Aviat Networks (AVNW) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Aviat Networks

NasdaqGS•Technology•Communication Equipment

$20.37+1.32(0.07%)Market open

Market Cap

$264.54M

P/E

104.2x

P/S

0.6x

P/B

1.0x

Aviat Networks, Inc. provides microwave networking and wireless access networking solutions in North America, Africa, the Middle East, Europe, Latin America, and the Asia Pacific. The company provides outdoor, indoor, and split-mount radios; microwave routers, and trunking; private LTE/5G, access and network management products; narrow band multi-point radios, designed, and optimised for SCADA and telemetry applications; and hosted software products, such as aviat design, frequency assurance, aviatcloud, and health assurance software. It also offers project services, which include design and engineering, site and path surveys, assembly and integration, project management, and install and commission; and managed services, such as network and interference monitoring, network health, onsite maintenance, and remote upgrades. The company serves communications service providers and private network operators, including transportation agencies, energy and utility companies, public safety agencies, and broadcast network operators, as well as federal, state, and local government agencies. It markets its products through a direct sales, service, and support organization; and indirect sales channels comprising dealers, resellers, and sales representatives, as well as online. The company was incorporated in 2006 and is headquartered in Austin, Texas.

How this company scores

GoodMetricSide Score: 66/100

Strongest: Cash & Earnings Quality (19/25); weakest: Profitability (13/25).

Profitability13/25

Growth18/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality19/25

Strengths

Rising earningsLow leverageCash-backed earningsProfit converts from growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 104.2x5y range 3.4x – 226.7x

Currently above its 17-quarter median.

P/S · 0.6x5y range 0.5x – 1.3x

Currently below its 20-quarter median.

P/B · 1.0x5y range 0.9x – 2.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $264.54M

Metrics at a Glance

as of July 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $439.68M
Q. Revenue: $120.89M
TTM EBITDA: $22.49M
TTM Op. Income: $19.24M
Q. Op. Income: $5.82M
TTM Net Income: $2.54M
Q. Net Income: $-1.28M
EPS: $-0.099
Shares Out.: $12.85M

$439.68M in TTM revenue grew 1.2% YoY, reaching $120.89M last quarter. TTM EBITDA of $22.49M and TTM operating income of $19.24M show growth is flowing through to the bottom line. TTM net income of $2.54M means revenue is converting into profit. Over the past year, TTM revenue is up 1% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 30.8%
EBITDA Margin: 5.8%
Op. Margin: 4.8%
Net Margin: -1.1%

Op. margin of 4.8% is down 2.9% YoY — costs are rising relative to revenue. Net margin at -1.1% and gross margin of 30.8% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 37% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 104.2x
P/S Ratio: 0.6x
P/B Ratio: 1.0x

At 104.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 0.6x and P/B of 1.0x provide additional context. P/E sits above typical market levels while revenue growth is below 5%. Across the last 5 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $598.96M
Cash: $72.84M
Long-Term Debt: $89.10M
Book Value: $267.39M
D/E Ratio: 0.3
Debt/EBITDA: 12.8

With $598.96M in assets and $89.10M in long-term debt, D/E is 0.3and book value is $267.39M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.09M
TTM Free Cash Flow: $6.09M
FCF Margin: 1.4%
FCF / Net Income: 2.4

TTM FCF of $6.09M on $3.09M in operating cash flow. The FCF / Net Income ratio of 2.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.