Aerovironment Financials
This page shows Aerovironment (AVAV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A deal-driven scale-up reshaped the company, with balance-sheet expansion outrunning earnings and cash conversion materially.
The economic picture shrank relative to the accounting footprint: total assets jumped to$5.6B from$999M , a scale change far larger than the underlying earnings base. With return on assets down to0.8% from6.0% , the company is carrying a much larger capital base that has not yet produced proportional profit, which is typical of acquisition-led expansion before the income statement fully catches up.
Profit did not translate into cash: FY2025 net income was
The balance sheet is now acquisition-heavy: goodwill reached
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Aerovironment's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Aerovironment has an operating margin of -22.0%, meaning the company retains $-22 of operating profit per $100 of revenue. This below-average margin results in a low score of 6/100, suggesting thin profitability after operating expenses. This is down from 5.0% the prior year.
Aerovironment's revenue surged 72.5% year-over-year to $1.4B, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Aerovironment carries a low D/E ratio of 0.17, meaning only $0.17 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.30, Aerovironment holds $4.30 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
While Aerovironment generated -$78.4M in operating cash flow, capex of $62.5M consumed most of it, leaving -$140.9M in free cash flow. This results in a low score of 10/100, reflecting heavy capital investment rather than weak cash generation.
Aerovironment generates a -6.0% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 8/100. This is down from 1.0% the prior year.
Aerovironment passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Aerovironment generates $0.30 in operating cash flow (-$78.4M OCF vs -$265.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Aerovironment earns $-12.9 in operating income for every $1 of interest expense (-$311.0M vs $24.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Aerovironment generated $1.4B in revenue in fiscal year 2026. This represents an increase of 72.5% from the prior year.
Aerovironment's EBITDA was -$46.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 156.2% from the prior year.
Aerovironment reported -$265.1M in net income in fiscal year 2026. This represents a decrease of 707.8% from the prior year.
Aerovironment earned $-5.40 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 448.4% from the prior year.
Cash & Balance Sheet
Aerovironment generated -$140.9M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 484.0% from the prior year.
Aerovironment held $377.3M in cash against $729.0M in long-term debt as of fiscal year 2026.
Aerovironment had 51M shares outstanding in fiscal year 2026. This represents an increase of 10.8% from the prior year.
Margins & Returns
Aerovironment's gross margin was 32.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 6.6 percentage points from the prior year.
Aerovironment's operating margin was -22.0% in fiscal year 2026, reflecting core business profitability. This is down 26.9 percentage points from the prior year.
Aerovironment's net profit margin was -18.7% in fiscal year 2026, showing the share of revenue converted to profit. This is down 24.1 percentage points from the prior year.
Aerovironment's ROE was -6.0% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 7.0 percentage points from the prior year.
Capital Allocation
Aerovironment invested $127.7M in research and development in fiscal year 2026. This represents an increase of 26.8% from the prior year.
Aerovironment invested $62.5M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 174.1% from the prior year.
