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) Beneish M-score
AeroVironment, Inc.'s Beneish M-score for fiscal 2026 is −1.03; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −1.03 | 1.01 |
| FY2025 | −2.03 | (0.40) |
| FY2024 | −1.63 | 1.94 |
| FY2023 | −3.58 | (1.40) |
| FY2022 | −2.17 | (0.45) |
| FY2021 | −1.72 | (0.40) |
| FY2020 | −1.33 | 1.06 |
| FY2019 | −2.39 | 0.75 |
| FY2018 | −3.13 | (1.15) |
| FY2017 | −1.99 | (0.13) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.94 | — | 0.87 | |
| Gross margin index | 1.53 | — | 0.81 | |
| Asset quality index | 1.55 | — | 0.63 | |
| Sales growth index | 2.41 | — | 2.15 | |
| Depreciation index | 0.72 | — | 0.08 | |
| SG&A index | 1.16 | — | −0.20 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.13 | — | −0.37 | |
| Beneish M-score | Flagged by the model | −1.03 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| PL Planet Labs PBC compare | −4.6× |
| MRCY Mercury Systems Inc compare | −2.8× |
| HXL Hexcel Corporation compare | −2.5× |
| LOAR Loar Holdings Inc. compare | −2.5× |
| SARO StandardAero, Inc. compare | −2.4× |
| DRS Leonardo DRS, Inc. compare | −2.3× |
| VSEC VSE Corporation compare | −2.0× |
| KTOS Kratos Defense & Security Solutions, Inc. compare | −1.9× |
| AVAV AeroVironment, Inc. | −1.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI