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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Limbach Holdings, Inc. (LMB). Click either name above to swap in a different company.
Limbach Holdings, Inc. is the larger business by last-quarter revenue ($186.9M vs $111.5M, roughly 1.7× AVIAT NETWORKS, INC.). Limbach Holdings, Inc. runs the higher net margin — 6.6% vs 5.1%, a 1.5% gap on every dollar of revenue. On growth, Limbach Holdings, Inc. posted the faster year-over-year revenue change (30.1% vs -5.7%). Limbach Holdings, Inc. produced more free cash flow last quarter ($27.9M vs $22.5M). Over the past eight quarters, Limbach Holdings, Inc.'s revenue compounded faster (25.3% 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.
Limbach Flugmotoren is a Chinese-owned company based in Germany that produces aircraft engines.
AVNW vs LMB — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $186.9M |
| Net Profit | $5.7M | $12.3M |
| Gross Margin | 32.4% | 25.7% |
| Operating Margin | 6.5% | 9.4% |
| Net Margin | 5.1% | 6.6% |
| Revenue YoY | -5.7% | 30.1% |
| Net Profit YoY | 27.2% | 25.0% |
| EPS (diluted) | $0.44 | $1.01 |
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 | $186.9M | ||
| Q3 25 | $107.3M | $184.6M | ||
| Q2 25 | $115.3M | $142.2M | ||
| Q1 25 | $112.6M | $133.1M | ||
| Q4 24 | $118.2M | $143.7M | ||
| Q3 24 | $88.4M | $133.9M | ||
| Q2 24 | $116.7M | $122.2M | ||
| Q1 24 | $110.8M | $119.0M |
| Q4 25 | $5.7M | $12.3M | ||
| Q3 25 | $162.0K | $8.8M | ||
| Q2 25 | $5.2M | $7.8M | ||
| Q1 25 | $3.5M | $10.2M | ||
| Q4 24 | $4.5M | $9.8M | ||
| Q3 24 | $-11.9M | $7.5M | ||
| Q2 24 | $1.5M | $6.0M | ||
| Q1 24 | $3.9M | $7.6M |
| Q4 25 | 32.4% | 25.7% | ||
| Q3 25 | 33.2% | 24.2% | ||
| Q2 25 | 34.2% | 28.0% | ||
| Q1 25 | 34.9% | 27.6% | ||
| Q4 24 | 34.6% | 30.3% | ||
| Q3 24 | 22.4% | 27.0% | ||
| Q2 24 | 35.3% | 27.4% | ||
| Q1 24 | 32.5% | 26.1% |
| Q4 25 | 6.5% | 9.4% | ||
| Q3 25 | 4.8% | 7.2% | ||
| Q2 25 | 7.7% | 7.5% | ||
| Q1 25 | 8.3% | 5.9% | ||
| Q4 24 | 6.7% | 9.1% | ||
| Q3 24 | -17.6% | 8.1% | ||
| Q2 24 | 4.7% | 6.7% | ||
| Q1 24 | 5.1% | 5.5% |
| Q4 25 | 5.1% | 6.6% | ||
| Q3 25 | 0.2% | 4.8% | ||
| Q2 25 | 4.5% | 5.5% | ||
| Q1 25 | 3.1% | 7.7% | ||
| Q4 24 | 3.8% | 6.9% | ||
| Q3 24 | -13.4% | 5.6% | ||
| Q2 24 | 1.3% | 4.9% | ||
| Q1 24 | 3.5% | 6.4% |
| Q4 25 | $0.44 | $1.01 | ||
| Q3 25 | $0.01 | $0.73 | ||
| Q2 25 | $0.42 | $0.64 | ||
| Q1 25 | $0.27 | $0.85 | ||
| Q4 24 | $0.35 | $0.81 | ||
| Q3 24 | $-0.94 | $0.62 | ||
| Q2 24 | $0.11 | $0.50 | ||
| Q1 24 | $0.30 | $0.64 |
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 | $11.3M |
| Total DebtLower is stronger | $105.4M | $30.5M |
| Stockholders' EquityBook value | $271.6M | $195.7M |
| Total Assets | $659.4M | $381.1M |
| Debt / EquityLower = less leverage | 0.39× | 0.16× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $11.3M | ||
| Q3 25 | $64.8M | $9.8M | ||
| Q2 25 | $59.7M | $38.9M | ||
| Q1 25 | $49.4M | $38.1M | ||
| Q4 24 | $52.6M | $44.9M | ||
| Q3 24 | $51.0M | $51.2M | ||
| Q2 24 | $64.6M | $59.5M | ||
| Q1 24 | $59.2M | $48.2M |
| Q4 25 | $105.4M | $30.5M | ||
| Q3 25 | $106.5M | $56.3M | ||
| Q2 25 | $87.6M | $28.4M | ||
| Q1 25 | $73.9M | $23.7M | ||
| Q4 24 | $74.9M | $23.6M | ||
| Q3 24 | $83.4M | $20.5M | ||
| Q2 24 | $48.4M | $19.7M | ||
| Q1 24 | $48.9M | $19.4M |
| Q4 25 | $271.6M | $195.7M | ||
| Q3 25 | $263.6M | $181.6M | ||
| Q2 25 | $263.2M | $170.5M | ||
| Q1 25 | $256.1M | $161.1M | ||
| Q4 24 | $249.6M | $153.5M | ||
| Q3 24 | $247.1M | $142.2M | ||
| Q2 24 | $255.9M | $133.0M | ||
| Q1 24 | $256.0M | $125.5M |
| Q4 25 | $659.4M | $381.1M | ||
| Q3 25 | $643.3M | $409.1M | ||
| Q2 25 | $633.3M | $343.0M | ||
| Q1 25 | $628.3M | $336.4M | ||
| Q4 24 | $594.1M | $352.1M | ||
| Q3 24 | $590.9M | $324.4M | ||
| Q2 24 | $535.2M | $303.9M | ||
| Q1 24 | $490.3M | $289.2M |
| Q4 25 | 0.39× | 0.16× | ||
| Q3 25 | 0.40× | 0.31× | ||
| Q2 25 | 0.33× | 0.17× | ||
| Q1 25 | 0.29× | 0.15× | ||
| Q4 24 | 0.30× | 0.15× | ||
| Q3 24 | 0.34× | 0.14× | ||
| Q2 24 | 0.19× | 0.15× | ||
| Q1 24 | 0.19× | 0.15× |
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 | $28.1M |
| Free Cash FlowOCF − Capex | $22.5M | $27.9M |
| FCF MarginFCF / Revenue | 20.2% | 14.9% |
| Capex IntensityCapex / Revenue | 1.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 4.18× | 2.29× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $28.1M | ||
| Q3 25 | $-11.7M | $13.3M | ||
| Q2 25 | $10.5M | $2.0M | ||
| Q1 25 | $1.6M | $2.2M | ||
| Q4 24 | $20.8M | $19.3M | ||
| Q3 24 | $-27.2M | $4.9M | ||
| Q2 24 | $8.3M | $16.5M | ||
| Q1 24 | $15.3M | $-3.9M |
| Q4 25 | $22.5M | $27.9M | ||
| Q3 25 | $-13.5M | $12.8M | ||
| Q2 25 | $8.2M | $1.2M | ||
| Q1 25 | $-1.2M | $11.0K | ||
| Q4 24 | $18.3M | $18.0M | ||
| Q3 24 | $-32.6M | $4.6M | ||
| Q2 24 | $7.5M | $13.2M | ||
| Q1 24 | $14.8M | $-6.5M |
| Q4 25 | 20.2% | 14.9% | ||
| Q3 25 | -12.6% | 7.0% | ||
| Q2 25 | 7.1% | 0.8% | ||
| Q1 25 | -1.0% | 0.0% | ||
| Q4 24 | 15.5% | 12.5% | ||
| Q3 24 | -36.8% | 3.4% | ||
| Q2 24 | 6.4% | 10.8% | ||
| Q1 24 | 13.4% | -5.5% |
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 1.6% | 0.3% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 2.5% | 1.7% | ||
| Q4 24 | 2.1% | 0.9% | ||
| Q3 24 | 6.1% | 0.3% | ||
| Q2 24 | 0.7% | 2.7% | ||
| Q1 24 | 0.4% | 2.1% |
| Q4 25 | 4.18× | 2.29× | ||
| Q3 25 | -72.48× | 1.52× | ||
| Q2 25 | 2.02× | 0.26× | ||
| Q1 25 | 0.46× | 0.22× | ||
| Q4 24 | 4.62× | 1.96× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | 5.37× | 2.77× | ||
| Q1 24 | 3.96× | -0.52× |
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% |
LMB
| Owner Direct Relationships Segment | $145.0M | 78% |
| General Contractor Construction Manager Relationships Segment | $41.9M | 22% |
