A Business at a Glance
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AeroVironment Inc
AVAV
$4.2B
Mkt Cap
$149.51
-5.81%
AeroVironment Inc (AVAV) has a 5-year average return on invested capital (ROIC) of -1.0%. This is below average and may indicate limited pricing power.
AeroVironment Inc (AVAV) has a market capitalization of $7.5B. It is classified as a mid-cap stock.
AeroVironment Inc (AVAV) does not currently pay a regular dividend.
AeroVironment Inc (AVAV) operates in the Aircraft industry, within the Industrials sector.
AeroVironment Inc (AVAV) reported annual revenue of $821 million in its most recent fiscal year, based on SEC EDGAR filings.
AeroVironment Inc (AVAV) has a net profit margin of 5.3%. This is a modest margin.
AeroVironment Inc (AVAV) generated $-24 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AV is a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber domains through autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. The company operates two reportable segments: Autonomous Systems (which includes uncrewed aircraft systems ranging from small Group 1-2 platforms like Puma and Raven to medium Group 3 systems like JUMP 20, plus precision strike loitering munitions including Switchblade and Red Dragon, counter-UAS solutions including the Titan family and Freedom Eagle-1, and command-and-control software like Kinesis) and Space, Cyber and Directed Energy (which includes directed energy counter-UAS solutions like LOCUST, phased array antenna platforms like BADGER and WASP, laser communication terminals, and the AV Halo software platform for multi-domain command and control). The company operates a national manufacturing footprint across 12 states with a flexible production model designed to scale rapidly, including a new 140,000 square-foot facility in Salt Lake City with potential annual production capacity exceeding $2 billion for Switchblade and other products. Revenue is generated through government contracts with the U.S. Department of Defense and allied forces, with international sales representing a growing portion of the business, and the company emphasizes long-term contracts, task orders, and funded backlog visibility to support revenue predictability and growth.
【Strong demand-driven expansion】 Management expects continued robust demand across autonomous systems and counter-UAS platforms, with significant customer indications of major contract wins anticipated over the next 12 to 24 months. The company is investing 7–9% of revenue in research and development and 12–14% of revenue in capital expenditures, primarily focused on production capacity expansion to meet rising global demand for lethal and non-lethal drones and counter-UAS solutions. Management anticipates that production capacity and R&D investments made in fiscal 2027 will position the company to scale with accelerating global demand, supported by a robust backlog and strong order flow across multiple product lines including Switchblade, Red Dragon, LOCUST directed energy systems, and laser communication terminals. The company expects revenue to be stronger in the second half of fiscal 2027 due to anticipated increased booking and order activity, with adjusted EBITDA expected to follow a similar distribution pattern to fiscal 2026.
| Metric | Target | Period |
|---|---|---|
| Revenue | $2.125 billion–$2.225 billion | FY2027 |
| Adjusted EBITDA | $305 million–$325 million | FY2027 |
| Non-GAAP Adjusted EPS | $3.02–$3.34 | FY2027 |
Revenue (FY2027): “fiscal year 2027 revenue is expected to be between $2.125 billion and $2.225 billion”
Adjusted EBITDA (FY2027): “Adjusted EBITDA is expected to be between $305 million and $325 million”
Non-GAAP Adjusted EPS (FY2027): “non-GAAP adjusted EPS between $3.02 and $3.34”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2027 Earnings Call, Q1 FY2027 Earnings Call, Q4 FY2026 Earnings Call, Q3 FY2026 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 0 | 821M | 717M | 541M | 446M | 395M |
