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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and 4D Molecular Therapeutics, Inc. (FDMT). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $85.1M, roughly 1.3× 4D Molecular Therapeutics, Inc.). 4D Molecular Therapeutics, Inc. runs the higher net margin — 22.8% vs 5.1%, a 17.7% gap on every dollar of revenue. On growth, 4D Molecular Therapeutics, Inc. posted the faster year-over-year revenue change (8508900.0% vs -5.7%). 4D Molecular Therapeutics, Inc. produced more free cash flow last quarter ($28.5M vs $22.5M). Over the past eight quarters, 4D Molecular Therapeutics, Inc.'s revenue compounded faster (5412.6% CAGR vs 0.3%).
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.
4D Molecular Therapeutics is a clinical-stage biotechnology company specializing in the research and development of targeted adeno-associated virus (AAV) gene therapies. Its core product candidates address unmet medical needs in ophthalmology, cardiology, and pulmonary disease segments, serving global patient populations with rare and common hard-to-treat conditions.
AVNW vs FDMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $85.1M |
| Net Profit | $5.7M | $19.4M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 17.3% |
| Net Margin | 5.1% | 22.8% |
| Revenue YoY | -5.7% | 8508900.0% |
| Net Profit YoY | 27.2% | 139.1% |
| EPS (diluted) | $0.44 | $0.43 |
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 | $85.1M | ||
| Q3 25 | $107.3M | $90.0K | ||
| Q2 25 | $115.3M | $15.0K | ||
| Q1 25 | $112.6M | $14.0K | ||
| Q4 24 | $118.2M | $1.0K | ||
| Q3 24 | $88.4M | $3.0K | ||
| Q2 24 | $116.7M | $5.0K | ||
| Q1 24 | $110.8M | $28.0K |
| Q4 25 | $5.7M | $19.4M | ||
| Q3 25 | $162.0K | $-56.9M | ||
| Q2 25 | $5.2M | $-54.7M | ||
| Q1 25 | $3.5M | $-48.0M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $-43.8M | ||
| Q2 24 | $1.5M | $-35.0M | ||
| Q1 24 | $3.9M | $-32.4M |
| 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% | 17.3% | ||
| Q3 25 | 4.8% | -67983.3% | ||
| Q2 25 | 7.7% | -396373.3% | ||
| Q1 25 | 8.3% | -383007.1% | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | -17.6% | -1704400.0% | ||
| Q2 24 | 4.7% | -849120.0% | ||
| Q1 24 | 5.1% | -136200.0% |
| Q4 25 | 5.1% | 22.8% | ||
| Q3 25 | 0.2% | -63195.6% | ||
| Q2 25 | 4.5% | -364386.7% | ||
| Q1 25 | 3.1% | -342657.1% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | -1461433.3% | ||
| Q2 24 | 1.3% | -699060.0% | ||
| Q1 24 | 3.5% | -115717.9% |
| Q4 25 | $0.44 | $0.43 | ||
| Q3 25 | $0.01 | $-1.01 | ||
| Q2 25 | $0.42 | $-0.98 | ||
| Q1 25 | $0.27 | $-0.86 | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $-0.94 | $-0.79 | ||
| Q2 24 | $0.11 | $-0.63 | ||
| Q1 24 | $0.30 | $-0.66 |
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 | $402.7M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $505.7M |
| Total Assets | $659.4M | $566.7M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $402.7M | ||
| Q3 25 | $64.8M | $305.1M | ||
| Q2 25 | $59.7M | $293.2M | ||
| Q1 25 | $49.4M | $321.4M | ||
| Q4 24 | $52.6M | $424.9M | ||
| Q3 24 | $51.0M | $501.9M | ||
| Q2 24 | $64.6M | $541.9M | ||
| Q1 24 | $59.2M | $525.9M |
| 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 | $505.7M | ||
| Q3 25 | $263.6M | $369.0M | ||
| Q2 25 | $263.2M | $420.9M | ||
| Q1 25 | $256.1M | $469.7M | ||
| Q4 24 | $249.6M | $510.6M | ||
| Q3 24 | $247.1M | $552.9M | ||
| Q2 24 | $255.9M | $588.3M | ||
| Q1 24 | $256.0M | $600.6M |
| Q4 25 | $659.4M | $566.7M | ||
| Q3 25 | $643.3M | $424.0M | ||
| Q2 25 | $633.3M | $473.6M | ||
| Q1 25 | $628.3M | $515.7M | ||
| Q4 24 | $594.1M | $560.4M | ||
| Q3 24 | $590.9M | $604.0M | ||
| Q2 24 | $535.2M | $620.1M | ||
| Q1 24 | $490.3M | $629.9M |
| 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 | $28.6M |
| Free Cash FlowOCF − Capex | $22.5M | $28.5M |
| FCF MarginFCF / Revenue | 20.2% | 33.5% |
| Capex IntensityCapex / Revenue | 1.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 4.18× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-109.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $28.6M | ||
| Q3 25 | $-11.7M | $-46.5M | ||
| Q2 25 | $10.5M | $-43.4M | ||
| Q1 25 | $1.6M | $-47.8M | ||
| Q4 24 | $20.8M | $-134.6M | ||
| Q3 24 | $-27.2M | $-29.4M | ||
| Q2 24 | $8.3M | $-30.2M | ||
| Q1 24 | $15.3M | $-29.1M |
| Q4 25 | $22.5M | $28.5M | ||
| Q3 25 | $-13.5M | $-46.6M | ||
| Q2 25 | $8.2M | $-43.4M | ||
| Q1 25 | $-1.2M | $-48.4M | ||
| Q4 24 | $18.3M | $-138.4M | ||
| Q3 24 | $-32.6M | $-31.2M | ||
| Q2 24 | $7.5M | $-30.6M | ||
| Q1 24 | $14.8M | $-29.8M |
| Q4 25 | 20.2% | 33.5% | ||
| Q3 25 | -12.6% | -51765.6% | ||
| Q2 25 | 7.1% | -289620.0% | ||
| Q1 25 | -1.0% | -345635.7% | ||
| Q4 24 | 15.5% | -13837100.0% | ||
| Q3 24 | -36.8% | -1038966.7% | ||
| Q2 24 | 6.4% | -611840.0% | ||
| Q1 24 | 13.4% | -106421.4% |
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 1.6% | 101.1% | ||
| Q2 25 | 2.0% | 440.0% | ||
| Q1 25 | 2.5% | 4507.1% | ||
| Q4 24 | 2.1% | 378600.0% | ||
| Q3 24 | 6.1% | 59266.7% | ||
| Q2 24 | 0.7% | 6980.0% | ||
| Q1 24 | 0.4% | 2535.7% |
| Q4 25 | 4.18× | 1.47× | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| 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% |
FDMT
Segment breakdown not available.
