vs
Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Donnelley Financial Solutions, Inc. (DFIN). Click either name above to swap in a different company.
Donnelley Financial Solutions, Inc. is the larger business by last-quarter revenue ($172.5M vs $111.5M, roughly 1.5× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 3.6%, a 1.5% gap on every dollar of revenue. On growth, Donnelley Financial Solutions, Inc. posted the faster year-over-year revenue change (10.4% vs -5.7%). Donnelley Financial Solutions, Inc. produced more free cash flow last quarter ($47.9M vs $22.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -7.9%).
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.
Donnelley Financial Solutions (DFIN) is a financial compliance company based in Chicago, Illinois, United States. The company provides software as a service (SaaS) products, software-enabled services (SeS), print, and compliance services related to US Securities and Exchange Commission regulations to companies in capital and investment markets.
AVNW vs DFIN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $172.5M |
| Net Profit | $5.7M | $6.2M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 8.3% |
| Net Margin | 5.1% | 3.6% |
| Revenue YoY | -5.7% | 10.4% |
| Net Profit YoY | 27.2% | -1.6% |
| EPS (diluted) | $0.44 | $0.31 |
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 | $172.5M | ||
| Q3 25 | $107.3M | $175.3M | ||
| Q2 25 | $115.3M | $218.1M | ||
| Q1 25 | $112.6M | $201.1M | ||
| Q4 24 | $118.2M | $156.3M | ||
| Q3 24 | $88.4M | $179.5M | ||
| Q2 24 | $116.7M | $242.7M | ||
| Q1 24 | $110.8M | $203.4M |
| Q4 25 | $5.7M | $6.2M | ||
| Q3 25 | $162.0K | $-40.9M | ||
| Q2 25 | $5.2M | $36.1M | ||
| Q1 25 | $3.5M | $31.0M | ||
| Q4 24 | $4.5M | $6.3M | ||
| Q3 24 | $-11.9M | $8.7M | ||
| Q2 24 | $1.5M | $44.1M | ||
| Q1 24 | $3.9M | $33.3M |
| 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% | 8.3% | ||
| Q3 25 | 4.8% | 16.1% | ||
| Q2 25 | 7.7% | 24.2% | ||
| Q1 25 | 8.3% | 22.8% | ||
| Q4 24 | 6.7% | 6.0% | ||
| Q3 24 | -17.6% | 10.1% | ||
| Q2 24 | 4.7% | 26.6% | ||
| Q1 24 | 5.1% | 21.9% |
| Q4 25 | 5.1% | 3.6% | ||
| Q3 25 | 0.2% | -23.3% | ||
| Q2 25 | 4.5% | 16.6% | ||
| Q1 25 | 3.1% | 15.4% | ||
| Q4 24 | 3.8% | 4.0% | ||
| Q3 24 | -13.4% | 4.8% | ||
| Q2 24 | 1.3% | 18.2% | ||
| Q1 24 | 3.5% | 16.4% |
| Q4 25 | $0.44 | $0.31 | ||
| Q3 25 | $0.01 | $-1.49 | ||
| Q2 25 | $0.42 | $1.28 | ||
| Q1 25 | $0.27 | $1.05 | ||
| Q4 24 | $0.35 | $0.21 | ||
| Q3 24 | $-0.94 | $0.29 | ||
| Q2 24 | $0.11 | $1.47 | ||
| Q1 24 | $0.30 | $1.09 |
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 | $24.5M |
| Total DebtLower is stronger | $105.4M | $171.3M |
| Stockholders' EquityBook value | $271.6M | $379.2M |
| Total Assets | $659.4M | $800.4M |
| Debt / EquityLower = less leverage | 0.39× | 0.45× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $24.5M | ||
