AVIAT NETWORKS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AVIAT NETWORKS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	242	243	244	239	275	303	344	408	435	440
Cost of revenue	166	162	165	154	172	194	222	263	295	301
Gross profit	75.5	80.5	79.3	84.7	103	109	122	145	139	138
Research and development	18.7	19.8	21.1	19.3	21.8	22.6	24.9	36.4	35.8	28.4
Selling, general and administrative	57.2	58.2	56.1	58	56.3	57.7	69.8	85	89.5	88.5
Operating expenses	76.5	79.2	77.9	81.3	80.4	80.5	97.8	125	129	119
Operating income	-0.99	1.32	1.37	3.38	22.2	28.7	24.6	19.4	10.6	19.2
Interest expense	0.05	0.03	0.1	0.05	0
Interest income	0.26	0.2	0.27	0.39	0.23
Other non-operating income	0.17	-0.22	0.02	0.33	0.23	1.53	-2.77	-0.16	-0.94	1.66
Pre-tax income	-0.61	1.27	1.55	3.71	22.4	30.4	21.3	16.9	3.58	13.2
Income tax	0.02	-1.04	-8.19	3.45	-87.7	9.28	11.1	6.15	2.24	10.7
Income from continuing operations	-0.82	1.85
Net income to minority interests	0.2	0.46	0	0
Net income	-0.82	1.85	9.74	0.26	110	21.2	10.2	10.8	1.34	2.54
EBITDA	4.86	6.52	5.84	7.77	27.6	33.2	30.1	23.4	15.9	22.5
EPS, basic	-0.08	0.18	0.91	0.02	9.98	1.89	0.90	0.88	0.11	0.20
EPS, diluted	-0.08	0.17	0.87	0.02	9.42	1.79	0.86	0.86	0.10	0.19
Shares, basic (weighted)	10.5	10.6	10.8	10.8	11	11.2	11.4	12.2	12.7	12.8
Shares, diluted (weighted)	10.5	11.2	11.2	10.9	11.7	11.8	11.9	12.5	12.8	13

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	35.7	37.4	31.9	41.6	47.9	36.9	22.2	64.6	59.7	72.8
Short-term investments	0.26	0			0	10.9	0
Receivables	45.9	43.1	51.9	44.7	48.1	73.2	101	158	180	192
Inventory	21.8	21.3	8.57	9.06	15.4	14.9	18.9	44.9	56	40.8
Other current assets	6.4	6.01	4.83	10.4	9.56	12.4	22.2	27.1	33.7	23
Total current assets	125	123	126	140	170	206	236	405	464	439
Property, plant and equipment	16.4	17.2	17.3	16.9	11.7	8.89	9.45	9.48	17.5	18.8
Lease right-of-use assets			0	3.47	3.82	2.76	2.55	3.71	3.11	2
Goodwill						0	5.11	8.22	19.7	19.4
Intangible assets						0	9.05	13.6	26.9	23.6
Long-term investments					0
Other non-current assets	5.41	9.82	12.1	6.67	8.43	10.4	14	11.8	14.5	13.9
Total assets	153	156	169	180	298	324	363	535	633	599
Accounts payable	33.6	30.9	35.6	32	32.4	42.4	60.1	92.9	148	120
Accrued liabilities	21.9	25.9	22.6	26.9	28.2	26.5	24.4	42.1	38.9	34.1
Deferred revenue	11.2	19.3	14	21.9	32.3	33.7	44.3	58.8	73.7	59.9
Short-term debt	9	9	9	9	0	0	0	2.4	18.6	7.9
Total current liabilities	86	86.5	82.2	94	96.4	104	130	219	282	223
Long-term debt							0	46	69	89.1
Lease liabilities			0	2.3	3.22	2.41	2.14	2.82	2.24	1.74
Other non-current liabilities	1.02	1.25	0.82	0.4	0.36	0.27	0.31	0.39	0.43	0
Total liabilities	98.2	98.5	97.7	111	114	122	144	279	370	332
Total debt							0	48.4	87.6	97
Paid-in capital	814	816	815	814	819	823	830	860	866	872
Retained earnings	-748	-746	-731	-731	-621	-599	-589	-579	-577	-575
Treasury stock				0	-0.79	-6.15	-6.15	-6.48	-7.08	-9.74
Other comprehensive income	-11.8	-12.6	-12.7	-15	-14.3	-16	-16	-19.3	-18.8	-20.4
Shareholders' equity	53.8	57.5	71.5	68.7	183	202	219	256	263	267
Minority interests	0.54	0
Total equity	54.3	57.5	71.5	68.7	183	202	219	256	263	267
Total liabilities and equity	153	156	169	180	298	324	363	535	633	599
Shares outstanding	10.6	10.6	5.36	10.8	11.2	11.2	11.5	12.6	12.7	12.8

