A Business at a Glance
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AVIAT NETWORKS, INC.
AVNW
$272M
Mkt Cap
$20.25
-0.49%
AVIAT NETWORKS, INC. (AVNW) has a current P/E ratio of 17.9, compared to its historical median P/E of 24.0. The stock is currently considered Fair based on its historical valuation range.
AVIAT NETWORKS, INC. (AVNW) has a 5-year average return on invested capital (ROIC) of 23.6%. This indicates strong capital allocation and a potential competitive advantage.
AVIAT NETWORKS, INC. (AVNW) has a market capitalization of $261M. It is classified as a small-cap stock.
AVIAT NETWORKS, INC. (AVNW) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.23%.
Based on historical P/E analysis, AVIAT NETWORKS, INC. (AVNW) appears fair. The current P/E of 17.9 is 25% below its historical median of 24.0. The estimated fair value CAGR (P/E method) is 3.1%.
AVIAT NETWORKS, INC. (AVNW) operates in the Radio & Tv Broadcasting & Communications Equipment industry, within the Industrials sector.
AVIAT NETWORKS, INC. (AVNW) reported annual revenue of $435 million in its most recent fiscal year, based on SEC EDGAR filings.
Item 1. Business Aviat Networks, Inc., together with its subsidiaries, is a global supplier of microwave networking and wireless access networking solutions, backed by an extensive suite of professional services and support. Aviat Networks, Inc. may be referred to as “the Company,” “AVNW,” “Aviat Networks,” “Aviat,” “we,” “us” and “our” in this Annual Report on Form 10-K. Aviat was incorporated in Delaware in 2006 to combine the businesses of Harris Corporation’s Microwave Communications Division (“MCD”) and Stratex Networks, Inc. (“Stratex”). On January 28, 2010, we changed our corporate name from Harris Stratex Networks, Inc. to Aviat Networks, Inc. Aviat’s principal executive offices are located at 200 Parker Dr., Suite C100A, Austin, Texas 78728, and its telephone number is (408) 941-7100. Aviat’s common stock is listed on the NASDAQ Global Select Market under the symbol AVNW. As of June 27, 2025, the Company had 923 employees.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 434M | 435M | 408M | 344M | 303M | 275M |
| Net Income | 9.0M | 1.3M | 11M | 10M | 21M | 110M |
| EPS | $0.71 | $0.10 | $0.86 | $0.86 | $1.79 | $9.42 |
| Free Cash Flow | 12M | -7.2M | 28M | -7.0M | 997K | 14M |
| ROIC | 3.7% | 2.9% | 6.8% | 8.3% | 12.7% | 87.4% |
| Gross Margin | 32.4% | 32.1% | 35.5% | 35.5% | 36.1% | 37.3% |
| Debt/Equity | 0.38 | 0.42 | 0.21 | 0.01 | 0.01 | 0.00 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 22M | 11M | 19M | 25M | 29M | 22M |
| Operating Margin | 5.1% | 2.4% | 4.8% | 7.1% | 9.5% | 8.1% |
| ROE | 3.3% | 0.5% | 4.2% | 4.6% | 10.5% | 87.4% |
| Shares Outstanding | 13M | 13M | 13M | 12M | 12M | 12M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 346M | 336M | 269M | 242M | 243M | 244M | 239M | 275M | 303M | 344M | 408M | 435M | 434M |
| Gross Margin | 24.6% | 24.0% | 23.0% | 31.2% | 33.2% | 32.5% | 35.5% | 37.3% | 36.1% | 35.5% | 35.5% | 32.1% | 32.4% |
| R&D | 35M | 25M | 21M | 19M | 20M | 21M | 19M | 22M | 23M | 25M | 36M | 36M | 29M |
| SG&A | 89M | 76M | 66M | 57M | 58M | 56M | 58M | 56M | 58M | 70M | 85M | 89M | 87M |
