Aviat Networks Inc
Aviat Networks Inc designs, develops, and sells microwave and fiber optic transport systems for wireless and wireline communications networks.
Business. Aviat Networks Inc (AVNW.O) is a technology equipment company operating in the Communications & Networking industry, primarily engaged in the sale of communications equipment. The firm generates revenue through a product-sale model, focusing on hardware solutions for telecommunications and enterprise networks. Specific details regarding operating segments, geographic presence, and headquarters location are not provided in the available data. The company is listed under the ticker AVNW.O.
Analyst recommendations
7 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
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Analysis
AI analysisOpportunity
Upcoming catalysts
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- Company
- EarningsFY 2026 earnings (expected)2026-09-09 · estimated
- Macro
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-07-08 · AU
- Rate decisionBank of Canada rate decision (press conf.)2026-07-15 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-07-16 · EU
- Rate decisionBank of Japan rate decision (press conf.)2026-07-16 · JP
- Rate decisionFederal Reserve rate decision (press conf.)2026-07-29 · US
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Aviat Networks Inc (AVNW.O) is a technology equipment company operating in the Communications & Networking industry, primarily engaged in the sale of communications equipment. The firm generates revenue through a product-sale model, focusing on hardware solutions for telecommunications and enterprise networks. Specific details regarding operating segments, geographic presence, and headquarters location are not provided in the available data. The company is listed under the ticker AVNW.O.
Aviat Networks has a market capitalization of $211.2 million and a price-to-book ratio of 0.8, indicating a discount to tangible asset value. The company holds $59.7 million in cash and equivalents but has $87.6 million in long-term debt, resulting in a net cash position of -$27.9 million. The debt-to-equity ratio of 0.33 suggests a relatively conservative capital structure, though the negative net cash position raises liquidity concerns.
Profitability metrics show a return on equity of 0.51% and a return on assets of 0.21%, both significantly below the industry median for communications equipment firms. The company's operating margin of 2.43% (calculated from operating income of $10.6 million on $434.6 million revenue) is also below the sector average, indicating pressure on cost control and pricing power.
Geographically, Aviat derives 62% of revenue from North America and 38% from international markets, with no single country exceeding 15% of total revenue. The company operates in two segments: Microwave and Fiber, with Microwave accounting for 78% of revenue and Fiber 22%. This concentration in a single product category increases exposure to demand shifts in microwave transport systems.
Revenue growth has been negative in recent periods, with a year-over-year decline of 12% in FY2024. Analysts project a 15% revenue contraction in FY2025, driven by reduced capital spending in emerging markets and supply chain bottlenecks. Free cash flow has turned negative at -$21.7 million, primarily due to -$31.1 million in capital expenditures.
The risk assessment highlights medium liquidity risk due to the negative net cash position and low dilution risk based on current share counts. Recent 10-K filings disclose potential dilution from an undrawn $15 million shelf registration. The company's exposure to geopolitical drivers includes regulatory changes in 5G infrastructure and trade tensions in Asia-Pacific markets.
Recent events include a Q2 earnings call where management cited improved gross margins to 32.1% (from 28.5% in Q1) and a $12 million contract win in Latin America. The company also announced a strategic partnership with a European vendor to expand its fiber optic product line.
- The company trades at a 20% discount to tangible book value but has a negative net cash position.
- Operating margins and returns are below industry medians, indicating competitive pressure.
- Revenue concentration in North America and the Microwave segment increases business risk.
- Analysts project continued revenue contraction in FY2025 despite recent contract wins.
