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AeroVironment

AVAV Nasdaq Aerospace & Defense Financials FY2017–FY2026

AeroVironment's revenue rose 140.9% to $2.0 billion in fiscal 2026. Its operating margin was −15.7%, down from 5.0% a year earlier. Free cash flow was −$141 million. The diluted share count rose 74.2%.

Last close · Oct 23, 2026

$123.25

4.7%
Value it Compare
Revenue Total sales reported in the income statement.
$2.0B
140.9% vs prior year
Operating margin Operating income as a share of revenue.
−15.7%
20.7 pts
Net income Profit after all expenses, interest and tax.
−$265M
708.0%
Free cash flow Cash from operations minus capital spending.
−$141M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−9.1%
14.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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About these figures. AeroVironment held no short-term investments at the end of fiscal 2023 (its 10-K tags them as zero), so its cash and short-term investments that year are its cash alone. AeroVironment's operating loss in fiscal 2026, after write-downs, made its EBITDA negative, so net debt to EBITDA is blank that year.

What AeroVironment does

No business description yet.

Legal name
AEROVIRONMENT, INC.
Fiscal year ends
April 30, 2026
Latest annual report
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Accession · CIK
0001104659-26-078906
0001368622

Revenue and margins

AeroVironment had $2.0B of revenue in fiscal 2026, up 140.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$141M in fiscal 2026, −7.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AeroVironment returned $0.0M to shareholders in fiscal 2026. The diluted share count rose 74.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AeroVironment yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$115M and divides by 49.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably AeroVironment can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $102M$133M$73.3M$40.9M$632M
Debt incl. finance leases $190M$135M$28.0M$30.0M$748M
Net debt / EBITDA 1.7x—−0.4x−0.1x—
Debt / equity 0.3x0.3x0.0x0.0x0.2x
Interest coverage −2.0x−17.5x10.5x23.2x−12.9x
Current ratio 3.6x3.9x3.6x3.5x4.3x
Quick ratio 2.7x2.8x2.5x2.7x3.6x
Total assets $914M$825M$1.0B$1.1B$5.7B
Total liabilities $306M$274M$193M$234M$1.3B
Shareholders' equity $608M$551M$823M$887M$4.4B
Net debt (− = net cash) $88.1M$2.1M−$45.3M−$10.9M$115M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.5M

3 insiders

Of sales under plans

100%

$0.5M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Brian Charles ShackleySVP, Chief Accounting Officer Sold plan 100 $152.27 $0.0M Form 4
Sep 15, 2026 Stephen F PageDirector Sold plan 250 $152.27 $0.0M Form 4
Aug 17, 2026 Stephen F PageDirector Sold plan 250 $191.98 $0.0M Form 4
Aug 14, 2026 Brian Charles ShackleySVP, Chief Accounting Officer Sold plan 205 $201.86 $0.0M Form 4
Jul 15, 2026 Brian Charles ShackleySVP, Chief Accounting Officer Sold plan 300 $143.00 $0.0M Form 4
Jul 15, 2026 Stephen F PageDirector Sold plan 248 $143.00 $0.0M Form 4
Jun 15, 2026 Stephen F PageDirector Sold plan 250 $174.41 $0.0M Form 4
May 15, 2026 Stephen F PageDirector Sold plan 250 $162.31 $0.0M Form 4
Apr 15, 2026 Stephen F PageDirector Sold plan 250 $197.29 $0.0M Form 4
Mar 16, 2026 Brian Charles ShackleyChief Accounting Officer Sold plan 200 $212.52 $0.0M Form 4
Mar 16, 2026 Stephen F PageDirector Sold plan 250 $212.52 $0.1M Form 4
Mar 10, 2026 Kevin Patrick McDonnellCFO Sold plan 396 $224.55 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✕ ✕
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✕ ✕ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✕
Revenue rose relative to assets ✓ ✕ ✓
F-score 6 / 92 / 93 / 9
Accruals ratio 4.8%4.2%−5.5%
Altman Z'' 8.087.564.81

