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Side-by-side financial comparison of AVANOS MEDICAL, INC. (AVNS) and AVIAT NETWORKS, INC. (AVNW). Click either name above to swap in a different company.
AVANOS MEDICAL, INC. is the larger business by last-quarter revenue ($180.9M vs $111.5M, roughly 1.6× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -0.7%, a 5.8% gap on every dollar of revenue. On growth, AVANOS MEDICAL, INC. posted the faster year-over-year revenue change (0.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $21.3M). Over the past eight quarters, AVANOS MEDICAL, INC.'s revenue compounded faster (4.4% CAGR vs 0.3%).
Avanos Medical, Inc. is a medical technology company making clinical medical devices. The company consists of two franchises – Pain Management and Chronic Care – that address reducing the use of opioids while helping patients recover faster and preventing infection.
Aviat Networks, Inc. is a global provider of microwave transport and backhaul solutions, providing public and private operators with communications infrastructure to serve telecommunications operators and enterprise customers.
AVNS vs AVNW — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $180.9M | $111.5M |
| Net Profit | $-1.3M | $5.7M |
| Gross Margin | 47.5% | 32.4% |
| Operating Margin | 1.4% | 6.5% |
| Net Margin | -0.7% | 5.1% |
| Revenue YoY | 0.7% | -5.7% |
| Net Profit YoY | 99.7% | 27.2% |
| EPS (diluted) | $-0.02 | $0.44 |
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 | $180.9M | $111.5M | ||
| Q3 25 | $177.8M | $107.3M | ||
| Q2 25 | $175.0M | $115.3M | ||
| Q1 25 | $167.5M | $112.6M | ||
| Q4 24 | $179.6M | $118.2M | ||
| Q3 24 | $170.4M | $88.4M | ||
| Q2 24 | $171.7M | $116.7M | ||
| Q1 24 | $166.1M | $110.8M |
| Q4 25 | $-1.3M | $5.7M | ||
| Q3 25 | $-1.4M | $162.0K | ||
| Q2 25 | $-76.8M | $5.2M | ||
| Q1 25 | $6.6M | $3.5M | ||
| Q4 24 | $-397.3M | $4.5M | ||
| Q3 24 | $4.3M | $-11.9M | ||
| Q2 24 | $1.8M | $1.5M | ||
| Q1 24 | $-900.0K | $3.9M |
| Q4 25 | 47.5% | 32.4% | ||
| Q3 25 | 48.4% | 33.2% | ||
| Q2 25 | 52.6% | 34.2% | ||
| Q1 25 | 53.6% | 34.9% | ||
| Q4 24 | 54.6% | 34.6% | ||
| Q3 24 | 54.5% | 22.4% | ||
| Q2 24 | 55.7% | 35.3% | ||
| Q1 24 | 57.1% | 32.5% |
| Q4 25 | 1.4% | 6.5% | ||
| Q3 25 | 0.1% | 4.8% | ||
| Q2 25 | -42.6% | 7.7% | ||
| Q1 25 | 6.1% | 8.3% | ||
| Q4 24 | -233.0% | 6.7% | ||
| Q3 24 | 7.0% | -17.6% | ||
| Q2 24 | 3.7% | 4.7% | ||
| Q1 24 | 2.4% | 5.1% |
| Q4 25 | -0.7% | 5.1% | ||
| Q3 25 | -0.8% | 0.2% | ||
| Q2 25 | -43.9% | 4.5% | ||
| Q1 25 | 3.9% | 3.1% | ||
| Q4 24 | -221.2% | 3.8% | ||
| Q3 24 | 2.5% | -13.4% | ||
| Q2 24 | 1.0% | 1.3% | ||
| Q1 24 | -0.5% | 3.5% |
| Q4 25 | $-0.02 | $0.44 | ||
| Q3 25 | $-0.03 | $0.01 | ||
| Q2 25 | $-1.66 | $0.42 | ||
| Q1 25 | $0.14 | $0.27 | ||
| Q4 24 | $-8.64 | $0.35 | ||
| Q3 24 | $0.09 | $-0.94 | ||
| Q2 24 | $0.04 | $0.11 | ||
| Q1 24 | $-0.02 | $0.30 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $89.8M | $86.5M |
| Total DebtLower is stronger | $90.3M | $105.4M |
| Stockholders' EquityBook value | $778.2M | $271.6M |
| Total Assets | $1.1B | $659.4M |
