Aviat Networks (AVNW)
NASDAQ:AVNW
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Aviat Networks
(NASDAQ:AVNW)
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Rating:63Neutral
Price Target:
$24.50
▲(7.46% Upside)
Action:ReiteratedDate:02/05/26
The score is driven primarily by moderate financial performance (improving cash profile but inconsistent profitability and recent TTM revenue softness) and a constructive earnings update (strong bookings, better EBITDA/cash flow, guidance maintained). Technicals are supportive but look overextended, while valuation appears only average given earnings variability and no dividend support.
Positive Factors
Bookings Momentum
Sustained bookings above shipments (book-to-bill >1 and the highest Q2 bookings in a decade) indicates durable customer demand and backlog that can translate into revenue over the next several quarters. This strengthens revenue visibility and reduces short-term cyclicality for the wireless transport franchise.
Negative Factors
Recent Revenue Decline
A year-over-year quarterly revenue decline highlights inconsistent top-line execution and dependency on lumpy equipment project cycles. For a business with mixed one-time product sales and services, such softness can persist across quarters and constrain operating leverage and predictable margin expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Bookings Momentum
Sustained bookings above shipments (book-to-bill >1 and the highest Q2 bookings in a decade) indicates durable customer demand and backlog that can translate into revenue over the next several quarters. This strengthens revenue visibility and reduces short-term cyclicality for the wireless transport franchise.
Read all positive factors
Aviat Networks (AVNW) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$292.24M
Dividend YieldN/A
Average Volume (3M)169.54K
Price to Earnings (P/E)12.0
Beta (1Y)0.67
Revenue Growth10.89%
EPS GrowthN/A
CountryUS
Employees909
SectorTechnology
Sector Strength88
IndustryCommunication Equipment
Share Statistics
EPS (TTM)0.54
Shares Outstanding12,902,310
10 Day Avg. Volume213,845
30 Day Avg. Volume169,536
Financial Highlights & Ratios
PEG Ratio-2.59
Price to Book (P/B)1.15
Price to Sales (P/S)0.70
P/FCF Ratio-41.88
Enterprise Value/Market Cap1.08
Enterprise Value/Revenue0.71
Enterprise Value/Gross Profit2.10
Enterprise Value/Ebitda9.07
Forecast
1Y Price Target
$34.00Price Target Upside49.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)2.39
Revenue Forecast (FY)$449.03M
Aviat Networks Business Overview & Revenue Model
Company Description
Aviat Networks, Inc. provides wireless transport solutions worldwide. It offers a comprehensive suite of products and localized professional and support services enabling customers to simplify their networks and lives. The company's products and s...
How the Company Makes Money
Aviat makes money primarily by selling wireless transport equipment and associated services. Its core revenue stream is product revenue from the sale of microwave/mmWave radio hardware (and related networking components) used for mobile backhaul, ...
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 Earnings Call Summary
Earnings Call Date:Feb 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call balanced clear operational and financial progress — including the highest Q2 bookings in a decade, YTD revenue growth of 5.9%, a $13.2 million year-over-year improvement in adjusted EBITDA YTD, strong quarterly cash from operations ($23.9M), and a materially improved net debt position — against near-term pressures such as a Q2 revenue decline (-5.6% YoY), margin compression (~2.2–2.4 ppts YoY in the quarter), and limited immediate revenue impact from newly announced product wins and BEAD timing uncertainty. Management maintained full‑year guidance and signaled several growth catalysts that are expected to be more meaningful in fiscal 2027.Positive Updates
Strong Bookings Momentum
Company reported the highest second-quarter bookings in the last ten years; book-to-bill was >1 in the prior quarter and is >1 this quarter, indicating demand > shipments and positive backlog trends.
Negative Updates
Quarterly Revenue Decline
Total revenues for Q2 were $111.5 million versus $118.2 million in the year-ago quarter, a decline of $6.7 million or approximately -5.6% year-over-year.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Bookings Momentum
Company reported the highest second-quarter bookings in the last ten years; book-to-bill was >1 in the prior quarter and is >1 this quarter, indicating demand > shipments and positive backlog trends.