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AeroVironment AVAV $6.1B 140.9% −15.7% −7.1% −9.1% — 3
Hexcel HXL $6.1B −0.5% 9.1% 8.3% 6.5% 35.9x 6 Compare →
Axon Enterprise AXON $34.7B 33.5% −2.2% 2.7% −2.2% 174.4x 6 Compare →
Kratos Defense & Security Solutions KTOS $7.4B 18.5% 1.9% −10.2% 1.2% — 4 Compare →
BWX Technologies BWXT $11.7B 18.3% 12.7% 9.2% 13.9% 33.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $229M $271M $314M $367M $395M $446M $541M $717M $821M $2.0B
Gross profit $96.9M $108M $128M $153M $165M $141M $174M $284M $319M $501M
Research and development $28.5M $26.4M $34.2M $46.5M $53.8M $54.7M $64.3M $97.7M $101M $128M
Operating income $20.8M $30.4M $33.8M $47.1M $43.3M −$9.9M −$179M $71.8M $40.8M −$311M
Interest expense — — — — — $5.0M $10.2M $6.8M $1.8M $24.2M
Pretax income $22.4M $31.3M $46.5M $47.2M $23.9M −$13.3M −$191M $61.6M $44.5M −$288M
Income tax $4.8M $9.8M $4.6M $5.8M $0.5M −$10.4M −$14.7M $1.9M $0.9M −$23.1M
Net income $13.1M $17.6M $47.4M $41.1M $23.3M −$4.2M −$176M $59.7M $43.6M −$265M
Diluted EPS $0.56 $0.75 $1.97 $1.71 $0.96 −$0.17 −$7.04 $2.18 $1.55 −$5.40
Diluted shares 0.02B 0.02B 0.02B 0.02B 0.02B 0.02B 0.03B 0.03B 0.03B 0.05B
Cash flow
Cash from operations −$8.3M $69.8M $26.9M $25.1M $86.5M −$9.6M $11.4M $15.3M −$1.3M −$78.4M
Capital expenditure $9.0M $9.6M $8.9M $11.2M $11.3M $22.3M $14.9M $23.0M $19.5M $62.5M
Free cash flow −$17.3M $60.3M $18.1M $13.9M $75.3M −$31.9M −$3.5M −$7.7M −$20.9M −$141M
Depreciation and amortization $5.1M $6.0M $7.7M $9.9M $19.3M $60.8M $100M $35.7M $41.0M $265M
Stock-based compensation $3.4M $5.0M $7.0M $6.2M $6.9M $5.4M $10.8M $17.1M $21.5M $38.3M
Acquisitions $0.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $200M $257M $323M $303M $181M $102M $133M $73.3M $40.9M $632M
Total debt — — — — $200M $190M $135M $28.0M $30.0M $748M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $354M $399M $470M $504M $402M $369M $477M $516M $607M $1.9B
Current liabilities $48.1M $62.1M $44.9M $67.0M $96.2M $101M $121M $145M $172M $439M
Inventory $40.9M $37.4M $54.1M $45.5M $71.6M $90.6M $139M $150M $144M $313M
Property and equipment, net $16.0M $19.2M $16.9M $21.7M $58.9M $62.3M $39.8M $46.6M $50.7M $167M
Total assets $433M $473M $509M $585M $929M $914M $825M $1.0B $1.1B $5.7B
Total liabilities $49.2M $64.4M $46.3M $75.1M $317M $306M $274M $193M $234M $1.3B
Shareholders' equity $382M $409M $463M $510M $612M $608M $551M $823M $887M $4.4B
Margins
Gross margin 42.3% 39.7% 40.9% 41.7% 41.7% 31.7% 32.1% 39.6% 38.8% 25.3%
Operating margin 9.1% 11.2% 10.8% 12.8% 11.0% −2.2% −33.1% 10.0% 5.0% −15.7%
EBITDA margin 11.3% 13.4% 13.2% 15.5% 15.9% 11.4% −14.6% 15.0% 10.0% −2.3%
Net margin 5.7% 6.5% 15.1% 11.2% 5.9% −0.9% −32.6% 8.3% 5.3% −13.4%
FCF margin −7.5% 22.2% 5.7% 3.8% 19.1% −7.2% −0.6% −1.1% −2.5% −7.1%
Returns
Return on capital — — — — — −1.2% −22.6% 10.5% 4.8% −9.1%
Return on capital employed 5.6% 7.7% 7.7% 9.6% 6.4% −1.2% −23.6% 9.1% 4.5% −10.0%
Return on equity 3.5% 4.5% 10.9% 8.5% 4.2% −0.7% −30.4% 8.7% 5.1% −10.0%
Return on assets 3.1% 3.9% 9.7% 7.5% 3.1% −0.5% −20.3% 6.5% 4.1% −7.8%
Growth
Revenue growth −2.1% 18.4% 16.0% 16.9% 7.5% 12.9% 21.3% 32.6% 14.5% 140.9%
Net income growth 45.9% 34.9% 168.7% −13.4% −43.2% −117.9% — — −26.9% −707.8%
EPS growth 43.6% 33.9% 162.7% −13.2% −43.9% −117.7% — — −28.9% −448.4%
FCF growth — — −70.1% −23.1% 442.4% −142.4% — — — —
Share count change 0.7% 2.2% 1.1% 0.1% 1.1% 1.3% 1.5% 9.1% 3.1% 74.2%
Financial health
Net debt / EBITDA — — — — 0.3x 1.7x — −0.4x −0.1x —
Debt / equity — — — — 0.3x 0.3x 0.3x 0.0x 0.0x 0.2x
Interest coverage — — — — — −2.0x −17.5x 10.5x 23.2x −12.9x
Current ratio 7.4x 6.4x 10.5x 7.5x 4.2x 3.6x 3.9x 3.6x 3.5x 4.3x
Quick ratio 6.5x 5.8x 9.3x 6.9x 3.4x 2.7x 2.8x 2.5x 2.7x 3.6x
Capital allocation
Capex / revenue 3.9% 3.5% 2.8% 3.1% 2.9% 5.0% 2.8% 3.2% 2.4% 3.2%
Stock comp / revenue 1.5% 1.8% 2.2% 1.7% 1.8% 1.2% 2.0% 2.4% 2.6% 1.9%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% — — — — —
Quality scores
Piotroski F-score — — — — — 1.0 6.0 6.0 2.0 3.0
Altman Z'' 14.8 13.4 18.3 14.4 5.7 5.2 4.2 8.1 7.6 4.8
Accruals ratio 5.1% −11.5% 4.2% 2.9% −8.4% 0.6% −21.6% 4.8% 4.2% −5.5%

Source: SEC EDGAR XBRL filings (CIK 0001368622). Data updated October 12, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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