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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Ramaco Resources, Inc. (METC). Click either name above to swap in a different company.
Ramaco Resources, Inc. is the larger business by last-quarter revenue ($121.0M vs $111.5M, roughly 1.1× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -11.0%, a 16.1% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -27.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-17.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -22.7%).
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.
Ramaco Resources, Inc. is a U.S.-based mining company focused on high-grade metallurgical coal production. It operates mining assets across the Appalachian region, supplying products to global steel manufacturing and industrial clients, with core operations centered on sustainable low-cost metallurgical coal extraction and distribution.
AVNW vs METC — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $121.0M |
| Net Profit | $5.7M | $-13.3M |
| Gross Margin | 32.4% | 15.8% |
| Operating Margin | 6.5% | -12.0% |
| Net Margin | 5.1% | -11.0% |
| Revenue YoY | -5.7% | -27.7% |
| Net Profit YoY | 27.2% | -5468.2% |
| EPS (diluted) | $0.44 | — |
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 | — | ||
| Q3 25 | $107.3M | $121.0M | ||
| Q2 25 | $115.3M | $153.0M | ||
| Q1 25 | $112.6M | $134.7M | ||
| Q4 24 | $118.2M | $170.9M | ||
| Q3 24 | $88.4M | $167.4M | ||
| Q2 24 | $116.7M | $155.3M | ||
| Q1 24 | $110.8M | $172.7M |
| Q4 25 | $5.7M | — | ||
| Q3 25 | $162.0K | $-13.3M | ||
| Q2 25 | $5.2M | $-14.0M | ||
| Q1 25 | $3.5M | $-9.5M | ||
| Q4 24 | $4.5M | $3.9M | ||
| Q3 24 | $-11.9M | $-239.0K | ||
| Q2 24 | $1.5M | $5.5M | ||
| Q1 24 | $3.9M | $2.0M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | 15.8% | ||
| Q2 25 | 34.2% | 12.3% | ||
| Q1 25 | 34.9% | 15.2% | ||
| Q4 24 | 34.6% | 20.4% | ||
| Q3 24 | 22.4% | 19.5% | ||
| Q2 24 | 35.3% | 21.0% | ||
| Q1 24 | 32.5% | 19.1% |
| Q4 25 | 6.5% | — | ||
| Q3 25 | 4.8% | -12.0% | ||
| Q2 25 | 7.7% | -9.1% | ||
| Q1 25 | 8.3% | -8.9% | ||
| Q4 24 | 6.7% | 3.7% | ||
| Q3 24 | -17.6% | 1.0% | ||
| Q2 24 | 4.7% | 3.5% | ||
| Q1 24 | 5.1% | 1.9% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.2% | -11.0% | ||
| Q2 25 | 4.5% | -9.1% | ||
| Q1 25 | 3.1% | -7.0% | ||
| Q4 24 | 3.8% | 2.3% | ||
| Q3 24 | -13.4% | -0.1% | ||
| Q2 24 | 1.3% | 3.6% | ||
| Q1 24 | 3.5% | 1.2% |
| Q4 25 | $0.44 | — | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $0.42 | — | ||
| Q1 25 | $0.27 | — | ||
| Q4 24 | $0.35 | $0.06 | ||
| Q3 24 | $-0.94 | $-0.03 | ||
| Q2 24 | $0.11 | $0.08 | ||
| Q1 24 | $0.30 | $0.00 |
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 | $193.8M |
| Total DebtLower is stronger | $105.4M | $116.3M |
| Stockholders' EquityBook value | $271.6M | $526.9M |
| Total Assets | $659.4M | $849.7M |
| Debt / EquityLower = less leverage | 0.39× | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | — | ||
| Q3 25 | $64.8M | $193.8M | ||
| Q2 25 | $59.7M | $28.1M | ||
| Q1 25 | $49.4M | $43.5M | ||
| Q4 24 | $52.6M | $33.0M | ||
| Q3 24 | $51.0M | $22.9M | ||
| Q2 24 | $64.6M | $27.6M | ||
| Q1 24 | $59.2M | $30.5M |
| Q4 25 | $105.4M | — | ||
| Q3 25 | $106.5M | $116.3M | ||
| Q2 25 | $87.6M | — | ||
| Q1 25 | $73.9M | — | ||
| Q4 24 | $74.9M | $88.2M | ||
| Q3 24 | $83.4M | — | ||
| Q2 24 | $48.4M | — | ||
| Q1 24 | $48.9M | — |
| Q4 25 | $271.6M | — | ||
| Q3 25 | $263.6M | $526.9M | ||
| Q2 25 | $263.2M | $347.4M | ||
| Q1 25 | $256.1M | $355.2M | ||
| Q4 24 | $249.6M | $362.8M | ||
| Q3 24 | $247.1M | $361.8M | ||
| Q2 24 | $255.9M | $366.1M | ||
| Q1 24 | $256.0M | $372.3M |
| Q4 25 | $659.4M | — | ||
| Q3 25 | $643.3M | $849.7M | ||
| Q2 25 | $633.3M | $674.6M | ||
| Q1 25 | $628.3M | $685.7M | ||
| Q4 24 | $594.1M | $674.7M | ||
| Q3 24 | $590.9M | $645.4M | ||
| Q2 24 | $535.2M | $659.2M | ||
| Q1 24 | $490.3M | $674.0M |
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.40× | 0.22× | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.30× | 0.24× | ||
| 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 | $-1.4M |
| Free Cash FlowOCF − Capex | $22.5M | $-17.5M |
| FCF MarginFCF / Revenue | 20.2% | -14.5% |
| Capex IntensityCapex / Revenue | 1.3% | 13.3% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | — | ||
| Q3 25 | $-11.7M | $-1.4M | ||
| Q2 25 | $10.5M | $-4.3M | ||
| Q1 25 | $1.6M | $26.0M | ||
| Q4 24 | $20.8M | $15.7M | ||
| Q3 24 | $-27.2M | $37.4M | ||
| Q2 24 | $8.3M | $34.4M | ||
| Q1 24 | $15.3M | $25.2M |
| Q4 25 | $22.5M | — | ||
| Q3 25 | $-13.5M | $-17.5M | ||
| Q2 25 | $8.2M | $-19.8M | ||
| Q1 25 | $-1.2M | $7.6M | ||
| Q4 24 | $18.3M | $5.1M | ||
| Q3 24 | $-32.6M | $25.6M | ||
| Q2 24 | $7.5M | $20.3M | ||
| Q1 24 | $14.8M | $6.5M |
| Q4 25 | 20.2% | — | ||
| Q3 25 | -12.6% | -14.5% | ||
| Q2 25 | 7.1% | -13.0% | ||
| Q1 25 | -1.0% | 5.6% | ||
| Q4 24 | 15.5% | 3.0% | ||
| Q3 24 | -36.8% | 15.3% | ||
| Q2 24 | 6.4% | 13.1% | ||
| Q1 24 | 13.4% | 3.7% |
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.6% | 13.3% | ||
| Q2 25 | 2.0% | 10.2% | ||
| Q1 25 | 2.5% | 13.7% | ||
| Q4 24 | 2.1% | 6.2% | ||
| Q3 24 | 6.1% | 7.0% | ||
| Q2 24 | 0.7% | 9.1% | ||
| Q1 24 | 0.4% | 10.8% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | 4.06× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | 6.21× | ||
| Q1 24 | 3.96× | 12.40× |
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% |
METC
| Export Coal Revenues | $73.0M | 60% |
| Domestic Coal Revenues | $48.0M | 40% |
