Aviat Networks, Inc. (AVNW) Stock

Aviat Networks, Inc. (AVNW) is a Technology stock trading at $20.24 (as of 2026-07-24), with a market capitalization of $261.89M and a trailing P/E of 29.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Aviat Networks, Inc. provides wireless transport solutions worldwide. It offers a comprehensive suite of products and localized professional and support services enabling customers to simplify their networks and lives. The company's products and solutions include wireless transmission systems for microwave and millimeter wave networking applications. It serves communications service providers and private network operators, including state/local government, utility, federal government, and defense organizations. The company markets its products through a direct sales, service, and support organization; indirect sales channels comprising dealers, resellers, and sales representatives; and through online. Aviat Networks, Inc. was incorporated in 2006 and is headquartered in Austin, Texas.

Understand Aviat Networks, Inc.: how it makes money

Aviat Networks provides wireless transport solutions (microwave and millimeter wave transmission systems) plus professional and support services, and it makes money by selling products and delivering related services through direct sales, service, and support.

Profit is driven by turning customer demand signals (book-to-bill and Pasolink orders) into delivered product revenue, with services adding incremental revenue, while fulfillment execution (supply performance returned to pre-crisis) influences how reliably demand becomes shipments.

Revenue by segment (latest quarter)
Product Sales$0.1B
Services$0.0B

Business quality (Weak): Margins are currently thin (gross margin 29.3%, operating margin 0.9%), so execution and revenue mix between product sales, services, and specific replacement shipments matter.

Valuation: At 28× earnings, AVNW trades 45% below the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

  • Demand signal is positive: Book-to-Bill Ratio is 1.08, and Pasolink Orders Received are 0.04.
  • Execution appears to be back to normal: Supply Performance Returned to Pre-Crisis is 98.5 percent, supporting the ability to convert orders into revenue.

Bear case

  • Operating profitability is low: Operating margin is 0.9 percent, which can leave limited cushion if costs rise or revenue mix shifts.
  • Replacement pipeline may not yet be translating into shipments: Huawei Replacement Deal Funnel is 0.07, while Huawei Replacement Revenue Shipped is 0.01, suggesting potential timing or conversion risk.
Valuation — source: SEC EDGAR (first-party)
Price$20.24
Market Cap$261.89M
P/E Ratio29.1
EV / EBITDA11.1
Price / Book0.96
Price / Sales0.60
FCF Yield20.7%
DCF Value (model)$5.83
DCF Upside vs Price-71.2%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$434.61M
Net Margin0.3%
Revenue Growth (YoY)-11.2%
EPS Growth (YoY)-157.1%
FCF Growth (YoY)-123.4%
Financial Health — source: SEC EDGAR
Altman Z-Score0.23 (distress)
Piotroski F-Score3/9 (weak)
Valuation vs Sector & Industry
Stock P/E29.1
Sector P/E (Technology)34.6
Industry P/E (Electronic Equipment)41.3
vs Sector-16.0%
vs Industry-29.6%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($17.70M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryElectronic Equipment
CEOPeter A. Smith
Employees909
CountryUS
IPO Date1987-05-19

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AVNW earnings history · AVNW institutional & insider holders · AVNW KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-24.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.