AVAV Income Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $408.0M-13.6% | $472.5M+3.9% | $454.7M+65.3% | $275.1M+64.1% | $167.6M-11.0% | $188.5M-0.5% | $189.5M-3.8% | $197.0M |
| Cost of Revenue | $309.3M-16.1% | $368.4M+2.5% | $359.6M+105.8% | $174.7M+67.3% | $104.4M-9.0% | $114.8M+6.3% | $108.0M-11.0% | $121.3M |
| Gross Profit | $98.8M-5.1% | $104.1M+9.4% | $95.1M-5.2% | $100.3M+58.8% | $63.2M-14.2% | $73.6M-9.6% | $81.5M+7.7% | $75.6M |
| R&D Expenses | $27.1M-24.7% | $36.0M+8.7% | $33.1M+33.0% | $24.9M+10.7% | $22.5M-21.7% | $28.7M+16.7% | $24.6M-29.8% | $35.1M |
| SG&A Expenses | $99.4M+1.1% | $98.3M-25.1% | $131.3M+203.5% | $43.3M-1.2% | $43.8M+15.5% | $37.9M+12.2% | $33.8M-2.4% | $34.6M |
| Operating Income | -$268.4M-788.2% | -$30.2M+56.4% | -$69.3M-601.4% | $13.8M+547.6% | -$3.1M-144.1% | $7.0M-69.6% | $23.1M+287.9% | $5.9M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | -$21.6M-837.8% | -$2.3M+84.8% | -$15.2M-6902.2% | $223K+136.9% | -$605K-173.8% | -$221K-114.9% | $1.5M+181.6% | -$1.8M |
| Net Income | -$243.8M-1325.6% | -$17.1M+74.6% | -$67.4M-504.3% | $16.7M+1050.1% | -$1.8M-123.3% | $7.5M-64.4% | $21.2M+250.1% | $6.0M |
| EPS (Diluted) | $-4.90-1341.2% | $-0.34+76.4% | $-1.44 | N/A | $-0.06-122.2% | $0.27-64.0% | $0.75 | N/A |
AVAV Balance Sheet
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.4B-4.9% | $5.6B+0.3% | $5.6B+401.9% | $1.1B+6.9% | $1.0B+2.9% | $1.0B+2.0% | $999.2M-1.6% | $1.0B |
| Current Assets | $1.7B+2.3% | $1.7B+1.7% | $1.6B+170.3% | $606.5M+11.5% | $543.9M+5.6% | $514.8M+2.9% | $500.3M-3.0% | $515.6M |
| Cash & Equivalents | $289.9M-19.4% | $359.4M-47.6% | $685.8M+1578.3% | $40.9M-13.1% | $47.0M-31.8% | $69.0M-15.0% | $81.2M+10.7% | $73.3M |
| Inventory | $299.3M+15.5% | $259.2M+11.3% | $232.9M+61.6% | $144.1M-2.6% | $148.0M+5.9% | $139.7M-2.9% | $143.8M-4.2% | $150.2M |
| Accounts Receivable | $201.0M-13.5% | $232.3M+17.2% | $198.3M+94.5% | $102.0M+25.5% | $81.2M+9.9% | $73.9M+108.3% | $35.5M-49.5% | $70.3M |
| Goodwill | $2.4B-9.6% | $2.6B+3.3% | $2.5B+889.0% | $256.8M-6.7% | $275.3M-0.2% | $275.8M0.0% | $275.9M+0.1% | $275.7M |
| Total Liabilities | $1.2B-3.4% | $1.2B+2.0% | $1.2B+411.4% | $234.1M+25.1% | $187.1M+16.4% | $160.7M+4.6% | $153.6M-20.4% | $193.1M |
| Current Liabilities | $309.3M-5.7% | $328.0M+19.3% | $274.9M+59.7% | $172.2M+33.6% | $128.9M+15.5% | $111.6M-4.9% | $117.4M-19.0% | $144.9M |
| Long-Term Debt | $727.9M+0.1% | $726.8M+0.2% | $725.7M+2319.0% | $30.0M+20.0% | $25.0M+66.7% | $15.0M+121.0% | $6.8M-60.3% | $17.1M |
| Total Equity | $4.2B-5.3% | $4.4B-0.2% | $4.4B+399.4% | $886.5M+3.0% | $861.1M+0.3% | $858.4M+1.5% | $845.5M+2.8% | $822.7M |
| Retained Earnings | -$54.0M-128.4% | $189.8M-8.3% | $206.9M-24.6% | $274.3M+6.5% | $257.6M-0.7% | $259.4M+3.0% | $251.9M+9.2% | $230.7M |
AVAV Cash Flow Statement
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.1M+88.7% | -$45.1M+63.6% | -$123.7M-46765.9% | -$264K+99.0% | -$25.8M-607.4% | -$3.6M-112.8% | $28.4M+342.9% | -$11.7M |
| Capital Expenditures | $12.6M+16.5% | $10.8M-52.4% | $22.7M+166.6% | $8.5M+121.7% | $3.8M-23.4% | $5.0M-7.6% | $5.4M-40.2% | $9.1M |
| Free Cash Flow | -$17.7M+68.3% | -$55.9M+61.8% | -$146.5M-1566.5% | -$8.8M+70.3% | -$29.6M-241.9% | -$8.7M-137.8% | $22.9M+210.4% | -$20.8M |
| Investing Cash Flow | -$67.2M+76.1% | -$281.1M+67.9% | -$876.6M-7273.6% | -$11.9M-139.2% | -$5.0M+0.9% | -$5.0M+24.1% | -$6.6M+35.7% | -$10.3M |
| Financing Cash Flow | $1.9M+1697.5% | -$118K-100.0% | $1.6B+29644.1% | $5.5M-39.1% | $9.1M+358.3% | -$3.5M+74.8% | -$14.0M-14.1% | -$12.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
AVAV Financial Ratios
| Metric | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 24.2%+2.2pp | 22.0%+1.1pp | 20.9%-15.6pp | 36.5%-1.2pp | 37.7%-1.4pp | 39.1%-3.9pp | 43.0%+4.6pp | 38.4% |
| Operating Margin | -65.8%-59.4pp | -6.4%+8.8pp | -15.2%-20.3pp | 5.0%+6.9pp | -1.8%-5.6pp | 3.7%-8.5pp | 12.2%+9.2pp | 3.0% |
| Net Margin | -59.8%-56.1pp | -3.6%+11.2pp | -14.8%-20.9pp | 6.1%+7.1pp | -1.1%-5.1pp | 4.0%-7.2pp | 11.2%+8.1pp | 3.1% |