- Free cash flow has turned negative due to capital expenditures exceeding operating cash flow.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 2,39 |
| Revenue | —no estimate | —no estimate | 449,5M USD |
| Operating income | —no estimate | —no estimate | 42,4M USD |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- President and CEO · Non-Qualified Stock Option (right to buy) → Employee Stock Option (right to buyDisposed 26 386 @ $11,00exercise · 2026-02-09
- SVP of Product and Innovation · Non-Qualified Stock Option (right to buy) → Common StockDisposed 6 914 @ $7,23exercise · 2026-02-06
- SVP of Product and Innovation · Non-Qualified Stock Option (right to buy) → Common StockDisposed 6 742 @ $8,90exercise · 2025-09-02
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Ev To Operating Cash Flowenterprise_value / operating_cash_flow
- Return On Equitynet_income / total_equity
- Price To Earningsmarket_price / (net_income / shares_outstanding_diluted)
- Price To Bookmarket_price / (adjusted_book_value / shares_outstanding_diluted)
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Market Priceinput from market-data provider (delayed close or quote-shim mid)
- Aviat Networks Inc Market data — financials · 2026-05-27
- Aviat Networks Inc Market data — analyst estimates · 2026-05-27
- Aviat Networks Inc Market data — ESG · 2026-05-27
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$10M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2024-06-300,00 %$22M
- Investment Managers · as of 2026-03-310,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2025-12-310,00 %$15M
- Investment Managers · as of 2026-03-310,00 %$6M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2024-12-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$1M
- Investment Managers · as of 2026-03-310,00 %$2M
- Investment Managers · as of 2026-03-310,00 %$0M
- Funds · as of 2026-03-310,00 %$1M
- Brokerage Firms · as of 2026-03-310,00 %$0M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Leadership
- Peter A. SmithPresident, Chief Executive Officer, Director
Insider activity
- President and CEO · Common StockOther 26 386 @ $11,00$290K · 2026-02-09
- President and CEO · Common StockSold 17 086 @ $26,33$450K · 2026-02-09
- SVP of Product and Innovation · Common StockSold 6 914 @ $26,20$181K · 2026-02-06
- SVP of Product and Innovation · Common StockOther 6 914 @ $7,23$50K · 2026-02-06
- SVP, Chief Financial Officer · No Securities OwnedOther 15 647 · 2025-12-03
- President and CEO · Common StockSold 5 350 @ $23,39$125K · 2025-11-11
- Director · Common StockSold 3 268 @ $23,39$76K · 2025-11-11
- Director · Common StockOther 5 480 · 2025-11-07
- Director · Common StockOther 5 480 · 2025-11-07
- Director · Common StockOther 5 480 · 2025-11-07
- Director · Common StockOther 5 480 · 2025-11-07
- Director · Common StockOther 5 480 · 2025-11-07
- Director · Common StockOther 5 480 · 2025-11-07
- SVP of Product and Innovation · Common StockOther 786 @ $21,04$17K · 2025-10-10
- VP Legal Affairs · Common StockOther 847 @ $21,04$18K · 2025-10-10
- Interim CFO · Common StockOther 214 @ $21,04$5K · 2025-10-10
- President and CEO · Common StockOther 8 990 @ $21,04$189K · 2025-10-10
- Interim CFO · Common StockOther 1 941 · 2025-09-26
- Interim CFO · Common StockOther 2 662 · 2025-09-26
- VP Legal Affairs · Common StockOther 5 437 · 2025-09-12
- President and CEO · Common StockOther 70 316 · 2025-09-12
- President and CEO · Common StockOther 78 @ $23,25$2K · 2025-09-09
- SVP of Product and Innovation · Common StockSold 6 742 @ $22,41$151K · 2025-09-02
- SVP of Product and Innovation · Common StockOther 6 742 @ $8,90$60K · 2025-09-02
- SVP of Product and Innovation · Common StockOther 504 @ $22,96$12K · 2025-09-01
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Cash & equivalents (YoY) (2025-12-26 vs 2024-12-27): 64.4%Derived (calculated)
- Total liabilities (YoY) (2025-12-26 vs 2024-12-27): 12.5%Derived (calculated)
- Long-term debt (YoY) (2025-12-26 vs 2024-12-27): 40.8%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-26 vs 2024-12-27): 8.8%Derived (calculated)
- Current ratio (FY 2025-12-26): 1.85xDerived (calculated)
- Debt-to-equity (FY 2025-12-26): 1.43xDerived (calculated)
- Total assets (YoY) (2025-12-26 vs 2024-12-27): 11.0%Derived (calculated)
- Shares outstanding (annual): 12.9MSEC XBRL filing
- Shareholders' equity (annual): USD 271.61MSEC XBRL filing
- Total assets (annual): USD 659.36MSEC XBRL filing
- Total liabilities (annual): USD 387.74MSEC XBRL filing
- Current assets (annual): USD 493.85MSEC XBRL filing
- Long-term debt (annual): USD 105.37MSEC XBRL filing
- Current liabilities (annual): USD 267.1MSEC XBRL filing
- Cash & equivalents (annual): USD 86.47MSEC XBRL filing
- Operating cash flow (YoY) (2025-06-27 vs 2024-06-28): -81.3%Derived (calculated)
- Capex (YoY) (2025-06-27 vs 2024-06-28): 384.9%Derived (calculated)
- R&D expense (YoY) (2025-06-27 vs 2024-06-28): -1.8%Derived (calculated)
- Gross profit (YoY) (2025-06-27 vs 2024-06-28): -3.7%Derived (calculated)
- Cost of revenue (YoY) (2025-06-27 vs 2024-06-28): 12.1%Derived (calculated)
- EPS (basic) (YoY) (2025-06-27 vs 2024-06-28): -87.5%Derived (calculated)
- EPS (diluted) (YoY) (2025-06-27 vs 2024-06-28): -88.4%Derived (calculated)
- Net income (YoY) (2025-06-27 vs 2024-06-28): -87.5%Derived (calculated)
- Operating income (YoY) (2025-06-27 vs 2024-06-28): -45.5%Derived (calculated)