ADTRAN Holdings, Inc. (ADTN) vs Aviat Networks, Inc. (AVNW)

ADTRAN Holdings, Inc. and Aviat Networks, Inc. are both Communication Equipment companies. ADTRAN Holdings, Inc. is the larger, with a market value of $610.3M against $262.6M — 2.3× the size. ADTRAN Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Aviat Networks, Inc. trades at 109×. ADTRAN Holdings, Inc. grew revenue faster over the last twelve months: 15.8% against 1.17%. Aviat Networks, Inc. has the higher net margin (0.58% vs −2.29%) and the higher return on invested capital (4.12% vs −0.55%). Across the 21 metrics below, ADTRAN Holdings, Inc. leads on 11 and Aviat Networks, Inc. on 10.

Valuation

Metric ADTN AVNW Communication Equipment median
P/E n/m 109.32 35.34
P/S 0.53 0.61 2.31
P/B 4.66 1.00 2.32
Price to free cash flow 26.15 43.81 27.50
EV/EBITDA 7.24 11.48 14.17
EV/Sales 0.63 0.66 2.42
Earnings yield (3.75%) 0.91% (0.46%)
Free cash flow yield 3.82% 2.28% 1.06%

Profitability

Metric ADTN AVNW Communication Equipment median
Gross margin 38.46% 31.45% 39.47%
Operating margin (0.18%) 4.38% 2.39%
Net margin (2.29%) 0.58% (0.80%)
Free cash flow margin 2.03% 1.39% 1.39%
Return on equity (17.44%) 0.96% (1.91%)
Return on assets (2.20%) 0.41% (0.20%)
Return on invested capital (0.55%) 4.12% 0.72%

Growth

Metric ADTN AVNW Communication Equipment median
Revenue growth (TTM) 15.75% 1.17% 11.48%
EPS growth (last fiscal year) 90.83% 90.00% 27.59%
Revenue growth, 5-year CAGR 16.43% 9.85% 4.92%
Net income growth, 5-year CAGR 0.00% (52.95%) 0.00%

Health

Metric ADTN AVNW Communication Equipment median
Debt to equity 1.69 0.36 0.06
Current ratio 1.79 1.97 2.01
Net debt to EBITDA 1.11 0.95 0.67

Dividend

Metric ADTN AVNW Communication Equipment median
Dividend yield — — 0.94%
Payout ratio — — 0.34

Size

Metric ADTN AVNW Communication Equipment median
Market cap 610.30m 262.57m 610.30m

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