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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and CPI Card Group Inc. (PMTS). Click either name above to swap in a different company.
CPI Card Group Inc. is the larger business by last-quarter revenue ($153.1M vs $111.5M, roughly 1.4× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 4.8%, a 0.3% gap on every dollar of revenue. On growth, CPI Card Group Inc. posted the faster year-over-year revenue change (22.3% vs -5.7%). CPI Card Group Inc. produced more free cash flow last quarter ($35.2M vs $22.5M). Over the past eight quarters, CPI Card Group Inc.'s revenue compounded faster (16.9% 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.
CPI Card Group Inc. is a leading provider of payment card production and associated solutions, including contactless and contact credit/debit cards, prepaid cards, and card personalization services. It primarily serves financial institutions, fintech firms, and retail brands across its core North American market.
AVNW vs PMTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $153.1M |
| Net Profit | $5.7M | $7.3M |
| Gross Margin | 32.4% | 31.5% |
| Operating Margin | 6.5% | 12.0% |
| Net Margin | 5.1% | 4.8% |
| Revenue YoY | -5.7% | 22.3% |
| Net Profit YoY | 27.2% | 8.5% |
| EPS (diluted) | $0.44 | $0.62 |
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 | $153.1M | ||
| Q3 25 | $107.3M | $138.0M | ||
| Q2 25 | $115.3M | $129.8M | ||
| Q1 25 | $112.6M | $122.8M | ||
| Q4 24 | $118.2M | $125.1M | ||
| Q3 24 | $88.4M | $124.8M | ||
| Q2 24 | $116.7M | $118.8M | ||
| Q1 24 | $110.8M | $111.9M |
| Q4 25 | $5.7M | $7.3M | ||
| Q3 25 | $162.0K | $2.3M | ||
| Q2 25 | $5.2M | $518.0K | ||
| Q1 25 | $3.5M | $4.8M | ||
| Q4 24 | $4.5M | $6.8M | ||
| Q3 24 | $-11.9M | $1.3M | ||
| Q2 24 | $1.5M | $6.0M | ||
| Q1 24 | $3.9M | $5.5M |
| Q4 25 | 32.4% | 31.5% | ||
| Q3 25 | 33.2% | 29.7% | ||
| Q2 25 | 34.2% | 30.9% | ||
| Q1 25 | 34.9% | 33.2% | ||
| Q4 24 | 34.6% | 34.1% | ||
| Q3 24 | 22.4% | 35.8% | ||
| Q2 24 | 35.3% | 35.7% | ||
| Q1 24 | 32.5% | 37.1% |
| Q4 25 | 6.5% | 12.0% | ||
| Q3 25 | 4.8% | 9.4% | ||
| Q2 25 | 7.7% | 7.3% | ||
| Q1 25 | 8.3% | 11.5% | ||
| Q4 24 | 6.7% | 12.7% | ||
| Q3 24 | -17.6% | 14.3% | ||
| Q2 24 | 4.7% | 12.5% | ||
| Q1 24 | 5.1% | 12.6% |
| Q4 25 | 5.1% | 4.8% | ||
| Q3 25 | 0.2% | 1.7% | ||
| Q2 25 | 4.5% | 0.4% | ||
| Q1 25 | 3.1% | 3.9% | ||
| Q4 24 | 3.8% | 5.4% | ||
| Q3 24 | -13.4% | 1.0% | ||
| Q2 24 | 1.3% | 5.1% | ||
| Q1 24 | 3.5% | 4.9% |
| Q4 25 | $0.44 | $0.62 | ||
| Q3 25 | $0.01 | $0.19 | ||
| Q2 25 | $0.42 | $0.04 | ||
| Q1 25 | $0.27 | $0.40 | ||
| Q4 24 | $0.35 | $0.56 | ||
| Q3 24 | $-0.94 | $0.11 | ||
| Q2 24 | $0.11 | $0.51 | ||
| Q1 24 | $0.30 | $0.46 |
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 | $21.7M |
| Total DebtLower is stronger | $105.4M | $286.7M |
