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Aviat Networks
(NASDAQ:AVNW)
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Rating:56Neutral
Price Target:
$23.00
▲(0.88% Upside)
Action:Reiterated
Date:06/04/26
Overall score reflects stabilizing fundamentals with manageable leverage and improved (but inconsistent) cash generation, partially offset by weak technical trends (below key longer-term moving averages and negative MACD). Valuation is neither clearly cheap nor strongly supported (P/E ~26 and no dividend), while the latest earnings call provides modest support via maintained FY2026 guidance and improving YTD profitability despite notable near-term volatility and timing risks.
Positive Factors
Large Addressable Market & BEAD Momentum
Substantial structural demand from BEAD-funded broadband builds, expanding utility spend, and product rollouts provides a multi-year revenue runway. These funded programs and utility/MDU opportunities underpin predictable demand for backhaul and fixed wireless equipment as deployments ramp in 2026–2027.
Negative Factors
Low Profitability & Margin Pressure
Persistently thin net margins and recent GAAP losses indicate limited pricing power and sensitivity to volume and mix shifts. Margin recovery depends on sustained volume normalization and better product mix, leaving earnings vulnerable to timing and cost pressures over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Large Addressable Market & BEAD Momentum
Substantial structural demand from BEAD-funded broadband builds, expanding utility spend, and product rollouts provides a multi-year revenue runway. These funded programs and utility/MDU opportunities underpin predictable demand for backhaul and fixed wireless equipment as deployments ramp in 2026–2027.
Read all positive factors
Aviat Networks Key Performance Indicators (KPIs)
Any
Revenue by Segment
Analyzes revenue contributions from various business segments, showing which areas are the most lucrative and where growth opportunities or risks may lie.
Analyzes revenue contributions from various business segments, showing which areas are the most lucrative and where growth opportunities or risks may lie.
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The Fly
The FlyAviat Networks (AVNW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$273.93M
Dividend YieldN/A
Average Volume (3M)196.95K
Price to Earnings (P/E)37.1
Beta (1Y)0.52
Revenue Growth0.23%
EPS GrowthN/A
CountryUS
Employees909
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.57
Shares Outstanding12,939,463
10 Day Avg. Volume163,398
30 Day Avg. Volume196,954
Financial Highlights & Ratios
PEG Ratio-2.49
Price to Book (P/B)1.15
Price to Sales (P/S)0.70
P/FCF Ratio-41.88
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue0.66
Enterprise Value/Gross Profit2.04
Enterprise Value/Ebitda8.93
Forecast
1Y Price Target
$32.00Price Target Upside40.35% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)2.81
Revenue Forecast (FY)$462.06M
Aviat Networks Business Overview & Revenue Model
Company Description
Aviat Networks, Inc. operates globally, specializing in the provision of wireless transport solutions. The company furnishes an extensive portfolio of products complemented by localized professional and support services, all designed to empower cu...
How the Company Makes Money
Aviat Networks primarily makes money by selling wireless transport networking equipment and related services to communications service providers and other network operators. Its revenue is mainly generated from (1) product sales: microwave/mmWave ...
Aviat Networks Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: near-term results were pressured by geopolitical-driven timing disruptions (approximately $9M of pushouts), leading to a meaningful Q3 revenue decline, lower Q3 gross margins and a GAAP loss. Offsetting these setbacks, year-to-date profitability metrics improved (YTD operating income and adjusted EBITDA up materially), working-capital trends showed sequential improvement, and multiple strategic growth drivers (MDU deployments, BEAD program timing, utility infrastructure demand, Aprisa momentum, and product rollout opportunities) underpin management’s confidence for FY2027 and beyond. Management provided updated FY2026 guidance with a range and reiterated cost and cash-flow focus. Overall, the call balances clear short-term headwinds with improving operating trends and sizable longer-term market opportunities.Positive Updates
Year-to-Date Revenue Stability and Regional Growth
Nine-month revenues of $318.8M were essentially flat versus prior year ($319.3M), down ~0.2% year-over-year. North America grew year-to-date by $2.1M, or 1.4%, and accounted for 46.2% of Q3 revenue, while international was 53.8%.
Negative Updates
Third-Quarter Revenue Decline and Geopolitical Disruption
Q3 revenues were $100.0M versus $112.6M in the prior-year quarter, a decline of approximately 12.6% year-over-year. Management attributed about $9M of revenue impact to project pushouts and end-of-quarter demand shifts related to the Middle East conflict.
Read all updates
Q3-2026 Updates
Positive
Negative
Year-to-Date Revenue Stability and Regional Growth
Nine-month revenues of $318.8M were essentially flat versus prior year ($319.3M), down ~0.2% year-over-year. North America grew year-to-date by $2.1M, or 1.4%, and accounted for 46.2% of Q3 revenue, while international was 53.8%.
