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what it is
Aviat sells wireless gear, software, and support services to 3,000+ customers in 170 countries.
how it gets paid
Last year Aviat Networks made $435M in revenue. Wireless systems was the main engine at $240M, or 55% of sales.
why it's growing
Revenue grew 6.5% last year. Revenue rose 96% vs. prior year. EPS came in at $0.45.
what just happened
Aviat posted $219M in revenue and held gross margin at 32.8%.
At a glance
C++ balance sheet — some cracks in the foundation
20/100 earnings predictability — expect surprises
23.4x trailing p/e — priced about right
1.3% return on capital — nothing to write home about
$0.10 fy2025 eps est
xvary composite: 44/100 — below average
What they do
Aviat sells wireless gear, software, and support services to 3,000+ customers in 170 countries.
Aviat has 3,000+ customers, 170 countries, and 200 patents. That is a wide footprint for a 909-person company. Your network does not swap microwave gear the way it swaps apps.
How they make money
$435M
annual revenue · their business grew +6.5% last year
Wireless systems
$240M
Support services
$80M
Third-party equipment
$70M
Network management software
$45M
The products that matter
microwave transport hardware
WTM 4000 Radios
~$300M tied to product sales · ~69% of snapshot revenue
this is the core hardware engine. the cited spec is 10 Gbps over roughly 10–12 km, which matters for utilities and network operators that need capacity without trenching fiber.
hardware core
private wireless access
Aprisa LTE/5G Routers
services and adjacent wireless exposure grew +15%
private LTE and 5G are the growth angle. the numbers shown here say the faster-growing part of the business is not the largest part yet.
growth angle
deployment and support
Professional Services
~$135M services revenue · ~31% of snapshot revenue
services bring installation, maintenance, and support revenue on top of the hardware base. if this mix keeps expanding, results should get less lumpy than a pure equipment vendor.
steadier revenue
Key numbers
$435M
annual sales
annual sales → total revenue → you are looking at a sub-$500M business, not a giant.
5.1%
operating margin
operating margin → profit after running costs → only 5.1 cents of each dollar stays.
1.3%
return on capital
return on capital → profit per dollar invested → management gets 1.3 cents back on each dollar.
$103M
long-term debt
long-term debt → money owed later → debt is 25% of capital, so the balance sheet is not pristine.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 20 / 100
- long-term debt $103M (25% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for AVNW right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Aviat posted $219M in revenue and held gross margin at 32.8%.
Revenue rose 96% vs. prior year. EPS came in at $0.45, up 2% vs. prior year.
$219M
revenue
$0.45
eps
32.8%
gross margin
the number that mattered
Revenue jumped to $219M, up 96% from a year ago. That is the number that shows demand is not the problem.
source: company earnings report, 2026
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What could go wrong
the #1 risk is fiber replacing microwave on the routes that matter most.
med
fiber keeps taking the easy economics
Microwave wins when fiber is impractical. Fiber wins when customers want more capacity and can justify the build. That directly pressures the product side of the business.
Product sales are roughly ~69% of the revenue shown on this page. That's where the pressure would land first.
med
thin margins leave little room for mistakes
A 32.8% gross margin and 1.3% return on capital are not disaster numbers. They are also not the kind of numbers that forgive execution slips, pricing pressure, or project delays.
If revenue softens while gross margin stays near 32%, the 23.4x trailing p/e stops looking reasonable very quickly.
med
legal overhang can hit a small cap harder
The Schall Law Firm investigation may amount to little. Markets still dislike uncertainty, especially in a company with a $318M market cap and limited analyst coverage.
Even a modest legal distraction can weigh on sentiment, management time, and valuation for a stock this small.
with $103M of long-term debt, low predictability, and most revenue still tied to hardware, AVNW needs demand strength and margin discipline at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
gross margin above the low-30s
32.8% is the number that matters. If it starts moving up, the valuation has something to lean on. If it slips, the market will notice first.
next report
another quarter above $100M revenue
The latest quarter came in at $111.5M. You want to see that level hold, not prove to be a one-quarter spike.
mix shift
services staying ahead of hardware growth
Services grew +15% versus +8% for product sales. That's how a lumpy equipment business slowly becomes more durable.
legal
securities investigation resolution
The business may outrun the headline. Until it does, the headline is still part of the story.
Analyst rankings
earnings predictability
20 / 100
in human-speak, analysts do not see this as a smooth quarterly story. surprises are part of the package.
risk rank
4
This sits on the riskier end of the scale. You're not buying stability here. You're buying a smaller infrastructure name that has to execute.
price stability
20 / 100
Low stability means the stock can move hard on limited information. That's normal in small caps. It is still painful when you own it.
source: institutional data
Institutional activity
institutional ownership data for AVNW is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$26
current price
n/a
target midpoint · n/a from current
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