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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and UNIVERSAL DISPLAY CORP \PA\ (OLED). Click either name above to swap in a different company.
UNIVERSAL DISPLAY CORP \PA\ is the larger business by last-quarter revenue ($142.2M vs $111.5M, roughly 1.3× AVIAT NETWORKS, INC.). UNIVERSAL DISPLAY CORP \PA\ runs the higher net margin — 25.2% vs 5.1%, a 20.1% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -14.5%). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -5.3%).
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.
Universal Display Corporation is a developer and manufacturer of organic light emitting diode (OLED) technologies and materials, and it is a provider of services to the display and lighting industries.
AVNW vs OLED — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $142.2M |
| Net Profit | $5.7M | $35.9M |
| Gross Margin | 32.4% | 74.6% |
| Operating Margin | 6.5% | 30.1% |
| Net Margin | 5.1% | 25.2% |
| Revenue YoY | -5.7% | -14.5% |
| Net Profit YoY | 27.2% | -44.3% |
| EPS (diluted) | $0.44 | $0.76 |
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.
| Q1 26 | — | $142.2M | ||
| Q4 25 | $111.5M | $172.9M | ||
| Q3 25 | $107.3M | $139.6M | ||
| Q2 25 | $115.3M | $171.8M | ||
| Q1 25 | $112.6M | $166.3M | ||
| Q4 24 | $118.2M | $162.3M | ||
| Q3 24 | $88.4M | $161.6M | ||
| Q2 24 | $116.7M | $158.5M |
| Q1 26 | — | $35.9M | ||
| Q4 25 | $5.7M | $66.3M | ||
| Q3 25 | $162.0K | $44.0M | ||
| Q2 25 | $5.2M | $67.3M | ||
| Q1 25 | $3.5M | $64.4M | ||
| Q4 24 | $4.5M | $46.0M | ||
| Q3 24 | $-11.9M | $66.9M | ||
| Q2 24 | $1.5M | $52.3M |
| Q1 26 | — | 74.6% | ||
| Q4 25 | 32.4% | 76.1% | ||
| Q3 25 | 33.2% | 74.6% | ||
| Q2 25 | 34.2% | 77.2% | ||
| Q1 25 | 34.9% | 77.1% | ||
| Q4 24 | 34.6% | 77.0% | ||
| Q3 24 | 22.4% | 77.8% | ||
| Q2 24 | 35.3% | 75.8% |
| Q1 26 | — | 30.1% | ||
| Q4 25 | 6.5% | 38.9% | ||
| Q3 25 | 4.8% | 30.9% | ||
| Q2 25 | 7.7% | 39.9% | ||
| Q1 25 | 8.3% | 41.9% | ||
| Q4 24 | 6.7% | 32.3% | ||
| Q3 24 | -17.6% | 41.5% | ||
| Q2 24 | 4.7% | 35.6% |
| Q1 26 | — | 25.2% | ||
| Q4 25 | 5.1% | 38.4% | ||
| Q3 25 | 0.2% | 31.5% | ||
| Q2 25 | 4.5% | 39.2% | ||
| Q1 25 | 3.1% | 38.8% | ||
| Q4 24 | 3.8% | 28.4% | ||
| Q3 24 | -13.4% | 41.4% | ||
| Q2 24 | 1.3% | 33.0% |
| Q1 26 | — | $0.76 | ||
| Q4 25 | $0.44 | $1.40 | ||
| Q3 25 | $0.01 | $0.92 | ||
| Q2 25 | $0.42 | $1.41 | ||
| Q1 25 | $0.27 | $1.35 | ||
| Q4 24 | $0.35 | $0.96 | ||
| Q3 24 | $-0.94 | $1.40 | ||
| Q2 24 | $0.11 | $1.10 |
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 | $516.4M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | — |
| Total Assets | $659.4M | $1.9B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $516.4M | ||
| Q4 25 | $86.5M | $602.4M | ||
| Q3 25 | $64.8M | $603.0M | ||
| Q2 25 | $59.7M | $525.2M | ||
| Q1 25 | $49.4M | $571.3M | ||
| Q4 24 | $52.6M | $492.7M | ||
| Q3 24 | $51.0M | $551.6M | ||
| Q2 24 | $64.6M | $530.5M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | $271.6M | $1.8B | ||
| Q3 25 | $263.6M | $1.7B | ||
| Q2 25 | $263.2M | $1.7B | ||
| Q1 25 | $256.1M | $1.7B | ||
| Q4 24 | $249.6M | $1.6B | ||
| Q3 24 | $247.1M | $1.6B | ||
| Q2 24 | $255.9M | $1.5B |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $659.4M | $2.0B | ||
| Q3 25 | $643.3M | $1.9B | ||
| Q2 25 | $633.3M | $1.9B | ||
| Q1 25 | $628.3M | $1.9B | ||
| Q4 24 | $594.1M | $1.8B | ||
| Q3 24 | $590.9M | $1.8B | ||
| Q2 24 | $535.2M | $1.8B |
| Q1 26 | — | — | ||
| 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× | — |
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 | $108.9M |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | 3.03× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $108.9M | ||
| Q4 25 | $23.9M | $31.1M | ||
| Q3 25 | $-11.7M | $97.2M | ||
| Q2 25 | $10.5M | $51.9M | ||
| Q1 25 | $1.6M | $30.6M | ||
| Q4 24 | $20.8M | $34.7M | ||
| Q3 24 | $-27.2M | $79.9M | ||
| Q2 24 | $8.3M | $67.0M |
| Q1 26 | — | — | ||
| Q4 25 | $22.5M | $15.1M | ||
| Q3 25 | $-13.5M | $84.3M | ||
| Q2 25 | $8.2M | $37.5M | ||
| Q1 25 | $-1.2M | $17.5M | ||
| Q4 24 | $18.3M | $22.0M | ||
| Q3 24 | $-32.6M | $66.2M | ||
| Q2 24 | $7.5M | $57.9M |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | 8.7% | ||
| Q3 25 | -12.6% | 60.4% | ||
| Q2 25 | 7.1% | 21.8% | ||
| Q1 25 | -1.0% | 10.5% | ||
| Q4 24 | 15.5% | 13.6% | ||
| Q3 24 | -36.8% | 41.0% | ||
| Q2 24 | 6.4% | 36.5% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 9.3% | ||
| Q3 25 | 1.6% | 9.2% | ||
| Q2 25 | 2.0% | 8.4% | ||
| Q1 25 | 2.5% | 7.9% | ||
| Q4 24 | 2.1% | 7.8% | ||
| Q3 24 | 6.1% | 8.4% | ||
| Q2 24 | 0.7% | 5.8% |
| Q1 26 | — | 3.03× | ||
| Q4 25 | 4.18× | 0.47× | ||
| Q3 25 | -72.48× | 2.21× | ||
| Q2 25 | 2.02× | 0.77× | ||
| Q1 25 | 0.46× | 0.47× | ||
| Q4 24 | 4.62× | 0.75× | ||
| Q3 24 | — | 1.19× | ||
| Q2 24 | 5.37× | 1.28× |
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% |
OLED
| Material sales | $83.7M | 59% |
| Royalty and license fees | $54.2M | 38% |
| Contract research services | $4.3M | 3% |
