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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Inogen Inc (INGN). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $68.6M, roughly 1.6× Inogen Inc). On growth, Inogen Inc posted the faster year-over-year revenue change (3.4% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-1.9M). Over the past eight quarters, Inogen Inc's revenue compounded faster (4.2% 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.
Inogen Inc is a medical technology firm specializing in the development, production and distribution of portable oxygen concentrators and associated respiratory care products. It caters primarily to patients with chronic respiratory conditions needing long-term oxygen therapy across North America, Europe and other global markets, focusing on home care and ambulatory patient segments to enhance users' quality of life.
AVNW vs INGN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $68.6M |
| Net Profit | $5.7M | — |
| Gross Margin | 32.4% | 51.4% |
| Operating Margin | 6.5% | -13.6% |
| Net Margin | 5.1% | — |
| Revenue YoY | -5.7% | 3.4% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $0.44 | $-0.26 |
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 | $68.6M | ||
| Q3 25 | $107.3M | $79.1M | ||
| Q2 25 | $115.3M | $79.2M | ||
| Q1 25 | $112.6M | $68.5M | ||
| Q4 24 | $118.2M | $66.3M | ||
| Q3 24 | $88.4M | $74.9M | ||
| Q2 24 | $116.7M | $74.4M | ||
| Q1 24 | $110.8M | $63.1M |
| Q4 25 | $5.7M | — | ||
| Q3 25 | $162.0K | $-5.3M | ||
| Q2 25 | $5.2M | $-4.2M | ||
| Q1 25 | $3.5M | $-6.2M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $-6.0M | ||
| Q2 24 | $1.5M | $-5.6M | ||
| Q1 24 | $3.9M | $-14.6M |
| Q4 25 | 32.4% | 51.4% | ||
| Q3 25 | 33.2% | 52.2% | ||
| Q2 25 | 34.2% | 52.2% | ||
| Q1 25 | 34.9% | 53.1% | ||
| Q4 24 | 34.6% | 54.7% | ||
| Q3 24 | 22.4% | 55.2% | ||
| Q2 24 | 35.3% | 57.4% | ||
| Q1 24 | 32.5% | 54.5% |
| Q4 25 | 6.5% | -13.6% | ||
| Q3 25 | 4.8% | -9.0% | ||
| Q2 25 | 7.7% | -7.7% | ||
| Q1 25 | 8.3% | -11.2% | ||
| Q4 24 | 6.7% | -17.2% | ||
| Q3 24 | -17.6% | -10.4% | ||
| Q2 24 | 4.7% | -9.5% | ||
| Q1 24 | 5.1% | -25.8% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.2% | -6.7% | ||
| Q2 25 | 4.5% | -5.2% | ||
| Q1 25 | 3.1% | -9.0% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | -8.0% | ||
| Q2 24 | 1.3% | -7.5% | ||
| Q1 24 | 3.5% | -23.1% |
| Q4 25 | $0.44 | $-0.26 | ||
| Q3 25 | $0.01 | $-0.20 | ||
| Q2 25 | $0.42 | $-0.15 | ||
| Q1 25 | $0.27 | $-0.25 | ||
| Q4 24 | $0.35 | $-0.41 | ||
| Q3 24 | $-0.94 | $-0.25 | ||
| Q2 24 | $0.11 | $-0.24 | ||
| Q1 24 | $0.30 | $-0.62 |
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 | $103.7M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $192.2M |
| Total Assets | $659.4M | $298.6M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $103.7M | ||
| Q3 25 | $64.8M | $106.5M | ||
| Q2 25 | $59.7M | $103.7M | ||
| Q1 25 | $49.4M | $118.9M | ||
| Q4 24 | $52.6M | $113.8M | ||
| Q3 24 | $51.0M | $105.7M | ||
| Q2 24 | $64.6M | $97.9M | ||
| Q1 24 | $59.2M | $107.4M |
| 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 | $192.2M | ||
| Q3 25 | $263.6M | $197.2M | ||
| Q2 25 | $263.2M | $199.5M | ||
| Q1 25 | $256.1M | $198.0M | ||
| Q4 24 | $249.6M | $173.9M | ||
| Q3 24 | $247.1M | $185.4M | ||
| Q2 24 | $255.9M | $187.6M | ||
| Q1 24 | $256.0M | $191.9M |
| Q4 25 | $659.4M | $298.6M | ||
| Q3 25 | $643.3M | $307.0M | ||
| Q2 25 | $633.3M | $312.0M | ||
| Q1 25 | $628.3M | $308.4M | ||
| Q4 24 | $594.1M | $296.2M | ||
| Q3 24 | $590.9M | $306.2M | ||
| Q2 24 | $535.2M | $308.9M | ||
| Q1 24 | $490.3M | $315.6M |
| 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 | $-943.0K |
| Free Cash FlowOCF − Capex | $22.5M | $-1.9M |
| FCF MarginFCF / Revenue | 20.2% | -2.8% |
| Capex IntensityCapex / Revenue | 1.3% | 1.4% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-13.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-943.0K | ||
| Q3 25 | $-11.7M | $2.2M | ||
| Q2 25 | $10.5M | $4.3M | ||
| Q1 25 | $1.6M | $-16.8M | ||
| Q4 24 | $20.8M | $-3.0M | ||
| Q3 24 | $-27.2M | $7.0M | ||
| Q2 24 | $8.3M | $6.7M | ||
| Q1 24 | $15.3M | $-4.7M |
| Q4 25 | $22.5M | $-1.9M | ||
| Q3 25 | $-13.5M | $1.6M | ||
| Q2 25 | $8.2M | $3.7M | ||
| Q1 25 | $-1.2M | $-17.1M | ||
| Q4 24 | $18.3M | $-3.3M | ||
| Q3 24 | $-32.6M | $5.3M | ||
| Q2 24 | $7.5M | $6.6M | ||
| Q1 24 | $14.8M | $-6.1M |
| Q4 25 | 20.2% | -2.8% | ||
| Q3 25 | -12.6% | 2.0% | ||
| Q2 25 | 7.1% | 4.6% | ||
| Q1 25 | -1.0% | -24.9% | ||
| Q4 24 | 15.5% | -5.0% | ||
| Q3 24 | -36.8% | 7.1% | ||
| Q2 24 | 6.4% | 8.9% | ||
| Q1 24 | 13.4% | -9.6% |
| Q4 25 | 1.3% | 1.4% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 2.0% | 0.9% | ||
| Q1 25 | 2.5% | 0.4% | ||
| Q4 24 | 2.1% | 0.5% | ||
| Q3 24 | 6.1% | 2.2% | ||
| Q2 24 | 0.7% | 0.1% | ||
| Q1 24 | 0.4% | 2.1% |
| 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% |
INGN
| Other | $36.1M | 53% |
| Non Us | $32.5M | 47% |
