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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and NICOLET BANKSHARES INC (NIC). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $104.0M, roughly 1.1× NICOLET BANKSHARES INC). NICOLET BANKSHARES INC runs the higher net margin — 38.8% vs 5.1%, a 33.6% gap on every dollar of revenue. On growth, NICOLET BANKSHARES INC posted the faster year-over-year revenue change (12.5% vs -5.7%). NICOLET BANKSHARES INC produced more free cash flow last quarter ($149.4M vs $22.5M). Over the past eight quarters, NICOLET BANKSHARES INC's revenue compounded faster (12.5% 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.
Nicolet Bankshares, Inc. is a U.S. regional bank holding company based in Green Bay, Wisconsin. They are the parent company of Nicolet National Bank, the second largest Wisconsin-based bank.
AVNW vs NIC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $104.0M |
| Net Profit | $5.7M | $40.3M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 48.3% |
| Net Margin | 5.1% | 38.8% |
| Revenue YoY | -5.7% | 12.5% |
| Net Profit YoY | 27.2% | 16.9% |
| EPS (diluted) | $0.44 | $2.63 |
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 | $104.0M | ||
| Q3 25 | $107.3M | $102.9M | ||
| Q2 25 | $115.3M | $95.7M | ||
| Q1 25 | $112.6M | $89.4M | ||
| Q4 24 | $118.2M | $92.4M | ||
| Q3 24 | $88.4M | $90.7M | ||
| Q2 24 | $116.7M | $85.0M | ||
| Q1 24 | $110.8M | $82.2M |
| Q4 25 | $5.7M | $40.3M | ||
| Q3 25 | $162.0K | $41.7M | ||
| Q2 25 | $5.2M | $36.0M | ||
| Q1 25 | $3.5M | $32.6M | ||
| Q4 24 | $4.5M | $34.5M | ||
| Q3 24 | $-11.9M | $32.5M | ||
| Q2 24 | $1.5M | $29.3M | ||
| Q1 24 | $3.9M | $27.8M |
| Q4 25 | 32.4% | — | ||
| Q3 25 | 33.2% | — | ||
| Q2 25 | 34.2% | — | ||
| Q1 25 | 34.9% | — | ||
| Q4 24 | 34.6% | — | ||
| Q3 24 | 22.4% | — | ||
| Q2 24 | 35.3% | — | ||
| Q1 24 | 32.5% | — |
| Q4 25 | 6.5% | 48.3% | ||
| Q3 25 | 4.8% | 50.4% | ||
| Q2 25 | 7.7% | 46.8% | ||
| Q1 25 | 8.3% | 44.9% | ||
| Q4 24 | 6.7% | 46.8% | ||
| Q3 24 | -17.6% | 45.0% | ||
| Q2 24 | 4.7% | 43.3% | ||
| Q1 24 | 5.1% | 41.8% |
| Q4 25 | 5.1% | 38.8% | ||
| Q3 25 | 0.2% | 40.6% | ||
| Q2 25 | 4.5% | 37.6% | ||
| Q1 25 | 3.1% | 36.4% | ||
| Q4 24 | 3.8% | 37.3% | ||
| Q3 24 | -13.4% | 35.8% | ||
| Q2 24 | 1.3% | 34.5% | ||
| Q1 24 | 3.5% | 33.8% |
| Q4 25 | $0.44 | $2.63 | ||
| Q3 25 | $0.01 | $2.73 | ||
| Q2 25 | $0.42 | $2.34 | ||
| Q1 25 | $0.27 | $2.08 | ||
| Q4 24 | $0.35 | $2.21 | ||
| Q3 24 | $-0.94 | $2.10 | ||
| Q2 24 | $0.11 | $1.92 | ||
| Q1 24 | $0.30 | $1.82 |
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 | — |
| Total DebtLower is stronger | $105.4M | $134.9M |
| Stockholders' EquityBook value | $271.6M | $1.3B |
| Total Assets | $659.4M | $9.2B |
