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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and LandBridge Co LLC (LB). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $56.8M, roughly 2.0× LandBridge Co LLC). LandBridge Co LLC runs the higher net margin — 14.2% vs 5.1%, a 9.1% gap on every dollar of revenue. On growth, LandBridge Co LLC posted the faster year-over-year revenue change (55.6% vs -5.7%). LandBridge Co LLC produced more free cash flow last quarter ($122.0M vs $22.5M). Over the past eight quarters, LandBridge Co LLC's revenue compounded faster (72.8% 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.
AVNW vs LB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $56.8M |
| Net Profit | $5.7M | $8.1M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 60.0% |
| Net Margin | 5.1% | 14.2% |
| Revenue YoY | -5.7% | 55.6% |
| Net Profit YoY | 27.2% | -83.7% |
| EPS (diluted) | $0.44 | $0.24 |
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 | $56.8M | ||
| Q3 25 | $107.3M | $50.8M | ||
| Q2 25 | $115.3M | $47.5M | ||
| Q1 25 | $112.6M | $44.0M | ||
| Q4 24 | $118.2M | $36.5M | ||
| Q3 24 | $88.4M | $28.5M | ||
| Q2 24 | $116.7M | $26.0M | ||
| Q1 24 | $110.8M | $19.0M |
| Q4 25 | $5.7M | $8.1M | ||
| Q3 25 | $162.0K | $8.1M | ||
| Q2 25 | $5.2M | $7.5M | ||
| Q1 25 | $3.5M | $6.5M | ||
| Q4 24 | $4.5M | $49.3M | ||
| Q3 24 | $-11.9M | $2.7M | ||
| Q2 24 | $1.5M | $-57.7M | ||
| Q1 24 | $3.9M | $10.8M |
| 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% | 60.0% | ||
| Q3 25 | 4.8% | 60.8% | ||
| Q2 25 | 7.7% | 60.0% | ||
| Q1 25 | 8.3% | 57.0% | ||
| Q4 24 | 6.7% | 49.4% | ||
| Q3 24 | -17.6% | 11.2% | ||
| Q2 24 | 4.7% | -197.4% | ||
| Q1 24 | 5.1% | 71.1% |
| Q4 25 | 5.1% | 14.2% | ||
| Q3 25 | 0.2% | 15.9% | ||
| Q2 25 | 4.5% | 15.8% | ||
| Q1 25 | 3.1% | 14.7% | ||
| Q4 24 | 3.8% | 135.2% | ||
| Q3 24 | -13.4% | 9.3% | ||
| Q2 24 | 1.3% | -222.1% | ||
| Q1 24 | 3.5% | 56.7% |
| Q4 25 | $0.44 | $0.24 | ||
| Q3 25 | $0.01 | $0.26 | ||
| Q2 25 | $0.42 | $0.24 | ||
| Q1 25 | $0.27 | $0.20 | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $-0.94 | $-0.04 | ||
| Q2 24 | $0.11 | — | ||
| Q1 24 | $0.30 | — |
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 | $30.7M |
| Total DebtLower is stronger | $105.4M | $570.7M |
| Stockholders' EquityBook value | $271.6M | $340.3M |
| Total Assets | $659.4M | $1.4B |
| Debt / EquityLower = less leverage | 0.39× | 1.68× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $30.7M | ||
| Q3 25 | $64.8M | $28.3M | ||
| Q2 25 | $59.7M | $20.3M | ||
| Q1 25 | $49.4M | $14.9M | ||
| Q4 24 | $52.6M | $37.0M | ||
