Latest Ratios: P/E Ratio -30.1x · EV/EBITDA N/A · ROE -10.0%. (2005–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.2B | $9.6B | $4.3B | $4.4B | $2.5B | $2.0B | $2.7B | $1.5B | $1.7B | $1.3B | $666M |
| Enterprise Value | $8.7B | $10.0B | $4.3B | $4.4B | $2.6B | $2.1B | $2.8B | $1.2B | $1.5B | $1.2B | $586M |
| P/E Ratio → | -30.10 | — | 97.75 | 73.30 | — | — | 79.40 | 35.03 | 34.80 | 64.88 | 51.02 |
| P/S Ratio | 4.16 | 4.84 | 5.20 | 6.09 | 4.67 | 4.45 | 6.81 | 3.95 | 5.25 | 4.84 | 2.86 |
| P/B Ratio | 1.81 | 2.18 | 4.82 | 5.31 | 4.58 | 3.26 | 4.39 | 2.85 | 3.57 | 3.16 | 1.74 |
| P/FCF | — | — | — | — | — | — | 35.72 | 104.60 | 159.24 | 21.76 | — |
| P/OCF | — | — | — | 285.56 | 221.21 | — | 31.07 | 57.84 | 85.69 | 18.75 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.07 | 5.23 | 6.07 | 4.72 | 4.76 | 7.00 | 3.29 | 4.70 | 4.30 | 2.51 |
| EV / EBITDA | — | — | 52.48 | 40.47 | — | 41.66 | 44.15 | 21.16 | 35.61 | 31.71 | 22.70 |
| EV / EBIT | — | — | 67.71 | 59.07 | 213.66 | — | 54.95 | 26.06 | 38.66 | 36.71 | 26.52 |
| EV / FCF | — | — | — | — | — | — | 36.71 | 86.95 | 142.58 | 19.35 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.3% | 25.3% | 39.4% | 39.6% | 32.1% | 31.7% | 41.7% | 41.7% | 40.9% | 40.1% | 41.8% |
| Operating Margin | -15.7% | -15.7% | 5.0% | 10.0% | -33.1% | -2.2% | 11.0% | 12.8% | 10.8% | 11.3% | 8.9% |
| Net Profit Margin | -13.4% | -13.4% | 5.3% | 8.3% | -32.6% | -0.9% | 5.9% | 11.2% | 15.1% | 6.7% | 5.6% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -10.0% | -10.0% | 5.1% | 8.7% | -30.4% | -0.7% | 4.2% | 8.4% | 10.9% | 4.5% | 3.5% |
| ROA | -7.8% | -7.8% | 4.1% | 6.5% | -20.3% | -0.5% | 3.1% | 7.5% | 9.7% | 3.9% | 3.1% |
| ROIC | -8.1% | -8.1% | 3.6% | 7.8% | -20.2% | -1.0% | 6.8% | 12.7% | 9.1% | 8.0% | 5.8% |
| ROCE | -10.0% | -10.0% | 4.5% | 9.1% | -23.6% | -1.2% | 6.4% | 9.6% | 7.7% | 7.6% | 5.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.19 | 0.19 | 0.07 | 0.07 | 0.30 | 0.36 | 0.36 | 0.02 | — | 0.00 | 0.00 |
| Debt / EBITDA | — | — | 0.79 | 0.55 | — | 4.25 | 3.56 | 0.18 | — | 0.00 | 0.01 |
| Net Debt / Equity | — | 0.10 | 0.03 | -0.02 | 0.05 | 0.23 | 0.12 | -0.48 | -0.37 | -0.35 | -0.21 |
| Net Debt / EBITDA | — | — | 0.29 | -0.13 | — | 2.74 | 1.18 | -4.30 | -4.16 | -3.94 | -3.09 |
| Debt / FCF | — | — | — | — | — | — | 0.98 | -17.65 | -16.66 | -2.41 | — |
| Interest Coverage | -55.41 | -55.41 | 28.97 | 17.46 | 1.27 | -1.65 | 81.36 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.30 | 4.30 | 3.52 | 3.56 | 3.93 | 3.64 | 4.18 | 7.53 | 10.47 | 6.43 | 7.37 |
| Quick Ratio | 3.59 | 3.59 | 2.69 | 2.52 | 2.79 | 2.74 | 3.43 | 6.85 | 9.26 | 5.81 | 6.12 |
| Cash Ratio | 1.44 | 1.44 | 0.24 | 0.51 | 1.09 | 1.01 | 1.88 | 4.52 | 7.20 | 4.14 | 4.16 |
| Asset Turnover | — | 0.35 | 0.73 | 0.71 | 0.66 | 0.49 | 0.43 | 0.63 | 0.62 | 0.57 | 0.54 |
| Inventory Turnover | 4.72 | 4.72 | 3.45 | 2.88 | 2.64 | 3.36 | 3.22 | 4.70 | 3.44 | 4.16 | 2.26 |
| Days Sales Outstanding | — | 163.70 | 174.62 | 137.39 | 130.52 | 134.96 | 124.11 | 148.56 | 98.63 | 100.20 | 129.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 1.0% | 1.4% | — | — | 1.3% | 2.9% | 2.9% | 1.5% | 2.0% |
| FCF Yield | — | — | — | — | — | — | 2.8% | 1.0% | 0.6% | 4.6% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $49M | $28M | $27M | $25M | $25M | $24M | $24M | $24M | $24M | $23M |