Read all positive updates
Company Guidance
Aviat updated fiscal 2026 guidance to full‑year revenue of $428–$440 million and full‑year adjusted EBITDA of $35–$40 million; this reflects Q3 revenue of $100.0M, Q3 adjusted EBITDA of $4.4M (4.4% of sales) and Q3 non‑GAAP EPS of $0.06 (GAAP loss per share $0.16), with management citing roughly $9M of war‑related Q3 pushouts (some already shipped in early Q4) but expecting a seasonally strong Q4 to help restore gross margins toward the ~32%+ YTD level (YTD GAAP gross margin 31.7% / non‑GAAP 32.1%) and drive FY performance. Supporting balance‑sheet and operational metrics include YTD revenues of $318.8M, YTD adjusted EBITDA $24.8M (up 12.5%), cash and marketable securities $78.1M, debt $104.3M (net debt $26.1M), inventories down $4.0M sequentially, unbilled receivables $85.3M (down $5.4M QoQ), unearned revenue $77.6M, a $0.5M share repurchase (20k shares), and over $450M of NOLs with a potential foreign valuation allowance release within the next four quarters.Aviat Networks Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
68
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Jun 2025 | Sep 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 434.13M | 434.61M | 408.08M | 344.43M | 302.96M | 302.96M |
| Gross Profit | 140.51M | 139.44M | 144.73M | 122.38M | 109.23M | 109.23M |
| EBITDA | 32.13M | 17.68M | 24.24M | 28.02M | 33.45M | 33.45M |
| Net Income | 9.01M | 1.34M | 10.76M | 10.17M | 21.16M | 21.16M |
Balance Sheet | ||||||
| Total Assets | 616.54M | 633.30M | 535.22M | 363.14M | 323.90M | 323.90M |
| Cash, Cash Equivalents and Short-Term Investments | 78.13M | 59.69M | 64.62M | 22.24M | 47.77M | 47.77M |
| Total Debt | 106.67M | 90.92M | 52.18M | 2.75M | 2.92M | 2.92M |
| Total Liabilities | 344.77M | 370.11M | 279.34M | 144.40M | 122.15M | 122.15M |
| Stockholders Equity | 271.78M | 263.18M | 255.88M | 218.74M | 201.75M | 201.75M |
Cash Flow | ||||||
| Free Cash Flow | 11.86M | -7.25M | 27.86M | -6.98M | 997.00K | 14.45M |
| Operating Cash Flow | 20.98M | 5.72M | 30.54M | -1.64M | 2.79M | 17.30M |
| Investing Cash Flow | -10.09M | -28.53M | -35.22M | -11.95M | -7.79M | -2.85M |
| Financing Cash Flow | 16.89M | 18.68M | 48.70M | -681.00K | -4.87M | -8.05M |
Aviat Networks Technical Analysis
Neutral
22.80
Price Trends
19.09
Positive
21.58
Negative
21.99
Negative
Market Momentum
0.79
Negative
57.61
Neutral
78.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AVNW, the sentiment is Neutral. The current price of 22.8 is above the 20-day moving average (MA) of 20.13, above the 50-day MA of 19.09, and above the 200-day MA of 21.99, indicating a neutral trend. The MACD of 0.79 indicates Negative momentum. The RSI at 57.61 is Neutral, neither overbought nor oversold. The STOCH value of 78.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AVNW.
Aviat Networks Risk Analysis
Aviat Networks disclosed 34 risk factors in its most recent earnings report. Aviat Networks reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Aviat Networks Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $316.95M | 22.10 | 33.31% | ― | 14.16% | 38.26% | |
64 Neutral | $242.70M | ― | -1.43% | ― | -15.03% | -110.33% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $246.39M | 38.77 | 4.01% | 4.28% | 2.02% | -56.43% | |
61 Neutral | $716.69M | 98.73 | 12.49% | ― | 3.69% | -68.76% | |
56 Neutral | $273.93M | 37.14 | 3.37% | ― | 0.23% | ― | |
53 Neutral | $144.37M | 13.86 | 17.85% | ― | -12.48% | 66.68% |
* Technology Sector Average
AVNW
Aviat Networks
21.17
-3.15
-12.95%
AUDC
Audiocodes
9.72
0.56
6.11%
CRNT
Ceragon Networks
2.42
-0.13
-5.10%
FEIM
Frequency Electronics
64.59
43.77
210.23%
BKTI
BK Technologies
84.65
37.12
78.10%
INSG
Inseego
8.87
0.61
7.38%
Aviat Networks Corporate Events
Business Operations and StrategyFinancial Disclosures
Aviat Networks Secures Major Follow-On Orders from Customer
Positive
Jun 3, 2026
On June 3, 2026, Aviat Networks, Inc., via its subsidiary Aviat U.S., Inc., announced that it received orders totaling between $25 million and $30 million from an existing customer. The orders underscore ongoing commercial ties with this customer,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.