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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Baldwin Insurance Group, Inc. (BWIN). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $347.3M, roughly 1.4× Baldwin Insurance Group, Inc.). AeroVironment Inc runs the higher net margin — -3.6% vs -7.5%, a 3.9% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 5.3%). AeroVironment Inc produced more free cash flow last quarter ($-55.9M vs $-68.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs -4.4%).
AeroVironment, Inc., also known as AV, is an American defense technology company headquartered in Arlington, Virginia that designs and manufactures autonomous systems, counter-UAS systems, and space systems. The company was founded in 1971 by Paul B. MacCready Jr., a designer of human-powered aircraft. The company provides the US Department of Defense and foreign militaries with small and medium-sized drones—notably the Raven, Switchblade, Wasp, and Puma. Through its acquisition of BlueHalo i...
The Baldwin Piano Company is an American piano brand. It was once the largest US-based manufacturer of keyboard instruments and was known by the slogan, "America's Favorite Piano". Since 2001, it has been a subsidiary of Gibson Brands, Inc. Baldwin ceased domestic production in December 2008, moving its piano manufacturing to China.
AVAV vs BWIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $347.3M |
| Net Profit | $-17.1M | $-25.9M |
| Gross Margin | 22.0% | — |
| Operating Margin | -6.4% | -3.8% |
| Net Margin | -3.6% | -7.5% |
| Revenue YoY | 181.9% | 5.3% |
| Net Profit YoY | -875.1% | -28.3% |
| EPS (diluted) | $-0.34 | $-0.38 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $472.5M | $347.3M | ||
| Q3 25 | $454.7M | $365.4M | ||
| Q2 25 | $275.1M | $378.8M | ||
| Q1 25 | $167.6M | $413.4M | ||
| Q4 24 | $188.5M | $329.9M | ||
| Q3 24 | $189.5M | $338.9M | ||
| Q2 24 | $197.0M | $339.8M | ||
| Q1 24 | $186.6M | $380.4M |
| Q4 25 | $-17.1M | $-25.9M | ||
| Q3 25 | $-67.4M | $-18.7M | ||
| Q2 25 | $16.7M | $-3.2M | ||
| Q1 25 | $-1.8M | $13.9M | ||
| Q4 24 | $7.5M | $-20.2M | ||
| Q3 24 | $21.2M | $-8.4M | ||
| Q2 24 | $6.0M | $-17.6M | ||
| Q1 24 | $13.9M | $21.6M |
| Q4 25 | 22.0% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 37.7% | — | ||
| Q4 24 | 39.1% | — | ||
| Q3 24 | 43.0% | — | ||
| Q2 24 | 38.4% | — | ||
| Q1 24 | 36.1% | — |
| Q4 25 | -6.4% | -3.8% | ||
| Q3 25 | -15.2% | 0.9% | ||
| Q2 25 | 5.0% | 7.4% | ||
| Q1 25 | -1.8% | 13.6% | ||
| Q4 24 | 3.7% | -1.7% | ||
| Q3 24 | 12.2% | 4.5% | ||
| Q2 24 | 3.0% | 4.8% | ||
| Q1 24 | 7.7% | 9.0% |
| Q4 25 | -3.6% | -7.5% | ||
| Q3 25 | -14.8% | -5.1% | ||
| Q2 25 | 6.1% | -0.8% | ||
| Q1 25 | -1.0% | 3.4% | ||
| Q4 24 | 4.0% | -6.2% | ||
| Q3 24 | 11.2% | -2.5% | ||
| Q2 24 | 3.1% | -5.2% | ||
| Q1 24 | 7.4% | 5.7% |
| Q4 25 | $-0.34 | $-0.38 | ||
| Q3 25 | $-1.44 | $-0.27 | ||
| Q2 25 | $0.59 | $-0.05 | ||
| Q1 25 | $-0.06 | $0.20 | ||
| Q4 24 | $0.27 | $-0.31 | ||
| Q3 24 | $0.75 | $-0.13 | ||
| Q2 24 | $0.18 | $-0.28 | ||
| Q1 24 | $0.50 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $588.5M | $123.7M |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $600.2M |
