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Side-by-side financial comparison of AeroVironment Inc (AVAV) and Royalty Pharma plc (RPRX). Click either name above to swap in a different company.
Royalty Pharma plc is the larger business by last-quarter revenue ($622.0M vs $472.5M, roughly 1.3× AeroVironment Inc). Royalty Pharma plc runs the higher net margin — 34.4% vs -3.6%, a 38.1% gap on every dollar of revenue. On growth, AeroVironment Inc posted the faster year-over-year revenue change (181.9% vs 4.8%). Over the past eight quarters, AeroVironment Inc's revenue compounded faster (59.1% CAGR vs 4.6%).
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...
Acceleron Pharma, Inc. is an American clinical stage biopharmaceutical company based in Cambridge, Massachusetts with a broad focus on developing medicines that regulate the transforming growth factor beta (TGF-β) superfamily of proteins, which play fundamental roles in the growth and repair of cells and tissues such as red blood cells, muscle, bone, and blood vessels.
AVAV vs RPRX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $472.5M | $622.0M |
| Net Profit | $-17.1M | $214.2M |
| Gross Margin | 22.0% | — |
| Operating Margin | -6.4% | 62.4% |
| Net Margin | -3.6% | 34.4% |
| Revenue YoY | 181.9% | 4.8% |
| Net Profit YoY | -875.1% | 2.9% |
| EPS (diluted) | $-0.34 | $0.49 |
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 | $622.0M | ||
| Q3 25 | $454.7M | $609.3M | ||
| Q2 25 | $275.1M | $578.7M | ||
| Q1 25 | $167.6M | $568.2M | ||
| Q4 24 | $188.5M | $593.6M | ||
| Q3 24 | $189.5M | $564.7M | ||
| Q2 24 | $197.0M | $537.3M | ||
| Q1 24 | $186.6M | $568.0M |
| Q4 25 | $-17.1M | $214.2M | ||
| Q3 25 | $-67.4M | $288.2M | ||
| Q2 25 | $16.7M | $30.2M | ||
| Q1 25 | $-1.8M | $238.3M | ||
| Q4 24 | $7.5M | $208.2M | ||
| Q3 24 | $21.2M | $544.0M | ||
| Q2 24 | $6.0M | $102.0M | ||
| Q1 24 | $13.9M | $4.8M |
| Q4 25 | 22.0% | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | 36.5% | — | ||
| Q1 25 | 37.7% | — | ||
| Q4 24 | 39.1% | — | ||
| Q3 24 | 43.0% | — | ||
| Q2 24 | 38.4% | — | ||
| Q1 24 | 36.1% | — |
| Q4 25 | -6.4% | 62.4% | ||
| Q3 25 | -15.2% | 70.1% | ||
| Q2 25 | 5.0% | 36.3% | ||
| Q1 25 | -1.8% | 94.0% | ||
| Q4 24 | 3.7% | 60.9% | ||
| Q3 24 | 12.2% | — | ||
| Q2 24 | 3.0% | 50.2% | ||
| Q1 24 | 7.7% | -13.0% |
| Q4 25 | -3.6% | 34.4% | ||
| Q3 25 | -14.8% | 47.3% | ||
| Q2 25 | 6.1% | 5.2% | ||
| Q1 25 | -1.0% | 41.9% | ||
| Q4 24 | 4.0% | 35.1% | ||
| Q3 24 | 11.2% | 96.3% | ||
| Q2 24 | 3.1% | 19.0% | ||
| Q1 24 | 7.4% | 0.8% |
| Q4 25 | $-0.34 | $0.49 | ||
| Q3 25 | $-1.44 | $0.67 | ||
| Q2 25 | $0.59 | $0.07 | ||
| Q1 25 | $-0.06 | $0.55 | ||
| Q4 24 | $0.27 | $0.46 | ||
| Q3 24 | $0.75 | $1.21 | ||
| Q2 24 | $0.18 | $0.23 | ||
| Q1 24 | $0.50 | $0.01 |