| EBIT | -51M | -26M | -27M | -985K | 1.3M | 1.4M | 3.4M | 22M | 29M | 25M | 19M | 11M | 22M |
| Op. Margin | -14.6% | -7.7% | -10.2% | -0.4% | 0.5% | 0.6% | 1.4% | 8.1% | 9.5% | 7.1% | 4.8% | 2.4% | 5.1% |
| Net Income | -51M | -25M | -30M | -823K | 1.8M | 9.7M | 257K | 110M | 21M | 10M | 11M | 1.3M | 9.0M |
| Net Margin | -14.8% | -7.3% | -11.1% | -0.3% | 0.8% | 4.0% | 0.1% | 40.1% | 7.0% | 3.0% | 2.6% | 0.3% | 2.1% |
| Non-Recurring | 11M | 13M | 12M | 1.7M | 1.6M | 1.3M | 4.9M | 3.7M | 2.0M | 5.2M | 3.9M | 3.6M | 3.6M |
| Returns on Capital | |||||||||||||
| ROIC | -39.0% | -25.2% | -43.7% | -1.5% | 4.7% | 15.1% | 4.8% | 87.4% | 12.7% | 8.3% | 6.8% | 2.9% | 3.7% |
| ROE | -39.0% | -25.2% | -43.7% | -1.5% | 3.3% | 15.1% | 0.4% | 87.4% | 10.5% | 4.6% | 4.2% | 0.5% | 3.3% |
| ROA | -18.3% | -10.3% | -15.3% | -0.5% | 1.2% | 6.0% | 0.1% | 46.1% | 6.5% | 2.8% | 2.0% | 0.2% | 1.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -29M | -9.6M | 356K | 9.4M | 8.2M | 2.9M | 17M | 17M | 2.8M | -1.6M | 31M | 5.7M | 21M |
| Free Cash Flow | -39M | -13M | -1.2M | 5.4M | 1.6M | -2.3M | 13M | 14M | 997K | -7.0M | 28M | -7.2M | 12M |
| Owner Earnings | -40M | -19M | -8.1M | 1.5M | 653K | -3.2M | 11M | 9.0M | -5.5M | -14M | 19M | -6.7M | 12M |
| CapEx | 9.4M | 3.7M | 1.6M | 4.0M | 6.6M | 5.2M | 4.6M | 2.8M | 1.8M | 5.3M | 2.7M | 13M | 9.1M |
| Maint. CapEx | 7.1M | 7.2M | 6.6M | 5.8M | 5.2M | 4.5M | 4.4M | 5.4M | 4.5M | 5.5M | 4.0M | 5.3M | 3.5M |
| Growth CapEx | 2.3M | 0 | 0 | 0 | 1.4M | 778K | 221K | 0 | 0 | 0 | 0 | 7.6M | 5.6M |
| D&A | 7.1M | 7.2M | 6.6M | 5.8M | 5.2M | 4.5M | 4.4M | 5.4M | 4.5M | 5.5M | 4.0M | 5.3M | 3.5M |
| CapEx/OCF | N/A | N/A | 442.1% | 42.8% | 79.9% | 178.2% | 26.3% | 16.5% | 64.3% | N/A | 8.8% | 226.7% | 43.5% |
| 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 | 0 | 0 | 8K | 2.3M | 1.8M | 0 | 5.4M | 0 | 332K | 597K | 597K |
| Buyback Yield | N/A | N/A | N/A | N/A | 0.0% | 3.0% | 1.5% | N/A | 1.7% | N/A | 0.1% | 0.2% | 0.2% |
| Stock-Based Comp | 3.4M | 2.2M | 1.8M | 2.1M | 2.4M | 1.7M | 1.7M | 2.9M | 3.8M | 6.7M | 7.3M | 7.1M | 5.9M |
| Debt Repayment | 2.8M | 51M | 36M | 33M | 36M | 36M | 42M | 9.0M | 0 | 102M | 33M | 51M | 51M |
| Balance Sheet | |||||||||||||
| Net Debt | -43M | -26M | -13M | -27M | -28M | -23M | -33M | -48M | -45M | -42M | -75M | -9.8M | 25M |
| Cash & Equiv. | 49M | 35M | 30M | 36M | 37M | 32M | 42M | 48M | 37M | 22M | 65M | 60M | 79M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 46M | 69M | 99M |
| Debt/Equity | 0.05 | 0.11 | 0.34 | 0.17 | 0.16 | 0.13 | 0.13 | 0.00 | 0.01 | 0.01 | 0.21 | 0.42 | 0.38 |
| Interest Coverage | -130.2 | -66.8 | -263.9 | -19.7 | 45.4 | 13.4 | 62.6 | N/A | N/A | 46.3 | 8.3 | 1.7 | 22.0 |
| Equity | 112M | 84M | 53M | 54M | 58M | 72M | 69M | 183M | 202M | 219M | 256M | 263M | 272M |
| Total Assets | 253M | 225M | 166M | 153M | 156M | 169M | 180M | 298M | 324M | 363M | 535M | 633M | 617M |
| Total Liabilities | 141M | 141M | 113M | 98M | 99M | 98M | 111M | 114M | 122M | 144M | 279M | 370M | 345M |
| Intangibles | 400K | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 9.0M | 14M | 27M | 24M |
