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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and GRID DYNAMICS HOLDINGS, INC. (GDYN). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $106.2M, roughly 1.1× GRID DYNAMICS HOLDINGS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 0.3%, a 4.8% gap on every dollar of revenue. On growth, GRID DYNAMICS HOLDINGS, INC. posted the faster year-over-year revenue change (5.9% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $6.1M). Over the past eight quarters, GRID DYNAMICS HOLDINGS, INC.'s revenue compounded faster (15.3% 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.
Escape Dynamics, Inc. was a Colorado-based technology company that operated 2010–2015 focused on bringing to market single-stage-to-orbit reusable electromagnetically powered spaceplanes.
AVNW vs GDYN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $106.2M |
| Net Profit | $5.7M | $306.0K |
| Gross Margin | 32.4% | 34.0% |
| Operating Margin | 6.5% | 0.5% |
| Net Margin | 5.1% | 0.3% |
| Revenue YoY | -5.7% | 5.9% |
| Net Profit YoY | 27.2% | -93.2% |
| EPS (diluted) | $0.44 | $0.01 |
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 | $106.2M | ||
| Q3 25 | $107.3M | $104.2M | ||
| Q2 25 | $115.3M | $101.1M | ||
| Q1 25 | $112.6M | $100.4M | ||
| Q4 24 | $118.2M | $100.3M | ||
| Q3 24 | $88.4M | $87.4M | ||
| Q2 24 | $116.7M | $83.0M | ||
| Q1 24 | $110.8M | $79.8M |
| Q4 25 | $5.7M | $306.0K | ||
| Q3 25 | $162.0K | $1.2M | ||
| Q2 25 | $5.2M | $5.3M | ||
| Q1 25 | $3.5M | $2.9M | ||
| Q4 24 | $4.5M | $4.5M | ||
| Q3 24 | $-11.9M | $4.3M | ||
| Q2 24 | $1.5M | $-817.0K | ||
| Q1 24 | $3.9M | $-3.9M |
| Q4 25 | 32.4% | 34.0% | ||
| Q3 25 | 33.2% | 33.3% | ||
| Q2 25 | 34.2% | 34.1% | ||
| Q1 25 | 34.9% | 36.8% | ||
| Q4 24 | 34.6% | 36.9% | ||
| Q3 24 | 22.4% | 37.4% | ||
| Q2 24 | 35.3% | 35.6% | ||
| Q1 24 | 32.5% | 34.7% |
| Q4 25 | 6.5% | 0.5% | ||
| Q3 25 | 4.8% | -0.2% | ||
| Q2 25 | 7.7% | -0.1% | ||
| Q1 25 | 8.3% | -2.0% | ||
| Q4 24 | 6.7% | 1.3% | ||
| Q3 24 | -17.6% | 2.4% | ||
| Q2 24 | 4.7% | 0.0% | ||
| Q1 24 | 5.1% | -6.9% |
| Q4 25 | 5.1% | 0.3% | ||
| Q3 25 | 0.2% | 1.1% | ||
| Q2 25 | 4.5% | 5.2% | ||
| Q1 25 | 3.1% | 2.9% | ||
| Q4 24 | 3.8% | 4.5% | ||
| Q3 24 | -13.4% | 4.9% | ||
| Q2 24 | 1.3% | -1.0% | ||
| Q1 24 | 3.5% | -4.9% |
| Q4 25 | $0.44 | $0.01 | ||
| Q3 25 | $0.01 | $0.01 | ||
| Q2 25 | $0.42 | $0.06 | ||
| Q1 25 | $0.27 | $0.03 | ||
| Q4 24 | $0.35 | $0.06 | ||
| Q3 24 | $-0.94 | $0.05 | ||
| Q2 24 | $0.11 | $-0.01 | ||
| Q1 24 | $0.30 | $-0.05 |
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 | $342.1M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $542.1M |
