.11M	8.22M	19.66M	19.66M
Intangible Assets	0	0	0	0	0	0	9.05M	13.64M	26.9M	26.9M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	1.47M	5.41M	9.82M	12.08M	6.67M	10.45M	13.98M	11.84M	14.45M	14.45M
Total Assets+	166.11M	152.58M	156.06M	169.19M	179.8M	323.9M	363.14M	535.22M	633.3M	633.3M
Asset Turnover	1.62x	1.59x	1.55x	1.44x	1.33x	0.94x	0.83x	0.64x	0.64x	0.69x
Asset Growth %	-0.26%	-0.08%	0.02%	0.08%	0.06%	0.8%	0.12%	0.47%	0.18%	0%
Total Current Liabilities+	99.95M	86.02M	86.47M	82.21M	93.97M	104.48M	130.06M	218.86M	282.2M	282.2M
Accounts Payable	33.22M	33.61M	30.88M	35.6M	32M	42.39M	60.14M	92.85M	148.09M	148.09M
Days Payables Outstanding	58.58	73.71	69.57	78.96	75.86	79.88	113.31	152.63	205.25	183.13
Short-Term Debt	9M	9M	9M	9M	9M	0	0	2.4M	18.62M	18.62M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	11.07M	9.79M	10M	8.67M	14.55M	13.01M	10.97M	31.3M	11.69M	11.69M
Current Ratio	1.40x	1.45x	1.43x	1.53x	1.49x	1.98x	1.81x	1.85x	1.64x	1.64x
Quick Ratio	1.10x	1.17x	1.16x	1.42x	1.33x	1.72x	1.56x	1.57x	1.35x	1.35x
Cash Conversion Cycle	88.1	65.8	67.94	61.45	71.52	114.71	150.85	227.43	184.37	177.28
Total Non-Current Liabilities+	12.71M	12.22M	12.08M	15.47M	17.15M	17.67M	14.34M	60.48M	87.92M	87.92M
Long-Term Debt	0	0	0	0	0	0	0	45.95M	68.97M	68.97M
Capital Lease Obligations	0	0	0	0	2.3M	2.41M	2.14M	2.82M	2.24M	2.24M
Deferred Tax Liabilities	2.91M	4.13M	4.23M	4.98M	6.3M	6.07M	4.47M	3.9M	8.22M	8.22M
Other Non-Current Liabilities	1.41M	1.02M	1.25M	820K	401K	273K	314K	394K	430K	430K
Total Liabilities	112.65M	98.24M	98.55M	97.68M	111.12M	122.15M	144.4M	279.34M	370.11M	370.11M
Total Debt+	9M	9M	9M	9M	12.75M	2.92M	2.75M	52.18M	90.92M	90.92M
Net Debt	-21.48M	-26.66M	-28.43M	-22.95M	-28.87M	-33.95M	-19.49M	-12.44M	31.23M	31.23M
Debt / Equity	0.17x	0.17x	0.16x	0.13x	0.19x	0.01x	0.01x	0.20x	0.35x	0.35x
Debt / EBITDA	-	1.85x	1.38x	1.54x	1.64x	0.09x	0.08x	-	-	-
Net Debt / EBITDA	-	-5.49x	-4.36x	-3.93x	-3.72x	-1.02x	-0.59x	-	-	-
Interest Coverage	-263.90x	-19.70x	45.41x	13.41x	62.56x	-	-	-46.28x	-8.30x	-1.75x
Total Equity+	53.46M	54.34M	57.52M	71.52M	68.68M	201.75M	218.74M	255.88M	263.18M	263.18M
Equity Growth %	-0.36%	0.02%	0.06%	0.24%	-0.04%	1.94%	0.08%	0.17%	0.03%	0%
Book Value per Share	5.10	5.13	5.09	6.36	6.28	17.07	18.51	21.58	21.13	20.52
Total Shareholders' Equity	53.12M	53.8M	57.52M	71.52M	68.68M	201.75M	218.74M	255.88M	263.18M	263.18M
Common Stock	53K	53K	54K	54K	108K	112K	115K	126K	127K	127K
Retained Earnings	-747.38M	-748.2M	-746.36M	-731M	-730.74M	-599.44M	-589.27M	-578.51M	-577.17M	-577.17M
Treasury Stock	0	0	0	0	0	-6.15M	-6.15M	-6.48M	-7.08M	-7.08M
Accumulated OCI	-11.16M	-11.79M	-12.61M	-12.74M	-14.97M	-16.03M	-16M	-19.32M	-18.82M	-18.82M
Minority Interest	341K	543K	0	0	0	0	0	0	0	0

