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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and P10, Inc. (PX). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $81.0M, roughly 1.4× P10, Inc.). P10, Inc. runs the higher net margin — 11.7% vs 5.1%, a 6.5% gap on every dollar of revenue. On growth, P10, Inc. posted the faster year-over-year revenue change (-4.7% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $18.1M). Over the past eight quarters, P10, Inc.'s revenue compounded faster (10.7% 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.
P10, Inc. is a global alternative investment management firm that offers a diversified portfolio of investment solutions spanning private equity, private credit, real assets and venture capital. It primarily caters to institutional clients including pension funds, endowments, foundations, and high-net-worth individuals across North America, Europe, and Asia Pacific.
AVNW vs PX — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $81.0M |
| Net Profit | $5.7M | $9.5M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 31.9% |
| Net Margin | 5.1% | 11.7% |
| Revenue YoY | -5.7% | -4.7% |
| Net Profit YoY | 27.2% | 79.0% |
| EPS (diluted) | $0.44 | $0.08 |
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 | $81.0M | ||
| Q3 25 | $107.3M | $75.9M | ||
| Q2 25 | $115.3M | $72.7M | ||
| Q1 25 | $112.6M | $67.7M | ||
| Q4 24 | $118.2M | $85.0M | ||
| Q3 24 | $88.4M | $74.2M | ||
| Q2 24 | $116.7M | $71.1M | ||
| Q1 24 | $110.8M | $66.1M |
| Q4 25 | $5.7M | $9.5M | ||
| Q3 25 | $162.0K | $2.1M | ||
| Q2 25 | $5.2M | $3.4M | ||
| Q1 25 | $3.5M | $4.5M | ||
| Q4 24 | $4.5M | $5.3M | ||
| Q3 24 | $-11.9M | $1.4M | ||
| Q2 24 | $1.5M | $7.0M | ||
| Q1 24 | $3.9M | $5.0M |
| 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% | 31.9% | ||
| Q3 25 | 4.8% | 14.1% | ||
| Q2 25 | 7.7% | 24.4% | ||
| Q1 25 | 8.3% | 16.6% | ||
| Q4 24 | 6.7% | 26.9% | ||
| Q3 24 | -17.6% | 11.9% | ||
| Q2 24 | 4.7% | 23.7% | ||
| Q1 24 | 5.1% | 18.3% |
| Q4 25 | 5.1% | 11.7% | ||
| Q3 25 | 0.2% | 2.8% | ||
| Q2 25 | 4.5% | 4.7% | ||
| Q1 25 | 3.1% | 6.7% | ||
| Q4 24 | 3.8% | 6.2% | ||
| Q3 24 | -13.4% | 1.9% | ||
| Q2 24 | 1.3% | 9.8% | ||
| Q1 24 | 3.5% | 7.6% |
| Q4 25 | $0.44 | $0.08 | ||
| Q3 25 | $0.01 | $0.02 | ||
| Q2 25 | $0.42 | $0.03 | ||
| Q1 25 | $0.27 | $0.04 | ||
| Q4 24 | $0.35 | $0.05 | ||
| Q3 24 | $-0.94 | $0.01 | ||
| Q2 24 | $0.11 | $0.06 | ||
| Q1 24 | $0.30 | $0.04 |
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 | $28.2M |
| Total DebtLower is stronger | $105.4M | $373.2M |
| Stockholders' EquityBook value | $271.6M | $403.5M |
| Total Assets | $659.4M | $928.3M |
| Debt / EquityLower = less leverage | 0.39× | 0.93× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $28.2M | ||
| Q3 25 | $64.8M | $40.0M | ||