| Retained Earnings | -693M | -717M | -747M | -748M | -741M | -731M | -731M | -621M | -599M | -589M | -579M | -577M | -573M |
| Working Capital | 97M | 68M | 40M | 39M | 37M | 44M | 46M | 74M | 102M | 106M | 186M | 181M | 224M |
| Current Assets | 218M | 191M | 140M | 125M | 123M | 126M | 140M | 170M | 206M | 236M | 405M | 464M | 450M |
| Current Liabilities | 122M | 123M | 100M | 86M | 86M | 82M | 94M | 96M | 104M | 130M | 219M | 282M | 226M |
| Per Share Data | |||||||||||||
| EPS | -59.70 | -2.36 | -34.26 | -0.08 | 0.17 | 0.44 | 0.02 | 9.42 | 1.79 | 0.86 | 0.86 | 0.10 | 0.71 |
| Owner EPS | -46.47 | -1.83 | -9.31 | 0.14 | 0.06 | -0.15 | 1.06 | 0.77 | -0.47 | -1.17 | 1.54 | -0.50 | 0.90 |
| Book Value | 130.73 | 8.04 | 60.85 | 5.23 | 5.14 | 3.19 | 6.36 | 15.68 | 17.07 | 18.50 | 20.45 | 19.63 | 21.07 |
| Cash Flow/Share | -34.18 | -0.92 | 0.41 | 0.91 | 0.73 | 0.13 | 1.62 | 1.48 | 0.24 | -0.14 | 2.44 | 0.43 | 0.97 |
| 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. | 0.9M | 10.4M | 0.9M | 10.3M | 11.2M | 22.4M | 10.8M | 11.7M | 11.8M | 11.8M | 12.5M | 13.4M | 12.9M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | 47.7 | 7.9 | 449.0 | 3.7 | 14.7 | 37.3 | 33.4 | 239.4 | 28.7 |
| P/FCF | N/A | N/A | N/A | 17.4 | 53.5 | N/A | 7.5 | 28.2 | 311.7 | N/A | 12.9 | N/A | 22.0 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 39.6 | 24.5 | N/A | N/A | 14.5 | 17.7 | 33.0 | 12.8 |
| Price/Book | 0.7 | 1.0 | 0.6 | 1.7 | N/A | 1.1 | 1.7 | 2.2 | 1.5 | 1.7 | 1.4 | 1.2 | 1.0 |
| Price/Sales | 0.4 | 0.3 | 0.2 | 0.3 | 0.4 | 0.3 | 0.4 | 0.9 | 1.2 | 1.1 | 1.0 | 0.7 | 0.6 |
| FCF Yield | -50.2% | -16.2% | -3.6% | 5.7% | 1.9% | -3.0% | 11.2% | 3.5% | 0.3% | -1.8% | 7.8% | -2.3% | 4.5% |
| Market Cap | 77M | 82M | 34M | 94M | 88M | 77M | 115M | 408M | 311M | 380M | 359M | 321M | 261M |
| Avg. Price | 12.10 | 8.25 | 5.22 | 6.34 | 8.34 | 7.35 | 6.50 | 21.11 | 31.09 | 31.44 | 31.68 | 21.39 | 20.25 |
| Year-End Price | 7.50 | 7.92 | 3.28 | 9.10 | 7.88 | 6.85 | 8.98 | 34.87 | 26.29 | 32.11 | 28.69 | 23.94 | 20.25 |
AVIAT NETWORKS, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
AVIAT NETWORKS, INC. trades at 17.9x trailing earnings, compared to its 15-year median P/E of 24.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 16.2x vs a median of 17.4x. The company's 5-year average ROIC is 23.6% with a gross margin of 35.3%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +9.0%.
AVIAT NETWORKS, INC. (AVNW) has a net profit margin of 0.3%. This is a modest margin.
AVIAT NETWORKS, INC. (AVNW) generated $-7 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AVIAT NETWORKS, INC. (AVNW) has a debt-to-equity ratio of 0.42. This indicates a conservatively financed balance sheet.
AVIAT NETWORKS, INC. (AVNW) reported earnings per share (EPS) of $0.10 in its most recent fiscal year.
AVIAT NETWORKS, INC. (AVNW) has a return on equity (ROE) of 0.5%. This indicates moderate shareholder returns.
AVIAT NETWORKS, INC. (AVNW) has a 5-year average gross margin of 35.3%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for AVIAT NETWORKS, INC. (AVNW), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AVIAT NETWORKS, INC. (AVNW) has a book value per share of $19.63, based on its most recent annual SEC filing.