Cash Flow

	Jul 2016	Jun 2017	Jun 2018	Jun 2019	Jul 2020	Jul 2021	Jul 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	-126K	9.4M	8.21M	2.94M	17.49M	17.3M	2.79M	-1.64M	30.54M	5.72M
Operating CF Margin %	-0%	0.04%	0.03%	0.01%	0.07%	0.06%	0.01%	-0%	0.07%	0.01%
Operating CF Growth %	0.99%	75.64%	-0.13%	-0.64%	4.94%	-0.01%	-0.84%	-1.59%	19.58%	-0.81%
Net Income	-29.64M	-621K	2.3M	9.74M	257K	110.14M	21.16M	10.17M	10.76M	1.34M
Depreciation & Amortization	6.65M	5.84M	5.2M	4.47M	4.39M	5.04M	4.46M	6.18M	4.99M	8.04M
Stock-Based Compensation	1.84M	2.11M	2.36M	1.72M	1.69M	0	3.83M	6.72M	7.34M	7.07M
Deferred Taxes	-334K	75K	-3.15M	-8.76M	-172K	-90.6M	8M	9.01M	3.63M	182K
Other Non-Cash Items	12.23M	361K	422K	198K	5.44M	4.55M	100K	5.04M	6.37M	5.93M
Working Capital Changes	9.13M	1.64M	1.08M	-4.42M	5.89M	-11.83M	-34.77M	-38.77M	-2.55M	-16.84M
Change in Receivables	17.02M	18.18M	2.83M	-6.39M	7.04M	-12.81M	-25.72M	-37.15M	-44.12M	-44.24M
Change in Inventory	-2.58M	6.47M	170K	871K	-6.67M	-11.09M	-3.9M	-4.89M	1.59M	-24.36M
Change in Payables	-13.98M	608K	-2.23M	5.07M	-3.12M	580K	10.5M	16.04M	16.55M	49.93M
Cash from Investing+	-1.8M	-4.04M	-6.3M	-5.25M	-4.61M	-2.85M	-7.79M	-11.95M	-35.22M	-28.53M
Capital Expenditures	-1.57M	-4.02M	-6.56M	-5.25M	-4.61M	-2.85M	-1.79M	-5.33M	-2.67M	-12.97M
CapEx % of Revenue	0.01%	0.02%	0.03%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-222K	-4.02M	264K	-5.25M	0	0	2.28M	0	0	2.59M
Cash from Financing+	13K	21K	12K	-2.95M	-2.54M	-8.05M	-4.87M	-681K	48.7M	18.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	13K	21K	20K	35K	29K	0	488K	-681K	283K	-1.77M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-1.7M	5.38M	1.65M	-2.3M	12.88M	14.45M	997K	-6.98M	27.86M	-7.25M
FCF Margin %	-0.01%	0.02%	0.01%	-0.01%	0.05%	0.05%	0%	-0.02%	0.07%	-0.02%
FCF Growth %	0.87%	4.17%	-0.69%	-2.4%	6.6%	0.12%	-0.93%	-8%	4.99%	-1.26%
FCF per Share	-0.16	0.51	0.15	-0.20	1.18	1.22	0.08	-0.59	2.24	-0.57
FCF Conversion (FCF/Net Income)	0.00x	-11.43x	4.45x	0.30x	68.07x	0.82x	0.13x	-0.16x	2.84x	4.27x
Interest Paid	111K	0	29K	70K	60K	0	0	880K	2.52M	6.68M
Taxes Paid	1.96M	0	1.28M	687K	1.06M	0	1.24M	1.61M	808K	1.72M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-43.58%	-1.53%	3.3%	15.09%	0.37%	15.65%	10.06%	4.29%	4.15%	0.51%
Return on Invested Capital (ROIC)	-45.72%	-2.48%	3.48%	2.64%	5.73%	20.77%	11.75%	-8.34%	-5.41%	-2.69%
Gross Margin	22.97%	31.2%	33.2%	32.51%	35.49%	36.06%	36.06%	35.53%	35.47%	32.08%
Net Margin	-11.13%	-0.34%	0.76%	3.99%	0.11%	6.98%	6.98%	2.95%	2.64%	0.31%