| Debt / EquityLower = less leverage | 0.12× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $89.8M | $86.5M | ||
| Q3 25 | $70.5M | $64.8M | ||
| Q2 25 | $90.3M | $59.7M | ||
| Q1 25 | $97.0M | $49.4M | ||
| Q4 24 | $107.7M | $52.6M | ||
| Q3 24 | $89.0M | $51.0M | ||
| Q2 24 | $92.2M | $64.6M | ||
| Q1 24 | $75.8M | $59.2M |
| Q4 25 | $90.3M | $105.4M | ||
| Q3 25 | $93.4M | $106.5M | ||
| Q2 25 | $95.7M | $87.6M | ||
| Q1 25 | $98.0M | $73.9M | ||
| Q4 24 | $125.3M | $74.9M | ||
| Q3 24 | $152.6M | $83.4M | ||
| Q2 24 | $164.9M | $48.4M | ||
| Q1 24 | $167.2M | $48.9M |
| Q4 25 | $778.2M | $271.6M | ||
| Q3 25 | $778.0M | $263.6M | ||
| Q2 25 | $776.3M | $263.2M | ||
| Q1 25 | $839.4M | $256.1M | ||
| Q4 24 | $828.5M | $249.6M | ||
| Q3 24 | $1.2B | $247.1M | ||
| Q2 24 | $1.2B | $255.9M | ||
| Q1 24 | $1.2B | $256.0M |
| Q4 25 | $1.1B | $659.4M | ||
| Q3 25 | $1.1B | $643.3M | ||
| Q2 25 | $1.0B | $633.3M | ||
| Q1 25 | $1.1B | $628.3M | ||
| Q4 24 | $1.2B | $594.1M | ||
| Q3 24 | $1.7B | $590.9M | ||
| Q2 24 | $1.7B | $535.2M | ||
| Q1 24 | $1.7B | $490.3M |
| Q4 25 | 0.12× | 0.39× | ||
| Q3 25 | 0.12× | 0.40× | ||
| Q2 25 | 0.12× | 0.33× | ||
| Q1 25 | 0.12× | 0.29× | ||
| Q4 24 | 0.15× | 0.30× | ||
| Q3 24 | 0.12× | 0.34× | ||
| Q2 24 | 0.13× | 0.19× | ||
| Q1 24 | 0.14× | 0.19× |
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 | $28.2M | $23.9M |
| Free Cash FlowOCF − Capex | $21.3M | $22.5M |
| FCF MarginFCF / Revenue | 11.8% | 20.2% |
| Capex IntensityCapex / Revenue | 3.8% | 1.3% |
| Cash ConversionOCF / Net Profit | — | 4.18× |
| TTM Free Cash FlowTrailing 4 quarters | $43.1M | $16.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.2M | $23.9M | ||
| Q3 25 | $14.0M | $-11.7M | ||
| Q2 25 | $6.8M | $10.5M | ||
| Q1 25 | $25.7M | $1.6M | ||
| Q4 24 | $57.9M | $20.8M | ||
| Q3 24 | $23.0M | $-27.2M | ||
| Q2 24 | $27.8M | $8.3M | ||
| Q1 24 | $-8.0M | $15.3M |
| Q4 25 | $21.3M | $22.5M | ||
| Q3 25 | $7.0M | $-13.5M | ||
| Q2 25 | $-4.2M | $8.2M | ||
| Q1 25 | $19.0M | $-1.2M | ||
| Q4 24 | $53.1M | $18.3M | ||
| Q3 24 | $20.0M | $-32.6M | ||
| Q2 24 | $21.9M | $7.5M | ||
| Q1 24 | $-12.1M | $14.8M |
| Q4 25 | 11.8% | 20.2% | ||
| Q3 25 | 3.9% | -12.6% | ||
| Q2 25 | -2.4% | 7.1% | ||
| Q1 25 | 11.3% | -1.0% | ||
| Q4 24 | 29.6% | 15.5% | ||
| Q3 24 | 11.7% | -36.8% | ||
| Q2 24 | 12.8% | 6.4% | ||
| Q1 24 | -7.3% | 13.4% |
| Q4 25 | 3.8% | 1.3% | ||
| Q3 25 | 3.9% | 1.6% | ||
| Q2 25 | 6.3% | 2.0% | ||
| Q1 25 | 4.0% | 2.5% | ||
| Q4 24 | 2.7% | 2.1% | ||
| Q3 24 | 1.8% | 6.1% | ||
| Q2 24 | 3.4% | 0.7% | ||
| Q1 24 | 2.5% | 0.4% |
| Q4 25 | — | 4.18× | ||
| Q3 25 | — | -72.48× | ||
| Q2 25 | — | 2.02× | ||
| Q1 25 | 3.89× | 0.46× | ||
| Q4 24 | — | 4.62× | ||
| Q3 24 | 5.35× | — | ||
| Q2 24 | 15.44× | 5.37× | ||
| Q1 24 | — | 3.96× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNS
| Enteral Feeding | $83.0M | 46% |
| Radiofrequency Ablation | $36.9M | 20% |
| Neonate Solutions | $32.1M | 18% |
| Surgical Pain And Recovery | $24.7M | 14% |
| Corporate Other | $4.2M | 2% |
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
