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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and COMTECH TELECOMMUNICATIONS CORP (CMTL). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $111.0M, roughly 1.0× COMTECH TELECOMMUNICATIONS CORP). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -14.3%, a 19.4% gap on every dollar of revenue. On growth, COMTECH TELECOMMUNICATIONS CORP posted the faster year-over-year revenue change (-4.1% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $4.8M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -9.0%).
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.
Comtech Telecommunications Corp is a global provider of advanced communication technologies, including satellite communication systems, terrestrial network infrastructure, and location-based services. It serves government, defense, mobile network operator, and enterprise clients across North America, Europe, and Asia Pacific, focusing on reliable, secure connectivity solutions for critical use cases.
AVNW vs CMTL — Head-to-Head
Income Statement — Q2 2026 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $111.0M |
| Net Profit | $5.7M | $-15.9M |
| Gross Margin | 32.4% | 33.1% |
| Operating Margin | 6.5% | -2.5% |
| Net Margin | 5.1% | -14.3% |
| Revenue YoY | -5.7% | -4.1% |
| Net Profit YoY | 27.2% | 89.3% |
| EPS (diluted) | $0.44 | $-0.67 |
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 | $111.0M | ||
| Q3 25 | $107.3M | $130.4M | ||
| Q2 25 | $115.3M | $126.8M | ||
| Q1 25 | $112.6M | $126.6M | ||
| Q4 24 | $118.2M | $115.8M | ||
| Q3 24 | $88.4M | $126.2M | ||
| Q2 24 | $116.7M | $128.1M | ||
| Q1 24 | $110.8M | $134.2M |
| Q4 25 | $5.7M | $-15.9M | ||
| Q3 25 | $162.0K | $7.9M | ||
| Q2 25 | $5.2M | $33.9M | ||
| Q1 25 | $3.5M | $-48.7M | ||
| Q4 24 | $4.5M | $-148.4M | ||
| Q3 24 | $-11.9M | $-90.8M | ||
| Q2 24 | $1.5M | $2.8M | ||
| Q1 24 | $3.9M | $-10.6M |
| Q4 25 | 32.4% | 33.1% | ||
| Q3 25 | 33.2% | 31.2% | ||
| Q2 25 | 34.2% | 30.7% | ||
| Q1 25 | 34.9% | 26.7% | ||
| Q4 24 | 34.6% | 12.5% | ||
| Q3 24 | 22.4% | 21.5% | ||
| Q2 24 | 35.3% | 30.4% | ||
| Q1 24 | 32.5% | 32.2% |
| Q4 25 | 6.5% | -2.5% | ||
| Q3 25 | 4.8% | 1.4% | ||
| Q2 25 | 7.7% | -1.2% | ||
| Q1 25 | 8.3% | -8.1% | ||
| Q4 24 | 6.7% | -111.5% | ||
| Q3 24 | -17.6% | -64.6% | ||
| Q2 24 | 4.7% | -2.7% | ||
| Q1 24 | 5.1% | 2.2% |
| Q4 25 | 5.1% | -14.3% | ||
| Q3 25 | 0.2% | 6.1% | ||
| Q2 25 | 4.5% | 26.8% | ||
| Q1 25 | 3.1% | -38.5% | ||
| Q4 24 | 3.8% | -128.2% | ||
| Q3 24 | -13.4% | -71.9% | ||
| Q2 24 | 1.3% | 2.2% | ||
| Q1 24 | 3.5% | -7.9% |
| Q4 25 | $0.44 | $-0.67 | ||
| Q3 25 | $0.01 | $-0.41 | ||
| Q2 25 | $0.42 | $-0.49 | ||
| Q1 25 | $0.27 | $-0.76 | ||
| Q4 24 | $0.35 | $-5.29 | ||
| Q3 24 | $-0.94 | $-3.48 | ||
| Q2 24 | $0.11 | $-0.04 | ||
| Q1 24 | $0.30 | $-1.07 |
