Aerovironment Inc key statistics and ratios

In fiscal 2026, Aerovironment Inc had return on equity of -10.0%, an operating margin of -15.7%, debt equal to 17.0% of equity and a current ratio of 4.30. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Aerovironment Inc: financial ratios, annual
Fiscal year	2010Apr 2010	2011Apr 2011	2012Apr 2012	2013Apr 2013	2014Apr 2014	2015Apr 2015	2016Apr 2016	2017Apr 2017	2018Apr 2018	2019Apr 2019	2020Apr 2020	2021Apr 2021	2022Apr 2022	2023Apr 2023	2024Apr 2024	2025Apr 2025	2026Apr 2026	LTMAug 2026
Gross margin	38.8%	40.1%	39.8%	38.5%	37.2%	40.2%	45.2%	42.3%	39.7%	40.9%	41.7%	41.7%	31.7%	32.1%	39.6%	38.8%	25.3%	26.5%
Operating margin	12.0%	11.6%	13.3%	1.6%	4.9%	0.8%	8.6%	9.1%	11.2%	10.8%	12.8%	11.0%	−2.2%	−33.1%	10.0%	5.0%	−15.7%	−12.6%
Net margin	8.3%	8.9%	9.4%	4.3%	5.5%	1.1%	3.8%	5.7%	6.6%	15.1%	11.2%	5.9%	−0.9%	−32.6%	8.3%	5.3%	−13.4%	−10.1%
Free-cash-flow margin	10.1%	8.0%	1.2%	7.2%	10.7%	13.2%	−0.0%	−7.5%	22.2%	5.7%	3.8%	19.1%	−7.2%	−0.6%	−1.1%	−2.5%	−7.1%	−1.2%
Return on equity	8.9%	10.4%	10.8%	3.4%	4.2%	0.8%	2.5%	3.5%	4.5%	10.9%	8.4%	4.2%	−0.7%	−30.4%	8.7%	5.1%	−10.0%	−4.6%
Return on assets	—	7.8%	8.7%	2.9%	3.7%	0.7%	2.2%	3.1%	3.9%	9.7%	7.5%	3.1%	−0.5%	−20.3%	6.5%	4.1%	−7.8%	−3.5%
Asset turnover	—	0.88	0.93	0.66	0.67	0.66	0.58	0.54	0.60	0.64	0.67	0.52	0.48	0.62	0.78	0.77	0.58	0.35
Current ratio	—	4.87	4.44	6.24	8.13	7.04	7.43	7.37	6.43	10.47	7.53	4.18	3.64	3.93	3.56	3.52	4.30	4.26
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	32.7%	31.3%	24.5%	3.4%	3.4%	17.0%	17.0%
Interest cover (operating income ÷ interest)	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	n/m	—
Effective tax rate	31.1%	24.3%	30.1%	3.2%	7.9%	—	16.2%	21.2%	31.3%	10.0%	12.4%	2.3%	—	—	3.1%	2.0%	—	—
R&D as % of revenue	9.8%	12.2%	9.5%	15.5%	10.1%	17.9%	15.0%	12.4%	9.8%	10.9%	12.7%	13.6%	12.3%	11.9%	13.6%	12.3%	6.5%	5.9%
SG&A as % of revenue	17.0%	16.2%	17.0%	21.5%	22.1%	21.5%	21.6%	20.8%	18.8%	19.2%	16.2%	17.1%	21.6%	24.4%	16.0%	19.3%	22.4%	21.1%
Capital spending as % of revenue	4.3%	3.5%	4.6%	4.9%	2.8%	2.0%	2.6%	3.9%	3.5%	2.8%	3.1%	2.9%	5.0%	2.8%	3.2%	2.4%	3.2%	4.2%
Free cash flow ÷ net income	121.6%	90.0%	12.4%	167.0%	195.8%	>999%	−0.8%	−131.8%	337.4%	38.0%	33.8%	322.6%	—	—	−12.9%	−47.8%	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Aerovironment Inc: financial ratios, quarterly
Quarter	2025 Q2Oct 2024	2025 Q3Jan 2025	2025 Q4Apr 2025	2026 Q1Aug 2025	2026 Q2Nov 2025	2026 Q3Jan 2026	2026 Q4Apr 2026	2027 Q1Aug 2026
Gross margin	39.1%	37.7%	36.5%	20.9%	22.0%	24.2%	31.6%	25.9%
Operating margin	3.7%	−1.8%	5.0%	−15.2%	−6.4%	−65.8%	8.9%	−2.3%
Net margin	4.0%	−1.0%	6.1%	−14.8%	−3.6%	−59.8%	9.8%	−1.1%
Free-cash-flow margin	−4.6%	−17.7%	−2.0%	−32.2%	−11.8%	−4.3%	12.3%	−6.4%
Current ratio	4.61	4.22	3.52	5.96	5.08	5.51	4.30	4.26
Debt to equity	1.7%	2.9%	3.4%	16.4%	16.5%	17.4%	16.6%	16.6%
R&D as % of revenue	15.2%	13.4%	9.1%	7.3%	7.6%	6.6%	4.9%	5.0%
SG&A as % of revenue	20.1%	26.1%	15.7%	28.9%	20.8%	24.4%	17.8%	23.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 5 checks passed · August 1, 2026

What it owns · $5.7bn

Short-term assets $1.9bnLonger-term assets $3.8bn

What it owes, and who funded it · $4.8bn

Short-term liabilities $442mShareholders' equity $4.4bn

Short-term assets cover short-term liabilities $1.9bn of assets due within a year against $442m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $278m of cash against $730m of debt.
Debt below 40% of shareholders' equity Debt is 17% of equity.
Debt burden no higher than five years ago Debt to equity moved from 30% to 17% over five years.
A year's operating cash flow covers at least 20% of debt $59m of operating cash flow against $730m of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Aerovironment Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

33 /100

Weak moat

How hard Aerovironment's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 5 / 20

Cash operating profit has been a median 5.1% of total assets over 10 years.
Pricing power 10 / 20

Gross margin has been a median 39.2%, moving by 5.9 percentage points (standard deviation) across 10 years.
Durability 1 / 20

Operating margin has been a median 6.9%; its worst year was -25.5%.
Cash conversion 8 / 20

Free cash flow was positive in 6 of 10 years, at a median 3.3% of revenue.
Discipline 10 / 20

The diluted share count rose 103.6% over five years; stock-based pay has been a median 1.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Aerovironment Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aerovironment Inc.