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Aviat Networks, Inc. key statistics and ratios

In fiscal 2026, Aviat Networks, Inc. had return on equity of 1.0%, an operating margin of 4.4%, debt equal to 36.3% of equity and a current ratio of 1.97. 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.

Fiscal year2010Jul 20102011Jul 20112012Jun 20122013Jun 20132014Jun 20142015Jul 20152016Jul 20162017Jun 20172018Jun 20182019Jun 20192020Jul 20202021Jul 20212022Jul 20222023Jun 20232024Jun 20242025Jun 20252026Jul 2026
Gross margin28.5%28.3%29.7%29.4%24.6%24.0%23.0%31.2%33.2%32.5%35.5%37.3%36.1%35.5%35.5%32.1%31.5%
Operating margin−24.0%−8.4%−3.0%0.0%−14.6%−7.7%−10.2%−0.4%0.5%0.6%1.4%8.1%9.5%7.1%4.8%2.4%4.4%
Net margin−28.0%−20.0%−5.4%−3.5%−14.8%−7.3%−11.1%−0.3%0.8%4.0%0.1%40.1%7.0%3.0%2.6%0.3%0.6%
Free-cash-flow margin2.2%−10.8%0.6%−0.4%−11.2%−4.0%−0.5%2.2%0.7%−0.9%5.4%5.3%0.3%−2.0%6.8%−1.7%1.4%
Return on equity−49.5%−41.1%−14.4%−10.9%−39.0%−25.2%−43.7%−1.5%3.3%15.1%0.4%87.4%11.0%4.8%4.5%0.5%1.0%
Return on assets—−23.6%−6.8%−5.3%−18.3%−10.3%−15.3%−0.5%1.2%6.0%0.1%46.1%6.8%3.0%2.4%0.2%0.4%
Asset turnover—1.181.241.481.241.411.381.521.571.501.371.150.971.000.910.740.71
Current ratio—1.832.072.091.791.561.401.451.431.531.491.771.981.811.851.641.97
Debt to equity0.0%3.4%8.2%5.9%5.4%21.5%33.9%16.7%15.6%12.6%13.1%0.0%0.0%0.0%19.1%33.3%36.3%
Interest cover (operating income ÷ interest)n/mn/mn/m0.0xn/mn/mn/mn/m45.4x13.4x62.6x——————
Effective tax rate——————————93.1%—30.5%52.3%36.4%62.5%80.8%
R&D as % of revenue6.7%9.0%8.1%8.4%10.3%7.6%7.7%7.7%8.1%8.7%8.1%7.9%7.5%7.2%8.9%8.2%6.5%
SG&A as % of revenue28.9%23.8%22.4%20.3%25.7%22.6%24.5%23.6%24.0%23.0%24.3%20.5%19.0%20.3%20.8%20.6%20.1%
Capital spending as % of revenue2.8%1.6%1.3%2.2%2.7%1.1%0.6%1.7%2.7%2.2%1.9%1.0%0.6%1.5%0.7%3.0%1.7%
Free cash flow ÷ net income————————89.2%−23.6%>999%13.1%4.7%−68.6%259.0%−540.6%239.9%
Dividends and buybacks ÷ free cash flow———————0.0%0.5%—13.8%0.0%0.0%————

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.

Moat

46 /100

Moderate moat

How hard Aviat Networks'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 19 / 20

    Cash operating profit has been a median 14.3% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.3%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 3.4%; its worst year was -0.4%.

  • Cash conversion 8 / 20

    Free cash flow was positive in 7 of 10 years, at a median 1.0% of revenue.

  • Discipline 13 / 20

    The diluted share count rose 11.5% over five years; stock-based pay has been a median 1.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (51 before it).

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 Aviat Networks, Inc.'s SEC filings (10-K and 10-Q), retrieved October 31, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aviat Networks, Inc.