| Debt / EquityLower = less leverage | 0.39× | 0.11× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | — | ||
| Q3 25 | $64.8M | — | ||
| Q2 25 | $59.7M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $52.6M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $64.6M | — | ||
| Q1 24 | $59.2M | — |
| Q4 25 | $105.4M | $134.9M | ||
| Q3 25 | $106.5M | $134.6M | ||
| Q2 25 | $87.6M | $134.3M | ||
| Q1 25 | $73.9M | $156.6M | ||
| Q4 24 | $74.9M | $161.4M | ||
| Q3 24 | $83.4M | $161.2M | ||
| Q2 24 | $48.4M | $162.4M | ||
| Q1 24 | $48.9M | $162.3M |
| Q4 25 | $271.6M | $1.3B | ||
| Q3 25 | $263.6M | $1.2B | ||
| Q2 25 | $263.2M | $1.2B | ||
| Q1 25 | $256.1M | $1.2B | ||
| Q4 24 | $249.6M | $1.2B | ||
| Q3 24 | $247.1M | $1.1B | ||
| Q2 24 | $255.9M | $1.1B | ||
| Q1 24 | $256.0M | $1.1B |
| Q4 25 | $659.4M | $9.2B | ||
| Q3 25 | $643.3M | $9.0B | ||
| Q2 25 | $633.3M | $8.9B | ||
| Q1 25 | $628.3M | $9.0B | ||
| Q4 24 | $594.1M | $8.8B | ||
| Q3 24 | $590.9M | $8.6B | ||
| Q2 24 | $535.2M | $8.6B | ||
| Q1 24 | $490.3M | $8.4B |
| Q4 25 | 0.39× | 0.11× | ||
| Q3 25 | 0.40× | 0.11× | ||
| Q2 25 | 0.33× | 0.11× | ||
| Q1 25 | 0.29× | 0.13× | ||
| Q4 24 | 0.30× | 0.14× | ||
| 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 | $153.5M |
| Free Cash FlowOCF − Capex | $22.5M | $149.4M |
| FCF MarginFCF / Revenue | 20.2% | 143.7% |
| Capex IntensityCapex / Revenue | 1.3% | 3.9% |
| Cash ConversionOCF / Net Profit | 4.18× | 3.81× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $275.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $153.5M | ||
| Q3 25 | $-11.7M | $45.9M | ||
| Q2 25 | $10.5M | $38.9M | ||
| Q1 25 | $1.6M | $41.8M | ||
| Q4 24 | $20.8M | $133.7M | ||
| Q3 24 | $-27.2M | $39.6M | ||
| Q2 24 | $8.3M | $37.3M | ||
| Q1 24 | $15.3M | $23.4M |
| Q4 25 | $22.5M | $149.4M | ||
| Q3 25 | $-13.5M | $45.9M | ||
| Q2 25 | $8.2M | $38.4M | ||
| Q1 25 | $-1.2M | $41.3M | ||
| Q4 24 | $18.3M | $116.8M | ||
| Q3 24 | $-32.6M | $34.7M | ||
| Q2 24 | $7.5M | $34.4M | ||
| Q1 24 | $14.8M | $20.1M |
| Q4 25 | 20.2% | 143.7% | ||
| Q3 25 | -12.6% | 44.6% | ||
| Q2 25 | 7.1% | 40.1% | ||
| Q1 25 | -1.0% | 46.2% | ||
| Q4 24 | 15.5% | 126.4% | ||
| Q3 24 | -36.8% | 38.3% | ||
| Q2 24 | 6.4% | 40.5% | ||
| Q1 24 | 13.4% | 24.4% |
| Q4 25 | 1.3% | 3.9% | ||
| Q3 25 | 1.6% | 0.0% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 2.5% | 0.5% | ||
| Q4 24 | 2.1% | 18.3% | ||
| Q3 24 | 6.1% | 5.4% | ||
| Q2 24 | 0.7% | 3.5% | ||
| Q1 24 | 0.4% | 4.0% |
| Q4 25 | 4.18× | 3.81× | ||
| Q3 25 | -72.48× | 1.10× | ||
| Q2 25 | 2.02× | 1.08× | ||
| Q1 25 | 0.46× | 1.28× | ||
| Q4 24 | 4.62× | 3.88× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | 5.37× | 1.28× | ||
| Q1 24 | 3.96× | 0.84× |
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% |
NIC
Segment breakdown not available.
