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Side-by-side financial comparison of AeroVironment Inc (AVAV) and BWX Technologies, Inc. (BWXT). Click either name above to swap in a different company.
BWX Technologies, Inc. is the larger business by last-quarter revenue ($885.8M vs $472.5M, roughly 1.9× AeroVironment Inc). BWX Technologies, Inc. runs the higher net margin — 10.5% vs -3.6%, a 14.1% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 18.7%). BWX Technologies, Inc. produced more free cash flow last quarter ($56.8M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 21.1%).
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...
BWX Technologies, Inc. is a company headquartered in Lynchburg, Virginia that supplies nuclear components and fuel internationally.
AVAV vs BWXT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $885.8M |
| Net Profit | $-17.1M | $93.0M |
| Gross Margin | 22.0% | — |
| Operating Margin | -6.4% | 10.4% |
| Net Margin | -3.6% | 10.5% |
| Revenue YoY | 181.9% | 18.7% |
| Net Profit YoY | -875.1% | 30.9% |
| EPS (diluted) | $-0.34 | $1.02 |
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 | $885.8M | ||
| Q3 25 | $454.7M | $866.3M | ||
| Q2 25 | $275.1M | $764.0M | ||
| Q1 25 | $167.6M | $682.3M | ||
| Q4 24 | $188.5M | $746.3M | ||
| Q3 24 | $189.5M | $672.0M | ||
| Q2 24 | $197.0M | $681.5M | ||
| Q1 24 | $186.6M | $604.0M |
| Q4 25 | $-17.1M | $93.0M | ||
| Q3 25 | $-67.4M | $82.1M | ||
| Q2 25 | $16.7M | $78.4M | ||
| Q1 25 | $-1.8M | $75.5M | ||
| Q4 24 | $7.5M | $71.0M | ||
| Q3 24 | $21.2M | $69.5M | ||
| Q2 24 | $6.0M | $73.0M | ||
| Q1 24 | $13.9M | $68.5M |
| Q4 25 | 22.0% | — | ||
| Q3 25 | 20.9% | 21.8% | ||
| Q2 25 | 36.5% | 25.1% | ||
| Q1 25 | 37.7% | 24.2% | ||
| Q4 24 | 39.1% | — | ||
| Q3 24 | 43.0% | 24.4% | ||
| Q2 24 | 38.4% | 24.7% | ||
| Q1 24 | 36.1% | 24.6% |
| Q4 25 | -6.4% | 10.4% | ||
| Q3 25 | -15.2% | 13.1% | ||
| Q2 25 | 5.0% | 13.4% | ||
| Q1 25 | -1.8% | 14.2% | ||
| Q4 24 | 3.7% | 12.4% | ||
| Q3 24 | 12.2% | 14.4% | ||
| Q2 24 | 3.0% | 14.5% | ||
| Q1 24 | 7.7% | 15.4% |
| Q4 25 | -3.6% | 10.5% | ||
| Q3 25 | -14.8% | 9.5% | ||
| Q2 25 | 6.1% | 10.3% | ||
| Q1 25 | -1.0% | 11.1% | ||
| Q4 24 | 4.0% | 9.5% | ||
| Q3 24 | 11.2% | 10.3% | ||
| Q2 24 | 3.1% | 10.7% | ||
| Q1 24 | 7.4% | 11.3% |
| Q4 25 | $-0.34 | $1.02 | ||
| Q3 25 | $-1.44 | $0.89 | ||
| Q2 25 | $0.59 | $0.85 | ||
| Q1 25 | $-0.06 | $0.82 | ||
| Q4 24 | $0.27 | $0.77 | ||
| Q3 24 | $0.75 | $0.76 | ||
| Q2 24 | $0.18 | $0.79 | ||
| Q1 24 | $0.50 | $0.75 |
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 | $499.8M |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $1.2B |
