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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $111.5M, roughly 1.3× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -31.4%, a 36.5% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (0.4% vs -5.7%). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs 0.0%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
AVNW vs PDM — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $143.3M |
| Net Profit | $5.7M | $-45.0M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | — |
| Net Margin | 5.1% | -31.4% |
| Revenue YoY | -5.7% | 0.4% |
| Net Profit YoY | 27.2% | -27.9% |
| EPS (diluted) | $0.44 | $-0.10 |
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 | — | $143.3M | ||
| Q4 25 | $111.5M | $142.9M | ||
| Q3 25 | $107.3M | $139.2M | ||
| Q2 25 | $115.3M | $140.3M | ||
| Q1 25 | $112.6M | $142.7M | ||
| Q4 24 | $118.2M | $143.2M | ||
| Q3 24 | $88.4M | $139.3M | ||
| Q2 24 | $116.7M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $5.7M | $-43.2M | ||
| Q3 25 | $162.0K | $-13.5M | ||
| Q2 25 | $5.2M | $-16.8M | ||
| Q1 25 | $3.5M | $-10.1M | ||
| Q4 24 | $4.5M | $-30.0M | ||
| Q3 24 | $-11.9M | $-11.5M | ||
| Q2 24 | $1.5M | $-9.8M |
| Q1 26 | — | — | ||
| 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 26 | — | — | ||
| Q4 25 | 6.5% | — | ||
| Q3 25 | 4.8% | — | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | 8.3% | — | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | -17.6% | — | ||
| Q2 24 | 4.7% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | 5.1% | -30.3% | ||
| Q3 25 | 0.2% | -9.7% | ||
| Q2 25 | 4.5% | -12.0% | ||
| Q1 25 | 3.1% | -7.1% | ||
| Q4 24 | 3.8% | -20.9% | ||
| Q3 24 | -13.4% | -8.3% | ||
| Q2 24 | 1.3% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $0.44 | $-0.34 | ||
| Q3 25 | $0.01 | $-0.11 | ||
| Q2 25 | $0.42 | $-0.14 | ||
| Q1 25 | $0.27 | $-0.08 | ||
| Q4 24 | $0.35 | $-0.25 | ||
| Q3 24 | $-0.94 | $-0.09 | ||
| Q2 24 | $0.11 | $-0.08 |
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 | $2.3M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $1.5B |
| Total Assets | $659.4M | $4.0B |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $86.5M | $731.0K | ||
| Q3 25 | $64.8M | $3.0M | ||
| Q2 25 | $59.7M | $3.3M | ||
| Q1 25 | $49.4M | $2.9M | ||
| Q4 24 | $52.6M | $109.6M | ||
| Q3 24 | $51.0M | $133.6M | ||
| Q2 24 | $64.6M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $105.4M | $2.2B | ||
| Q3 25 | $106.5M | $2.2B | ||
| Q2 25 | $87.6M | $2.2B | ||
| Q1 25 | $73.9M | $2.2B | ||
| Q4 24 | $74.9M | $2.2B | ||
| Q3 24 | $83.4M | $2.2B | ||
| Q2 24 | $48.4M | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $271.6M | $1.5B | ||
| Q3 25 | $263.6M | $1.5B | ||
| Q2 25 | $263.2M | $1.5B | ||
| Q1 25 | $256.1M | $1.6B | ||
| Q4 24 | $249.6M | $1.6B | ||
| Q3 24 | $247.1M | $1.6B | ||
| Q2 24 | $255.9M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $659.4M | $4.0B | ||
| Q3 25 | $643.3M | $4.0B | ||
| Q2 25 | $633.3M | $4.0B | ||
| Q1 25 | $628.3M | $4.0B | ||
| Q4 24 | $594.1M | $4.1B | ||
| Q3 24 | $590.9M | $4.1B | ||
| Q2 24 | $535.2M | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | 1.49× | ||
| Q3 25 | 0.40× | 1.43× | ||
| Q2 25 | 0.33× | 1.41× | ||
| Q1 25 | 0.29× | 1.40× | ||
| Q4 24 | 0.30× | 1.40× | ||
| Q3 24 | 0.34× | 1.36× | ||
| Q2 24 | 0.19× | 1.34× |
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 | — |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | 110.3% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.9M | $140.6M | ||
| Q3 25 | $-11.7M | $35.8M | ||
| Q2 25 | $10.5M | $50.1M | ||
| Q1 25 | $1.6M | $3.7M | ||
| Q4 24 | $20.8M | $198.1M | ||
| Q3 24 | $-27.2M | $42.9M | ||
| Q2 24 | $8.3M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $22.5M | — | ||
| Q3 25 | $-13.5M | — | ||
| Q2 25 | $8.2M | — | ||
| Q1 25 | $-1.2M | — | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | $-32.6M | — | ||
| Q2 24 | $7.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | — | ||
| Q3 25 | -12.6% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -1.0% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -36.8% | — | ||
| Q2 24 | 6.4% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 1.3% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 0.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — |
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% |
PDM
Segment breakdown not available.
