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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Mistras Group, Inc. (MG). Click either name above to swap in a different company.
Mistras Group, Inc. is the larger business by last-quarter revenue ($181.5M vs $111.5M, roughly 1.6× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 2.1%, a 3.1% gap on every dollar of revenue. On growth, Mistras Group, Inc. posted the faster year-over-year revenue change (5.1% vs -5.7%). Mistras Group, Inc. produced more free cash flow last quarter ($26.0M vs $22.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -0.8%).
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.
Mistras Group, Inc. is a global provider of asset integrity and protection solutions, offering non-destructive testing, inspection, real-time monitoring, and engineering consulting services. Its key client segments include oil and gas, aerospace, power generation, and manufacturing industries, with operations spanning North America, Europe, and Asia-Pacific, helping clients enhance operational safety, extend asset lifespans, and minimize unplanned downtime.
AVNW vs MG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $181.5M |
| Net Profit | $5.7M | $3.8M |
| Gross Margin | 32.4% | 28.4% |
| Operating Margin | 6.5% | 7.0% |
| Net Margin | 5.1% | 2.1% |
| Revenue YoY | -5.7% | 5.1% |
| Net Profit YoY | 27.2% | -27.4% |
| EPS (diluted) | $0.44 | $0.12 |
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 | $181.5M | ||
| Q3 25 | $107.3M | $195.5M | ||
| Q2 25 | $115.3M | $185.4M | ||
| Q1 25 | $112.6M | $161.6M | ||
| Q4 24 | $118.2M | $172.7M | ||
| Q3 24 | $88.4M | $182.7M | ||
| Q2 24 | $116.7M | $189.8M | ||
| Q1 24 | $110.8M | $184.4M |
| Q4 25 | $5.7M | $3.8M | ||
| Q3 25 | $162.0K | $13.1M | ||
| Q2 25 | $5.2M | $3.0M | ||
| Q1 25 | $3.5M | $-3.2M | ||
| Q4 24 | $4.5M | $5.2M | ||
| Q3 24 | $-11.9M | $6.4M | ||
| Q2 24 | $1.5M | $6.4M | ||
| Q1 24 | $3.9M | $995.0K |
| Q4 25 | 32.4% | 28.4% | ||
| Q3 25 | 33.2% | 29.8% | ||
| Q2 25 | 34.2% | 29.1% | ||
| Q1 25 | 34.9% | 25.3% | ||
| Q4 24 | 34.6% | 26.5% | ||
| Q3 24 | 22.4% | 26.8% | ||
| Q2 24 | 35.3% | 27.1% | ||
| Q1 24 | 32.5% | 25.0% |
| Q4 25 | 6.5% | 7.0% | ||
| Q3 25 | 4.8% | 10.4% | ||
| Q2 25 | 7.7% | 4.5% | ||
| Q1 25 | 8.3% | -0.6% | ||
| Q4 24 | 6.7% | 6.1% | ||
| Q3 24 | -17.6% | 6.5% | ||
| Q2 24 | 4.7% | 6.3% | ||
| Q1 24 | 5.1% | 3.0% |
| Q4 25 | 5.1% | 2.1% | ||
| Q3 25 | 0.2% | 6.7% | ||
| Q2 25 | 4.5% | 1.6% | ||
| Q1 25 | 3.1% | -2.0% | ||
| Q4 24 | 3.8% | 3.0% | ||
| Q3 24 | -13.4% | 3.5% | ||
| Q2 24 | 1.3% | 3.4% | ||
| Q1 24 | 3.5% | 0.5% |
| Q4 25 | $0.44 | $0.12 | ||
| Q3 25 | $0.01 | $0.41 | ||
| Q2 25 | $0.42 | $0.10 | ||
| Q1 25 | $0.27 | $-0.10 | ||
| Q4 24 | $0.35 | $0.17 | ||
| Q3 24 | $-0.94 | $0.20 | ||
| Q2 24 | $0.11 | $0.20 | ||
| Q1 24 | $0.30 | $0.03 |
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 | $28.0M |
| Total DebtLower is stronger | $105.4M | $178.0M |
| Stockholders' EquityBook value | $271.6M | $235.1M |
