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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and PUMA BIOTECHNOLOGY, INC. (PBYI). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $75.5M, roughly 1.5× PUMA BIOTECHNOLOGY, INC.). On growth, PUMA BIOTECHNOLOGY, INC. posted the faster year-over-year revenue change (27.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $14.4M). Over the past eight quarters, PUMA BIOTECHNOLOGY, INC.'s revenue compounded faster (31.3% 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.
Puma Biotechnology is a publicly traded biopharmaceutical company headquartered in Los Angeles, CA.
AVNW vs PBYI — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $75.5M |
| Net Profit | $5.7M | — |
| Gross Margin | 32.4% | 69.3% |
| Operating Margin | 6.5% | 22.7% |
| Net Margin | 5.1% | — |
| Revenue YoY | -5.7% | 27.7% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $0.44 | $0.26 |
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 | $75.5M | ||
| Q3 25 | $107.3M | $54.5M | ||
| Q2 25 | $115.3M | $52.4M | ||
| Q1 25 | $112.6M | $46.0M | ||
| Q4 24 | $118.2M | $59.1M | ||
| Q3 24 | $88.4M | $80.5M | ||
| Q2 24 | $116.7M | $47.1M | ||
| Q1 24 | $110.8M | $43.8M |
| Q4 25 | $5.7M | — | ||
| Q3 25 | $162.0K | $8.8M | ||
| Q2 25 | $5.2M | $5.9M | ||
| Q1 25 | $3.5M | $3.0M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $20.3M | ||
| Q2 24 | $1.5M | $-4.5M | ||
| Q1 24 | $3.9M | $-4.8M |
| Q4 25 | 32.4% | 69.3% | ||
| Q3 25 | 33.2% | 77.7% | ||
| Q2 25 | 34.2% | 76.5% | ||
| Q1 25 | 34.9% | 77.1% | ||
| Q4 24 | 34.6% | 76.4% | ||
| Q3 24 | 22.4% | 63.9% | ||
| Q2 24 | 35.3% | 77.4% | ||
| Q1 24 | 32.5% | 75.5% |
| Q4 25 | 6.5% | 22.7% | ||
| Q3 25 | 4.8% | 17.6% | ||
| Q2 25 | 7.7% | 12.7% | ||
| Q1 25 | 8.3% | 8.7% | ||
| Q4 24 | 6.7% | 22.6% | ||
| Q3 24 | -17.6% | 27.4% | ||
| Q2 24 | 4.7% | -4.6% | ||
| Q1 24 | 5.1% | -5.3% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 0.2% | 16.2% | ||
| Q2 25 | 4.5% | 11.2% | ||
| Q1 25 | 3.1% | 6.5% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | 25.2% | ||
| Q2 24 | 1.3% | -9.6% | ||
| Q1 24 | 3.5% | -11.0% |
| Q4 25 | $0.44 | $0.26 | ||
| Q3 25 | $0.01 | $0.17 | ||
| Q2 25 | $0.42 | $0.12 | ||
| Q1 25 | $0.27 | $0.06 | ||
| Q4 24 | $0.35 | $0.40 | ||
| Q3 24 | $-0.94 | $0.41 | ||
| Q2 24 | $0.11 | $-0.09 | ||
| Q1 24 | $0.30 | $-0.10 |
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 | $97.5M |
| Total DebtLower is stronger | $105.4M | $22.7M |
| Stockholders' EquityBook value | $271.6M | $130.3M |
| Total Assets | $659.4M | $216.3M |
| Debt / EquityLower = less leverage | 0.39× | 0.17× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $97.5M | ||
