ValueScreener

ValueScreener company report

Aviat Networks, Inc. (AVNW)

NASDAQ / Technology / Communication Equipment

Share price

19.44 USD Market dataClose of Oct 14, 2026

Market capitalisation

251.5M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2026, filed Aug 27, 2026
Ratios computed
Oct 14, 2026
Filed years
16, FY2010 to FY2026
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

1.3% Computed

From the FY2026 filing

Read quality

Valuation

Price to earnings

97.20x Computed

FY2026 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.4% Computed

FY2026 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2017 Revenue: 241.9M USDFY2017 Net income: -823.0K USDFY2018 Revenue: 242.5M USDFY2018 Net income: 1.8M USDFY2019 Revenue: 243.9M USDFY2019 Net income: 9.7M USDFY2020 Revenue: 238.6M USDFY2020 Net income: 257.0K USDFY2021 Revenue: 274.9M USDFY2021 Net income: 110.1M USDFY2022 Revenue: 303.0M USDFY2022 Net income: 21.2M USDFY2023 Revenue: 344.4M USDFY2023 Net income: 10.2M USDFY2024 Revenue: 408.1M USDFY2024 Net income: 10.8M USDFY2025 Revenue: 434.6M USDFY2025 Net income: 1.3M USDFY2026 Revenue: 439.7M USDFY2026 Net income: 2.5M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
3 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 97.20x at the close of 2026-10-14 on FY2026 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Technology sector (365 companies), 97.20x sits at the 87th percentile; the middle half of that group runs from 15.44x to 59.25x.

Is it good

Return on invested capital was 1.3% in FY2026, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Technology sector (197 companies), 1.3% sits at the 26th percentile; the middle half of that group runs from 1.2% to 17.1%.

Is it safe

Net debt to EBITDA was 1.17x in FY2026, in the band labelled "Moderate" (1.00x to 2.50x), on lines set by credit-analyst convention.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Aviat Networks, Inc.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2023 to FY2025, 3 fiscal years of Aviat Networks, Inc. with a comparable figure)
The direction
Which way Aviat Networks, Inc.'s return on equity has moved, and how steadily. (FY2017 to FY2026, 10 filed years of Aviat Networks, Inc.)
What could explain it
What in Aviat Networks, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines Aviat Networks, Inc. filed)
What to check next
What to check next on Aviat Networks, Inc., and where in its filings. (4 questions for Aviat Networks, Inc.)
In one paragraph
One paragraph on Aviat Networks, Inc.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Aviat Networks, Inc.)

These are AVNW’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AVNWPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2026 annual report: 10-K, filed Aug 27, 2026, accession 0001628280-26-059187.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Aviat Networks, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax1.3% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Return on equity0.9% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Return on capital employed, pre-tax5.1% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Return on assets0.4% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Gross margin31.4% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Operating margin4.4% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Net margin0.6% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
AVNW 0.6%
CRNT -0.6%AUDC 3.6%OCC -2.0%LTRX -3.5%BKTI 15.7%
-3.5%15.7%
Net margin: AVNW against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Aviat Networks, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.37 ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Current ratio1.97 ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Quick ratio1.97 ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Altman Z-score0.39 ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Net debt26.3M ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Total assets 599.0MTotal liabilities 331.6MShareholders' equity 267.4MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Aviat Networks, Inc owned and owed at the end of fiscal 2026, from the balance sheet it filed (10-K, filed Aug 27, 2026, 0001628280-26-059187).

Aviat Networks, Inc: balance sheet position
Total assets599.0M FiledFY2026 10-K, filed Aug 27, 2026
Total liabilities331.6M FiledFY2026 10-K, filed Aug 27, 2026
Shareholders' equity267.4M FiledFY2026 10-K, filed Aug 27, 2026
Cash72.8M FiledFY2026 10-K, filed Aug 27, 2026
Total debt99.2M FiledFY2026 10-K, filed Aug 27, 2026
Net debt26.3M
Current ratio1.97
Debt to equity0.37
  • Interest cover: FY2026: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Aviat Networks, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings97.20x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
P/E on trailing twelve months107.37x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.95x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Price to sales0.58x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Enterprise value to EBIT14.53x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Enterprise value to EBITDA12.43x ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Diluted earnings per share0.19 USD FiledFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Graham number9.61 USD ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187

We publish no fair value or price target of our own. Value AVNW on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Aviat Networks, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Aviat Networks, Inc: valuation
Share price19.44 USD
Market capitalisation251.5M USD
Enterprise value to EBITDA12.43x
Graham number9.61 USD
Diluted earnings per share, FY20260.19 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 2.82x, median 26.25x, high 938.00x, latest 107.37x. 1,908 trading days with a meaningful ratio, 613 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Aviat Networks, Inc

