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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and PennyMac Mortgage Investment Trust (PMT). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $93.6M, roughly 1.2× PennyMac Mortgage Investment Trust). PennyMac Mortgage Investment Trust runs the higher net margin — 56.0% vs 5.1%, a 50.8% gap on every dollar of revenue. On growth, AVIAT NETWORKS, INC. posted the faster year-over-year revenue change (-5.7% vs -13.3%). Over the past eight quarters, PennyMac Mortgage Investment Trust's revenue compounded faster (12.3% 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.
PennyMac Mortgage Investment Trust is a U.S.-headquartered real estate investment trust specializing in residential mortgage assets. It invests in performing and non-performing mortgage loans, mortgage-backed securities, and credit risk transfer instruments, operating across investment management and mortgage servicing segments in the U.S. housing market.
AVNW vs PMT — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $93.6M |
| Net Profit | $5.7M | $52.4M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 38.6% |
| Net Margin | 5.1% | 56.0% |
| Revenue YoY | -5.7% | -13.3% |
| Net Profit YoY | 27.2% | 12.5% |
| EPS (diluted) | $0.44 | $0.49 |
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 | $93.6M | ||
| Q3 25 | $107.3M | $99.2M | ||
| Q2 25 | $115.3M | $70.2M | ||
| Q1 25 | $112.6M | $44.5M | ||
| Q4 24 | $118.2M | $107.9M | ||
| Q3 24 | $88.4M | $80.9M | ||
| Q2 24 | $116.7M | $71.2M | ||
| Q1 24 | $110.8M | $74.2M |
| Q4 25 | $5.7M | $52.4M | ||
| Q3 25 | $162.0K | $58.3M | ||
| Q2 25 | $5.2M | $7.5M | ||
| Q1 25 | $3.5M | $9.7M | ||
| Q4 24 | $4.5M | $46.5M | ||
| Q3 24 | $-11.9M | $41.4M | ||
| Q2 24 | $1.5M | $25.4M | ||
| Q1 24 | $3.9M | $47.6M |
| 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% | 38.6% | ||
| Q3 25 | 4.8% | 47.4% | ||
| Q2 25 | 7.7% | 24.2% | ||
| Q1 25 | 8.3% | -14.2% | ||
| Q4 24 | 6.7% | 51.1% | ||
| Q3 24 | -17.6% | 32.8% | ||
| Q2 24 | 4.7% | 40.2% | ||
| Q1 24 | 5.1% | 43.6% |
| Q4 25 | 5.1% | 56.0% | ||
| Q3 25 | 0.2% | 58.7% | ||
| Q2 25 | 4.5% | 10.7% | ||
| Q1 25 | 3.1% | 21.8% | ||
| Q4 24 | 3.8% | 43.1% | ||
| Q3 24 | -13.4% | 51.2% | ||
| Q2 24 | 1.3% | 35.7% | ||
| Q1 24 | 3.5% | 64.2% |
| Q4 25 | $0.44 | $0.49 | ||
| Q3 25 | $0.01 | $0.55 | ||
| Q2 25 | $0.42 | $-0.04 | ||
| Q1 25 | $0.27 | $-0.01 | ||
| Q4 24 | $0.35 | $0.45 | ||
| Q3 24 | $-0.94 | $0.36 | ||
| Q2 24 | $0.11 | $0.17 | ||
| Q1 24 | $0.30 | $0.39 |
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 | $190.5M |
| Total DebtLower is stronger | $105.4M | $1.1B |
| Stockholders' EquityBook value | $271.6M | $1.9B |
| Total Assets | $659.4M | $21.3B |
| Debt / EquityLower = less leverage | 0.39× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $190.5M | ||
| Q3 25 | $64.8M | $181.0M | ||
| Q2 25 | $59.7M | $108.6M | ||
| Q1 25 | $49.4M | $204.2M | ||
| Q4 24 | $52.6M | $103.2M | ||
| Q3 24 | $51.0M | $102.8M | ||
| Q2 24 | $64.6M | $336.3M | ||
| Q1 24 | $59.2M | $343.3M |
| Q4 25 | $105.4M | $1.1B | ||
| Q3 25 | $106.5M | $299.0M | ||
| Q2 25 | $87.6M | $1.2B | ||
| Q1 25 | $73.9M | $968.4M | ||
| Q4 24 | $74.9M | $1.0B | ||
| Q3 24 | $83.4M | $5.2B | ||
| Q2 24 | $48.4M | $5.4B | ||
| Q1 24 | $48.9M | $5.1B |
| Q4 25 | $271.6M | $1.9B | ||
| Q3 25 | $263.6M | $1.9B | ||
| Q2 25 | $263.2M | $1.9B | ||
| Q1 25 | $256.1M | $1.9B | ||
| Q4 24 | $249.6M | $1.9B | ||
| Q3 24 | $247.1M | $1.9B | ||
| Q2 24 | $255.9M | $1.9B | ||
| Q1 24 | $256.0M | $2.0B |
| Q4 25 | $659.4M | $21.3B | ||
| Q3 25 | $643.3M | $18.5B | ||
| Q2 25 | $633.3M | $16.8B | ||
| Q1 25 | $628.3M | $14.9B | ||
| Q4 24 | $594.1M | $14.4B | ||
| Q3 24 | $590.9M | $13.1B | ||
| Q2 24 | $535.2M | $12.1B | ||
| Q1 24 | $490.3M | $12.3B |
| Q4 25 | 0.39× | 0.58× | ||
| Q3 25 | 0.40× | 0.16× | ||
| Q2 25 | 0.33× | 0.65× | ||
| Q1 25 | 0.29× | 0.51× | ||
| Q4 24 | 0.30× | 0.52× | ||
| Q3 24 | 0.34× | 2.70× | ||
| Q2 24 | 0.19× | 2.76× | ||
| Q1 24 | 0.19× | 2.60× |
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 | $-7.2B |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | -137.76× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-7.2B | ||
| Q3 25 | $-11.7M | $-1.3B | ||
| Q2 25 | $10.5M | $-2.0B | ||
| Q1 25 | $1.6M | $-594.3M | ||
| Q4 24 | $20.8M | $-2.7B | ||
| Q3 24 | $-27.2M | $-983.8M | ||
| Q2 24 | $8.3M | $243.8M | ||
| Q1 24 | $15.3M | $-342.4M |
| 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 24 | $14.8M | — |
| 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 24 | 13.4% | — |
| 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 24 | 0.4% | — |
| Q4 25 | 4.18× | -137.76× | ||
| Q3 25 | -72.48× | -22.26× | ||
| Q2 25 | 2.02× | -267.53× | ||
| Q1 25 | 0.46× | -61.39× | ||
| Q4 24 | 4.62× | -58.08× | ||
| Q3 24 | — | -23.76× | ||
| Q2 24 | 5.37× | 9.59× | ||
| Q1 24 | 3.96× | -7.19× |
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% |
PMT
| Other | $55.0M | 59% |
| Interest Rate Sensitive Strategies | $31.4M | 34% |
| Correspondent Production | $7.2M | 8% |