| Total Assets | $659.4M | $578.8M |
| Debt / EquityLower = less leverage | 0.39× | 0.76× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $28.0M | ||
| Q3 25 | $64.8M | $27.8M | ||
| Q2 25 | $59.7M | $20.0M | ||
| Q1 25 | $49.4M | $18.5M | ||
| Q4 24 | $52.6M | $18.3M | ||
| Q3 24 | $51.0M | $20.4M | ||
| Q2 24 | $64.6M | $17.2M | ||
| Q1 24 | $59.2M | $16.9M |
| Q4 25 | $105.4M | $178.0M | ||
| Q3 25 | $106.5M | $202.3M | ||
| Q2 25 | $87.6M | $189.4M | ||
| Q1 25 | $73.9M | $171.9M | ||
| Q4 24 | $74.9M | $169.6M | ||
| Q3 24 | $83.4M | $189.7M | ||
| Q2 24 | $48.4M | $199.7M | ||
| Q1 24 | $48.9M | $198.4M |
| Q4 25 | $271.6M | $235.1M | ||
| Q3 25 | $263.6M | $227.4M | ||
| Q2 25 | $263.2M | $215.8M | ||
| Q1 25 | $256.1M | $198.7M | ||
| Q4 24 | $249.6M | $198.6M | ||
| Q3 24 | $247.1M | $205.2M | ||
| Q2 24 | $255.9M | $193.2M | ||
| Q1 24 | $256.0M | $187.1M |
| Q4 25 | $659.4M | $578.8M | ||
| Q3 25 | $643.3M | $596.3M | ||
| Q2 25 | $633.3M | $571.0M | ||
| Q1 25 | $628.3M | $526.8M | ||
| Q4 24 | $594.1M | $523.0M | ||
| Q3 24 | $590.9M | $551.7M | ||
| Q2 24 | $535.2M | $548.1M | ||
| Q1 24 | $490.3M | $542.1M |
| Q4 25 | 0.39× | 0.76× | ||
| Q3 25 | 0.40× | 0.89× | ||
| Q2 25 | 0.33× | 0.88× | ||
| Q1 25 | 0.29× | 0.87× | ||
| Q4 24 | 0.30× | 0.85× | ||
| Q3 24 | 0.34× | 0.92× | ||
| Q2 24 | 0.19× | 1.03× | ||
| Q1 24 | 0.19× | 1.06× |
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 | $32.1M |
| Free Cash FlowOCF − Capex | $22.5M | $26.0M |
| FCF MarginFCF / Revenue | 20.2% | 14.3% |
| Capex IntensityCapex / Revenue | 1.3% | 3.4% |
| Cash ConversionOCF / Net Profit | 4.18× | 8.55× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $8.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $32.1M | ||
| Q3 25 | $-11.7M | $4.5M | ||
| Q2 25 | $10.5M | $-9.3M | ||
| Q1 25 | $1.6M | $5.6M | ||
| Q4 24 | $20.8M | $25.7M | ||
| Q3 24 | $-27.2M | $19.4M | ||
| Q2 24 | $8.3M | $4.5M | ||
| Q1 24 | $15.3M | $604.0K |
| Q4 25 | $22.5M | $26.0M | ||
| Q3 25 | $-13.5M | $-4.1M | ||
| Q2 25 | $8.2M | $-14.7M | ||
| Q1 25 | $-1.2M | $1.1M | ||
| Q4 24 | $18.3M | $22.1M | ||
| Q3 24 | $-32.6M | $14.6M | ||
| Q2 24 | $7.5M | $-284.0K | ||
| Q1 24 | $14.8M | $-4.2M |
| Q4 25 | 20.2% | 14.3% | ||
| Q3 25 | -12.6% | -2.1% | ||
| Q2 25 | 7.1% | -7.9% | ||
| Q1 25 | -1.0% | 0.7% | ||
| Q4 24 | 15.5% | 12.8% | ||
| Q3 24 | -36.8% | 8.0% | ||
| Q2 24 | 6.4% | -0.1% | ||
| Q1 24 | 13.4% | -2.3% |
| Q4 25 | 1.3% | 3.4% | ||
| Q3 25 | 1.6% | 4.4% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 2.5% | 2.8% | ||
| Q4 24 | 2.1% | 2.1% | ||
| Q3 24 | 6.1% | 2.6% | ||
| Q2 24 | 0.7% | 2.5% | ||
| Q1 24 | 0.4% | 2.6% |
| Q4 25 | 4.18× | 8.55× | ||
| Q3 25 | -72.48× | 0.34× | ||
| Q2 25 | 2.02× | -3.07× | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | 4.96× | ||
| Q3 24 | — | 3.02× | ||
| Q2 24 | 5.37× | 0.71× | ||
| Q1 24 | 3.96× | 0.61× |
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% |
MG
Segment breakdown not available.
