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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Dolby Laboratories, Inc. (DLB). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $395.6M, roughly 1.2× Dolby Laboratories, Inc.). Dolby Laboratories, Inc. runs the higher net margin — 24.0% vs -3.6%, a 27.6% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 7.1%). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 13.9%).
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...
Dolby Laboratories, Inc. is an American technology corporation specializing in audio noise reduction, audio encoding/compression, spatial audio, and high-dynamic-range television (HDR) imaging. Dolby licenses its technologies to consumer electronics manufacturers.
AVAV vs DLB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $395.6M |
| Net Profit | $-17.1M | $94.9M |
| Gross Margin | 22.0% | 88.7% |
| Operating Margin | -6.4% | 28.5% |
| Net Margin | -3.6% | 24.0% |
| Revenue YoY | 181.9% | 7.1% |
| Net Profit YoY | -875.1% | 3.4% |
| EPS (diluted) | $-0.34 | $0.99 |
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.
| Q2 26 | — | $395.6M | ||
| Q1 26 | — | $346.7M | ||
| Q4 25 | $472.5M | $346.7M | ||
| Q3 25 | $454.7M | $307.0M | ||
| Q2 25 | $275.1M | $315.5M | ||
| Q1 25 | $167.6M | $369.6M | ||
| Q4 24 | $188.5M | $357.0M | ||
| Q3 24 | $189.5M | $304.8M |
| Q2 26 | — | $94.9M | ||
| Q1 26 | — | $53.3M | ||
| Q4 25 | $-17.1M | $53.3M | ||
| Q3 25 | $-67.4M | $49.3M | ||
| Q2 25 | $16.7M | $46.1M | ||
| Q1 25 | $-1.8M | $91.8M | ||
| Q4 24 | $7.5M | $67.8M | ||
| Q3 24 | $21.2M | $58.6M |
| Q2 26 | — | 88.7% | ||
| Q1 26 | — | 87.5% | ||
| Q4 25 | 22.0% | 87.5% | ||
| Q3 25 | 20.9% | 87.1% | ||
| Q2 25 | 36.5% | 86.1% | ||
| Q1 25 | 37.7% | 90.3% | ||
| Q4 24 | 39.1% | 88.6% | ||
| Q3 24 | 43.0% | 88.8% |
| Q2 26 | — | 28.5% | ||
| Q1 26 | — | 17.9% | ||
| Q4 25 | -6.4% | 17.9% | ||
| Q3 25 | -15.2% | 9.7% | ||
| Q2 25 | 5.0% | 15.1% | ||
| Q1 25 | -1.8% | 29.2% | ||
| Q4 24 | 3.7% | 22.4% | ||
| Q3 24 | 12.2% | 15.2% |
| Q2 26 | — | 24.0% | ||
| Q1 26 | — | 15.4% | ||
| Q4 25 | -3.6% | 15.4% | ||
| Q3 25 | -14.8% | 16.1% | ||
| Q2 25 | 6.1% | 14.6% | ||
| Q1 25 | -1.0% | 24.8% | ||
| Q4 24 | 4.0% | 19.0% | ||
| Q3 24 | 11.2% | 19.2% |
| Q2 26 | — | $0.99 | ||
| Q1 26 | — | $0.55 | ||
| Q4 25 | $-0.34 | $0.55 | ||
| Q3 25 | $-1.44 | $0.50 | ||
| Q2 25 | $0.59 | $0.48 | ||
| Q1 25 | $-0.06 | $0.94 | ||
| Q4 24 | $0.27 | $0.70 | ||
| Q3 24 | $0.75 | $0.59 |
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 | $594.7M |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $2.6B |
| Total Assets | $5.6B | $3.2B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $594.7M | ||
| Q1 26 | — | $644.6M | ||
| Q4 25 | $588.5M | $644.6M | ||
| Q3 25 | $685.8M | $702.6M | ||
| Q2 25 | $40.9M | $699.3M | ||
| Q1 25 | $47.0M | $626.6M | ||
| Q4 24 | $69.0M | $520.8M | ||
| Q3 24 | $81.2M | $482.0M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| 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 26 | — | $2.6B | ||
| Q1 26 | — | $2.6B | ||
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $4.4B | $2.6B | ||
| Q2 25 | $886.5M | $2.6B | ||
| Q1 25 | $861.1M | $2.6B | ||
| Q4 24 | $858.4M | $2.5B | ||
| Q3 24 | $845.5M | $2.5B |
| Q2 26 | — | $3.2B | ||
| Q1 26 | — | $3.2B | ||
| Q4 25 | $5.6B | $3.2B | ||
| Q3 25 | $5.6B | $3.2B | ||
| Q2 25 | $1.1B | $3.2B | ||
| Q1 25 | $1.0B | $3.2B | ||
| Q4 24 | $1.0B | $3.2B | ||
| Q3 24 | $999.2M | $3.1B |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | — | ||
| Q3 25 | 0.17× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.03× | — | ||
| Q4 24 | 0.02× | — | ||
| Q3 24 | 0.02× | — |
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 | $147.3M |
| Free Cash FlowOCF − Capex | $-55.9M | — |
| FCF MarginFCF / Revenue | -11.8% | — |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.55× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q2 26 | — | $147.3M | ||
| Q1 26 | — | $54.8M | ||
| Q4 25 | $-45.1M | $54.8M | ||
| Q3 25 | $-123.7M | $472.2M | ||
| Q2 25 | $-264.0K | $67.7M | ||
| Q1 25 | $-25.8M | $174.9M | ||
| Q4 24 | $-3.6M | $106.8M | ||
| Q3 24 | $28.4M | $327.3M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $-55.9M | $50.2M | ||
| Q3 25 | $-146.5M | $435.9M | ||
| Q2 25 | $-8.8M | $61.3M | ||
| Q1 25 | $-29.6M | $168.0M | ||
| Q4 24 | $-8.7M | $100.0M | ||
| Q3 24 | $22.9M | $297.2M |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | -11.8% | 14.5% | ||
| Q3 25 | -32.2% | 142.0% | ||
| Q2 25 | -3.2% | 19.4% | ||
| Q1 25 | -17.7% | 45.5% | ||
| Q4 24 | -4.6% | 28.0% | ||
| Q3 24 | 12.1% | 97.5% |
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 2.3% | 1.3% | ||
| Q3 25 | 5.0% | 11.8% | ||
| Q2 25 | 3.1% | 2.0% | ||
| Q1 25 | 2.3% | 1.9% | ||
| Q4 24 | 2.7% | 1.9% | ||
| Q3 24 | 2.9% | 9.8% |
| Q2 26 | — | 1.55× | ||
| Q1 26 | — | 1.03× | ||
| Q4 25 | — | 1.03× | ||
| Q3 25 | — | 9.57× | ||
| Q2 25 | -0.02× | 1.47× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | -0.48× | 1.57× | ||
| Q3 24 | 1.34× | 5.59× |
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% |
DLB
| Licensing | $372.2M | 94% |
| Products and services | $23.4M | 6% |
