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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Loar Holdings Inc. (LOAR). Click either name above to swap in a different company.
Loar Holdings Inc. is the larger business by last-quarter revenue ($131.8M vs $111.5M, roughly 1.2× AVIAT NETWORKS, INC.). Loar Holdings Inc. runs the higher net margin — 9.5% vs 5.1%, a 4.4% gap on every dollar of revenue. On growth, Loar Holdings Inc. posted the faster year-over-year revenue change (19.3% vs -5.7%). Over the past eight quarters, Loar Holdings Inc.'s revenue compounded faster (19.8% 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 LOAR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $131.8M |
| Net Profit | $5.7M | $12.5M |
| Gross Margin | 32.4% | 52.1% |
| Operating Margin | 6.5% | 18.0% |
| Net Margin | 5.1% | 9.5% |
| Revenue YoY | -5.7% | 19.3% |
| Net Profit YoY | 27.2% | 239.5% |
| EPS (diluted) | $0.44 | $0.13 |
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 | $131.8M | ||
| Q3 25 | $107.3M | $126.8M | ||
| Q2 25 | $115.3M | $123.1M | ||
| Q1 25 | $112.6M | $114.7M | ||
| Q4 24 | $118.2M | $110.4M | ||
| Q3 24 | $88.4M | $103.5M | ||
| Q2 24 | $116.7M | $97.0M | ||
| Q1 24 | $110.8M | $91.8M |
| Q4 25 | $5.7M | $12.5M | ||
| Q3 25 | $162.0K | $27.6M | ||
| Q2 25 | $5.2M | $16.7M | ||
| Q1 25 | $3.5M | $15.3M | ||
| Q4 24 | $4.5M | $3.7M | ||
| Q3 24 | $-11.9M | $8.7M | ||
| Q2 24 | $1.5M | $7.6M | ||
| Q1 24 | $3.9M | $2.2M |
| Q4 25 | 32.4% | 52.1% | ||
| Q3 25 | 33.2% | 52.7% | ||
| Q2 25 | 34.2% | 53.8% | ||
| Q1 25 | 34.9% | 52.1% | ||
| Q4 24 | 34.6% | 48.9% | ||
| Q3 24 | 22.4% | 51.1% | ||
| Q2 24 | 35.3% | 49.0% | ||
| Q1 24 | 32.5% | 48.4% |
| Q4 25 | 6.5% | 18.0% | ||
| Q3 25 | 4.8% | 22.9% | ||
| Q2 25 | 7.7% | 22.2% | ||
| Q1 25 | 8.3% | 22.8% | ||
| Q4 24 | 6.7% | 19.2% | ||
| Q3 24 | -17.6% | 22.1% | ||
| Q2 24 | 4.7% | 22.9% | ||
| Q1 24 | 5.1% | 23.3% |
| Q4 25 | 5.1% | 9.5% | ||
| Q3 25 | 0.2% | 21.8% | ||
| Q2 25 | 4.5% | 13.6% | ||
| Q1 25 | 3.1% | 13.4% | ||
| Q4 24 | 3.8% | 3.3% | ||
| Q3 24 | -13.4% | 8.4% | ||
| Q2 24 | 1.3% | 7.9% | ||
| Q1 24 | 3.5% | 2.4% |
| Q4 25 | $0.44 | $0.13 | ||
| Q3 25 | $0.01 | $0.29 | ||
| Q2 25 | $0.42 | $0.17 | ||
| Q1 25 | $0.27 | $0.16 | ||
| Q4 24 | $0.35 | $-11023.48 | ||
| Q3 24 | $-0.94 | $0.09 | ||
| Q2 24 | $0.11 | $0.09 | ||
| Q1 24 | $0.30 | $11023.54 |
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 | $84.8M |
| Total DebtLower is stronger | $105.4M | $715.7M |
| Stockholders' EquityBook value | $271.6M | $1.2B |
| Total Assets | $659.4M | $2.0B |
| Debt / EquityLower = less leverage | 0.39× | 0.61× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $84.8M | ||
| Q3 25 | $64.8M | $99.0M | ||
| Q2 25 | $59.7M | $103.3M | ||
| Q1 25 | $49.4M | $80.5M | ||
| Q4 24 | $52.6M | $54.1M | ||
| Q3 24 | $51.0M | $55.2M | ||
| Q2 24 | $64.6M | $73.2M | ||
| Q1 24 | $59.2M | $28.2M |
| Q4 25 | $105.4M | $715.7M | ||
| Q3 25 | $106.5M | $279.4M | ||
| Q2 25 | $87.6M | $277.7M | ||
| Q1 25 | $73.9M | $277.5M | ||
| Q4 24 | $74.9M | $277.3M | ||
| Q3 24 | $83.4M | $602.1M | ||
| Q2 24 | $48.4M | $250.7M | ||
| Q1 24 | $48.9M | $534.2M |
| Q4 25 | $271.6M | $1.2B | ||
| Q3 25 | $263.6M | $1.2B | ||
| Q2 25 | $263.2M | $1.1B | ||
| Q1 25 | $256.1M | $1.1B | ||
| Q4 24 | $249.6M | $1.1B | ||
| Q3 24 | $247.1M | $769.8M | ||
| Q2 24 | $255.9M | $758.4M | ||
| Q1 24 | $256.0M | $420.6M |
| Q4 25 | $659.4M | $2.0B | ||
| Q3 25 | $643.3M | $1.5B | ||
| Q2 25 | $633.3M | $1.5B | ||
| Q1 25 | $628.3M | $1.5B | ||
| Q4 24 | $594.1M | $1.5B | ||
| Q3 24 | $590.9M | $1.5B | ||
| Q2 24 | $535.2M | $1.1B | ||
| Q1 24 | $490.3M | $1.1B |
| Q4 25 | 0.39× | 0.61× | ||
| Q3 25 | 0.40× | 0.24× | ||
| Q2 25 | 0.33× | 0.25× | ||
| Q1 25 | 0.29× | 0.25× | ||
| Q4 24 | 0.30× | 0.25× | ||
| Q3 24 | 0.34× | 0.78× | ||
| Q2 24 | 0.19× | 0.33× | ||
| Q1 24 | 0.19× | 1.27× |
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 | $30.4M |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $30.4M | ||
| Q3 25 | $-11.7M | $29.7M | ||
| Q2 25 | $10.5M | $23.8M | ||
| Q1 25 | $1.6M | $28.4M | ||
| Q4 24 | $20.8M | $20.7M | ||
| Q3 24 | $-27.2M | $16.3M | ||
| Q2 24 | $8.3M | $7.1M | ||
| Q1 24 | $15.3M | $10.8M |
| Q4 25 | $22.5M | — | ||
| Q3 25 | $-13.5M | — | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $-1.2M | — | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | $-32.6M | — | ||
| Q2 24 | $7.5M | — | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 20.2% | — | ||
| Q3 25 | -12.6% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -1.0% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -36.8% | — | ||
| Q2 24 | 6.4% | — | ||
| Q1 24 | 13.4% | — |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.4% | — |
| Q4 25 | 4.18× | 2.43× | ||
| Q3 25 | -72.48× | 1.08× | ||
| Q2 25 | 2.02× | 1.42× | ||
| Q1 25 | 0.46× | 1.85× | ||
| Q4 24 | 4.62× | 5.62× | ||
| Q3 24 | — | 1.89× | ||
| Q2 24 | 5.37× | 0.93× | ||
| Q1 24 | 3.96× | 4.81× |
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% |
LOAR
| Other | $76.8M | 58% |
| Commercial Aerospace | $21.2M | 16% |
| Business Jet And General Aviation | $17.6M | 13% |
| Defense | $16.2M | 12% |