Debt / Equity	0.17x	0.17x	0.16x	0.13x	0.19x	0.01x	0.01x	0.20x	0.35x	0.35x
Interest Coverage	-263.90x	-19.70x	45.41x	13.41x	62.56x	-	-	-46.28x	-8.30x	-1.75x
FCF Conversion	0.00x	-11.43x	4.45x	0.30x	68.07x	0.82x	0.13x	-0.16x	2.84x	4.27x
Revenue Growth	-20.01%	-9.98%	0.26%	0.56%	-2.14%	26.95%	0%	13.69%	18.48%	6.5%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Product	-	-	151.69M	156.72M	153.79M	185.79M	208.1M	239.32M	274.2M	287.66M
Product Growth	-	-	-	3.32%	-1.87%	20.80%	12.01%	15.00%	14.58%	4.91%
Service	-	-	90.82M	87.13M	84.85M	89.12M	94.86M	-	133.88M	146.95M
Service Growth	-	-	-	-4.06%	-2.62%	5.04%	6.43%	-	-	9.76%
Product, Transaction price	-	-	-	71.7M	-	-	-	-	-	-
Product, Transaction price Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
North America	125.48M	132.08M	131.08M	132.88M	151.71M	183.07M	199.8M	202.1M	206.07M	207.61M
North America Growth	-	5.26%	-0.76%	1.38%	14.17%	20.67%	9.14%	1.15%	1.97%	0.74%
Latin America And Asia Pacific	-	-	-	-	-	-	-	-	128.52M	145.86M
Latin America And Asia Pacific Growth	-	-	-	-	-	-	-	-	-	13.49%
Africa And Middle East	-	-	-	-	-	-	-	-	48.88M	49.43M
Africa And Middle East Growth	-	-	-	-	-	-	-	-	-	1.11%
Europe	-	-	-	-	-	-	12.97M	18.77M	24.61M	31.71M
Europe Growth	-	-	-	-	-	-	-	44.70%	31.09%	28.87%
Latin America and Asia Pacific	39.93M	35.52M	34.76M	45.74M	38.18M	38.99M	42.66M	65.31M	-	-
Latin America and Asia Pacific Growth	-	-11.04%	-2.12%	31.56%	-16.52%	2.12%	9.40%	53.10%	-	-
Africa and Middle East	82.74M	60.15M	58.46M	48.3M	37.59M	44.02M	47.53M	60.42M	-	-
Africa and Middle East Growth	-	-27.30%	-2.81%	-17.37%	-22.17%	17.10%	7.96%	27.12%	-	-
Europe and Russia	20.54M	14.13M	18.2M	16.93M	11.16M	8.83M	-	-	-	-
Europe and Russia Growth	-	-31.21%	28.86%	-6.99%	-34.11%	-20.89%	-	-	-	-

Frequently Asked Questions

Valuation & Price

Aviat Networks, Inc. (AVNW) has a price-to-earnings (P/E) ratio of 220.8x. This suggests investors expect higher future growth.

Growth & Financials

Aviat Networks, Inc. (AVNW) reported $450.8M in revenue for fiscal year 2025. This represents a 2% increase from $444.0M in 2012.

Aviat Networks, Inc. (AVNW) grew revenue by 6.5% over the past year. This is steady growth.

Yes, Aviat Networks, Inc. (AVNW) is profitable, generating $11.7M in net income for fiscal year 2025 (0.3% net margin).

Dividend & Returns

Aviat Networks, Inc. (AVNW) has a return on equity (ROE) of 0.5%. This is below average, suggesting room for improvement.

Aviat Networks, Inc. (AVNW) generated $24.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.