| Total Assets | $5.6B | $4.3B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $499.8M | ||
| Q3 25 | $685.8M | $79.6M | ||
| Q2 25 | $40.9M | $37.0M | ||
| Q1 25 | $47.0M | $55.4M | ||
| Q4 24 | $69.0M | $74.1M | ||
| Q3 24 | $81.2M | $35.5M | ||
| Q2 24 | $73.3M | $48.3M | ||
| Q1 24 | $107.7M | $45.9M |
| 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 | $1.2B | ||
| Q3 25 | $4.4B | $1.2B | ||
| Q2 25 | $886.5M | $1.2B | ||
| Q1 25 | $861.1M | $1.1B | ||
| Q4 24 | $858.4M | $1.1B | ||
| Q3 24 | $845.5M | $1.1B | ||
| Q2 24 | $822.7M | $998.5M | ||
| Q1 24 | $813.0M | $946.2M |
| Q4 25 | $5.6B | $4.3B | ||
| Q3 25 | $5.6B | $3.8B | ||
| Q2 25 | $1.1B | $3.7B | ||
| Q1 25 | $1.0B | $3.1B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $999.2M | $2.9B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $980.3M | $2.8B |
| 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 | $127.0M |
| Free Cash FlowOCF − Capex | $-55.9M | $56.8M |
| FCF MarginFCF / Revenue | -11.8% | 6.4% |
| Capex IntensityCapex / Revenue | 2.3% | 7.9% |
| Cash ConversionOCF / Net Profit | — | 1.37× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $295.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $127.0M | ||
| Q3 25 | $-123.7M | $143.2M | ||
| Q2 25 | $-264.0K | $159.0M | ||
| Q1 25 | $-25.8M | $50.6M | ||
| Q4 24 | $-3.6M | $276.9M | ||
| Q3 24 | $28.4M | $32.6M | ||
| Q2 24 | $-11.7M | $65.9M | ||
| Q1 24 | $52.6M | $33.0M |
| Q4 25 | $-55.9M | $56.8M | ||
| Q3 25 | $-146.5M | $94.9M | ||
| Q2 25 | $-8.8M | $126.3M | ||
| Q1 25 | $-29.6M | $17.3M | ||
| Q4 24 | $-8.7M | $224.4M | ||
| Q3 24 | $22.9M | $-7.7M | ||
| Q2 24 | $-20.8M | $35.5M | ||
| Q1 24 | $48.8M | $2.6M |
| Q4 25 | -11.8% | 6.4% | ||
| Q3 25 | -32.2% | 11.0% | ||
| Q2 25 | -3.2% | 16.5% | ||
| Q1 25 | -17.7% | 2.5% | ||
| Q4 24 | -4.6% | 30.1% | ||
| Q3 24 | 12.1% | -1.1% | ||
| Q2 24 | -10.5% | 5.2% | ||
| Q1 24 | 26.1% | 0.4% |
| Q4 25 | 2.3% | 7.9% | ||
| Q3 25 | 5.0% | 5.6% | ||
| Q2 25 | 3.1% | 4.3% | ||
| Q1 25 | 2.3% | 4.9% | ||
| Q4 24 | 2.7% | 7.0% | ||
| Q3 24 | 2.9% | 6.0% | ||
| Q2 24 | 4.6% | 4.5% | ||
| Q1 24 | 2.0% | 5.0% |
| Q4 25 | — | 1.37× | ||
| Q3 25 | — | 1.74× | ||
| Q2 25 | -0.02× | 2.03× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | -0.48× | 3.90× | ||
| Q3 24 | 1.34× | 0.47× | ||
| Q2 24 | -1.93× | 0.90× | ||
| Q1 24 | 3.79× | 0.48× |
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% |
BWXT
| Nuclear Component Program | $436.4M | 49% |
| Nuclear Manufacturing | $134.8M | 15% |
| Cost Plus Fee | $116.1M | 13% |
| Uranium And Nuclear Services | $103.8M | 12% |
| Commercial Operations | $49.0M | 6% |
| Commercial Operations Segment | $33.7M | 4% |
| Transferred At Point In Time | $1.3M | 0% |