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-0.62	2.3	9.74	0.26	110	21.2	10.2	10.8	1.34	2.54
Depreciation and amortization	5.84	5.2	4.47	4.39	5.38	4.46	5.48	3.99	5.34	3.26
Stock-based compensation	2.11	2.36	1.72	1.69	2.92	3.83	6.72	7.34	7.07	6.2
Deferred income tax	0.08	-3.16	-8.76	-0.17	-90	7.69	9.02	3.63	-0.34	5.79
Change in receivables	18.2	2.83	-6.4	7.04	-4.23	-25.7	-24.8	-9.27	-29	-14.2
Change in inventory	6.38	0.62	1.23	-5.65	-11.1	-3.9	-4.89	1.59	-24.4	11.9
Change in payables	0.61	-2.23	5.07	-3.12	0.58	10.5	16	16.6	49.9	-26.4
Cash from operations	9.41	8.21	2.94	17.5	17.3	2.79	-1.64	30.5	5.72	13.6
Capital expenditures	-4.02	-6.56	-5.25	-4.61	-2.85	-1.79	-5.34	-2.68	-13	-7.47
Acquisitions						0	-15.8	-32.2	-18.2	0
Purchases of investments	-0.14	0	0	0	0	-8.28	0	-0.93	0	-1.66
Sales and maturities of investments					0	0	9.16	0.54	0	1.8
Cash from investing	-4.04	-6.3	-5.25	-4.61	-2.85	-7.79	-11.9	-35.2	-28.5	-7.33
Debt issued	33	36	36	41.9	0	0	102
Debt repaid	-33	-36	-36	-41.9	-9	0	0	-1.25	-50.6	-5.55
Share buybacks	0	-0.01	-2.32	-1.77	0	0
Cash from financing	0.02	0.01	-2.95	-2.55	-8.05	-4.87	-0.68	48.7	18.7	6.34
Exchange rate effect	-0.24	-0.73	-0.31	-0.67	-0.08	-1.22	-0.31	-1.61	1.21	0.13
Net change in cash	5.14	1.2	-5.56	9.67	6.33	-11.1	-14.6	42.4	-2.92	12.7
Free cash flow	5.38	1.65	-2.3	12.9	14.5	1	-6.98	27.9	-7.25	6.09
Interest paid	0.09	0.03	0.07	0.06	0	0	0.88	2.52	6.68	8.44
Income taxes paid	-0.31	1.28	0.69	1.06	-2.12	1.24	1.61	0.81	1.72	4.34

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $20.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.5%	Gross profit / revenue.
Operating margin	4.4%	Operating income / revenue.
EBITDA margin	5.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	3.0%	Pre-tax income / revenue.
Net margin	0.6%	Net income / revenue.
FCF margin	1.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.1%	Cash from operations / revenue.
Effective tax rate	80.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.4%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	6.5%	Research and development expense / revenue.
SG&A / revenue	20.1%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.7%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	1.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	8.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	4.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	81.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	41.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-9.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-4.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	89.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-37.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-53.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	90.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-39.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-54.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	137.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-4.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-15.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	1.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	18.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	15.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.97x	Current assets / current liabilities.
Quick ratio	1.19x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.33x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.36x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.2%	Total debt / total assets.
Liabilities / assets	55.4%	Total liabilities / total assets.
Net debt	$24.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$216.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	7.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$224.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.71x	Revenue / average total assets.
Fixed asset turnover	24.3x	Revenue / average property, plant and equipment.
Inventory turnover	6.23x	Cost of revenue / average inventory.
Days inventory	59 days	365 x average inventory / cost of revenue.
Receivables turnover	2.36x	Revenue / average receivables.
Days sales outstanding	155 days	365 x average receivables / revenue.
Days payables	162 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	51 days	Days inventory + days sales outstanding - days payables.
FCF conversion	239.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	55.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.19	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.20	Net income per basic share, as reported (split-adjusted).
Revenue per share	$33.75	Revenue / diluted weighted shares.
FCF per share	$0.47	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.04	Cash from operations / diluted weighted shares.
Book value per share	$20.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$17.53	Tangible book value / shares outstanding.
Cash per share	$5.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$260.0M	Share price x shares outstanding.
Enterprise value	$284.1M	Market cap + total debt - cash - short-term investments.
P/E	102x	Market cap / net income. Only when net income is positive.
P/S	0.59x	Market cap / revenue.
P/B	0.97x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.16x	Market cap / tangible book value, when positive.
P/FCF	42.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	19.2x	Market cap / cash from operations, when positive.
EV/Sales	0.65x	Enterprise value / revenue.
EV/EBIT	14.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	46.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	1.0%	Net income / market cap (the inverse of P/E).

What was AVIAT NETWORKS, INC.'s revenue in fiscal 2026?

AVIAT NETWORKS, INC. reported revenue of $439.7M for fiscal 2026, 1.2% higher than the year before.

Was AVIAT NETWORKS, INC. profitable in fiscal 2026?

Yes. Net income was $2.5M, a net margin of 0.6%.

How much free cash flow did AVIAT NETWORKS, INC. generate in fiscal 2026?

Cash from operations of $13.6M minus capital expenditures of $7.5M left free cash flow of $6.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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