| Stockholders' EquityBook value | $271.6M | $-17.3M |
| Total Assets | $659.4M | $403.2M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $21.7M | ||
| Q3 25 | $64.8M | $16.0M | ||
| Q2 25 | $59.7M | $17.1M | ||
| Q1 25 | $49.4M | $31.5M | ||
| Q4 24 | $52.6M | $33.5M | ||
| Q3 24 | $51.0M | $14.7M | ||
| Q2 24 | $64.6M | $7.5M | ||
| Q1 24 | $59.2M | $17.1M |
| Q4 25 | $105.4M | $286.7M | ||
| Q3 25 | $106.5M | $308.4M | ||
| Q2 25 | $87.6M | $310.9M | ||
| Q1 25 | $73.9M | $280.7M | ||
| Q4 24 | $74.9M | $280.4M | ||
| Q3 24 | $83.4M | $280.2M | ||
| Q2 24 | $48.4M | $269.7M | ||
| Q1 24 | $48.9M | $265.3M |
| Q4 25 | $271.6M | $-17.3M | ||
| Q3 25 | $263.6M | $-25.7M | ||
| Q2 25 | $263.2M | $-29.0M | ||
| Q1 25 | $256.1M | $-29.7M | ||
| Q4 24 | $249.6M | $-35.6M | ||
| Q3 24 | $247.1M | $-42.8M | ||
| Q2 24 | $255.9M | $-44.6M | ||
| Q1 24 | $256.0M | $-48.5M |
| Q4 25 | $659.4M | $403.2M | ||
| Q3 25 | $643.3M | $407.1M | ||
| Q2 25 | $633.3M | $399.8M | ||
| Q1 25 | $628.3M | $351.9M | ||
| Q4 24 | $594.1M | $349.7M | ||
| Q3 24 | $590.9M | $342.3M | ||
| Q2 24 | $535.2M | $321.4M | ||
| Q1 24 | $490.3M | $319.8M |
| 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× | — | ||
| Q1 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 | $39.6M |
| Free Cash FlowOCF − Capex | $22.5M | $35.2M |
| FCF MarginFCF / Revenue | 20.2% | 23.0% |
| Capex IntensityCapex / Revenue | 1.3% | 2.9% |
| Cash ConversionOCF / Net Profit | 4.18× | 5.39× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $41.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $39.6M | ||
| Q3 25 | $-11.7M | $10.0M | ||
| Q2 25 | $10.5M | $4.3M | ||
| Q1 25 | $1.6M | $5.6M | ||
| Q4 24 | $20.8M | $26.7M | ||
| Q3 24 | $-27.2M | $12.5M | ||
| Q2 24 | $8.3M | $-4.8M | ||
| Q1 24 | $15.3M | $8.9M |
| Q4 25 | $22.5M | $35.2M | ||
| Q3 25 | $-13.5M | $5.3M | ||
| Q2 25 | $8.2M | $533.0K | ||
| Q1 25 | $-1.2M | $292.0K | ||
| Q4 24 | $18.3M | $21.6M | ||
| Q3 24 | $-32.6M | $11.1M | ||
| Q2 24 | $7.5M | $-6.0M | ||
| Q1 24 | $14.8M | $7.4M |
| Q4 25 | 20.2% | 23.0% | ||
| Q3 25 | -12.6% | 3.8% | ||
| Q2 25 | 7.1% | 0.4% | ||
| Q1 25 | -1.0% | 0.2% | ||
| Q4 24 | 15.5% | 17.3% | ||
| Q3 24 | -36.8% | 8.9% | ||
| Q2 24 | 6.4% | -5.0% | ||
| Q1 24 | 13.4% | 6.6% |
| Q4 25 | 1.3% | 2.9% | ||
| Q3 25 | 1.6% | 3.4% | ||
| Q2 25 | 2.0% | 2.9% | ||
| Q1 25 | 2.5% | 4.3% | ||
| Q4 24 | 2.1% | 4.0% | ||
| Q3 24 | 6.1% | 1.2% | ||
| Q2 24 | 0.7% | 1.0% | ||
| Q1 24 | 0.4% | 1.3% |
| Q4 25 | 4.18× | 5.39× | ||
| Q3 25 | -72.48× | 4.32× | ||
| Q2 25 | 2.02× | 8.39× | ||
| Q1 25 | 0.46× | 1.17× | ||
| Q4 24 | 4.62× | 3.94× | ||
| Q3 24 | — | 9.70× | ||
| Q2 24 | 5.37× | -0.79× | ||
| Q1 24 | 3.96× | 1.63× |
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% |
PMTS
| US Debit And Credit | $128.9M | 84% |
| US Prepaid Debit | $24.4M | 16% |