| Total Assets | $659.4M | $612.9M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $342.1M | ||
| Q3 25 | $64.8M | $338.6M | ||
| Q2 25 | $59.7M | $336.8M | ||
| Q1 25 | $49.4M | $325.5M | ||
| Q4 24 | $52.6M | $334.7M | ||
| Q3 24 | $51.0M | $231.3M | ||
| Q2 24 | $64.6M | $256.0M | ||
| Q1 24 | $59.2M | $249.4M |
| 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 | $542.1M | ||
| Q3 25 | $263.6M | $537.7M | ||
| Q2 25 | $263.2M | $532.2M | ||
| Q1 25 | $256.1M | $517.4M | ||
| Q4 24 | $249.6M | $517.8M | ||
| Q3 24 | $247.1M | $400.2M | ||
| Q2 24 | $255.9M | $388.4M | ||
| Q1 24 | $256.0M | $382.8M |
| Q4 25 | $659.4M | $612.9M | ||
| Q3 25 | $643.3M | $613.2M | ||
| Q2 25 | $633.3M | $608.9M | ||
| Q1 25 | $628.3M | $590.9M | ||
| Q4 24 | $594.1M | $592.2M | ||
| Q3 24 | $590.9M | $477.3M | ||
| Q2 24 | $535.2M | $443.6M | ||
| Q1 24 | $490.3M | $435.3M |
| 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 | $9.9M |
| Free Cash FlowOCF − Capex | $22.5M | $6.1M |
| FCF MarginFCF / Revenue | 20.2% | 5.7% |
| Capex IntensityCapex / Revenue | 1.3% | 3.6% |
| Cash ConversionOCF / Net Profit | 4.18× | 32.34× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $25.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $9.9M | ||
| Q3 25 | $-11.7M | $7.0M | ||
| Q2 25 | $10.5M | $14.4M | ||
| Q1 25 | $1.6M | $9.4M | ||
| Q4 24 | $20.8M | $7.1M | ||
| Q3 24 | $-27.2M | $9.2M | ||
| Q2 24 | $8.3M | $10.7M | ||
| Q1 24 | $15.3M | $3.2M |
| Q4 25 | $22.5M | $6.1M | ||
| Q3 25 | $-13.5M | $2.9M | ||
| Q2 25 | $8.2M | $10.2M | ||
| Q1 25 | $-1.2M | $6.0M | ||
| Q4 24 | $18.3M | $4.4M | ||
| Q3 24 | $-32.6M | $5.9M | ||
| Q2 24 | $7.5M | $8.0M | ||
| Q1 24 | $14.8M | $43.0K |
| Q4 25 | 20.2% | 5.7% | ||
| Q3 25 | -12.6% | 2.8% | ||
| Q2 25 | 7.1% | 10.1% | ||
| Q1 25 | -1.0% | 6.0% | ||
| Q4 24 | 15.5% | 4.4% | ||
| Q3 24 | -36.8% | 6.8% | ||
| Q2 24 | 6.4% | 9.7% | ||
| Q1 24 | 13.4% | 0.1% |
| Q4 25 | 1.3% | 3.6% | ||
| Q3 25 | 1.6% | 3.9% | ||
| Q2 25 | 2.0% | 4.1% | ||
| Q1 25 | 2.5% | 3.3% | ||
| Q4 24 | 2.1% | 2.6% | ||
| Q3 24 | 6.1% | 3.7% | ||
| Q2 24 | 0.7% | 3.2% | ||
| Q1 24 | 0.4% | 4.0% |
| Q4 25 | 4.18× | 32.34× | ||
| Q3 25 | -72.48× | 5.92× | ||
| Q2 25 | 2.02× | 2.73× | ||
| Q1 25 | 0.46× | 3.21× | ||
| Q4 24 | 4.62× | 1.56× | ||
| Q3 24 | — | 2.15× | ||
| 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% |
GDYN
| Other | $30.6M | 29% |
| Technology Media And Telecom | $30.1M | 28% |
| Financial Service | $24.3M | 23% |
| Manufactured Product Other | $10.8M | 10% |
| Related Party | $7.6M | 7% |
| Health Care | $2.8M | 3% |