| Q2 25 | $59.7M | $33.4M | ||
| Q1 25 | $49.4M | $74.4M | ||
| Q4 24 | $52.6M | $67.5M | ||
| Q3 24 | $51.0M | $61.5M | ||
| Q2 24 | $64.6M | $31.2M | ||
| Q1 24 | $59.2M | $29.0M |
| Q4 25 | $105.4M | $373.2M | ||
| Q3 25 | $106.5M | $393.4M | ||
| Q2 25 | $87.6M | $373.0M | ||
| Q1 25 | $73.9M | $357.2M | ||
| Q4 24 | $74.9M | $319.8M | ||
| Q3 24 | $83.4M | $319.4M | ||
| Q2 24 | $48.4M | $300.6M | ||
| Q1 24 | $48.9M | $314.0M |
| Q4 25 | $271.6M | $403.5M | ||
| Q3 25 | $263.6M | $396.8M | ||
| Q2 25 | $263.2M | $388.9M | ||
| Q1 25 | $256.1M | $374.3M | ||
| Q4 24 | $249.6M | $386.9M | ||
| Q3 24 | $247.1M | $394.1M | ||
| Q2 24 | $255.9M | $396.9M | ||
| Q1 24 | $256.0M | $400.1M |
| Q4 25 | $659.4M | $928.3M | ||
| Q3 25 | $643.3M | $936.0M | ||
| Q2 25 | $633.3M | $932.2M | ||
| Q1 25 | $628.3M | $877.4M | ||
| Q4 24 | $594.1M | $869.3M | ||
| Q3 24 | $590.9M | $857.0M | ||
| Q2 24 | $535.2M | $823.2M | ||
| Q1 24 | $490.3M | $832.8M |
| Q4 25 | 0.39× | 0.93× | ||
| Q3 25 | 0.40× | 0.99× | ||
| Q2 25 | 0.33× | 0.96× | ||
| Q1 25 | 0.29× | 0.95× | ||
| Q4 24 | 0.30× | 0.83× | ||
| Q3 24 | 0.34× | 0.81× | ||
| Q2 24 | 0.19× | 0.76× | ||
| Q1 24 | 0.19× | 0.78× |
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 | $23.0M |
| Free Cash FlowOCF − Capex | $22.5M | $18.1M |
| FCF MarginFCF / Revenue | 20.2% | 22.3% |
| Capex IntensityCapex / Revenue | 1.3% | 6.0% |
| Cash ConversionOCF / Net Profit | 4.18× | 2.43× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $14.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $23.0M | ||
| Q3 25 | $-11.7M | $-8.6M | ||
| Q2 25 | $10.5M | $13.4M | ||
| Q1 25 | $1.6M | $-4.7M | ||
| Q4 24 | $20.8M | $101.0M | ||
| Q3 24 | $-27.2M | $27.5M | ||
| Q2 24 | $8.3M | $34.8M | ||
| Q1 24 | $15.3M | $11.0M |
| Q4 25 | $22.5M | $18.1M | ||
| Q3 25 | $-13.5M | $-9.5M | ||
| Q2 25 | $8.2M | $11.6M | ||
| Q1 25 | $-1.2M | $-6.0M | ||
| Q4 24 | $18.3M | $96.6M | ||
| Q3 24 | $-32.6M | $25.2M | ||
| Q2 24 | $7.5M | $33.9M | ||
| Q1 24 | $14.8M | $10.7M |
| Q4 25 | 20.2% | 22.3% | ||
| Q3 25 | -12.6% | -12.6% | ||
| Q2 25 | 7.1% | 15.9% | ||
| Q1 25 | -1.0% | -8.9% | ||
| Q4 24 | 15.5% | 113.6% | ||
| Q3 24 | -36.8% | 34.0% | ||
| Q2 24 | 6.4% | 47.7% | ||
| Q1 24 | 13.4% | 16.2% |
| Q4 25 | 1.3% | 6.0% | ||
| Q3 25 | 1.6% | 1.2% | ||
| Q2 25 | 2.0% | 2.5% | ||
| Q1 25 | 2.5% | 1.9% | ||
| Q4 24 | 2.1% | 5.2% | ||
| Q3 24 | 6.1% | 3.0% | ||
| Q2 24 | 0.7% | 1.3% | ||
| Q1 24 | 0.4% | 0.4% |
| Q4 25 | 4.18× | 2.43× | ||
| Q3 25 | -72.48× | -4.01× | ||
| Q2 25 | 2.02× | 3.96× | ||
| Q1 25 | 0.46× | -1.05× | ||
| Q4 24 | 4.62× | 19.12× | ||
| Q3 24 | — | 19.54× | ||
| Q2 24 | 5.37× | 4.98× | ||
| Q1 24 | 3.96× | 2.18× |
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% |
PX
| Management Fees | $78.1M | 96% |
| Advisory Fees | $1.8M | 2% |
