Latest Ratios: P/E Ratio 205.4x · EV/EBITDA N/A · ROE 0.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $266M | $307M | $357M | $396M | $297M | $377M | $102M | $77M | $92M | $92M | $42M |
| Enterprise Value | $297M | $338M | $345M | $376M | $263M | $343M | $73M | $54M | $64M | $65M | $21M |
| P/E Ratio → | 205.40 | 239.40 | 33.36 | 38.80 | 14.02 | 3.38 | 395.74 | 7.87 | 51.19 | — | — |
| P/S Ratio | 0.61 | 0.71 | 0.88 | 1.15 | 0.98 | 1.24 | 0.43 | 0.32 | 0.38 | 0.38 | 0.16 |
| P/B Ratio | 1.00 | 1.17 | 1.40 | 1.81 | 1.47 | 1.87 | 1.48 | 1.08 | 1.61 | 1.69 | 0.79 |
| P/FCF | — | — | 12.82 | — | 297.46 | 26.08 | 7.89 | — | 56.20 | 17.10 | — |
| P/OCF | 46.46 | 53.67 | 11.70 | — | 106.33 | 21.78 | 5.81 | 26.14 | 11.27 | 9.79 | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.78 | 0.85 | 1.09 | 0.87 | 1.13 | 0.31 | 0.22 | 0.26 | 0.27 | 0.08 |
| EV / EBITDA | — | — | — | — | 7.91 | 10.32 | 9.38 | 9.26 | 9.83 | 13.48 | — |
| EV / EBIT | — | 35.11 | 17.92 | 17.22 | 9.06 | 11.83 | 9.81 | 32.70 | 24.68 | — | — |
| EV / FCF | — | — | 12.38 | — | 263.40 | 23.73 | 5.65 | — | 38.93 | 12.15 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.1% | 32.1% | 35.5% | 35.5% | 36.1% | 36.1% | 35.5% | 32.5% | 33.2% | 31.2% | 23.0% |
| Operating Margin | -2.4% | -2.4% | -4.8% | -7.1% | 9.5% | 9.5% | 1.4% | 0.6% | 0.5% | -0.4% | -10.2% |
| Net Profit Margin | 0.3% | 0.3% | 2.6% | 3.0% | 7.0% | 7.0% | 0.1% | 4.0% | 0.8% | -0.3% | -11.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 0.5% | 0.5% | 4.5% | 4.8% | 10.5% | 15.6% | 0.4% | 15.1% | 3.3% | -1.5% | -43.6% |
| ROA | 0.2% | 0.2% | 2.4% | 3.0% | 6.5% | 8.4% | 0.1% | 6.0% | 1.2% | -0.5% | -15.3% |
| ROIC | -2.9% | -2.9% | -6.6% | -10.1% | 12.8% | 20.8% | 5.7% | 2.6% | 3.5% | -2.5% | -45.7% |
| ROCE | -3.2% | -3.2% | -7.1% | -10.9% | 13.1% | 18.8% | 3.9% | 1.7% | 1.9% | -1.5% | -32.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.35 | 0.35 | 0.20 | 0.01 | 0.01 | 0.01 | 0.19 | 0.13 | 0.16 | 0.17 | 0.17 |
| Debt / EBITDA | — | — | — | — | 0.09 | 0.09 | 1.64 | 1.54 | 1.38 | 1.85 | — |
| Net Debt / Equity | — | 0.12 | -0.05 | -0.09 | -0.17 | -0.17 | -0.42 | -0.32 | -0.49 | -0.49 | -0.40 |
| Net Debt / EBITDA | — | — | — | — | -1.02 | -1.02 | -3.72 | -3.93 | -4.36 | -5.49 | — |
| Debt / FCF | — | — | -0.45 | — | -34.05 | -2.35 | -2.24 | — | -17.27 | -4.95 | — |
| Interest Coverage | 1.59 | 1.59 | 8.23 | 41.06 | — | — | 137.54 | 16.20 | 89.52 | -11.10 | -273.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.64 | 1.64 | 1.85 | 1.81 | 1.98 | 1.98 | 1.49 | 1.53 | 1.43 | 1.45 | 1.40 |
| Quick Ratio | 1.35 | 1.35 | 1.57 | 1.56 | 1.72 | 1.72 | 1.33 | 1.42 | 1.16 | 1.17 | 1.10 |
| Cash Ratio | 0.21 | 0.21 | 0.30 | 0.17 | 0.46 | 0.46 | 0.44 | 0.39 | 0.43 | 0.42 | 0.31 |
| Asset Turnover | — | 0.69 | 0.76 | 0.95 | 0.94 | 0.94 | 1.33 | 1.44 | 1.55 | 1.59 | 1.62 |
| Inventory Turnover | 3.51 | 3.51 | 4.23 | 6.64 | 7.13 | 7.13 | 10.11 | 17.31 | 7.11 | 7.03 | 6.82 |
| Days Sales Outstanding | — | 256.56 | 234.39 | 176.96 | 143.40 | 143.40 | 111.26 | 119.32 | 86.15 | 87.61 | 93.14 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.5% | 0.4% | 3.0% | 2.6% | 7.1% | 29.5% | 0.3% | 12.7% | 2.0% | — | — |
| FCF Yield | — | — | 7.8% | — | 0.3% | 3.8% | 12.7% | — | 1.8% | 5.8% | — |
| Buyback Yield | 0.2% | 0.2% | 0.1% | 0.0% | 1.8% | 0.2% | 1.7% | 3.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.2% | 0.1% | 0.0% | 1.8% | 0.2% | 1.7% | 3.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $13M | $12M | $12M | $12M | $12M | $11M | $11M | $11M | $11M | $10M |