| Return on Equity | -5.8%-5.4pp | -0.4%+1.1pp | -1.5%-3.4pp | 1.9%+2.1pp | -0.2%-1.1pp | 0.9%-1.6pp | 2.5%+1.8pp | 0.7% |
| Return on Assets | -4.5%-4.3pp | -0.3%+0.9pp | -1.2%-2.7pp | 1.5%+1.7pp | -0.2%-0.9pp | 0.7%-1.4pp | 2.1%+1.5pp | 0.6% |
| Current Ratio | 5.51+0.4 | 5.08-0.9 | 5.96+2.4 | 3.52-0.7 | 4.22-0.4 | 4.61+0.3 | 4.26+0.7 | 3.56 |
| Debt-to-Equity | 0.170.0 | 0.160.0 | 0.16+0.1 | 0.030.0 | 0.03+0.0 | 0.020.0 | 0.01-0.0 | 0.02 |
| FCF Margin | -4.3%+7.5pp | -11.8%+20.4pp | -32.2%-29.0pp | -3.2%+14.5pp | -17.7%-13.1pp | -4.6%-16.7pp | 12.1%+22.6pp | -10.5% |
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Frequently Asked Questions
What is Aerovironment's annual revenue?
Aerovironment (AVAV) reported $1.4B in total revenue for fiscal year 2026. This represents a 72.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aerovironment's revenue growing?
Aerovironment (AVAV) revenue grew by 72.5% year-over-year, from $820.6M to $1.4B in fiscal year 2026.
Is Aerovironment profitable?
No, Aerovironment (AVAV) reported a net income of -$265.1M in fiscal year 2026, with a net profit margin of -18.7%.
What is Aerovironment's EBITDA?
Aerovironment (AVAV) had EBITDA of -$46.0M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Aerovironment have?
As of fiscal year 2026, Aerovironment (AVAV) had $377.3M in cash and equivalents against $729.0M in long-term debt.
What is Aerovironment's gross margin?
Aerovironment (AVAV) had a gross margin of 32.2% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aerovironment's operating margin?
Aerovironment (AVAV) had an operating margin of -22.0% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Aerovironment's net profit margin?
Aerovironment (AVAV) had a net profit margin of -18.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Aerovironment's return on equity (ROE)?
Aerovironment (AVAV) has a return on equity of -6.0% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Aerovironment's free cash flow?
Aerovironment (AVAV) generated -$140.9M in free cash flow during fiscal year 2026. This represents a -484.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aerovironment's operating cash flow?
Aerovironment (AVAV) generated -$78.4M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Aerovironment's total assets?
Aerovironment (AVAV) had $5.7B in total assets as of fiscal year 2026, including both current and long-term assets.
What are Aerovironment's capital expenditures?
Aerovironment (AVAV) invested $62.5M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Aerovironment spend on research and development?
Aerovironment (AVAV) invested $127.7M in research and development during fiscal year 2026.
What is Aerovironment's current ratio?
Aerovironment (AVAV) had a current ratio of 4.30 as of fiscal year 2026, which is generally considered healthy.
What is Aerovironment's debt-to-equity ratio?
Aerovironment (AVAV) had a debt-to-equity ratio of 0.17 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aerovironment's return on assets (ROA)?
Aerovironment (AVAV) had a return on assets of -4.6% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Aerovironment's cash runway?
Based on fiscal year 2026 data, Aerovironment (AVAV) had $377.3M in cash against an annual operating cash burn of $78.4M. This gives an estimated cash runway of approximately 58 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Aerovironment's Piotroski F-Score?
Aerovironment (AVAV) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aerovironment's earnings high quality?
Aerovironment (AVAV) has an earnings quality ratio of 0.30x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Aerovironment cover its interest payments?
Aerovironment (AVAV) has an interest coverage ratio of -12.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Aerovironment?
Aerovironment (AVAV) scores 51 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.