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 | $618.7M |
| Total DebtLower is stronger | $747.5M | $9.0B |
| Stockholders' EquityBook value | $4.4B | $9.7B |
| Total Assets | $5.6B | $19.6B |
| Debt / EquityLower = less leverage | 0.17× | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $588.5M | $618.7M | ||
| Q3 25 | $685.8M | $938.9M | ||
| Q2 25 | $40.9M | $631.9M | ||
| Q1 25 | $47.0M | $1.1B | ||
| Q4 24 | $69.0M | $929.0M | ||
| Q3 24 | $81.2M | $950.1M | ||
| Q2 24 | $73.3M | $1.8B | ||
| Q1 24 | $107.7M | $843.0M |
| Q4 25 | $747.5M | $9.0B | ||
| Q3 25 | $747.5M | $8.9B | ||
| Q2 25 | $30.0M | $8.0B | ||
| Q1 25 | $25.0M | $7.6B | ||
| Q4 24 | $15.0M | $7.6B | ||
| Q3 24 | $17.5M | $7.6B | ||
| Q2 24 | $28.0M | $7.6B | ||
| Q1 24 | $40.0M | $6.1B |
| Q4 25 | $4.4B | $9.7B | ||
| Q3 25 | $4.4B | $9.6B | ||
| Q2 25 | $886.5M | $9.5B | ||
| Q1 25 | $861.1M | $9.8B | ||
| Q4 24 | $858.4M | $10.3B | ||
| Q3 24 | $845.5M | $10.3B | ||
| Q2 24 | $822.7M | $9.8B | ||
| Q1 24 | $813.0M | $9.9B |
| Q4 25 | $5.6B | $19.6B | ||
| Q3 25 | $5.6B | $19.3B | ||
| Q2 25 | $1.1B | $18.3B | ||
| Q1 25 | $1.0B | $17.6B | ||
| Q4 24 | $1.0B | $18.2B | ||
| Q3 24 | $999.2M | $18.0B | ||
| Q2 24 | $1.0B | $17.7B | ||
| Q1 24 | $980.3M | $16.1B |
| Q4 25 | 0.17× | 0.92× | ||
| Q3 25 | 0.17× | 0.93× | ||
| Q2 25 | 0.03× | 0.84× | ||
| Q1 25 | 0.03× | 0.78× | ||
| Q4 24 | 0.02× | 0.74× | ||
| Q3 24 | 0.02× | 0.74× | ||
| Q2 24 | 0.03× | 0.78× | ||
| Q1 24 | 0.05× | 0.62× |
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 | $827.1M |
| Free Cash FlowOCF − Capex | $-55.9M | — |
| FCF MarginFCF / Revenue | -11.8% | — |
| Capex IntensityCapex / Revenue | 2.3% | — |
| Cash ConversionOCF / Net Profit | — | 3.86× |
| TTM Free Cash FlowTrailing 4 quarters | $-240.7M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-45.1M | $827.1M | ||
| Q3 25 | $-123.7M | $702.6M | ||
| Q2 25 | $-264.0K | $364.0M | ||
| Q1 25 | $-25.8M | $596.1M | ||
| Q4 24 | $-3.6M | $742.5M | ||
| Q3 24 | $28.4M | $703.6M | ||
| Q2 24 | $-11.7M | $658.2M | ||
| Q1 24 | $52.6M | $664.6M |
| Q4 25 | $-55.9M | — | ||
| Q3 25 | $-146.5M | — | ||
| Q2 25 | $-8.8M | — | ||
| Q1 25 | $-29.6M | — | ||
| Q4 24 | $-8.7M | — | ||
| Q3 24 | $22.9M | — | ||
| Q2 24 | $-20.8M | — | ||
| Q1 24 | $48.8M | — |
| Q4 25 | -11.8% | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -3.2% | — | ||
| Q1 25 | -17.7% | — | ||
| Q4 24 | -4.6% | — | ||
| Q3 24 | 12.1% | — | ||
| Q2 24 | -10.5% | — | ||
| Q1 24 | 26.1% | — |
| Q4 25 | 2.3% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 2.0% | — |
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 2.44× | ||
| Q2 25 | -0.02× | 12.06× | ||
| Q1 25 | — | 2.50× | ||
| Q4 24 | -0.48× | 3.57× | ||
| Q3 24 | 1.34× | 1.29× | ||
| Q2 24 | -1.93× | 6.45× | ||
| Q1 24 | 3.79× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
