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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and FIRST MID BANCSHARES, INC. (FMBH). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $88.2M, roughly 1.3× FIRST MID BANCSHARES, INC.). FIRST MID BANCSHARES, INC. runs the higher net margin — 26.8% vs 5.1%, a 21.7% gap on every dollar of revenue. On growth, FIRST MID BANCSHARES, INC. posted the faster year-over-year revenue change (3.4% vs -5.7%). FIRST MID BANCSHARES, INC. produced more free cash flow last quarter ($124.0M vs $22.5M). Over the past eight quarters, FIRST MID BANCSHARES, INC.'s revenue compounded faster (5.0% 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.
First Mid Bancshares Inc. is a U.S.-headquartered regional financial services holding company. It provides full-range retail and commercial banking products, wealth management, insurance solutions, and agricultural financing, mainly serving individual consumers, small and medium-sized enterprises, and agricultural clients across multiple Midwestern states including Illinois, Missouri, and Indiana.
AVNW vs FMBH — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $88.2M |
| Net Profit | $5.7M | $23.7M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 34.0% |
| Net Margin | 5.1% | 26.8% |
| Revenue YoY | -5.7% | 3.4% |
| Net Profit YoY | 27.2% | 23.5% |
| EPS (diluted) | $0.44 | $0.98 |
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 | $88.2M | ||
| Q3 25 | $107.3M | $89.3M | ||
| Q2 25 | $115.3M | $87.5M | ||
| Q1 25 | $112.6M | $84.3M | ||
| Q4 24 | $118.2M | $85.3M | ||
| Q3 24 | $88.4M | $80.6M | ||
| Q2 24 | $116.7M | $79.2M | ||
| Q1 24 | $110.8M | $79.9M |
| Q4 25 | $5.7M | $23.7M | ||
| Q3 25 | $162.0K | $22.5M | ||
| Q2 25 | $5.2M | $23.4M | ||
| Q1 25 | $3.5M | $22.2M | ||
| Q4 24 | $4.5M | $19.2M | ||
| Q3 24 | $-11.9M | $19.5M | ||
| Q2 24 | $1.5M | $19.7M | ||
| Q1 24 | $3.9M | $20.5M |
| 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% | 34.0% | ||
| Q3 25 | 4.8% | 32.2% | ||
| Q2 25 | 7.7% | 34.4% | ||
| Q1 25 | 8.3% | 33.4% | ||
| Q4 24 | 6.7% | 29.7% | ||
| Q3 24 | -17.6% | 31.5% | ||
| Q2 24 | 4.7% | 33.7% | ||
| Q1 24 | 5.1% | 33.7% |
| Q4 25 | 5.1% | 26.8% | ||
| Q3 25 | 0.2% | 25.2% | ||
| Q2 25 | 4.5% | 26.8% | ||
| Q1 25 | 3.1% | 26.3% | ||
| Q4 24 | 3.8% | 22.5% | ||
| Q3 24 | -13.4% | 24.2% | ||
| Q2 24 | 1.3% | 24.9% | ||
| Q1 24 | 3.5% | 25.6% |
| Q4 25 | $0.44 | $0.98 | ||
| Q3 25 | $0.01 | $0.94 | ||
| Q2 25 | $0.42 | $0.98 | ||
| Q1 25 | $0.27 | $0.93 | ||
| Q4 24 | $0.35 | $0.81 | ||
| Q3 24 | $-0.94 | $0.81 | ||
| Q2 24 | $0.11 | $0.82 | ||
| Q1 24 | $0.30 | $0.86 |
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 | — |
| Total DebtLower is stronger | $105.4M | $354.5M |
| Stockholders' EquityBook value | $271.6M | $958.7M |
| Total Assets | $659.4M | $8.0B |
| Debt / EquityLower = less leverage | 0.39× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | — | ||
| Q3 25 | $64.8M | — | ||
| Q2 25 | $59.7M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $52.6M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $64.6M | — | ||
| Q1 24 | $59.2M | — |
| Q4 25 | $105.4M | $354.5M | ||
| 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 | $958.7M | ||
| Q3 25 | $263.6M | $932.2M | ||
| Q2 25 | $263.2M | $894.1M | ||
| Q1 25 | $256.1M | $870.9M | ||
| Q4 24 | $249.6M | $846.4M | ||
| Q3 24 | $247.1M | $858.5M | ||
| Q2 24 | $255.9M | $813.6M | ||
| Q1 24 | $256.0M | $798.0M |
| Q4 25 | $659.4M | $8.0B | ||
| Q3 25 | $643.3M | $7.8B | ||
| Q2 25 | $633.3M | $7.7B | ||
| Q1 25 | $628.3M | $7.6B | ||
| Q4 24 | $594.1M | $7.5B | ||
| Q3 24 | $590.9M | $7.6B | ||
| Q2 24 | $535.2M | $7.6B | ||
| Q1 24 | $490.3M | $7.7B |
| Q4 25 | 0.39× | 0.37× | ||
| 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 | $130.9M |
| Free Cash FlowOCF − Capex | $22.5M | $124.0M |
| FCF MarginFCF / Revenue | 20.2% | 140.6% |
| Capex IntensityCapex / Revenue | 1.3% | 7.8% |
| Cash ConversionOCF / Net Profit | 4.18× | 5.53× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $207.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $130.9M | ||
| Q3 25 | $-11.7M | $33.0M | ||
| Q2 25 | $10.5M | $7.7M | ||
| Q1 25 | $1.6M | $47.9M | ||
| Q4 24 | $20.8M | $124.4M | ||
| Q3 24 | $-27.2M | $33.1M | ||
| Q2 24 | $8.3M | $24.0M | ||
| Q1 24 | $15.3M | $29.0M |
| Q4 25 | $22.5M | $124.0M | ||
| Q3 25 | $-13.5M | $31.9M | ||
| Q2 25 | $8.2M | $6.0M | ||
| Q1 25 | $-1.2M | $46.0M | ||
| Q4 24 | $18.3M | $119.5M | ||
| Q3 24 | $-32.6M | $32.0M | ||
| Q2 24 | $7.5M | $22.9M | ||
| Q1 24 | $14.8M | $27.6M |
| Q4 25 | 20.2% | 140.6% | ||
| Q3 25 | -12.6% | 35.8% | ||
| Q2 25 | 7.1% | 6.8% | ||
| Q1 25 | -1.0% | 54.5% | ||
| Q4 24 | 15.5% | 140.0% | ||
| Q3 24 | -36.8% | 39.7% | ||
| Q2 24 | 6.4% | 28.9% | ||
| Q1 24 | 13.4% | 34.5% |
| Q4 25 | 1.3% | 7.8% | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 2.0% | 2.0% | ||
| Q1 25 | 2.5% | 2.3% | ||
| Q4 24 | 2.1% | 5.8% | ||
| Q3 24 | 6.1% | 1.4% | ||
| Q2 24 | 0.7% | 1.4% | ||
| Q1 24 | 0.4% | 1.9% |
| Q4 25 | 4.18× | 5.53× | ||
| Q3 25 | -72.48× | 1.47× | ||
| Q2 25 | 2.02× | 0.33× | ||
| Q1 25 | 0.46× | 2.16× | ||
| Q4 24 | 4.62× | 6.49× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | 5.37× | 1.21× | ||
| Q1 24 | 3.96× | 1.42× |
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% |
FMBH
Segment breakdown not available.