| Net Income | 0 | 44M | 60M | -176M | -4.2M | 23M |
| EPS | $0.00 | $1.55 | $2.18 | $-7.04 | $-0.17 | $0.96 |
| Free Cash Flow | 0 | -24M | -7.7M | -3.5M | -32M | 75M |
| ROIC | 0.0% | 5.1% | 9.8% | -26.0% | -0.5% | 6.7% |
| Gross Margin | - | 38.8% | 39.6% | 32.1% | 31.7% | 41.7% |
| Debt/Equity | 0.17 | 0.05 | 0.05 | 0.26 | 0.33 | 0.34 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 41M | 72M | -179M | -9.9M | 43M |
| Operating Margin | 0.0% | 5.0% | 10.0% | -33.1% | -2.2% | 11.0% |
| ROE | 0.0% | 5.1% | 7.3% | -32.0% | -0.7% | 3.8% |
| Shares Outstanding | 50M | 28M | 27M | 25M | 25M | 24M |
| Metric | 2019 | 2020 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 252M | 259M | 234M | 229M | 271M | 314M | 367M | 395M | 446M | 541M | 717M | 821M | 0 |
| Gross Margin | 37.2% | 40.2% | 45.2% | 42.3% | 39.7% | 40.9% | 41.7% | 41.7% | 31.7% | 32.1% | 39.6% | 38.8% | N/A |
| R&D | 26M | 46M | 35M | 28M | 26M | 34M | 46M | 54M | 55M | 64M | 98M | 101M | 101M |
| SG&A | 56M | 56M | 50M | 48M | 51M | 60M | 59M | 67M | 96M | 132M | 114M | 159M | 159M |
| EBIT | 12M | 2.0M | 20M | 21M | 30M | 34M | 47M | 43M | -9.9M | -179M | 72M | 41M | 0 |
| Op. Margin | 4.9% | 0.8% | 8.6% | 9.1% | 11.2% | 10.8% | 12.8% | 11.0% | -2.2% | -33.1% | 10.0% | 5.0% | 0.0% |
| Net Income | 14M | 2.9M | 9.0M | 13M | 18M | 47M | 41M | 23M | -4.2M | -176M | 60M | 44M | 0 |
| Net Margin | 5.5% | 1.1% | 3.8% | 5.7% | 6.6% | 15.1% | 11.2% | 5.9% | -0.9% | -32.6% | 8.3% | 5.3% | 0.0% |
| Non-Recurring | 3.3M | -3.2M | 933M | 701M | 1.5M | 4.3M | 1.2M | 0 | 2.3M | 156M | 156M | 18M | 18M |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 1.2% | 9.9% | 7.8% | 9.2% | N/A | 10.1% | 6.7% | -0.5% | -26.0% | 9.8% | 5.1% | 0.0% |
| ROE | 4.2% | 0.8% | 2.5% | 3.5% | 4.5% | N/A | 8.1% | 3.8% | -0.7% | -32.0% | 7.3% | 5.1% | 0.0% |
| ROA | 3.7% | 0.7% | 2.2% | 3.1% | 3.9% | N/A | 7.0% | 2.5% | -0.5% | -21.4% | 5.9% | 4.1% | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 34M | 39M | 6.0M | -8.3M | 70M | 27M | 87M | 87M | -9.6M | 11M | 15M | -1.3M | 0 |
| Free Cash Flow | 27M | 34M | -74K | -17M | 60M | 18M | 75M | 75M | -32M | -3.5M | -7.7M | -24M | 0 |
| Owner Earnings | 21M | 27M | -1.8M | -17M | 59M | 12M | 70M | 60M | -76M | -99M | -38M | -64M | -62M |
| CapEx | 7.1M | 5.3M | 6.1M | 9.0M | 9.6M | 8.9M | 11M | 11M | 22M | 15M | 23M | 23M | 0 |
| Maint. CapEx | 9.2M | 8.4M | 3.9M | 5.1M | 6.0M | 7.7M | 9.9M | 19M | 61M | 100M | 36M | 41M | 41M |
| Growth CapEx | 0 | 0 | 2.3M | 4.0M | 3.6M | 1.2M | 1.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.2M | 8.4M | 3.9M | 5.1M | 6.0M | 7.7M | 9.9M | 19M | 61M | 100M | 36M | 41M | 41M |
| CapEx/OCF | 21.0% | 13.4% | 101.2% | N/A | 13.7% | 33.0% | 44.7% | 13.0% | N/A | 130.4% | 150.3% | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 3.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 3.6M | 3.8M | 4.0M | 3.4M | 5.0M | 7.0M | 6.2M | 6.9M | 5.4M | 11M | 17M | 21M | 21M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9M | 10M | 55M | 107M | 28M | 28M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | -95M | 27M | 96M | -125M | -110M | -42M | 141M |
| Cash & Equiv. | 127M | 143M | 124M | 80M | 144M | 255M | 255M | 149M | 77M | 133M | 73M | 41M | 587M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | 188M | 188M | 178M | 126M | 17M | 30M | 728M |
| Debt/Equity | 0.12 | 0.14 | 0.14 | 0.13 | 0.16 | N/A | 0.41 | 0.34 | 0.33 | 0.26 | 0.05 | 0.05 | 0.17 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | 9.8 | 70.1 | -1.8 | -19.1 | 17.0 | 18.6 | 18.6 |
| Equity | 342M | 349M | 362M | 382M | 409M | N/A | 510M | 612M | 608M | 551M | 823M | 887M | 4.3B |
| Total Assets | 385M | 397M | 411M | 433M | 473M | N/A | 585M | 929M | 914M | 825M | 1.0B | 1.1B | 5.5B |
| Total Liabilities | 42M | 49M | 49M | 51M | 64M | N/A | -435M | 316M | 306M | -277M | -630M | -652M | -17M |
| Intangibles | N/A | N/A | N/A | 1.4M | 628K | 20M | 14M | 106M | 97M | 44M | 72M | 49M | 926M |