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 | $43.6M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $85.6M |
| Total Assets | $659.4M | $734.1M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $43.6M | ||
| Q3 25 | $64.8M | $40.0M | ||
| Q2 25 | $59.7M | $28.4M | ||
| Q1 25 | $49.4M | $26.7M | ||
| Q4 24 | $52.6M | $29.6M | ||
| Q3 24 | $51.0M | $32.4M | ||
| Q2 24 | $64.6M | $27.2M | ||
| Q1 24 | $59.2M | $40.0M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | — | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | — | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $85.6M | ||
| Q3 25 | $263.6M | $104.4M | ||
| Q2 25 | $263.2M | $115.4M | ||
| Q1 25 | $256.1M | $128.7M | ||
| Q4 24 | $249.6M | $150.4M | ||
| Q3 24 | $247.1M | $306.3M | ||
| Q2 24 | $255.9M | $406.4M | ||
| Q1 24 | $256.0M | $407.0M |
| Q4 25 | $659.4M | $734.1M | ||
| Q3 25 | $643.3M | $740.8M | ||
| Q2 25 | $633.3M | $751.1M | ||
| Q1 25 | $628.3M | $770.6M | ||
| Q4 24 | $594.1M | $793.2M | ||
| Q3 24 | $590.9M | $793.2M | ||
| Q2 24 | $535.2M | $991.0M | ||
| Q1 24 | $490.3M | $996.8M |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.19× | — | ||
| Q1 24 | 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 | $23.9M | $8.1M |
| Free Cash FlowOCF − Capex | $22.5M | $4.8M |
| FCF MarginFCF / Revenue | 20.2% | 4.3% |
| Capex IntensityCapex / Revenue | 1.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $12.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $8.1M | ||
| Q3 25 | $-11.7M | $11.4M | ||
| Q2 25 | $10.5M | $2.3M | ||
| Q1 25 | $1.6M | $-234.0K | ||
| Q4 24 | $20.8M | $-21.8M | ||
| Q3 24 | $-27.2M | $-9.5M | ||
| Q2 24 | $8.3M | $-3.8M | ||
| Q1 24 | $15.3M | $-26.7M |
| Q4 25 | $22.5M | $4.8M | ||
| Q3 25 | $-13.5M | $9.4M | ||
| Q2 25 | $8.2M | $-160.0K | ||
| Q1 25 | $-1.2M | $-1.9M | ||
| Q4 24 | $18.3M | $-24.2M | ||
| Q3 24 | $-32.6M | $-12.4M | ||
| Q2 24 | $7.5M | $-6.5M | ||
| Q1 24 | $14.8M | $-30.9M |
| Q4 25 | 20.2% | 4.3% | ||
| Q3 25 | -12.6% | 7.2% | ||
| Q2 25 | 7.1% | -0.1% | ||
| Q1 25 | -1.0% | -1.5% | ||
| Q4 24 | 15.5% | -20.9% | ||
| Q3 24 | -36.8% | -9.8% | ||
| Q2 24 | 6.4% | -5.0% | ||
| Q1 24 | 13.4% | -23.0% |
| Q4 25 | 1.3% | 2.9% | ||
| Q3 25 | 1.6% | 1.6% | ||
| Q2 25 | 2.0% | 1.9% | ||
| Q1 25 | 2.5% | 1.3% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 6.1% | 2.3% | ||
| Q2 24 | 0.7% | 2.1% | ||
| Q1 24 | 0.4% | 3.2% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | 1.45× | ||
| Q2 25 | 2.02× | 0.07× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | -1.36× | ||
| Q1 24 | 3.96× | — |
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% |
CMTL
| Satellite And Space Communications Segment | $55.1M | 50% |
| Transferred At Point In Time | $39.4M | 36% |
| Satellite And Space Communications | $16.3M | 15% |
| Terrestrial And Wireless Networks | $1.1M | 1% |
