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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Paylocity Holding Corp (PCTY). Click either name above to swap in a different company.
AeroVironment Inc is the larger business by last-quarter revenue ($472.5M vs $387.0M, roughly 1.2× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs -3.6%, a 16.6% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $-55.9M). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 2.7%).
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...
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
AVAV vs PCTY — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $387.0M |
| Net Profit | $-17.1M | $50.2M |
| Gross Margin | 22.0% | 72.9% |
| Operating Margin | -6.4% | 18.2% |
| Net Margin | -3.6% | 13.0% |
| Revenue YoY | 181.9% | 11.3% |
| Net Profit YoY | -875.1% | 34.0% |
| EPS (diluted) | $-0.34 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $454.7M | $378.9M | ||
| Q2 25 | $275.1M | $369.9M | ||
| Q1 25 | $167.6M | $421.1M | ||
| Q4 24 | $188.5M | $347.7M | ||
| Q3 24 | $189.5M | $333.1M | ||
| Q2 24 | $197.0M | $324.7M | ||
| Q1 24 | $186.6M | $366.8M |
| Q4 25 | $-17.1M | $50.2M | ||
| Q3 25 | $-67.4M | $48.0M | ||
| Q2 25 | $16.7M | $48.6M | ||
| Q1 25 | $-1.8M | $91.5M | ||
| Q4 24 | $7.5M | $37.5M | ||
| Q3 24 | $21.2M | $49.6M | ||
| Q2 24 | $6.0M | $48.8M | ||
| Q1 24 | $13.9M | $85.3M |
| Q4 25 | 22.0% | 72.9% | ||
| Q3 25 | 20.9% | 73.9% | ||
| Q2 25 | 36.5% | 73.5% | ||
| Q1 25 | 37.7% | 77.1% | ||
| Q4 24 | 39.1% | 72.6% | ||
| Q3 24 | 43.0% | 74.4% | ||
| Q2 24 | 38.4% | 74.0% | ||
| Q1 24 | 36.1% | 77.8% |
| Q4 25 | -6.4% | 18.2% | ||
| Q3 25 | -15.2% | 19.6% | ||
| Q2 25 | 5.0% | 17.9% | ||
| Q1 25 | -1.8% | 30.2% | ||
| Q4 24 | 3.7% | 13.4% | ||
| Q3 24 | 12.2% | 19.3% | ||
| Q2 24 | 3.0% | 19.4% | ||
| Q1 24 | 7.7% | 29.0% |
| Q4 25 | -3.6% | 13.0% | ||
| Q3 25 | -14.8% | 12.7% | ||
| Q2 25 | 6.1% | 13.1% | ||
| Q1 25 | -1.0% | 21.7% | ||
| Q4 24 | 4.0% | 10.8% | ||
| Q3 24 | 11.2% | 14.9% | ||
| Q2 24 | 3.1% | 15.0% | ||
| Q1 24 | 7.4% | 23.3% |
| Q4 25 | $-0.34 | $0.92 | ||
| Q3 25 | $-1.44 | $0.86 | ||
| Q2 25 | $0.59 | $0.87 | ||
| Q1 25 | $-0.06 | $1.61 | ||
| Q4 24 | $0.27 | $0.66 | ||
| Q3 24 | $0.75 | $0.88 | ||
| Q2 24 | $0.18 | $0.85 | ||
| Q1 24 | $0.50 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $747.5M | $81.3M |
| Stockholders' EquityBook value | $4.4B | $1.1B |
| Total Assets | $5.6B | $7.0B |
| Debt / EquityLower = less leverage | 0.17× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $162.5M | ||
| Q3 25 | $685.8M | $165.2M | ||