| Retained Earnings | 199M | 202M | 207M | 220M | 239M | 328M | 328M | 351M | 347M | 171M | 231M | 274M | 33M |
| Working Capital | 269M | 282M | 298M | 306M | 337M | 437M | 437M | 305M | 268M | 356M | 371M | 434M | 1.4B |
| Current Assets | 307M | 329M | 344M | 354M | 399M | 504M | 504M | 402M | 369M | 477M | 516M | 607M | 1.7B |
| Current Liabilities | 38M | 47M | 46M | 48M | 62M | 67M | 67M | 96M | 101M | 121M | 145M | 172M | 309M |
| Per Share Data | |||||||||||||
| EPS | 0.60 | 0.13 | 0.39 | 0.56 | 0.75 | 1.97 | 1.71 | 0.96 | -0.17 | -7.04 | 2.18 | 1.55 | 0.00 |
| Owner EPS | 0.93 | 1.22 | -0.08 | -0.71 | 2.47 | 0.51 | 2.93 | 2.48 | -3.08 | -3.97 | -1.37 | -2.27 | -1.25 |
| Book Value | 14.98 | 15.67 | 15.73 | 16.33 | 17.17 | N/A | 21.23 | 25.19 | 24.68 | 22.01 | 30.06 | 31.50 | 85.56 |
| Cash Flow/Share | 1.49 | 1.77 | 0.26 | -0.35 | 2.93 | 1.12 | 3.60 | 3.56 | -0.39 | 0.46 | 0.56 | -0.05 | 0.82 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 22.9M | 22.3M | 23.0M | 23.4M | 23.8M | 24.1M | 24.0M | 24.3M | 24.6M | 25.0M | 27.4M | 28.1M | 49.9M |
| Valuation | |||||||||||||
| P/E Ratio | 55.4 | 204.5 | 75.2 | 51.0 | 72.8 | 35.3 | 34.4 | 116.6 | N/A | N/A | 72.5 | 96.6 | N/A |
| P/FCF | 28.3 | 17.3 | N/A | N/A | 21.6 | 92.8 | 18.8 | 36.2 | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 30.4 | N/A | N/A | N/A | 58.7 | 102.3 | N/A |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.6 | 5.3 | 4.8 | 1.7 |
| Price/Sales | 2.4 | 2.5 | 2.5 | 2.8 | 4.0 | 6.0 | 3.9 | 5.4 | 4.9 | 4.1 | 4.5 | 6.1 | N/A |
| FCF Yield | 3.5% | 5.8% | -0.0% | -2.6% | 4.6% | 1.1% | 5.3% | 2.8% | -1.6% | -0.1% | -0.2% | -0.6% | N/A |
| Market Cap | 760M | 592M | 674M | 668M | 1.3B | 1.7B | 1.4B | 2.7B | 2.0B | 2.5B | 4.3B | 4.2B | 7.5B |
| Avg. Price | 26.63 | 29.47 | 25.48 | 27.13 | 45.17 | 77.85 | 59.91 | 87.70 | 88.43 | 88.48 | 117.91 | 176.75 | 149.51 |
| Year-End Price | 33.26 | 26.59 | 29.31 | 28.57 | 54.58 | 69.53 | 58.87 | 111.97 | 81.72 | 100.69 | 158.09 | 149.71 | 149.51 |
AeroVironment Inc passes 2 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 36.8%. At current prices, the estimated annualized return to fair value is -14.0%.
AeroVironment Inc (AVAV) has a debt-to-equity ratio of 0.05. This indicates a conservatively financed balance sheet.
AeroVironment Inc (AVAV) reported earnings per share (EPS) of $1.55 in its most recent fiscal year.
AeroVironment Inc (AVAV) has a return on equity (ROE) of 5.1%. This indicates moderate shareholder returns.
AeroVironment Inc (AVAV) has a 5-year average gross margin of 36.8%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for AeroVironment Inc (AVAV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AeroVironment Inc (AVAV) has a book value per share of $31.50, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand across autonomous systems and counter-UAS platforms, with significant customer indications of major contract wins anticipated over the next 12 to 24 months. The company is investing 7–9% of revenue in research and development and 12–14% of revenue in capital expenditures, primarily focused on production capacity expansion to meet rising global demand for lethal and non-lethal drones and counter-UAS solutions. Management anticipates that production capacity and R&D investments made in fiscal 2027 will position the company to scale with accelerating global demand, supported by a robust backlog and strong order flow across multiple product lines including Switchblade, Red Dragon, LOCUST directed energy systems, and laser communication terminals. The company expects revenue to be stronger in the second half of fiscal 2027 due to anticipated increased booking and order activity, with adjusted EBITDA expected to follow a similar distribution pattern to fiscal 2026.
Based on recent SEC filings and earnings calls, AeroVironment Inc (AVAV) has provided the following forward guidance: Revenue: $2.125 billion–$2.225 billion (FY2027); Adjusted EBITDA: $305 million–$325 million (FY2027); Non-GAAP Adjusted EPS: $3.02–$3.34 (FY2027).