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Side-by-side financial comparison of AeroVironment Inc (AVAV) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $425.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs -3.6%, a 39.3% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 1.7%). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 12.1%).
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...
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
AVAV vs NFG — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $425.9M |
| Net Profit | $-17.1M | $152.0M |
| Gross Margin | 22.0% | — |
| Operating Margin | -6.4% | 81.5% |
| Net Margin | -3.6% | 35.7% |
| Revenue YoY | 181.9% | 1.7% |
| Net Profit YoY | -875.1% | — |
| EPS (diluted) | $-0.34 | $1.59 |
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.
| Q1 26 | — | $425.9M | ||
| Q4 25 | $472.5M | $637.9M | ||
| Q3 25 | $454.7M | $443.1M | ||
| Q2 25 | $275.1M | $527.4M | ||
| Q1 25 | $167.6M | $734.8M | ||
| Q4 24 | $188.5M | $513.8M | ||
| Q3 24 | $189.5M | $310.0M | ||
| Q2 24 | $197.0M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-17.1M | $181.6M | ||
| Q3 25 | $-67.4M | $107.3M | ||
| Q2 25 | $16.7M | $149.8M | ||
| Q1 25 | $-1.8M | $216.4M | ||
| Q4 24 | $7.5M | $45.0M | ||
| Q3 24 | $21.2M | $-167.6M | ||
| Q2 24 | $6.0M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 22.0% | 86.6% | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 36.5% | 94.7% | ||
| Q1 25 | 37.7% | 81.6% | ||
| Q4 24 | 39.1% | 87.3% | ||
| Q3 24 | 43.0% | — | ||
| Q2 24 | 38.4% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | -6.4% | 43.3% | ||
| Q3 25 | -15.2% | 40.6% | ||
| Q2 25 | 5.0% | 43.7% | ||
| Q1 25 | -1.8% | 43.2% | ||
| Q4 24 | 3.7% | 16.8% | ||
| Q3 24 | 12.2% | -63.4% | ||
| Q2 24 | 3.0% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | -3.6% | 28.5% | ||
| Q3 25 | -14.8% | 24.2% | ||
| Q2 25 | 6.1% | 28.4% | ||
| Q1 25 | -1.0% | 29.4% | ||
| Q4 24 | 4.0% | 8.8% | ||
| Q3 24 | 11.2% | -54.1% | ||
| Q2 24 | 3.1% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.34 | $1.98 | ||
| Q3 25 | $-1.44 | $1.18 | ||
| Q2 25 | $0.59 | $1.64 | ||
| Q1 25 | $-0.06 | $2.37 | ||
| Q4 24 | $0.27 | $0.49 | ||
| Q3 24 | $0.75 | $-1.81 | ||
| Q2 24 | $0.18 | $-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 | — |
| Total DebtLower is stronger | $747.5M | $300.0M |
| Stockholders' EquityBook value | $4.4B | — |
| Total Assets | $5.6B | $9.1B |
| Debt / EquityLower = less leverage | 0.17× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $588.5M | $271.4M | ||
| Q3 25 | $685.8M | $43.2M | ||
| Q2 25 | $40.9M | $39.3M | ||
| Q1 25 | $47.0M | $40.0M | ||
| Q4 24 | $69.0M | $48.7M | ||
| Q3 24 | $81.2M | $38.2M | ||
| Q2 24 | $73.3M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $747.5M | $2.7B | ||
| Q3 25 | $747.5M | $2.7B | ||
| Q2 25 | $30.0M | $2.7B | ||
| Q1 25 | $25.0M | $2.7B | ||
| Q4 24 | $15.0M | $2.7B | ||
| Q3 24 | $17.5M | $2.7B | ||
| Q2 24 | $28.0M | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $4.4B | $3.6B | ||
| Q3 25 | $4.4B | $3.1B | ||
| Q2 25 | $886.5M | $3.0B | ||
| Q1 25 | $861.1M | $2.8B | ||
| Q4 24 | $858.4M | $-76.2M | ||
| Q3 24 | $845.5M | $-15.5M | ||
| Q2 24 | $822.7M | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $5.6B | $9.2B | ||
| Q3 25 | $5.6B | $8.7B | ||
| Q2 25 | $1.1B | $8.4B | ||
| Q1 25 | $1.0B | $8.5B | ||
| Q4 24 | $1.0B | $8.3B | ||
| Q3 24 | $999.2M | $8.3B | ||
| Q2 24 | $1.0B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.17× | 0.75× | ||
| Q3 25 | 0.17× | 0.87× | ||
| Q2 25 | 0.03× | 0.90× | ||
| Q1 25 | 0.03× | 0.99× | ||
| Q4 24 | 0.02× | — | ||
| Q3 24 | 0.02× | — | ||
| Q2 24 | 0.03× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $-55.9M | — |
| FCF MarginFCF / Revenue | -11.8% | — |
| Capex IntensityCapex / Revenue | 2.3% | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $-45.1M | $274.9M | ||
| Q3 25 | $-123.7M | $237.8M | ||
| Q2 25 | $-264.0K | $388.4M | ||
| Q1 25 | $-25.8M | $253.8M | ||
| Q4 24 | $-3.6M | $220.1M | ||
| Q3 24 | $28.4M | $197.9M | ||
| Q2 24 | $-11.7M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $-55.9M | $-2.7M | ||
| Q3 25 | $-146.5M | $-47.8M | ||
| Q2 25 | $-8.8M | $195.3M | ||
| Q1 25 | $-29.6M | $59.9M | ||
| Q4 24 | $-8.7M | $-20.3M | ||
| Q3 24 | $22.9M | $-49.1M | ||
| Q2 24 | $-20.8M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | -11.8% | -0.4% | ||
| Q3 25 | -32.2% | -10.8% | ||
| Q2 25 | -3.2% | 37.0% | ||
| Q1 25 | -17.7% | 8.2% | ||
| Q4 24 | -4.6% | -4.0% | ||
| Q3 24 | 12.1% | -15.8% | ||
| Q2 24 | -10.5% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 2.3% | 43.5% | ||
| Q3 25 | 5.0% | 64.4% | ||
| Q2 25 | 3.1% | 36.6% | ||
| Q1 25 | 2.3% | 26.4% | ||
| Q4 24 | 2.7% | 46.8% | ||
| Q3 24 | 2.9% | 79.7% | ||
| Q2 24 | 4.6% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | -0.02× | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | -0.48× | 4.89× | ||
| Q3 24 | 1.34× | — | ||
| Q2 24 | -1.93× | — |
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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
