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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and PATHWARD FINANCIAL, INC. (CASH). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($173.1M vs $111.5M, roughly 1.6× AVIAT NETWORKS, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 5.1%, a 15.2% gap on every dollar of revenue. On growth, PATHWARD FINANCIAL, INC. posted the faster year-over-year revenue change (-0.2% vs -5.7%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $22.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -18.0%).
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.
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
AVNW vs CASH — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $173.1M |
| Net Profit | $5.7M | $35.2M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 24.6% |
| Net Margin | 5.1% | 20.3% |
| Revenue YoY | -5.7% | -0.2% |
| Net Profit YoY | 27.2% | 11.9% |
| EPS (diluted) | $0.44 | $1.57 |
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 | $111.5M | $173.1M | ||
| Q3 25 | $107.3M | $186.7M | ||
| Q2 25 | $115.3M | $195.8M | ||
| Q1 25 | $112.6M | $274.8M | ||
| Q4 24 | $118.2M | $182.6M | ||
| Q3 24 | $88.4M | $179.5M | ||
| Q2 24 | $116.7M | $188.6M | ||
| Q1 24 | $110.8M | $257.6M |
| Q4 25 | $5.7M | $35.2M | ||
| Q3 25 | $162.0K | $38.8M | ||
| Q2 25 | $5.2M | $42.1M | ||
| Q1 25 | $3.5M | $75.0M | ||
| Q4 24 | $4.5M | $30.0M | ||
| Q3 24 | $-11.9M | $33.5M | ||
| Q2 24 | $1.5M | $44.9M | ||
| Q1 24 | $3.9M | $69.9M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | 24.6% | ||
| Q3 25 | 4.8% | 25.9% | ||
| Q2 25 | 7.7% | 24.1% | ||
| Q1 25 | 8.3% | 33.2% | ||
| Q4 24 | 6.7% | 19.8% | ||
| Q3 24 | -17.6% | 20.9% | ||
| Q2 24 | 4.7% | 27.1% | ||
| Q1 24 | 5.1% | 33.8% |
| Q4 25 | 5.1% | 20.3% | ||
| Q3 25 | 0.2% | 20.8% | ||
| Q2 25 | 4.5% | 21.5% | ||
| Q1 25 | 3.1% | 27.3% | ||
| Q4 24 | 3.8% | 16.4% | ||
| Q3 24 | -13.4% | 18.7% | ||
| Q2 24 | 1.3% | 23.8% | ||
| Q1 24 | 3.5% | 27.1% |
| Q4 25 | $0.44 | $1.57 | ||
| Q3 25 | $0.01 | $1.69 | ||
| Q2 25 | $0.42 | $1.81 | ||
| Q1 25 | $0.27 | $3.14 | ||
| Q4 24 | $0.35 | $1.23 | ||
| Q3 24 | $-0.94 | $1.34 | ||
| Q2 24 | $0.11 | $1.78 | ||
| Q1 24 | $0.30 | $2.74 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $86.5M | $331.2M |
| Total DebtLower is stronger | $105.4M | $33.5M |
| Stockholders' EquityBook value | $271.6M | $854.5M |
| Total Assets | $659.4M | $7.6B |
| Debt / EquityLower = less leverage | 0.39× | 0.04× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $331.2M | ||
| Q3 25 | $64.8M | $120.6M | ||
| Q2 25 | $59.7M | $258.3M | ||
| Q1 25 | $49.4M | $254.2M | ||
| Q4 24 | $52.6M | $597.4M | ||
| Q3 24 | $51.0M | $158.3M | ||
