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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Duolingo, Inc. (DUOL). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $282.9M, roughly 1.7× Duolingo, Inc.). Duolingo, Inc. runs the higher net margin — 14.8% vs -3.6%, a 18.5% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 35.0%). Duolingo, Inc. produced more free cash flow last quarter ($96.6M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 29.9%).
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...
Duolingo, Inc. is a leading global edtech firm operating a gamified language learning platform. It offers free and premium self-paced courses for over 40 languages, plus language certification, math learning tools, and literacy programs, serving individual learners, schools and corporate clients worldwide.
AVAV vs DUOL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $282.9M |
| Net Profit | $-17.1M | $42.0M |
| Gross Margin | 22.0% | 72.8% |
| Operating Margin | -6.4% | 15.4% |
| Net Margin | -3.6% | 14.8% |
| Revenue YoY | 181.9% | 35.0% |
| Net Profit YoY | -875.1% | 201.7% |
| 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.
| Q4 25 | $472.5M | $282.9M | ||
| Q3 25 | $454.7M | $271.7M | ||
| Q2 25 | $275.1M | $252.3M | ||
| Q1 25 | $167.6M | $230.7M | ||
| Q4 24 | $188.5M | $209.6M | ||
| Q3 24 | $189.5M | $192.6M | ||
| Q2 24 | $197.0M | $178.3M | ||
| Q1 24 | $186.6M | $167.6M |
| Q4 25 | $-17.1M | $42.0M | ||
| Q3 25 | $-67.4M | $292.2M | ||
| Q2 25 | $16.7M | $44.8M | ||
| Q1 25 | $-1.8M | $35.1M | ||
| Q4 24 | $7.5M | $13.9M | ||
| Q3 24 | $21.2M | $23.4M | ||
| Q2 24 | $6.0M | $24.4M | ||
| Q1 24 | $13.9M | $27.0M |
| Q4 25 | 22.0% | 72.8% | ||
| Q3 25 | 20.9% | 72.5% | ||
| Q2 25 | 36.5% | 72.4% | ||
| Q1 25 | 37.7% | 71.1% | ||
| Q4 24 | 39.1% | 71.9% | ||
| Q3 24 | 43.0% | 72.9% | ||
| Q2 24 | 38.4% | 73.4% | ||
| Q1 24 | 36.1% | 73.0% |
| Q4 25 | -6.4% | 15.4% | ||
| Q3 25 | -15.2% | 12.9% | ||
| Q2 25 | 5.0% | 13.2% | ||
| Q1 25 | -1.8% | 10.2% | ||
| Q4 24 | 3.7% | 6.6% | ||
| Q3 24 | 12.2% | 7.0% | ||
| Q2 24 | 3.0% | 10.5% | ||
| Q1 24 | 7.7% | 9.8% |
| Q4 25 | -3.6% | 14.8% | ||
| Q3 25 | -14.8% | 107.5% | ||
| Q2 25 | 6.1% | 17.8% | ||
| Q1 25 | -1.0% | 15.2% | ||
| Q4 24 | 4.0% | 6.6% | ||
| Q3 24 | 11.2% | 12.1% | ||
| Q2 24 | 3.1% | 13.7% | ||
| Q1 24 | 7.4% | 16.1% |
| Q4 25 | $-0.34 | $0.99 | ||
| Q3 25 | $-1.44 | $5.95 | ||
| Q2 25 | $0.59 | $0.91 | ||
| Q1 25 | $-0.06 | $0.72 | ||
| Q4 24 | $0.27 | $0.31 | ||
| Q3 24 | $0.75 | $0.49 | ||
| Q2 24 | $0.18 | $0.51 | ||
| Q1 24 | $0.50 | $0.57 |
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 | $1.0B |
| Total DebtLower is stronger | $747.5M | — |
| Stockholders' EquityBook value | $4.4B | $1.3B |
| Total Assets | $5.6B | $2.0B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $1.0B | ||
| Q3 25 | $685.8M | $1.0B | ||
| Q2 25 | $40.9M | $976.2M | ||
| Q1 25 | $47.0M | $884.0M | ||
| Q4 24 | $69.0M | $785.8M | ||
| Q3 24 | $81.2M | $854.4M | ||
| Q2 24 | $73.3M | $888.2M | ||
| Q1 24 | $107.7M | $829.7M |
| 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 | $1.3B | ||
| Q3 25 | $4.4B | $1.3B | ||
| Q2 25 | $886.5M | $977.0M | ||
| Q1 25 | $861.1M | $893.8M | ||
| Q4 24 | $858.4M | $824.5M | ||
| Q3 24 | $845.5M | $822.5M | ||
| Q2 24 | $822.7M | $766.9M | ||
| Q1 24 | $813.0M | $711.1M |
| Q4 25 | $5.6B | $2.0B | ||
| Q3 25 | $5.6B | $1.9B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $1.0B | $1.4B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $999.2M | $1.2B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $980.3M | $1.1B |
| 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 | $107.3M |
| Free Cash FlowOCF − Capex | $-55.9M | $96.6M |
| FCF MarginFCF / Revenue | -11.8% | 34.1% |
| Capex IntensityCapex / Revenue | 2.3% | 3.8% |
| Cash ConversionOCF / Net Profit | — | 2.56× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $369.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $107.3M | ||
| Q3 25 | $-123.7M | $84.2M | ||
| Q2 25 | $-264.0K | $90.7M | ||
| Q1 25 | $-25.8M | $105.6M | ||
| Q4 24 | $-3.6M | $83.3M | ||
| Q3 24 | $28.4M | $56.3M | ||
| Q2 24 | $-11.7M | $62.4M | ||
| Q1 24 | $52.6M | $83.5M |
| Q4 25 | $-55.9M | $96.6M | ||
| Q3 25 | $-146.5M | $79.4M | ||
| Q2 25 | $-8.8M | $89.5M | ||
| Q1 25 | $-29.6M | $104.3M | ||
| Q4 24 | $-8.7M | $81.4M | ||
| Q3 24 | $22.9M | $53.1M | ||
| Q2 24 | $-20.8M | $56.8M | ||
| Q1 24 | $48.8M | $82.1M |
| Q4 25 | -11.8% | 34.1% | ||
| Q3 25 | -32.2% | 29.2% | ||
| Q2 25 | -3.2% | 35.5% | ||
| Q1 25 | -17.7% | 45.2% | ||
| Q4 24 | -4.6% | 38.8% | ||
| Q3 24 | 12.1% | 27.6% | ||
| Q2 24 | -10.5% | 31.9% | ||
| Q1 24 | 26.1% | 49.0% |
| Q4 25 | 2.3% | 3.8% | ||
| Q3 25 | 5.0% | 1.8% | ||
| Q2 25 | 3.1% | 0.5% | ||
| Q1 25 | 2.3% | 0.6% | ||
| Q4 24 | 2.7% | 0.9% | ||
| Q3 24 | 2.9% | 1.7% | ||
| Q2 24 | 4.6% | 3.1% | ||
| Q1 24 | 2.0% | 0.8% |
| Q4 25 | — | 2.56× | ||
| Q3 25 | — | 0.29× | ||
| Q2 25 | -0.02× | 2.02× | ||
| Q1 25 | — | 3.01× | ||
| Q4 24 | -0.48× | 5.99× | ||
| Q3 24 | 1.34× | 2.41× | ||
| Q2 24 | -1.93× | 2.56× | ||
| Q1 24 | 3.79× | 3.10× |
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% |
DUOL
| License And Service | $242.3M | 86% |
| Advertising | $20.2M | 7% |
| English Test | $10.3M | 4% |
| Other | $10.1M | 4% |