| Q3 25 | $64.8M | $22.7M | ||
| Q2 25 | $59.7M | $33.8M | ||
| Q1 25 | $49.4M | $16.2M | ||
| Q4 24 | $52.6M | $57.3M | ||
| Q3 24 | $51.0M | $33.6M | ||
| Q2 24 | $64.6M | $35.0M | ||
| Q1 24 | $59.2M | $43.7M |
| Q4 25 | $105.4M | $171.3M | ||
| Q3 25 | $106.5M | $154.7M | ||
| Q2 25 | $87.6M | $190.1M | ||
| Q1 25 | $73.9M | $189.5M | ||
| Q4 24 | $74.9M | $124.7M | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $379.2M | ||
| Q3 25 | $263.6M | $423.1M | ||
| Q2 25 | $263.2M | $432.1M | ||
| Q1 25 | $256.1M | $419.9M | ||
| Q4 24 | $249.6M | $436.1M | ||
| Q3 24 | $247.1M | $444.5M | ||
| Q2 24 | $255.9M | $441.5M | ||
| Q1 24 | $256.0M | $408.9M |
| Q4 25 | $659.4M | $800.4M | ||
| Q3 25 | $643.3M | $816.3M | ||
| Q2 25 | $633.3M | $874.7M | ||
| Q1 25 | $628.3M | $852.8M | ||
| Q4 24 | $594.1M | $841.6M | ||
| Q3 24 | $590.9M | $843.6M | ||
| Q2 24 | $535.2M | $882.9M | ||
| Q1 24 | $490.3M | $867.8M |
| Q4 25 | 0.39× | 0.45× | ||
| Q3 25 | 0.40× | 0.37× | ||
| Q2 25 | 0.33× | 0.44× | ||
| Q1 25 | 0.29× | 0.45× | ||
| Q4 24 | 0.30× | 0.29× | ||
| 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 | $59.8M |
| Free Cash FlowOCF − Capex | $22.5M | $47.9M |
| FCF MarginFCF / Revenue | 20.2% | 27.8% |
| Capex IntensityCapex / Revenue | 1.3% | 6.9% |
| Cash ConversionOCF / Net Profit | 4.18× | 9.65× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $107.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $59.8M | ||
| Q3 25 | $-11.7M | $74.4M | ||
| Q2 25 | $10.5M | $68.4M | ||
| Q1 25 | $1.6M | $-37.7M | ||
| Q4 24 | $20.8M | $56.4M | ||
| Q3 24 | $-27.2M | $86.4M | ||
| Q2 24 | $8.3M | $56.2M | ||
| Q1 24 | $15.3M | $-27.9M |
| Q4 25 | $22.5M | $47.9M | ||
| Q3 25 | $-13.5M | $59.2M | ||
| Q2 25 | $8.2M | $51.7M | ||
| Q1 25 | $-1.2M | $-51.0M | ||
| Q4 24 | $18.3M | $41.3M | ||
| Q3 24 | $-32.6M | $67.3M | ||
| Q2 24 | $7.5M | $36.8M | ||
| Q1 24 | $14.8M | $-40.2M |
| Q4 25 | 20.2% | 27.8% | ||
| Q3 25 | -12.6% | 33.8% | ||
| Q2 25 | 7.1% | 23.7% | ||
| Q1 25 | -1.0% | -25.4% | ||
| Q4 24 | 15.5% | 26.4% | ||
| Q3 24 | -36.8% | 37.5% | ||
| Q2 24 | 6.4% | 15.2% | ||
| Q1 24 | 13.4% | -19.8% |
| Q4 25 | 1.3% | 6.9% | ||
| Q3 25 | 1.6% | 8.7% | ||
| Q2 25 | 2.0% | 7.7% | ||
| Q1 25 | 2.5% | 6.6% | ||
| Q4 24 | 2.1% | 9.7% | ||
| Q3 24 | 6.1% | 10.6% | ||
| Q2 24 | 0.7% | 8.0% | ||
| Q1 24 | 0.4% | 6.0% |
| Q4 25 | 4.18× | 9.65× | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | 1.89× | ||
| Q1 25 | 0.46× | -1.22× | ||
| Q4 24 | 4.62× | 8.95× | ||
| Q3 24 | — | 9.93× | ||
| Q2 24 | 5.37× | 1.27× | ||
| Q1 24 | 3.96× | -0.84× |
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% |
DFIN
| Technology Service | $68.0M | 39% |
| Capital Markets Compliance And Communications Management | $61.6M | 36% |
| Investment Companies Software Solutions | $30.9M | 18% |
| Print And Distribution Service | $13.6M | 8% |
