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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and indie Semiconductor, Inc. (INDI). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $58.0M, roughly 1.9× indie Semiconductor, Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -53.8%, a 59.0% gap on every dollar of revenue. On growth, indie Semiconductor, Inc. posted the faster year-over-year revenue change (-0.0% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-16.1M). Over the past eight quarters, indie Semiconductor, Inc.'s revenue compounded faster (5.3% 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.
indie Semiconductor is a fabless semiconductor manufacturer focused on designing high-performance mixed-signal and embedded system-on-chip solutions for the automotive industry. Its products support advanced driver assistance systems, in-vehicle infotainment, connected car, and electric vehicle applications, serving global auto OEMs and tier 1 suppliers across major global markets.
AVNW vs INDI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $58.0M |
| Net Profit | $5.7M | $-31.2M |
| Gross Margin | 32.4% | 37.3% |
| Operating Margin | 6.5% | -58.5% |
| Net Margin | 5.1% | -53.8% |
| Revenue YoY | -5.7% | -0.0% |
| Net Profit YoY | 27.2% | 9.1% |
| EPS (diluted) | $0.44 | $-0.16 |
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 | $58.0M | ||
| Q3 25 | $107.3M | $53.7M | ||
| Q2 25 | $115.3M | $51.6M | ||
| Q1 25 | $112.6M | $54.1M | ||
| Q4 24 | $118.2M | $58.0M | ||
| Q3 24 | $88.4M | $54.0M | ||
| Q2 24 | $116.7M | $52.4M | ||
| Q1 24 | $110.8M | $52.4M |
| Q4 25 | $5.7M | $-31.2M | ||
| Q3 25 | $162.0K | $-38.3M | ||
| Q2 25 | $5.2M | $-39.0M | ||
| Q1 25 | $3.5M | $-34.5M | ||
| Q4 24 | $4.5M | $-34.4M | ||
| Q3 24 | $-11.9M | $-49.7M | ||
| Q2 24 | $1.5M | $-19.2M | ||
| Q1 24 | $3.9M | $-31.2M |
| Q4 25 | 32.4% | 37.3% | ||
| Q3 25 | 33.2% | 40.1% | ||
| Q2 25 | 34.2% | 40.6% | ||
| Q1 25 | 34.9% | 41.7% | ||
| Q4 24 | 34.6% | 42.6% | ||
| Q3 24 | 22.4% | 39.3% | ||
| Q2 24 | 35.3% | 42.2% | ||
| Q1 24 | 32.5% | 42.5% |
| Q4 25 | 6.5% | -58.5% | ||
| Q3 25 | 4.8% | -71.4% | ||
| Q2 25 | 7.7% | -83.3% | ||
| Q1 25 | 8.3% | -72.0% | ||
| Q4 24 | 6.7% | -58.4% | ||
| Q3 24 | -17.6% | -92.5% | ||
| Q2 24 | 4.7% | -70.0% | ||
| Q1 24 | 5.1% | -94.8% |
| Q4 25 | 5.1% | -53.8% | ||
| Q3 25 | 0.2% | -71.3% | ||
| Q2 25 | 4.5% | -75.6% | ||
| Q1 25 | 3.1% | -63.9% | ||
| Q4 24 | 3.8% | -59.2% | ||
| Q3 24 | -13.4% | -92.1% | ||
| Q2 24 | 1.3% | -36.6% | ||
| Q1 24 | 3.5% | -59.6% |
| Q4 25 | $0.44 | $-0.16 | ||
| Q3 25 | $0.01 | $-0.19 | ||
| Q2 25 | $0.42 | $-0.20 | ||
| Q1 25 | $0.27 | $-0.18 | ||
| Q4 24 | $0.35 | $-0.18 | ||
| Q3 24 | $-0.94 | $-0.28 | ||
| Q2 24 | $0.11 | $-0.11 | ||
| Q1 24 | $0.30 | $-0.19 |
