Aviat Networks Inc AVNW

Information TechnologyCommunications & NetworkingUnited States of America

Last close 19.79 USD on Nov 2, 2026, −7.4% year to date

Quant rating

Quant rating C Rank 206 of 389 in Information Technology

Growth B 63 of 389
Valuation B 145 of 389
Quality C 195 of 389
Revisions B 142 of 389
Momentum D 302 of 389

Wall Street consensus Buy (2.00)Average target 32.75 USD +65.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 254M
Enterprise value: 279M
52-week range: 13.96 – 26.86
3-year range: 13.70 – 38.34
Dividend yield: –
Beta (5 years): 0.78
Shares outstanding: 12.9M
Next earnings: Nov 10, 2026

About the company

Aviat Networks, Inc. specializes in wireless transport and access solutions and works to provide products, services and support to its customers. The Company designs, manufactures, and sells wireless networking and access networking solutions and services to mobile and fixed telephone service providers, private network operators, government agencies, and others. The Company's products utilize microwave and millimeter wave technologies to create point to point and point to multi-point wireless links for short, medium and long-distance interconnections. Its wireless systems deliver urban, suburban, regional and country-wide communications links as the primary alternative to fiber optic, low earth orbit satellite and copper connections. It also sources, qualifies, supplies, integrates, tests and supports third party equipment such as antennas, optical transmission equipment and other equipment necessary to build and deploy a complete telecommunications transmission network.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	440	435	408	344	303	–
Revenue growth	1.2%	6.5%	18.5%	13.7%	10.2%	9.8%
EPS (basic, normalized)	1.66	1.67	3.15	3.30	2.76	–
EPS growth	−0.6%	−47.0%	−4.5%	19.6%	–	–
Gross margin	31.5%	32.1%	35.5%	35.5%	36.1%	34.1%
Net margin	0.6%	0.3%	2.6%	3.0%	7.0%	2.7%
ROE	1.0%	0.5%	4.5%	4.8%	11.0%	4.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	72.8
Current ratio	1.97x
Long-term debt (mil)	89.1
Net debt (mil)	24.2
Total equity (mil)	267
Net debt / equity	0.09x
Net debt / EBITDA	0.66x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	440	+1.2%	0.6x	36.7	+10.5%	7.6x	1.66	−0.6%	11.9x
2027	464	+5.5%	0.6x	50.7	+38.3%	5.5x	2.55	+53.4%	7.8x
2028	494	+6.6%	0.6x	59.6	+17.5%	4.7x	3.35	+31.7%	5.9x
2029	540	+9.2%	0.5x	71.9	+20.7%	3.9x	–	–	–

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	464	0.0%	+0.3%	−0.3%	2.55	0.0%	−10.0%	−8.2%
2028	494	0.0%	+2.8%	−1.2%	3.35	0.0%	+105.1%	+105.1%
2029	540	0.0%	–	–	–	–	–	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	112	117	88.4	118	113	115	107	112	100	121
Sales mean (mil)	113	113	94.2	104	105	115	103	110	106	110
Surprise	−1.6%	+3.3%	−6.1%	+14.1%	+7.4%	+0.6%	+4.6%	+1.9%	−6.0%	+9.8%
EPS reported	0.73	0.72	−0.87	0.82	0.88	0.83	0.43	0.54	0.06	0.64
EPS mean	0.51	0.69	−0.03	0.01	0.28	0.47	0.32	0.50	0.44	0.55
Surprise	+43.6%	+3.6%	−2,970.9%	+6,051.5%	+209.9%	+77.9%	+36.1%	+8.0%	−86.4%	+17.3%

Peer comparison Communications & Networking

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AVNW Aviat Networks Inc	254M	0.66x	0.6%	0.92x	7.8x	5.9x	5.5x	4.7x
LITE Lumentum Holdings Inc.	62.0B	−1.07x	−230.1%	13.06x	30.6x	18.8x	22.1x	13.1x
CIEN Ciena Corporation	40.3B	0.95x	2.6%	13.20x	40.1x	24.2x	28.5x	17.7x
NOKIA Nokia Oyj	49.2B	−0.46x	3.2%	2.05x	21.9x	18.3x	14.0x	11.2x
VIAV Viavi Solutions Inc.	6.8B	0.02x	−2.0%	4.74x	16.9x	14.2x	12.2x	10.1x
ONDS Ondas Inc	3.3B	43.84x	−270.4%	1.94x	21.6x	−16.4x	−16.9x	−84.9x
Mean		7.32x	−82.7%	5.98x	23.2x	10.8x	10.9x	−4.7x
Median		0.34x	−0.7%	3.39x	21.8x	16.3x	13.1x	10.6x

