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. In the quarter to July 2026, revenue grew 5.68%, EPS grew 93.1%, free cash flow grew 76.9% and total debt was flat, each against the same quarter a year earlier. Revenue growth for five consecutive years.
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AeroVironment, Inc. (AVAV) Altman Z-score
AeroVironment, Inc.'s Altman Z-score for fiscal 2026 is 4.84, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 4.84 | (7.71) |
| FY2025 | 12.54 | (2.66) |
| FY2024 | 15.20 | 8.92 |
| FY2023 | 6.28 | 1.06 |
| FY2022 | 5.22 | (1.31) |
| FY2021 | 6.54 | (7.51) |
| FY2020 | 14.04 | (9.62) |
| FY2019 | 23.66 | 9.40 |
| FY2018 | 14.26 | 4.15 |
| FY2017 | 10.12 | (0.28) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.25 | — | 0.30 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | (0.05) | — | −0.18 | |
| Market value of equity / total liabilities | 7.27 | — | 4.36 | |
| Sales / total assets | 0.35 | — | 0.35 | |
| Altman Z-score | Safe zone | 4.84 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.82 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| KTOS Kratos Defense & Security Solutions, Inc. compare | 16.4× |
| MRCY Mercury Systems Inc compare | 6.1× |
| VSEC VSE Corporation compare | 5.1× |
| LOAR Loar Holdings Inc. compare | 5.1× |
| AVAV AeroVironment, Inc. | 4.8× |
| HXL Hexcel Corporation compare | 4.7× |
| DRS Leonardo DRS, Inc. compare | 3.7× |
| PL Planet Labs PBC compare | 3.4× |
| SARO StandardAero, Inc. compare | 2.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets