vs
Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Mayville Engineering Company, Inc. (MEC). Click either name above to swap in a different company.
Mayville Engineering Company, Inc. is the larger business by last-quarter revenue ($134.3M vs $111.5M, roughly 1.2× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -3.2%, a 8.4% gap on every dollar of revenue. On growth, Mayville Engineering Company, Inc. posted the faster year-over-year revenue change (10.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $10.2M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -8.8%).
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.
Mayville Engineering Company, Inc. is a U.S.-headquartered leading manufacturer of metal components, fabricated assemblies, and custom engineered solutions. It serves OEM clients across agriculture, construction, transportation, defense, and power sports markets, offering end-to-end services from prototyping to high-volume production for North America.
AVNW vs MEC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $134.3M |
| Net Profit | $5.7M | $-4.4M |
| Gross Margin | 32.4% | 6.8% |
| Operating Margin | 6.5% | -4.1% |
| Net Margin | 5.1% | -3.2% |
| Revenue YoY | -5.7% | 10.7% |
| Net Profit YoY | 27.2% | -127.3% |
| EPS (diluted) | $0.44 | $-0.22 |
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 | $134.3M | ||
| Q3 25 | $107.3M | $144.3M | ||
| Q2 25 | $115.3M | $132.3M | ||
| Q1 25 | $112.6M | $135.6M | ||
| Q4 24 | $118.2M | $121.3M | ||
| Q3 24 | $88.4M | $135.4M | ||
| Q2 24 | $116.7M | $163.6M | ||
| Q1 24 | $110.8M | $161.3M |
| Q4 25 | $5.7M | $-4.4M | ||
| Q3 25 | $162.0K | $-2.7M | ||
| Q2 25 | $5.2M | $-1.1M | ||
| Q1 25 | $3.5M | $20.0K | ||
| Q4 24 | $4.5M | $16.0M | ||
| Q3 24 | $-11.9M | $3.0M | ||
| Q2 24 | $1.5M | $3.8M | ||
| Q1 24 | $3.9M | $3.2M |
| Q4 25 | 32.4% | 6.8% | ||
| Q3 25 | 33.2% | 11.0% | ||
| Q2 25 | 34.2% | 10.3% | ||
| Q1 25 | 34.9% | 11.3% | ||
| Q4 24 | 34.6% | 8.9% | ||
| Q3 24 | 22.4% | 12.6% | ||
| Q2 24 | 35.3% | 13.6% | ||
| Q1 24 | 32.5% | 13.0% |
| Q4 25 | 6.5% | -4.1% | ||
| Q3 25 | 4.8% | 0.0% | ||
| Q2 25 | 7.7% | 0.1% | ||
| Q1 25 | 8.3% | 1.2% | ||
| Q4 24 | 6.7% | 19.0% | ||
| Q3 24 | -17.6% | 4.2% | ||
| Q2 24 | 4.7% | 5.0% | ||
| Q1 24 | 5.1% | 4.7% |
| Q4 25 | 5.1% | -3.2% | ||
| Q3 25 | 0.2% | -1.9% | ||
| Q2 25 | 4.5% | -0.8% | ||
| Q1 25 | 3.1% | 0.0% | ||
| Q4 24 | 3.8% | 13.2% | ||
| Q3 24 | -13.4% | 2.2% | ||
| Q2 24 | 1.3% | 2.3% | ||
| Q1 24 | 3.5% | 2.0% |
| Q4 25 | $0.44 | $-0.22 | ||
| Q3 25 | $0.01 | $-0.13 | ||
| Q2 25 | $0.42 | $-0.05 | ||
| Q1 25 | $0.27 | $0.00 | ||
| Q4 24 | $0.35 | $0.76 | ||
| Q3 24 | $-0.94 | $0.14 | ||
| Q2 24 | $0.11 | $0.18 | ||
| Q1 24 | $0.30 | $0.16 |
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 | $1.5M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $240.7M |
| Total Assets | $659.4M | $563.6M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $1.5M | ||
| Q3 25 | $64.8M | $1.2M | ||
| Q2 25 | $59.7M | $206.0K | ||
| Q1 25 | $49.4M | $183.0K | ||
| Q4 24 | $52.6M | $206.0K | ||
| Q3 24 | $51.0M | $178.0K | ||
| Q2 24 | $64.6M | $314.0K | ||
| Q1 24 | $59.2M | $314.0K |
| 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 | $240.7M | ||
| Q3 25 | $263.6M | $244.8M | ||
| Q2 25 | $263.2M | $246.8M | ||
| Q1 25 | $256.1M | $250.0M | ||
| Q4 24 | $249.6M | $251.8M | ||
| Q3 24 | $247.1M | $238.4M | ||
| Q2 24 | $255.9M | $238.1M | ||
| Q1 24 | $256.0M | $234.0M |
| Q4 25 | $659.4M | $563.6M | ||
| Q3 25 | $643.3M | $585.6M | ||
| Q2 25 | $633.3M | $433.7M | ||
| Q1 25 | $628.3M | $447.7M | ||
| Q4 24 | $594.1M | $445.6M | ||
| Q3 24 | $590.9M | $466.0M | ||
| Q2 24 | $535.2M | $488.2M | ||
| Q1 24 | $490.3M | $499.9M |
| 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 | $13.4M |
| Free Cash FlowOCF − Capex | $22.5M | $10.2M |
| FCF MarginFCF / Revenue | 20.2% | 7.6% |
| Capex IntensityCapex / Revenue | 1.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $26.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $13.4M | ||
| Q3 25 | $-11.7M | $1.9M | ||
| Q2 25 | $10.5M | $15.0M | ||
| Q1 25 | $1.6M | $8.3M | ||
| Q4 24 | $20.8M | $38.0M | ||
| Q3 24 | $-27.2M | $17.9M | ||
| Q2 24 | $8.3M | $23.3M | ||
| Q1 24 | $15.3M | $10.6M |
| Q4 25 | $22.5M | $10.2M | ||
| Q3 25 | $-13.5M | $-1.1M | ||
| Q2 25 | $8.2M | $12.5M | ||
| Q1 25 | $-1.2M | $5.4M | ||
| Q4 24 | $18.3M | $35.6M | ||
| Q3 24 | $-32.6M | $15.1M | ||
| Q2 24 | $7.5M | $19.2M | ||
| Q1 24 | $14.8M | $7.8M |
| Q4 25 | 20.2% | 7.6% | ||
| Q3 25 | -12.6% | -0.8% | ||
| Q2 25 | 7.1% | 9.5% | ||
| Q1 25 | -1.0% | 4.0% | ||
| Q4 24 | 15.5% | 29.4% | ||
| Q3 24 | -36.8% | 11.1% | ||
| Q2 24 | 6.4% | 11.7% | ||
| Q1 24 | 13.4% | 4.9% |
| Q4 25 | 1.3% | 2.4% | ||
| Q3 25 | 1.6% | 2.1% | ||
| Q2 25 | 2.0% | 1.8% | ||
| Q1 25 | 2.5% | 2.2% | ||
| Q4 24 | 2.1% | 1.9% | ||
| Q3 24 | 6.1% | 2.1% | ||
| Q2 24 | 0.7% | 2.5% | ||
| Q1 24 | 0.4% | 1.7% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | 416.65× | ||
| Q4 24 | 4.62× | 2.38× | ||
| Q3 24 | — | 6.03× | ||
| Q2 24 | 5.37× | 6.15× | ||
| Q1 24 | 3.96× | 3.28× |
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% |
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 1% |
