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Wednesday 4 November 2026
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AeroVironment, Inc.
AVAV Industrials Aerospace & Defense
AeroVironment, Inc.’s revenue for fiscal 2026 (year ended April 2026) was $2.0 billion, up 140.9% from fiscal 2025.
- Revenue
- +5.68%
- EPS
- +93.1%
- Free cash flow
- +76.9%
- Total debt
- +0.60%
Quarter to July 2026, against a year earlier
112.32
11.21
−9.07%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to April
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Jul ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 233 | 268 | 314 | 367 | 395 | 446 | 541 | 717 | 821 | 1,977 | 2,003 | +26.8% | 2,203 | 2,541 | 2,955 | +14.3% | |
| Gross margin, % | 41.56 | 40.12 | 40.86 | 41.68 | 41.67 | 31.69 | 32.10 | 39.62 | 38.83 | 25.33 | 26.47 | (16.2) pt | ||||||
| EBT | 23 | 33 | 50 | 53 | 34 | (19) | (188) | 63 | 40 | (306) | (229) | n/m | ||||||
| EBT margin, % | 9.68 | 12.15 | 16.06 | 14.34 | 8.70 | (4.29) | (34.85) | 8.82 | 4.83 | (15.46) | (11.42) | (25.1) pt | ||||||
| Net income | 13 | 18 | 47 | 41 | 23 | (4) | (176) | 60 | 44 | (265) | (203) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 10.11 | 11.44 | 13.28 | 15.43 | 16.42 | 18.06 | 21.58 | 26.35 | 29.29 | 40.27 | 40.20 | +16.6% | |||||
| Earnings | 0.54 | 0.76 | 2.00 | 1.73 | 0.97 | (0.17) | (7.04) | 2.19 | 1.56 | (5.40) | (4.08) | n/m | ||||||
| Cash flow | (0.36) | 2.98 | 1.14 | 1.05 | 3.60 | (0.39) | 0.46 | 0.56 | (0.05) | (1.60) | 1.18 | +18.1% | ||||||
| Capex | (0.39) | (0.41) | (0.38) | (0.47) | (0.47) | (0.90) | (0.59) | (0.90) | (0.81) | (1.76) | (2.08) | +18.2% | ||||||
| Free cash flow | (0.75) | 2.57 | 0.76 | 0.59 | 3.13 | (1.29) | (0.14) | (0.34) | (0.86) | (3.35) | (0.90) | +18.1% | ||||||
| Book value | 16.57 | 17.43 | 19.55 | 21.42 | 25.45 | 24.64 | 22.00 | 30.24 | 31.64 | 89.64 | 88.23 | +20.6% | ||||||
| Shares, m | 23 | 23 | 24 | 24 | 24 | 25 | 25 | 27 | 28 | 49 | 50 | +8.8% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 52.85 | 64.12 | 34.11 | 34.83 | 113.78 | 0.00 | 0.00 | 71.98 | 97.13 | 0.00 | 0.00 | 46.9 | |||||
| P/S | 2.82 | 4.77 | 5.16 | 3.91 | 6.72 | 4.75 | 4.71 | 6.06 | 5.17 | 4.84 | 3.08 | 4.9 | ||||||
| P/B | 1.72 | 3.13 | 3.51 | 2.81 | 4.34 | 3.48 | 4.62 | 5.28 | 4.79 | 2.18 | 1.40 | 3.6 | ||||||
| EV/Sales | 1.97 | 3.81 | 4.13 | 3.11 | 6.76 | 4.94 | 4.71 | 6.00 | 5.17 | 4.90 | 3.16 | 4.6 | ||||||
| EV/FCF | (25.23) | 17.21 | 75.75 | 87.46 | 35.92 | (67.13) | (583.02) | (467.91) | (165.58) | (58.27) | (136.90) | (115.1) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (8) | 70 | 27 | 25 | 87 | (10) | 11 | 15 | (1) | (78) | 59 | +28.4% | |||||
| Capex | (9) | (10) | (9) | (11) | (11) | (22) | (15) | (24) | (23) | (86) | (104) | +28.5% | ||||||
| Free cash flow | (17) | 60 | 18 | 14 | 75 | (32) | (3) | (9) | (24) | (165) | (45) | +28.5% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 306 | 337 | 425 | 437 | 305 | 268 | 356 | 371 | 434 | 1,451 | 1,440 | +18.9% | |||||
| Net debt | (200) | (257) | (323) | (292) | 17 | 86 | 1 | (46) | (11) | 97 | 150 | n/m | ||||||
| Shareholders’ equity | 382 | 409 | 463 | 510 | 612 | 608 | 551 | 823 | 887 | 4,400 | 4,396 | +31.2% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 3.11 | 3.94 | 9.66 | 7.51 | 3.08 | (0.45) | (20.27) | 6.48 | 4.08 | (7.76) | (3.57) | (10.9) pt | |||||
| ROIC | 7.11 | 12.52 | 15.17 | 13.55 | 4.30 | (0.89) | (20.25) | 5.78 | 2.91 | (4.32) | (3.47) | (11.4) pt | ||||||
| ROE | 3.52 | 4.52 | 10.88 | 8.45 | 4.16 | (0.69) | (30.40) | 8.69 | 5.10 | (10.03) | (4.60) | (13.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 661 | 697 | 699 | 828 | 1,177 | 1,223 | 1,279 | 1,428 | 1,475 | 3,991 | — | +22.1% | |||||
| Revenue/emp, $m | 0.35 | 0.39 | 0.45 | 0.44 | 0.34 | 0.36 | 0.42 | 0.50 | 0.56 | 0.50 | — | +3.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Apr 2026 · latest quarter Jul 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| AxS | 821 | 100.00% |
|---|---|---|
| Gross margin | 38.83% | |
| Operating margin | 4.97% | |
| Pre-tax margin | 4.83% |