| Q2 24 | $64.6M | $298.9M | ||
| Q1 24 | $59.2M | $347.9M |
| Q4 25 | $105.4M | $33.5M | ||
| Q3 25 | $106.5M | $33.5M | ||
| Q2 25 | $87.6M | $33.4M | ||
| Q1 25 | $73.9M | $33.4M | ||
| Q4 24 | $74.9M | $33.4M | ||
| Q3 24 | $83.4M | $33.4M | ||
| Q2 24 | $48.4M | $33.3M | ||
| Q1 24 | $48.9M | $33.4M |
| Q4 25 | $271.6M | $854.5M | ||
| Q3 25 | $263.6M | $858.0M | ||
| Q2 25 | $263.2M | $819.0M | ||
| Q1 25 | $256.1M | $814.7M | ||
| Q4 24 | $249.6M | $758.3M | ||
| Q3 24 | $247.1M | $822.5M | ||
| Q2 24 | $255.9M | $748.4M | ||
| Q1 24 | $256.0M | $719.5M |
| Q4 25 | $659.4M | $7.6B | ||
| Q3 25 | $643.3M | $7.2B | ||
| Q2 25 | $633.3M | $7.2B | ||
| Q1 25 | $628.3M | $7.0B | ||
| Q4 24 | $594.1M | $7.6B | ||
| Q3 24 | $590.9M | $7.5B | ||
| Q2 24 | $535.2M | $7.5B | ||
| Q1 24 | $490.3M | $7.4B |
| Q4 25 | 0.39× | 0.04× | ||
| Q3 25 | 0.40× | 0.04× | ||
| Q2 25 | 0.33× | 0.04× | ||
| Q1 25 | 0.29× | 0.04× | ||
| Q4 24 | 0.30× | 0.04× | ||
| Q3 24 | 0.34× | 0.04× | ||
| Q2 24 | 0.19× | 0.04× | ||
| Q1 24 | 0.19× | 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 | $23.9M | $108.3M |
| Free Cash FlowOCF − Capex | $22.5M | $104.1M |
| FCF MarginFCF / Revenue | 20.2% | 60.1% |
| Capex IntensityCapex / Revenue | 1.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 4.18× | 3.08× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $616.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $108.3M | ||
| Q3 25 | $-11.7M | $303.7M | ||
| Q2 25 | $10.5M | $30.4M | ||
| Q1 25 | $1.6M | $188.3M | ||
| Q4 24 | $20.8M | $-71.7M | ||
| Q3 24 | $-27.2M | $143.1M | ||
| Q2 24 | $8.3M | $113.2M | ||
| Q1 24 | $15.3M | $203.0M |
| Q4 25 | $22.5M | $104.1M | ||
| Q3 25 | $-13.5M | $300.3M | ||
| Q2 25 | $8.2M | $27.7M | ||
| Q1 25 | $-1.2M | $184.7M | ||
| Q4 24 | $18.3M | $-73.8M | ||
| Q3 24 | $-32.6M | $138.8M | ||
| Q2 24 | $7.5M | $111.0M | ||
| Q1 24 | $14.8M | $201.3M |
| Q4 25 | 20.2% | 60.1% | ||
| Q3 25 | -12.6% | 160.9% | ||
| Q2 25 | 7.1% | 14.1% | ||
| Q1 25 | -1.0% | 67.2% | ||
| Q4 24 | 15.5% | -40.4% | ||
| Q3 24 | -36.8% | 77.3% | ||
| Q2 24 | 6.4% | 58.8% | ||
| Q1 24 | 13.4% | 78.1% |
| Q4 25 | 1.3% | 2.4% | ||
| Q3 25 | 1.6% | 1.8% | ||
| Q2 25 | 2.0% | 1.4% | ||
| Q1 25 | 2.5% | 1.3% | ||
| Q4 24 | 2.1% | 1.1% | ||
| Q3 24 | 6.1% | 2.4% | ||
| Q2 24 | 0.7% | 1.2% | ||
| Q1 24 | 0.4% | 0.7% |
| Q4 25 | 4.18× | 3.08× | ||
| Q3 25 | -72.48× | 7.83× | ||
| Q2 25 | 2.02× | 0.72× | ||
| Q1 25 | 0.46× | 2.51× | ||
| Q4 24 | 4.62× | -2.39× | ||
| Q3 24 | — | 4.27× | ||
| Q2 24 | 5.37× | 2.52× | ||
| Q1 24 | 3.96× | 2.90× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AVNW
| Products | $81.2M | 73% |
| Services | $30.3M | 27% |
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
