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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $101.1M, roughly 1.1× FORRESTER RESEARCH, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -33.5%, a 38.6% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -6.5%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-4.3M). Over the past eight quarters, FORRESTER RESEARCH, INC.'s revenue compounded faster (0.5% 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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
AVNW vs FORR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $101.1M |
| Net Profit | $5.7M | $-33.9M |
| Gross Margin | 32.4% | 56.7% |
| Operating Margin | 6.5% | -36.6% |
| Net Margin | 5.1% | -33.5% |
| Revenue YoY | -5.7% | -6.5% |
| Net Profit YoY | 27.2% | -7941.4% |
| EPS (diluted) | $0.44 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $107.3M | $94.3M | ||
| Q2 25 | $115.3M | $111.7M | ||
| Q1 25 | $112.6M | $89.9M | ||
| Q4 24 | $118.2M | $108.0M | ||
| Q3 24 | $88.4M | $102.5M | ||
| Q2 24 | $116.7M | $121.8M | ||
| Q1 24 | $110.8M | $100.1M |
| Q4 25 | $5.7M | $-33.9M | ||
| Q3 25 | $162.0K | $-2.1M | ||
| Q2 25 | $5.2M | $3.9M | ||
| Q1 25 | $3.5M | $-87.3M | ||
| Q4 24 | $4.5M | $432.0K | ||
| Q3 24 | $-11.9M | $-5.8M | ||
| Q2 24 | $1.5M | $6.3M | ||
| Q1 24 | $3.9M | $-6.7M |
| Q4 25 | 32.4% | 56.7% | ||
| Q3 25 | 33.2% | 60.0% | ||
| Q2 25 | 34.2% | 55.5% | ||
| Q1 25 | 34.9% | 55.9% | ||
| Q4 24 | 34.6% | 58.8% | ||
| Q3 24 | 22.4% | 60.5% | ||
| Q2 24 | 35.3% | 57.3% | ||
| Q1 24 | 32.5% | 54.9% |
| Q4 25 | 6.5% | -36.6% | ||
| Q3 25 | 4.8% | 4.7% | ||
| Q2 25 | 7.7% | 6.2% | ||
| Q1 25 | 8.3% | -97.5% | ||
| Q4 24 | 6.7% | -0.5% | ||
| Q3 24 | -17.6% | -0.7% | ||
| Q2 24 | 4.7% | 9.3% | ||
| Q1 24 | 5.1% | -9.3% |
| Q4 25 | 5.1% | -33.5% | ||
| Q3 25 | 0.2% | -2.3% | ||
| Q2 25 | 4.5% | 3.5% | ||
| Q1 25 | 3.1% | -97.1% | ||
| Q4 24 | 3.8% | 0.4% | ||
| Q3 24 | -13.4% | -5.7% | ||
| Q2 24 | 1.3% | 5.2% | ||
| Q1 24 | 3.5% | -6.7% |
| Q4 25 | $0.44 | $-1.75 | ||
| Q3 25 | $0.01 | $-0.11 | ||
| Q2 25 | $0.42 | $0.20 | ||
| Q1 25 | $0.27 | $-4.62 | ||
| Q4 24 | $0.35 | $0.02 | ||
| Q3 24 | $-0.94 | $-0.30 | ||
| Q2 24 | $0.11 | $0.33 | ||
| Q1 24 | $0.30 | $-0.35 |
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 | $63.3M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $126.5M |
| Total Assets | $659.4M | $404.0M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $63.3M | ||
| Q3 25 | $64.8M | $65.1M | ||
| Q2 25 | $59.7M | $67.8M | ||
| Q1 25 | $49.4M | $75.6M | ||
| Q4 24 | $52.6M | $56.1M | ||
| Q3 24 | $51.0M | $62.8M | ||
| Q2 24 | $64.6M | $58.9M | ||
| Q1 24 | $59.2M | $61.4M |
| 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 | $126.5M | ||
| Q3 25 | $263.6M | $157.7M | ||
| Q2 25 | $263.2M | $159.5M | ||
| Q1 25 | $256.1M | $147.4M | ||
| Q4 24 | $249.6M | $229.5M | ||
| Q3 24 | $247.1M | $234.3M | ||
| Q2 24 | $255.9M | $237.1M | ||
| Q1 24 | $256.0M | $230.9M |
| Q4 25 | $659.4M | $404.0M | ||
| Q3 25 | $643.3M | $414.2M | ||
| Q2 25 | $633.3M | $436.0M | ||
| Q1 25 | $628.3M | $439.8M | ||
| Q4 24 | $594.1M | $503.9M | ||
| Q3 24 | $590.9M | $505.3M | ||
| Q2 24 | $535.2M | $524.2M | ||
| Q1 24 | $490.3M | $555.7M |
| 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 | $-3.2M |
| Free Cash FlowOCF − Capex | $22.5M | $-4.3M |
| FCF MarginFCF / Revenue | 20.2% | -4.2% |
| Capex IntensityCapex / Revenue | 1.3% | 1.1% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-3.2M | ||
| Q3 25 | $-11.7M | $1.2M | ||
| Q2 25 | $10.5M | $-3.6M | ||
| Q1 25 | $1.6M | $26.7M | ||
| Q4 24 | $20.8M | $-1.8M | ||
| Q3 24 | $-27.2M | $264.0K | ||
| Q2 24 | $8.3M | $-2.9M | ||
| Q1 24 | $15.3M | $611.0K |
| Q4 25 | $22.5M | $-4.3M | ||
| Q3 25 | $-13.5M | $524.0K | ||
| Q2 25 | $8.2M | $-4.2M | ||
| Q1 25 | $-1.2M | $26.1M | ||
| Q4 24 | $18.3M | $-2.5M | ||
| Q3 24 | $-32.6M | $-223.0K | ||
| Q2 24 | $7.5M | $-3.7M | ||
| Q1 24 | $14.8M | $-815.0K |
| Q4 25 | 20.2% | -4.2% | ||
| Q3 25 | -12.6% | 0.6% | ||
| Q2 25 | 7.1% | -3.8% | ||
| Q1 25 | -1.0% | 29.0% | ||
| Q4 24 | 15.5% | -2.3% | ||
| Q3 24 | -36.8% | -0.2% | ||
| Q2 24 | 6.4% | -3.1% | ||
| Q1 24 | 13.4% | -0.8% |
| Q4 25 | 1.3% | 1.1% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.5% | 0.7% | ||
| Q4 24 | 2.1% | 0.6% | ||
| Q3 24 | 6.1% | 0.5% | ||
| Q2 24 | 0.7% | 0.7% | ||
| Q1 24 | 0.4% | 1.4% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | -0.93× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | -4.24× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | -0.46× | ||
| 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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
