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Aviat Networks

AVNW on Nasdaq. Aviat Networks sells wireless networking gear and services to telecom and private network operators. Market value $263m.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

Should I look at this?

Not a fit for our list right now

Why it could be worth it

What to watch out for

See Technology stocks that passed both tests

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.3%low

For every $100 of what the whole company costs, it produced $2.25 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
15.3×full

You pay 15.3 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to June 2026
5.8%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 44 of 100. Our list needs 70 on quality and 60 on price.

$21.10 a share, 52% above its 1-year low

Over the past year the price has ranged from $13.92 to $27.02.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.0
-0.0
0.0
-0.0
0.0
20222023202420252026
Revenue
$303m$344m$408m$435m$440m
Operating margin
9.5%7.1%4.8%2.4%4.4%
Debt to equity
n/a0.000.190.330.36
Shares outstanding
0.01bn0.01bn0.01bn0.01bn0.01bn

Health checks

  • Free cash flow positive3 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.36× equity
  • Revenue growth, five yearsSlow, 9.8% a year
  • Buying back its own sharesNo, 12% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $121 million last quarter, up 5% on a year ago.
  • A loss of $1 million, after a profit of $5 million a year ago.
  • It keeps 4 cents of each $1 of sales as operating profit, up from 2 cents a year earlier.
  • Spare cash over the past 12 months: $6 million. A year earlier it spent $7 million more than it brought in.
  • Debt is $24 million more than cash, down from $28 million a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$88m
December 2024$118m
March 2025$113m
June 2025$115m
September 2025$107m
December 2025$111m
March 2026$100m
June 2026$121m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024-$12m
December 2024$4m
March 2025$4m
June 2025$5m
September 2025$162,000
December 2025$6m
March 2026-$2m
June 2026-$1m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 August 2026
Next quarterly (estimated, 10-Q)
3 August 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 125 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 4 sold $1m, $449,874 of it under preset trading plans.

  • Croke Gary
    SVP of Product and Innovation
    Sold
    Date
    31 August 2026
    Shares
    629
    Price
    $19.69
    Value
    $12,387
  • SMITH PETE A
    President and CEO
    Sold
    Date
    31 August 2026
    Shares
    14,264
    Price
    $19.69
    Value
    $280,901
  • Boase Erin
    VP Legal Affairs
    Sold
    Date
    31 August 2026
    Shares
    1,347
    Price
    $19.69
    Value
    $26,526
  • SMITH PETE A
    President and CEO
    Sold
    under a preset trading plan
    Date
    9 February 2026
    Shares
    17,086
    Price
    $26.33
    Value
    $449,874
  • Croke Gary
    SVP of Product and Innovation
    Sold
    Date
    6 February 2026
    Shares
    6,914
    Price
    $26.20
    Value
    $181,147
  • SMITH PETE A
    President and CEO
    Sold
    Date
    11 November 2025
    Shares
    5,350
    Price
    $23.39
    Value
    $125,137
  • TATEN BRUCE M.
    Director
    Sold
    Date
    11 November 2025
    Shares
    3,268
    Price
    $23.39
    Value
    $76,439

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Aug 2026, plus 2 later 8-Ks.

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “At the same time, the Committee approved the dismissal of Deloitte & Touche LLP (“Deloitte”) as independent registered public accounting firm of the Company effective September 18, 2025.”

    From an 8-K filed 19 September 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.