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 | $145.5M |
| Total DebtLower is stronger | $105.4M | $353.4M |
| Stockholders' EquityBook value | $271.6M | $358.0M |
| Total Assets | $659.4M | $840.8M |
| Debt / EquityLower = less leverage | 0.39× | 0.99× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $145.5M | ||
| Q3 25 | $64.8M | $160.9M | ||
| Q2 25 | $59.7M | $192.6M | ||
| Q1 25 | $49.4M | $236.6M | ||
| Q4 24 | $52.6M | $274.2M | ||
| Q3 24 | $51.0M | $96.9M | ||
| Q2 24 | $64.6M | $112.3M | ||
| Q1 24 | $59.2M | $138.2M |
| Q4 25 | $105.4M | $353.4M | ||
| Q3 25 | $106.5M | $353.5M | ||
| Q2 25 | $87.6M | $352.5M | ||
| Q1 25 | $73.9M | $379.0M | ||
| Q4 24 | $74.9M | $381.3M | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $358.0M | ||
| Q3 25 | $263.6M | $369.2M | ||
| Q2 25 | $263.2M | $390.4M | ||
| Q1 25 | $256.1M | $405.6M | ||
| Q4 24 | $249.6M | $417.9M | ||
| Q3 24 | $247.1M | $458.6M | ||
| Q2 24 | $255.9M | $470.7M | ||
| Q1 24 | $256.0M | $432.9M |
| Q4 25 | $659.4M | $840.8M | ||
| Q3 25 | $643.3M | $855.1M | ||
| Q2 25 | $633.3M | $867.6M | ||
| Q1 25 | $628.3M | $909.0M | ||
| Q4 24 | $594.1M | $941.4M | ||
| Q3 24 | $590.9M | $797.5M | ||
| Q2 24 | $535.2M | $797.3M | ||
| Q1 24 | $490.3M | $803.6M |
| Q4 25 | 0.39× | 0.99× | ||
| Q3 25 | 0.40× | 0.96× | ||
| Q2 25 | 0.33× | 0.90× | ||
| Q1 25 | 0.29× | 0.93× | ||
| Q4 24 | 0.30× | 0.91× | ||
| 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 | $-14.4M |
| Free Cash FlowOCF − Capex | $22.5M | $-16.1M |
| FCF MarginFCF / Revenue | 20.2% | -27.8% |
| Capex IntensityCapex / Revenue | 1.3% | 3.0% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-71.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-14.4M | ||
| Q3 25 | $-11.7M | $-6.2M | ||
| Q2 25 | $10.5M | $-7.6M | ||
| Q1 25 | $1.6M | $-29.0M | ||
| Q4 24 | $20.8M | $-6.7M | ||
| Q3 24 | $-27.2M | $-22.8M | ||
| Q2 24 | $8.3M | $-19.7M | ||
| Q1 24 | $15.3M | $-9.3M |
| Q4 25 | $22.5M | $-16.1M | ||
| Q3 25 | $-13.5M | $-10.3M | ||
| Q2 25 | $8.2M | $-13.6M | ||
| Q1 25 | $-1.2M | $-31.4M | ||
| Q4 24 | $18.3M | $-8.6M | ||
| Q3 24 | $-32.6M | $-29.3M | ||
| Q2 24 | $7.5M | $-23.4M | ||
| Q1 24 | $14.8M | $-11.7M |
| Q4 25 | 20.2% | -27.8% | ||
| Q3 25 | -12.6% | -19.2% | ||
| Q2 25 | 7.1% | -26.4% | ||
| Q1 25 | -1.0% | -58.0% | ||
| Q4 24 | 15.5% | -14.8% | ||
| Q3 24 | -36.8% | -54.3% | ||
| Q2 24 | 6.4% | -44.7% | ||
| Q1 24 | 13.4% | -22.3% |
| Q4 25 | 1.3% | 3.0% | ||
| Q3 25 | 1.6% | 7.8% | ||
| Q2 25 | 2.0% | 11.6% | ||
| Q1 25 | 2.5% | 4.4% | ||
| Q4 24 | 2.1% | 3.2% | ||
| Q3 24 | 6.1% | 12.1% | ||
| Q2 24 | 0.7% | 7.0% | ||
| Q1 24 | 0.4% | 4.4% |
| Q4 25 | 4.18× | — | ||
| 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% |
INDI
| Products | $55.7M | 96% |
| Services | $2.3M | 4% |
