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Aviat Networks
(NASDAQ:AVNW)
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Rating:58Neutral
Price Target:
$21.50
▲(1.65% Upside)
Action:Reiterated
Date:08/27/26
The score is anchored by middling financial fundamentals—strong revenue momentum but uneven margins and weaker free-cash-flow reliability—partly offset by a generally solid balance sheet. The latest earnings call is a meaningful positive due to strong FY2027 revenue/EBITDA guidance and backlog momentum, but valuation is less attractive at a high P/E and technical signals are neutral rather than strongly supportive.
Positive Factors
Revenue and Backlog Momentum
Aviat has delivered six consecutive years of revenue growth, while record backlog provides forward visibility. This supports continued network investment demand and reduces reliance on winning entirely new projects each quarter.
Negative Factors
Gross Margin Compression
Sustained margin pressure limits operating leverage even when revenue grows. Recovery depends on higher volumes, favorable product mix, price pass-throughs, and easing component costs, leaving profitability vulnerable over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Backlog Momentum
Aviat has delivered six consecutive years of revenue growth, while record backlog provides forward visibility. This supports continued network investment demand and reduces reliance on winning entirely new projects each quarter.
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.
Data provided by:
The Fly
The FlyAviat Networks (AVNW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$238.88M
Dividend YieldN/A
Average Volume (3M)165.02K
Price to Earnings (P/E)100.0
Beta (1Y)0.59
Revenue Growth1.17%
EPS Growth95.38%
CountryUS
Employees900
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.19
Shares Outstanding12,801,539
10 Day Avg. Volume230,354
30 Day Avg. Volume165,023
Financial Highlights & Ratios
PEG Ratio1.29
Price to Book (P/B)1.02
Price to Sales (P/S)0.62
P/FCF Ratio44.91
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$33.60Price Target Upside58.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)2.62
Revenue Forecast (FY)$466.36M
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 primarily makes money by selling wireless transport equipment and related services to customers building and operating communications networks.
Key revenue streams include:
1) Product/equipment sales: Revenue from selling microwave and mill...
Aviat Networks Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented multiple operational and financial positives: modest revenue growth, record backlog, strong regional gains (notably EMEA and North America), strategic diversification into mission-critical access, a notable MDU order, improved balance sheet metrics, remediation of material weaknesses, and aggressive FY2027 revenue and EBITDA guidance. Offsetting these are margin pressure from component shortages and cost inflation, a small GAAP loss in the quarter, some international revenue softness year-over-year, and timing/seasonality risks around MDU, BEAD and quarter-to-quarter performance. On balance the positive operational momentum, record backlog, and upward guidance outweigh the current margin and supply-headwind concerns, though margins and timing remain key execution risks to monitor.Positive Updates
Quarterly and Annual Revenue Growth
Q4 revenue of $120.9M, up 4.8% year-over-year; full fiscal year revenue of $439.7M, up 1.2% versus prior year. This marks Aviat's sixth consecutive year of revenue growth.
Negative Updates
Gross Margin Compression
Q4 GAAP gross margin fell to 30.8% from 34.2% a year ago (non-GAAP 30.9% vs 34.7% prior year) — a decline of roughly 320–380 basis points year-over-year; fiscal 2026 gross margin also down versus FY25.
Read all updates
Q4-2026 Updates
Positive
Negative
Quarterly and Annual Revenue Growth
Q4 revenue of $120.9M, up 4.8% year-over-year; full fiscal year revenue of $439.7M, up 1.2% versus prior year. This marks Aviat's sixth consecutive year of revenue growth.
Read all positive updates
Company Guidance
Management guided full‑year fiscal 2027 revenue of $455–$470 million and adjusted EBITDA of $50–$55 million (roughly a 11.0–11.7% adjusted EBITDA margin on that revenue range), noting the guide is for the full fiscal year with Q1 expected to be the low “foundation” quarter, Q2 and Q4 as peaks, Q3 higher than Q1, and overall the second half of FY27 expected to be heavier than the first (management suggested something closer to a 45/55 H1/H2 split versus historical seasonality shown on Slide 23). The guide explicitly excludes any LEO contribution, includes only a small, conservative amount of BEAD, assumes recognition of the announced U.S. MDU order ($25–30 million) in FY27, and will be revisited if BEAD or additional private‑network wins materialize.Aviat Networks Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
64
Positive
Cash Flow
46
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Sep 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 439.68M | 434.61M | 408.08M | 344.43M | 302.96M |
| Gross Profit | 138.29M | 139.44M | 144.73M | 122.38M | 109.23M |
| EBITDA | 27.02M | 17.68M | 24.24M | 28.02M | 33.45M |
| Net Income | 2.54M | 1.34M | 10.76M | 10.17M | 21.16M |
Balance Sheet | |||||
| Total Assets | 598.96M | 633.30M | 535.22M | 363.14M | 323.90M |
| Cash, Cash Equivalents and Short-Term Investments | 72.84M | 59.69M | 64.62M | 22.24M | 47.77M |
| Total Debt | 99.18M | 90.92M | 52.18M | 2.75M | 2.92M |
| Total Liabilities | 331.57M | 370.11M | 279.34M | 144.40M | 122.15M |
| Stockholders Equity | 267.39M | 263.18M | 255.88M | 218.74M | 201.75M |
Cash Flow | |||||
| Free Cash Flow | 6.09M | -7.25M | 27.86M | -6.98M | 997.00K |
| Operating Cash Flow | 13.56M | 5.72M | 30.54M | -1.64M | 2.79M |
| Investing Cash Flow | -7.33M | -28.53M | -35.22M | -11.95M | -7.79M |
| Financing Cash Flow | 6.34M | 18.68M | 48.70M | -681.00K | -4.87M |
Aviat Networks Technical Analysis
Negative
21.15
Price Trends
20.87
Negative
20.08
Negative
21.46
Negative
Market Momentum
-0.32
Positive
38.99
Neutral
8.15
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AVNW, the sentiment is Negative. The current price of 21.15 is above the 20-day moving average (MA) of 20.88, above the 50-day MA of 20.87, and below the 200-day MA of 21.46, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 38.99 is Neutral, neither overbought nor oversold. The STOCH value of 8.15 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $274.11M | 20.22 | 29.34% | ― | 15.70% | 9.65% | |
67 Neutral | $239.37M | 38.94 | 4.38% | 4.18% | 2.47% | -43.89% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $238.88M | 100.00 | 0.95% | ― | 1.17% | 95.38% | |
57 Neutral | $186.33M | -57.34 | -1.90% | ― | -8.88% | -122.88% | |
57 Neutral | $659.25M | -623.10 | -1.56% | ― | -9.43% | -103.56% | |
42 Neutral | $66.67M | 28.78 | 65.39% | ― | -0.81% | -61.23% |
* Technology Sector Average
AVNW
Aviat Networks
19.32
-3.11
-13.87%
AUDC
Audiocodes
9.99
0.75
8.11%
CRNT
Ceragon Networks
2.05
0.04
1.74%
FEIM
Frequency Electronics
59.89
26.85
81.27%
BKTI
BK Technologies
72.86
2.16
3.06%
INSG
Inseego
4.03
-8.78
-68.54%
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.