| Total Assets | $5.6B | $3.9B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $123.7M | ||
| Q3 25 | $685.8M | $89.7M | ||
| Q2 25 | $40.9M | $105.7M | ||
| Q1 25 | $47.0M | $81.8M | ||
| Q4 24 | $69.0M | $90.0M | ||
| Q3 24 | $81.2M | $181.8M | ||
| Q2 24 | $73.3M | $208.3M | ||
| Q1 24 | $107.7M | $112.1M |
| Q4 25 | $747.5M | — | ||
| Q3 25 | $747.5M | — | ||
| Q2 25 | $30.0M | — | ||
| Q1 25 | $25.0M | — | ||
| Q4 24 | $15.0M | — | ||
| Q3 24 | $17.5M | — | ||
| Q2 24 | $28.0M | — | ||
| Q1 24 | $40.0M | — |
| Q4 25 | $4.4B | $600.2M | ||
| Q3 25 | $4.4B | $619.7M | ||
| Q2 25 | $886.5M | $630.8M | ||
| Q1 25 | $861.1M | $619.6M | ||
| Q4 24 | $858.4M | $583.2M | ||
| Q3 24 | $845.5M | $595.4M | ||
| Q2 24 | $822.7M | $590.9M | ||
| Q1 24 | $813.0M | $597.9M |
| Q4 25 | $5.6B | $3.9B | ||
| Q3 25 | $5.6B | $3.8B | ||
| Q2 25 | $1.1B | $3.7B | ||
| Q1 25 | $1.0B | $3.5B | ||
| Q4 24 | $1.0B | $3.5B | ||
| Q3 24 | $999.2M | $3.5B | ||
| Q2 24 | $1.0B | $3.7B | ||
| Q1 24 | $980.3M | $3.5B |
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.02× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.03× | — | ||
| Q1 24 | 0.05× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-45.1M | $-29.4M |
| Free Cash FlowOCF − Capex | $-55.9M | $-68.9M |
| FCF MarginFCF / Revenue | -11.8% | -19.9% |
| Capex IntensityCapex / Revenue | 2.3% | 11.4% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $-137.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $-29.4M | ||
| Q3 25 | $-123.7M | $41.0M | ||
| Q2 25 | $-264.0K | $-16.7M | ||
| Q1 25 | $-25.8M | $-64.0M | ||
| Q4 24 | $-3.6M | $51.5M | ||
| Q3 24 | $28.4M | $32.4M | ||
| Q2 24 | $-11.7M | $18.3M | ||
| Q1 24 | $52.6M | $3.0M |
| Q4 25 | $-55.9M | $-68.9M | ||
| Q3 25 | $-146.5M | $32.2M | ||
| Q2 25 | $-8.8M | $-28.1M | ||
| Q1 25 | $-29.6M | $-72.9M | ||
| Q4 24 | $-8.7M | $10.4M | ||
| Q3 24 | $22.9M | $22.2M | ||
| Q2 24 | $-20.8M | $7.8M | ||
| Q1 24 | $48.8M | $-5.1M |
| Q4 25 | -11.8% | -19.9% | ||
| Q3 25 | -32.2% | 8.8% | ||
| Q2 25 | -3.2% | -7.4% | ||
| Q1 25 | -17.7% | -17.6% | ||
| Q4 24 | -4.6% | 3.2% | ||
| Q3 24 | 12.1% | 6.6% | ||
| Q2 24 | -10.5% | 2.3% | ||
| Q1 24 | 26.1% | -1.4% |
| Q4 25 | 2.3% | 11.4% | ||
| Q3 25 | 5.0% | 2.4% | ||
| Q2 25 | 3.1% | 3.0% | ||
| Q1 25 | 2.3% | 2.2% | ||
| Q4 24 | 2.7% | 12.4% | ||
| Q3 24 | 2.9% | 3.0% | ||
| Q2 24 | 4.6% | 3.1% | ||
| Q1 24 | 2.0% | 2.1% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.02× | — | ||
| Q1 25 | — | -4.59× | ||
| Q4 24 | -0.48× | — | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | -1.93× | — | ||
| Q1 24 | 3.79× | 0.14× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVAV
| Services | $130.2M | 28% |
| Cost Plus | $95.8M | 20% |
| Uncrewed Aircraft Systems | $89.8M | 19% |
| Space And Directed Energy | $53.2M | 11% |
| Non U.s.Government | $42.2M | 9% |
| TM | $31.9M | 7% |
| Other | $30.7M | 7% |
BWIN
| Insurance Advisory Solutions | $157.9M | 45% |
| Underwriting Capacity Technology Solutions | $129.5M | 37% |
| Consultingand Service Fee Revenue | $20.9M | 6% |
| Policy Feeand Installment Fee Revenue | $20.4M | 6% |
| Other | $7.3M | 2% |
| Earned Premium | $6.9M | 2% |
| Other Insurance Product Line | $4.4M | 1% |