Margin Erosion and Overvaluation
Based on reported figures, AVAV trades at a trailing P/E of 89.00, a multiple that appears disconnected from the company's recent negative net margins and suggests investors are pricing in aggressive future growth that may not materialize given current operational headwinds and intense competitive pressures.
The forward P/E of 47.98 implies a significant expectation for earnings recovery that remains unproven in the current fiscal environment. When compared to the broader aerospace sector, this valuation premium appears to rely on the assumption of sustained high-margin growth in the tactical missile segment, which is currently being obscured by integration costs and scaling inefficiencies.
According to recent financial statements, ROIC has deteriorated into negative territory, reaching -0.9% in 2026Q3, which indicates that the company's recent aggressive acquisition strategy is currently failing to generate returns that exceed the cost of capital required to fund such rapid asset base expansion.
The shift from positive ROIC in 2025Q1 to current negative levels suggests that the capital deployed for M&A is not yet contributing to operational profitability. Investors should monitor whether management can pivot toward organic efficiency, as the current trend indicates a destruction of shareholder value rather than the expected compounding of returns.
As reported in quarterly filings, the cash conversion cycle has ballooned to 915 days in 2026Q3, a dramatic increase from historical norms that highlights significant inefficiencies in inventory management and a growing inability to convert production output into timely cash receipts from government customers.
The sharp rise in DSO to 691 days suggests that the company is facing extended payment cycles, likely tied to the complexity of large-scale defense contracts. This working capital intensity is a major drag on liquidity and implies that the company's operational leverage is currently working against its cash flow generation.
Based on an analysis of industry metrics, the P/S ratio is the most commonly misapplied metric for AVAV, as it obscures the underlying shift from high-margin hardware sales to lower-margin, capital-intensive development programs that do not necessarily translate into long-term shareholder value or sustainable earnings growth.
Relying on P/S ignores the critical impact of the company's ballooning operating expenses and the dilution of margins caused by recent acquisitions. Analysts should instead prioritize FCF yield or adjusted EBITDA margins to better capture the true economic reality of the business, as revenue growth alone is currently failing to drive bottom-line profitability.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying AVAV stock.
AeroVironment, Inc.'s current P/E ratio is -30.1x. The historical average is 55.2x.
AeroVironment, Inc.'s return on equity (ROE) is -10.0%. The historical average is 9.2%.
Based on historical data, AeroVironment, Inc. is trading at a P/E of -30.1x. Compare with industry peers and growth rates for a complete picture.
AeroVironment, Inc. has 25.3% gross margin and -15.7% operating margin.