Read all positive updates
Company Guidance
Management left fiscal 2026 guidance unchanged, targeting full‑year revenues of $440–$460 million and full‑year adjusted EBITDA of $45–$55 million (implying H2 quarters of roughly $110–$120M each), while excluding BEAD upside until timing is clear (BEAD expected in back half of calendar 2026; fixed wireless is estimated to capture ~10–15% of BEAD locations); the company said the new ruggedized 5G router is de minimis in FY26 (first PO received, ~15 customers engaged, ~$1.6B addressable market) and the initial MDU order is a small contribution for now. Supporting metrics cited on the call include Q2 revenue $111.5M (six‑month revenue $218.8M, up $12.2M or 5.9% YTD), Q2 adjusted EBITDA $11.3M (10.1% of revenue) and YTD adjusted EBITDA $20.4M (up $13.2M YoY), Q2 non‑GAAP EPS $0.54 (GAAP $0.44), Q2 gross margins 32.4% GAAP / 32.9% non‑GAAP (YTD 32.8% / 33.4%), Q2 GAAP op ex $28.8M (non‑GAAP op ex $27.1M; management cited a $3.7M reduction in non‑GAAP op ex), Q2 net income $5.7M (non‑GAAP $7.0M), cash & marketable securities $86.5M, debt $105.4M (net debt $18.9M, improved $23.0M YoY), Q2 operating cash flow $23.9M, inventory reduction $7.4M, a $20.1M sequential decline in unbilled receivables, and ~ $6.5M remaining on the share buyback authorization.Aviat Networks Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
63
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Jun 2025 | Sep 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 446.77M | 434.61M | 408.08M | 344.43M | 302.96M | 302.96M |
| Gross Profit | 150.53M | 139.44M | 144.73M | 122.38M | 109.23M | 109.23M |
| EBITDA | 34.84M | 17.68M | 24.24M | 28.02M | 33.45M | 33.45M |
| Net Income | 14.61M | 1.34M | 10.76M | 10.17M | 21.16M | 21.16M |
Balance Sheet | ||||||
| Total Assets | 659.36M | 633.30M | 535.22M | 363.14M | 323.90M | 323.90M |
| Cash, Cash Equivalents and Short-Term Investments | 86.47M | 59.69M | 64.62M | 22.24M | 47.77M | 47.77M |
| Total Debt | 108.36M | 90.92M | 52.18M | 2.75M | 2.92M | 2.92M |
| Total Liabilities | 387.74M | 370.11M | 279.34M | 144.40M | 122.15M | 122.15M |
| Stockholders Equity | 271.61M | 263.18M | 255.88M | 218.74M | 201.75M | 201.75M |
Cash Flow | ||||||
| Free Cash Flow | 16.08M | -7.25M | 27.86M | -6.98M | 997.00K | 14.45M |
| Operating Cash Flow | 24.31M | 5.72M | 30.54M | -1.64M | 2.79M | 17.30M |
| Investing Cash Flow | -8.23M | -28.53M | -35.22M | -11.95M | -7.79M | -2.85M |
| Financing Cash Flow | 17.17M | 18.68M | 48.70M | -681.00K | -4.87M | -8.05M |
Aviat Networks Technical Analysis
Negative
22.80
Price Trends
24.22
Negative
22.89
Negative
22.94
Negative
Market Momentum
-0.53
Negative
49.20
Neutral
87.44
Negative
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 22.8 is above the 20-day moving average (MA) of 22.56, below the 50-day MA of 24.22, and below the 200-day MA of 22.94, indicating a neutral trend. The MACD of -0.53 indicates Negative momentum. The RSI at 49.20 is Neutral, neither overbought nor oversold. The STOCH value of 87.44 is Negative, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $360.68M | 20.23 | 34.98% | ― | 10.12% | 153.04% | |
63 Neutral | $292.24M | 12.04 | 5.54% | ― | 10.89% | ― | |
62 Neutral | $227.42M | -90.22 | -1.22% | ― | -3.78% | -92.62% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | $558.92M | 81.87 | 12.49% | ― | 16.06% | 166.69% | |
55 Neutral | $237.51M | 31.48 | 4.98% | 4.28% | 0.15% | 17.21% | |
55 Neutral | $229.47M | 185.41 | -9.51% | ― | -17.45% | 76.52% |
* Technology Sector Average
AVNW
Aviat Networks
22.80
5.93
35.15%
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Aviat Networks Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
Aviat Networks Updates Auditor Consent for Form S-3
Neutral
Mar 11, 2026
On September 10, 2025, Aviat Networks, Inc. filed its Annual Report on Form 10-K for the fiscal year ended June 27, 2025, but the auditor’s consent attached at that time did not reference the company’s Form S-3 shelf registration becau...
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Aviat Networks Extends Tax Benefit Preservation Rights Plan
Neutral
Feb 27, 2026
On February 27, 2026, Aviat Networks amended its Amended and Restated Tax Benefit Preservation Plan with Computershare Inc. as rights agent to extend the plan’s final expiration date from its prior term to March 3, 2029. The board adopted an...
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.