AeroVironment, Inc. vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| SARO StandardAero, Inc. | $8.4B | 25.5× | 19.9× | +4.63% (above 0%: growing) | +42.86% (above 0%: growing) | +263.74% (above 0%: growing) | 16.80% | 10.53% | Compare |
| KTOS Kratos Defense & Security Solutions, Inc. | $7.7B | 241× | 209× | +30.53% (above 0%: growing) | 0.00% | +12.42% (above 0%: growing) | 21.82% | (0.35%) | Compare |
| LOAR Loar Holdings Inc. | $6.4B | 94.9× | 104× | +39.36% (above 0%: growing) | 0.00% | +31.01% (above 0%: growing) | 53.15% | 24.39% | Compare |
| AVAV AeroVironment, Inc. | $6.3B | — (loss-making) | 268× | +5.68% (above 0%: growing) | n/m | +76.92% (above 0%: growing) | 25.93% | (2.26%) | |
| HXL Hexcel Corporation | $6.2B | 36.5× | 34.2× | +8.81% (above 0%: growing) | +96.15% (above 0%: growing) | −47.46% (below 0%: shrinking) | 23.27% | 11.04% | Compare |
| BETA BETA Technologies, Inc. | $5.5B | — (loss-making) | — (loss-making) | +98.16% (above 0%: growing) | n/m | −71.45% (below 0%: shrinking) | 72.09% | (723.20%) | Compare |
| KRMN Karman Holdings Inc. | $5.2B | 136× | 80.9× | +58.18% (above 0%: growing) | +120.00% (above 0%: growing) | +17.67% (above 0%: growing) | 42.97% | 19.13% | Compare |
| PL Planet Labs PBC | $4.9B | — (loss-making) | — (loss-making) | +58.14% (above 0%: growing) | n/m | −48.55% (below 0%: shrinking) | 56.55% | (11.64%) | Compare |
| MRCY Mercury Systems Inc | $4.9B | — (loss-making) | 152× | +6.11% (above 0%: growing) | −94.79% (below 0%: shrinking) | −15.93% (below 0%: shrinking) | 30.57% | 4.99% | Compare |
| Median of peers | $5.9B | 94.9× | 92.5× | +34.95% | +21.43% | −1.75% | 36.77% | 7.76% |
From the latest earnings call
- CEO Wahid Nawabi said AeroVironment is expanding production capacity for LOCUST and other systems, while working to scale a young supplier base.
- CFO Sean Woodward said AeroVironment reaffirmed its annual outlook and expects revenue and adjusted EBITDA to be weighted toward the second half.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
59.28%
Held by the ten largest
27.98%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 3.48m | 6.88% | −1.48m |
| Vanguard | 3.46m | 6.83% | −136.66k |
| State Street | 2.19m | 4.33% | −96.68k |
| Baillie Gifford | 967.45k | 1.91% | −59.29k |
| Heard Capital LLC | 903.98k | 1.79% | +182.62k |
| Invesco | 698.47k | 1.38% | +100.18k |
| Geode Capital Management | 671.97k | 1.33% | −241.92k |
| VanEck | 612.92k | 1.21% | −75.06k |
| ARK Investment Management LLC | 607.50k | 1.20% | +48.25k |
| Stephens Investment Management Group LLC | 567.42k | 1.12% | +77.00k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 14 August 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 15.25m | 22.75m | 176.70 |
| 2025 | 7.41m | 6.57m | 137.28 |
| 2024 | 7.60m | 16.05m | 144.78 |
| 2023 | 4.90m | 6.97m | 91.23 |
| 2022 | 3.52m | (1.04m) | 72.77 |
Ownership
Directors and executive officers, together
less than 1%
Entities Affiliated with Arlington Capital Partners1
23.68%
BlackRock, Inc.2
6.63%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
AeroVironment, Inc. (AVAV) Latest News
22 Oct
15 Oct
14 Oct
13 Oct
8 Oct
7 Oct
6 Oct
24 Sep
AVAV metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
AeroVironment is a defense technology company that develops and sells systems for use in the air, on land and at sea, in space and across computer networks. Its customers include the U.S. military, allied governments, intelligence and public safety agencies, and commercial organizations. The company was founded in 1971. Its headquarters is Simi Valley, while its principal executive offices are in Arlington, Virginia. Wahid Nawabi is its president and chief executive officer.
The company’s uncrewed aircraft range from portable observation drones to larger aircraft that carry heavier equipment and stay airborne longer. Its Switchblade products are loitering munitions: weapons that can remain in flight before attacking a target. AeroVironment also makes systems designed to detect and defeat hostile drones, including radio-frequency equipment, interceptors and laser weapons.