Technical analysis

1M−4.3%
3M−3.4%
1Y−20.7%
3Y−35.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Aviat Networks Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	440	435	408	344	303	275
Cost of revenue	301	295	263	222	194	172
Gross profit	138	139	145	122	109	103
Selling, general & administrative expenses	85.6	89.5	85.0	69.8	57.7	56.3
Research & development	28.4	35.8	36.4	24.9	22.6	21.8
Depreciation/amortization	2.9	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.1	3.6	3.9	3.0	0.2	2.3
Other operating expenses	0	0	0	0	0	0
Operating income	19.2	10.6	19.4	24.6	28.7	22.2
Net interest income (expense)	−7.7	−6.1	−2.3	−0.5	–	0.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	1.7	−0.9	−0.2	−2.8	1.7	0
Net income before taxes	13.2	3.6	16.9	21.3	30.4	22.4
Provision for taxes	10.7	2.2	6.1	11.1	9.3	−87.7
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2.5	1.3	10.8	10.2	21.2	110
Extraordinary items	–	–	–	–	–	–
Net income	2.5	1.3	10.8	10.2	21.2	110
EBIT, normalized	21.4	14.2	23.3	27.6	29.0	24.5
EBITDA, normalized	27.6	22.2	28.3	33.8	33.5	29.9
Basic EPS, normalized	1.66	1.67	3.15	3.30	2.76	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Aviat Networks Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	72.8	59.7	64.6	22.2	47.8	47.9
Receivables	274	296	249	158	119	85.7
Total inventory	69.0	84.0	62.3	33.4	27.2	24.9
Prepaid expenses	–	14.4	–	–	–	–
Other current assets	23.0	9.2	29.8	22.2	12.4	11.8
Total current assets	439	464	405	236	206	170
Property, plant & equipment	20.8	20.6	13.2	12.0	11.6	15.5
Goodwill	19.4	19.7	8.2	5.1	–	–
Intangibles	23.6	26.9	13.6	9.0	–	–
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	96.0	103	94.9	101	106	112
Total assets	599	633	535	363	324	298
Liabilities
Accounts payable	120	148	92.9	60.1	42.4	32.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	23.0	27.5	34.3	20.5	27.0	28.9
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	7.9	18.6	2.4	0	–	–
Other current liabilities	72.7	88.0	89.3	49.4	35.1	35.0
Total current liabilities	223	282	219	130	104	96.4
Long-term debt	89.1	69.0	46.0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	19.3	19.0	14.5	14.3	17.7	17.9
Total liabilities	332	370	279	144	122	114
Shareholders' equity
Preferred stock	0	0	–	–	0	0
Common stock	0.1	0.1	0.1	0.1	0.1	0.1
Additional paid-in capital	872	866	860	830	823	819
Retained earnings (accumulated deficit)	−575	−577	−579	−589	−599	−621
Treasury stock	−9.7	−7.1	−6.5	−6.1	−6.1	−0.8
Other equity	−20.4	−18.8	−19.3	−16.0	−16.0	−14.3
Total equity	267	263	256	219	202	183
Total liabilities & shareholders' equity	599	633	535	363	324	298

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Aviat Networks Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	2.5	1.3	10.8	11.5	21.2	110
Depreciation, depletion & amortization	6.1	8.0	5.0	6.2	4.5	5.4
Deferred taxes	4.2	0.2	3.6	9.4	8.0	−90.6
Non-cash items	12.7	13.0	13.7	11.8	3.9	4.2
Changes in working capital	−11.9	−16.8	−2.5	−40.6	−34.8	−11.8
Cash from operations	13.6	5.7	30.5	−1.6	2.8	17.3
Investing activities
Capital expenditures	−7.5	−31.1	−34.8	−21.1	−1.8	−2.8
Other investing cash flows	0.1	2.6	−0.4	9.2	−6.0	0
Cash from investing	−7.3	−28.5	−35.2	−11.9	−7.8	−2.8
Financing activities
Financing cash flow items	−1.0	−20.3	−0.8	−2.0	−0.5	−0.2
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	7.4	39.0	49.5	1.3	−4.3	−7.9
Cash from financing	6.3	18.7	48.7	−0.7	−4.9	−8.0
Foreign exchange effects	0.1	1.2	−1.6	−0.3	−1.2	−0.1
Net change in cash	12.7	−2.9	42.4	−14.6	−11.1	6.3
Free cash flow	6.1	−25.4	−4.3	−22.7	1.0	14.5

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.