  1. Ceragon Networks Ltd. (CRNT)Market cap 177.2M USD
  2. AudioCodes Ltd. (AUDC)Market cap 286.1M USD
  3. Optical Cable Corporation (OCC)Market cap 128.3M USD
  4. Lantronix, Inc. (LTRX)Market cap 276.8M USD
  5. BK Technologies Corporation (BKTI)Market cap 247.8M USD

Same industry (Communication Equipment) and size band (Micro, 50M to 300M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Aviat Networks, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.4% ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Free cash flow6.1M USD ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Free cash flow margin1.4% ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
FY2017 Free cash flow: 5.4M USDFY2017 Net income: -823.0K USDFY2018 Free cash flow: 1.6M USDFY2018 Net income: 1.8M USDFY2019 Free cash flow: -2.3M USDFY2019 Net income: 9.7M USDFY2020 Free cash flow: 12.9M USDFY2020 Net income: 257.0K USDFY2021 Free cash flow: 14.5M USDFY2021 Net income: 110.1M USDFY2022 Free cash flow: 997.0K USDFY2022 Net income: 21.2M USDFY2023 Free cash flow: -7.0M USDFY2023 Net income: 10.2M USDFY2024 Free cash flow: 27.9M USDFY2024 Net income: 10.8M USDFY2025 Free cash flow: -7.2M USDFY2025 Net income: 1.3M USDFY2026 Free cash flow: 6.1M USDFY2026 Net income: 2.5M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Aviat Networks, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
97.20xFY2026Oct 14, 2026
0.95xFY2026Oct 14, 2026
14.53xFY2026Oct 14, 2026
2.4%FY2026Oct 14, 2026
1.3%FY2026Aug 27, 2026
n/aFY2026Oct 14, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.37FY2026Aug 27, 2026
1.97FY2026Aug 27, 2026
0.58xFY2026Oct 14, 2026
n/aFY2026Oct 14, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
0.39FY2026Oct 14, 2026
-2.18FY2026Aug 27, 2026
6/9FY2026Aug 27, 2026

The figures are computed from the accounts for fiscal 2026, the newest full year on file. 16 filed fiscal years on record, FY2010 to FY2026, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2017 to FY2026, read from the annual reports Aviat Networks, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Aviat Networks, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2026439.7M19.2M2.5M0.196.1M4.4%0.9%10-K, Aug 27, 20260001628280-26-059187
FY2025434.6M10.6M1.3M0.10-7.2M2.4%0.5%10-K, Sep 10, 20250001377789-25-000068
FY2024408.1M19.4M10.8M0.8627.9M4.8%4.2%10-K, Oct 4, 20240001377789-24-000043
FY2023344.4M24.6M10.2M0.86-7.0M7.2%4.7%10-K, Aug 30, 20230001377789-23-000023
FY2022303.0M28.7M21.2M1.79997.0K9.5%10.5%10-K, Sep 14, 20220001377789-22-000137
FY2021274.9M22.2M110.1M9.4214.5M8.1%60.1%10-K, Aug 25, 20210001377789-21-000048
FY2020238.6M3.4M257.0K0.0212.9M1.4%0.4%10-K, Aug 27, 20200001377789-20-000062
FY2019243.9M1.4M9.7M0.87-2.3M0.6%13.6%10-K, Aug 27, 20190001377789-19-000061
FY2018242.5M1.3M1.8M0.171.6M0.5%3.2%10-K, Aug 28, 20180001377789-18-000061
FY2017241.9M-985.0K-823.0K-0.085.4M-0.4%-1.5%10-K, Sep 6, 20170001377789-17-000044
  • Revenue, compound annual growth FY2017 to FY2026: 6.9%
  • Earnings: Earnings was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2017 and 2026, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2017 to FY2026: 1.4%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Aviat Networks, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.18 ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Piotroski F-score6/9 ComputedFY2026 10-K, filed Aug 27, 2026, 0001628280-26-059187
Named tests met3 of 30 Computed
Beta0.60 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 3 met, 26 not met, 1 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Deep value; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss)
Does not
Defensive investor (Benjamin Graham); Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them PEG Ratio, Interest Coverage, Dividend Yield. Each blank in the table above names the rest, with its reason. 1 named test comes back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

No card. 30 free days, and nothing is charged unless you choose a plan.

Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

Site map
  • Android app coming soon
  • iPhone app coming soon
ValueScreener

Discover companies, research each one to its filings, track what matters, and take your work into your own spreadsheet.

ValueScreener is a trading name of Oliva Real Estate Technologies LLC, a Delaware limited liability company. Legal notices: legal@valuescreener.ai. © 2026 Oliva Real Estate Technologies LLC. All rights reserved.

Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.