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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $111.5M, roughly 2.0× AVIAT NETWORKS, INC.). Perella Weinberg Partners runs the higher net margin — 6.3% vs 5.1%, a 1.2% gap on every dollar of revenue. On growth, Perella Weinberg Partners posted the faster year-over-year revenue change (-2.9% vs -5.7%). Perella Weinberg Partners produced more free cash flow last quarter ($30.5M vs $22.5M). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% 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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
AVNW vs PWP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $219.2M |
| Net Profit | $5.7M | $13.8M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 8.5% |
| Net Margin | 5.1% | 6.3% |
| Revenue YoY | -5.7% | -2.9% |
| Net Profit YoY | 27.2% | — |
| EPS (diluted) | $0.44 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $107.3M | $164.6M | ||
| Q2 25 | $115.3M | $155.3M | ||
| Q1 25 | $112.6M | $211.8M | ||
| Q4 24 | $118.2M | $225.7M | ||
| Q3 24 | $88.4M | $278.2M | ||
| Q2 24 | $116.7M | $272.0M | ||
| Q1 24 | $110.8M | $102.1M |
| Q4 25 | $5.7M | $13.8M | ||
| Q3 25 | $162.0K | $6.0M | ||
| Q2 25 | $5.2M | $2.7M | ||
| Q1 25 | $3.5M | $17.3M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $-11.9M | $16.4M | ||
| Q2 24 | $1.5M | $-66.0M | ||
| Q1 24 | $3.9M | $-35.8M |
| 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% | 8.5% | ||
| Q3 25 | 4.8% | 5.4% | ||
| Q2 25 | 7.7% | 5.8% | ||
| Q1 25 | 8.3% | 5.5% | ||
| Q4 24 | 6.7% | — | ||
| Q3 24 | -17.6% | 12.9% | ||
| Q2 24 | 4.7% | -30.2% | ||
| Q1 24 | 5.1% | -52.4% |
| Q4 25 | 5.1% | 6.3% | ||
| Q3 25 | 0.2% | 3.6% | ||
| Q2 25 | 4.5% | 1.8% | ||
| Q1 25 | 3.1% | 8.2% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | -13.4% | 5.9% | ||
| Q2 24 | 1.3% | -24.3% | ||
| Q1 24 | 3.5% | -35.1% |
| Q4 25 | $0.44 | $0.11 | ||
| Q3 25 | $0.01 | $0.08 | ||
| Q2 25 | $0.42 | $0.04 | ||
| Q1 25 | $0.27 | $0.24 | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $-0.94 | $0.24 | ||
| Q2 24 | $0.11 | $-1.21 | ||
| Q1 24 | $0.30 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $-127.4M |
| Total Assets | $659.4M | $797.6M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $255.9M | ||
| Q3 25 | $64.8M | $185.5M | ||
| Q2 25 | $59.7M | $145.0M | ||
| Q1 25 | $49.4M | $111.2M | ||
| Q4 24 | $52.6M | $407.4M | ||
| Q3 24 | $51.0M | $335.1M | ||
| Q2 24 | $64.6M | $185.3M | ||
| Q1 24 | $59.2M | $156.7M |
| 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 24 | $48.9M | — |
| Q4 25 | $271.6M | $-127.4M | ||
| Q3 25 | $263.6M | $-302.4M | ||
| Q2 25 | $263.2M | $-318.4M | ||
| Q1 25 | $256.1M | $-323.1M | ||
| Q4 24 | $249.6M | $-421.4M | ||
| Q3 24 | $247.1M | $-360.8M | ||
| Q2 24 | $255.9M | $-283.0M | ||
| Q1 24 | $256.0M | $161.9M |
| Q4 25 | $659.4M | $797.6M | ||
| Q3 25 | $643.3M | $650.2M | ||
| Q2 25 | $633.3M | $606.7M | ||
| Q1 25 | $628.3M | $570.5M | ||
| Q4 24 | $594.1M | $876.8M | ||
| Q3 24 | $590.9M | $810.9M | ||
| Q2 24 | $535.2M | $645.5M | ||
| Q1 24 | $490.3M | $583.6M |
| 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 | $34.8M |
| Free Cash FlowOCF − Capex | $22.5M | $30.5M |
| FCF MarginFCF / Revenue | 20.2% | 13.9% |
| Capex IntensityCapex / Revenue | 1.3% | 2.0% |
| Cash ConversionOCF / Net Profit | 4.18× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $34.8M | ||
| Q3 25 | $-11.7M | $59.2M | ||
| Q2 25 | $10.5M | $56.1M | ||
| Q1 25 | $1.6M | $-176.5M | ||
| Q4 24 | $20.8M | $223.4M | ||
| Q3 24 | $-27.2M | $200.3M | ||
| Q2 24 | $8.3M | $90.0M | ||
| Q1 24 | $15.3M | $-206.3M |
| Q4 25 | $22.5M | $30.5M | ||
| Q3 25 | $-13.5M | $57.6M | ||
| Q2 25 | $8.2M | $55.3M | ||
| Q1 25 | $-1.2M | $-177.6M | ||
| Q4 24 | $18.3M | $207.0M | ||
| Q3 24 | $-32.6M | $199.3M | ||
| Q2 24 | $7.5M | $83.7M | ||
| Q1 24 | $14.8M | $-214.8M |
| Q4 25 | 20.2% | 13.9% | ||
| Q3 25 | -12.6% | 35.0% | ||
| Q2 25 | 7.1% | 35.6% | ||
| Q1 25 | -1.0% | -83.8% | ||
| Q4 24 | 15.5% | 91.7% | ||
| Q3 24 | -36.8% | 71.6% | ||
| Q2 24 | 6.4% | 30.8% | ||
| Q1 24 | 13.4% | -210.3% |
| Q4 25 | 1.3% | 2.0% | ||
| Q3 25 | 1.6% | 0.9% | ||
| Q2 25 | 2.0% | 0.5% | ||
| Q1 25 | 2.5% | 0.5% | ||
| Q4 24 | 2.1% | 7.3% | ||
| Q3 24 | 6.1% | 0.4% | ||
| Q2 24 | 0.7% | 2.3% | ||
| Q1 24 | 0.4% | 8.3% |
| Q4 25 | 4.18× | 2.52× | ||
| Q3 25 | -72.48× | 9.85× | ||
| Q2 25 | 2.02× | 20.50× | ||
| Q1 25 | 0.46× | -10.18× | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | 12.23× | ||
| 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% |
PWP
Segment breakdown not available.