| Q2 25 | $40.9M | $398.1M | ||
| Q1 25 | $47.0M | $477.8M | ||
| Q4 24 | $69.0M | $482.4M | ||
| Q3 24 | $81.2M | $778.5M | ||
| Q2 24 | $73.3M | $401.8M | ||
| Q1 24 | $107.7M | $492.7M |
| Q4 25 | $747.5M | $81.3M | ||
| Q3 25 | $747.5M | $81.3M | ||
| Q2 25 | $30.0M | $162.5M | ||
| Q1 25 | $25.0M | $243.8M | ||
| Q4 24 | $15.0M | $325.0M | ||
| Q3 24 | $17.5M | $325.0M | ||
| Q2 24 | $28.0M | $0 | ||
| Q1 24 | $40.0M | — |
| Q4 25 | $4.4B | $1.1B | ||
| Q3 25 | $4.4B | $1.1B | ||
| Q2 25 | $886.5M | $1.2B | ||
| Q1 25 | $861.1M | $1.2B | ||
| Q4 24 | $858.4M | $1.2B | ||
| Q3 24 | $845.5M | $1.1B | ||
| Q2 24 | $822.7M | $1.0B | ||
| Q1 24 | $813.0M | $1.1B |
| Q4 25 | $5.6B | $7.0B | ||
| Q3 25 | $5.6B | $4.2B | ||
| Q2 25 | $1.1B | $4.4B | ||
| Q1 25 | $1.0B | $5.2B | ||
| Q4 24 | $1.0B | $5.3B | ||
| Q3 24 | $999.2M | $4.0B | ||
| Q2 24 | $1.0B | $4.2B | ||
| Q1 24 | $980.3M | $5.0B |
| Q4 25 | 0.17× | 0.07× | ||
| Q3 25 | 0.17× | 0.07× | ||
| Q2 25 | 0.03× | 0.13× | ||
| Q1 25 | 0.03× | 0.20× | ||
| Q4 24 | 0.02× | 0.28× | ||
| Q3 24 | 0.02× | 0.29× | ||
| Q2 24 | 0.03× | 0.00× | ||
| 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 | $117.0M |
| Free Cash FlowOCF − Capex | $-55.9M | $113.6M |
| FCF MarginFCF / Revenue | -11.8% | 29.4% |
| Capex IntensityCapex / Revenue | 2.3% | 0.9% |
| Cash ConversionOCF / Net Profit | — | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $117.0M | ||
| Q3 25 | $-123.7M | $86.5M | ||
| Q2 25 | $-264.0K | $86.6M | ||
| Q1 25 | $-25.8M | $186.0M | ||
| Q4 24 | $-3.6M | $54.2M | ||
| Q3 24 | $28.4M | $91.5M | ||
| Q2 24 | $-11.7M | $79.9M | ||
| Q1 24 | $52.6M | $167.5M |
| Q4 25 | $-55.9M | $113.6M | ||
| Q3 25 | $-146.5M | $82.7M | ||
| Q2 25 | $-8.8M | $81.1M | ||
| Q1 25 | $-29.6M | $183.7M | ||
| Q4 24 | $-8.7M | $51.2M | ||
| Q3 24 | $22.9M | $89.1M | ||
| Q2 24 | $-20.8M | $73.6M | ||
| Q1 24 | $48.8M | $162.0M |
| Q4 25 | -11.8% | 29.4% | ||
| Q3 25 | -32.2% | 21.8% | ||
| Q2 25 | -3.2% | 21.9% | ||
| Q1 25 | -17.7% | 43.6% | ||
| Q4 24 | -4.6% | 14.7% | ||
| Q3 24 | 12.1% | 26.8% | ||
| Q2 24 | -10.5% | 22.7% | ||
| Q1 24 | 26.1% | 44.2% |
| Q4 25 | 2.3% | 0.9% | ||
| Q3 25 | 5.0% | 1.0% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | 2.3% | 0.5% | ||
| Q4 24 | 2.7% | 0.9% | ||
| Q3 24 | 2.9% | 0.7% | ||
| Q2 24 | 4.6% | 1.9% | ||
| Q1 24 | 2.0% | 1.5% |
| Q4 25 | — | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | -0.02× | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | -0.48× | 1.45× | ||
| Q3 24 | 1.34× | 1.84× | ||
| Q2 24 | -1.93× | 1.64× | ||
| Q1 24 | 3.79× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