Integration and margin volatility
According to recent market data, Aviat's forward P/E of 13.04 suggests investors are pricing in significant execution risk, as the company trades at a notable discount to broader technology peers while grappling with the integration of recent large-scale international acquisitions into its core microwave transport business.
The current valuation appears to reflect a market that is heavily discounting the company's ability to convert its specialized hardware footprint into sustained software-driven profitability. Investors should monitor whether the forward earnings multiple expands as the company demonstrates improved operating leverage, or if the current discount persists due to ongoing concerns regarding the cyclicality of its project-based revenue model.
Based on reported financial statements, Aviat's ROIC has struggled to maintain positive momentum, fluctuating between -4.4% and 2.5% over the last ten quarters, which indicates that the company is currently failing to generate returns on invested capital that exceed its likely cost of capital.
The erratic trend in ROIC suggests that the capital deployed for inorganic growth, specifically the NEC wireless transport acquisition, has yet to yield the expected operational efficiencies. This performance warrants further investigation into whether the company's asset base is becoming bloated relative to its ability to generate incremental operating income from its expanded global footprint.
As reported in quarterly filings, Aviat's cash conversion cycle reached 199 days in 2026Q3, a significant deterioration from the 173-day level observed in 2025Q4, highlighting persistent challenges in managing inventory and receivables within its complex, project-heavy microwave transport and private network infrastructure business model.
The extended DSO of 268 days in 2026Q3 suggests that the company may be facing difficulty in collecting payments from its utility and public sector customers, potentially due to the long-term nature of government-funded infrastructure projects. This inefficiency ties up significant liquidity and necessitates a closer look at the company's credit terms and the timing of milestone-based revenue recognition.
The P/E ratio is frequently misapplied to Aviat Networks, as it obscures the company's true earning power by failing to account for the significant non-cash amortization and one-time integration costs associated with its recent aggressive acquisition strategy in the global wireless transport market.
Investors should instead focus on Adjusted EBITDA or free cash flow metrics to better gauge the underlying cash generation of the business. Relying on P/E ratios in this context may lead to an overly pessimistic view of the company's valuation, as it ignores the potential for margin expansion once the current integration-related expenses subside.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AVNW stock.
Aviat Networks, Inc.'s current P/E ratio is 205.4x. The historical average is 53.6x. This places it at the 100th percentile of its historical range.
Aviat Networks, Inc.'s return on equity (ROE) is 0.5%. The historical average is -16.4%.
Based on historical data, Aviat Networks, Inc. is trading at a P/E of 205.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Aviat Networks, Inc. has 32.1% gross margin and -2.4% operating margin.