| Q3 24 | $51.0M | $14.4M | ||
| Q2 24 | $64.6M | $24.6M | ||
| Q1 24 | $59.2M | — |
| Q4 25 | $105.4M | $570.7M | ||
| Q3 25 | $106.5M | $366.1M | ||
| Q2 25 | $87.6M | $370.9M | ||
| Q1 25 | $73.9M | $375.5M | ||
| Q4 24 | $74.9M | $385.5M | ||
| Q3 24 | $83.4M | $242.4M | ||
| Q2 24 | $48.4M | $360.8M | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | $340.3M | ||
| Q3 25 | $263.6M | $272.0M | ||
| Q2 25 | $263.2M | $266.4M | ||
| Q1 25 | $256.1M | $217.0M | ||
| Q4 24 | $249.6M | $211.8M | ||
| Q3 24 | $247.1M | $97.2M | ||
| Q2 24 | $255.9M | $296.4M | ||
| Q1 24 | $256.0M | $162.3M |
| Q4 25 | $659.4M | $1.4B | ||
| Q3 25 | $643.3M | $1.1B | ||
| Q2 25 | $633.3M | $1.1B | ||
| Q1 25 | $628.3M | $1.0B | ||
| Q4 24 | $594.1M | $1.0B | ||
| Q3 24 | $590.9M | $689.9M | ||
| Q2 24 | $535.2M | $710.5M | ||
| Q1 24 | $490.3M | — |
| Q4 25 | 0.39× | 1.68× | ||
| Q3 25 | 0.40× | 1.35× | ||
| Q2 25 | 0.33× | 1.39× | ||
| Q1 25 | 0.29× | 1.73× | ||
| Q4 24 | 0.30× | 1.82× | ||
| Q3 24 | 0.34× | 2.49× | ||
| Q2 24 | 0.19× | 1.22× | ||
| 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 | $126.3M |
| Free Cash FlowOCF − Capex | $22.5M | $122.0M |
| FCF MarginFCF / Revenue | 20.2% | 214.9% |
| Capex IntensityCapex / Revenue | 1.3% | 7.5% |
| Cash ConversionOCF / Net Profit | 4.18× | 15.68× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $207.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $126.3M | ||
| Q3 25 | $-11.7M | $34.9M | ||
| Q2 25 | $10.5M | $37.3M | ||
| Q1 25 | $1.6M | $15.9M | ||
| Q4 24 | $20.8M | $67.6M | ||
| Q3 24 | $-27.2M | $7.5M | ||
| Q2 24 | $8.3M | $16.0M | ||
| Q1 24 | $15.3M | $17.2M |
| Q4 25 | $22.5M | $122.0M | ||
| Q3 25 | $-13.5M | $33.7M | ||
| Q2 25 | $8.2M | $36.1M | ||
| Q1 25 | $-1.2M | $15.8M | ||
| Q4 24 | $18.3M | $66.7M | ||
| Q3 24 | $-32.6M | $7.1M | ||
| Q2 24 | $7.5M | $15.7M | ||
| Q1 24 | $14.8M | $17.1M |
| Q4 25 | 20.2% | 214.9% | ||
| Q3 25 | -12.6% | 66.3% | ||
| Q2 25 | 7.1% | 75.9% | ||
| Q1 25 | -1.0% | 36.0% | ||
| Q4 24 | 15.5% | 182.6% | ||
| Q3 24 | -36.8% | 25.1% | ||
| Q2 24 | 6.4% | 60.4% | ||
| Q1 24 | 13.4% | 90.1% |
| Q4 25 | 1.3% | 7.5% | ||
| Q3 25 | 1.6% | 2.3% | ||
| Q2 25 | 2.0% | 2.6% | ||
| Q1 25 | 2.5% | 0.2% | ||
| Q4 24 | 2.1% | 2.7% | ||
| Q3 24 | 6.1% | 1.1% | ||
| Q2 24 | 0.7% | 1.4% | ||
| Q1 24 | 0.4% | 0.5% |
| Q4 25 | 4.18× | 15.68× | ||
| Q3 25 | -72.48× | 4.31× | ||
| Q2 25 | 2.02× | 4.98× | ||
| Q1 25 | 0.46× | 2.46× | ||
| Q4 24 | 4.62× | 1.37× | ||
| Q3 24 | — | 2.80× | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | 1.60× |
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% |
LB
Segment breakdown not available.