| Q3 25 | $64.8M | $94.4M | ||
| Q2 25 | $59.7M | $96.0M | ||
| Q1 25 | $49.4M | $93.2M | ||
| Q4 24 | $52.6M | $101.0M | ||
| Q3 24 | $51.0M | $96.7M | ||
| Q2 24 | $64.6M | $96.8M | ||
| Q1 24 | $59.2M | $107.2M |
| Q4 25 | $105.4M | $22.7M | ||
| Q3 25 | $106.5M | $34.0M | ||
| Q2 25 | $87.6M | $45.3M | ||
| Q1 25 | $73.9M | $56.7M | ||
| Q4 24 | $74.9M | $68.0M | ||
| Q3 24 | $83.4M | $79.3M | ||
| Q2 24 | $48.4M | $90.7M | ||
| Q1 24 | $48.9M | $102.0M |
| Q4 25 | $271.6M | $130.3M | ||
| Q3 25 | $263.6M | $115.3M | ||
| Q2 25 | $263.2M | $104.7M | ||
| Q1 25 | $256.1M | $97.1M | ||
| Q4 24 | $249.6M | $92.1M | ||
| Q3 24 | $247.1M | $71.1M | ||
| Q2 24 | $255.9M | $48.5M | ||
| Q1 24 | $256.0M | $51.0M |
| Q4 25 | $659.4M | $216.3M | ||
| Q3 25 | $643.3M | $202.9M | ||
| Q2 25 | $633.3M | $194.9M | ||
| Q1 25 | $628.3M | $196.2M | ||
| Q4 24 | $594.1M | $213.3M | ||
| Q3 24 | $590.9M | $220.7M | ||
| Q2 24 | $535.2M | $205.0M | ||
| Q1 24 | $490.3M | $214.1M |
| Q4 25 | 0.39× | 0.17× | ||
| Q3 25 | 0.40× | 0.30× | ||
| Q2 25 | 0.33× | 0.43× | ||
| Q1 25 | 0.29× | 0.58× | ||
| Q4 24 | 0.30× | 0.74× | ||
| Q3 24 | 0.34× | 1.12× | ||
| Q2 24 | 0.19× | 1.87× | ||
| Q1 24 | 0.19× | 2.00× |
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 | $14.4M |
| Free Cash FlowOCF − Capex | $22.5M | $14.4M |
| FCF MarginFCF / Revenue | 20.2% | 19.1% |
| Capex IntensityCapex / Revenue | 1.3% | 0.0% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $41.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $14.4M | ||
| Q3 25 | $-11.7M | $9.7M | ||
| Q2 25 | $10.5M | $14.1M | ||
| Q1 25 | $1.6M | $3.6M | ||
| Q4 24 | $20.8M | $15.6M | ||
| Q3 24 | $-27.2M | $11.0M | ||
| Q2 24 | $8.3M | $1.0M | ||
| Q1 24 | $15.3M | $11.2M |
| Q4 25 | $22.5M | $14.4M | ||
| Q3 25 | $-13.5M | $9.7M | ||
| Q2 25 | $8.2M | $14.1M | ||
| Q1 25 | $-1.2M | $3.6M | ||
| Q4 24 | $18.3M | $15.6M | ||
| Q3 24 | $-32.6M | $11.0M | ||
| Q2 24 | $7.5M | $1.0M | ||
| Q1 24 | $14.8M | — |
| Q4 25 | 20.2% | 19.1% | ||
| Q3 25 | -12.6% | 17.7% | ||
| Q2 25 | 7.1% | 26.8% | ||
| Q1 25 | -1.0% | 7.7% | ||
| Q4 24 | 15.5% | 26.4% | ||
| Q3 24 | -36.8% | 13.7% | ||
| Q2 24 | 6.4% | 2.1% | ||
| Q1 24 | 13.4% | — |
| Q4 25 | 1.3% | 0.0% | ||
| Q3 25 | 1.6% | 0.0% | ||
| Q2 25 | 2.0% | 0.0% | ||
| Q1 25 | 2.5% | 0.1% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 6.1% | 0.0% | ||
| Q2 24 | 0.7% | 0.0% | ||
| Q1 24 | 0.4% | 0.0% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | 1.10× | ||
| Q2 25 | 2.02× | 2.41× | ||
| Q1 25 | 0.46× | 1.21× | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | — |
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% |
PBYI
Segment breakdown not available.
