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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Repay Holdings Corp (RPAY). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $78.6M, roughly 1.4× Repay Holdings Corp). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -178.3%, a 183.4% gap on every dollar of revenue. On growth, Repay Holdings Corp posted the faster year-over-year revenue change (0.4% vs -5.7%). Repay Holdings Corp produced more free cash flow last quarter ($23.2M vs $22.5M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -1.3%).
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.
Repay Holdings Corp is a leading payment technology provider delivering integrated end-to-end payment processing solutions for businesses across North America. Its offerings include credit/debit card processing, ACH transfer services, POS system integrations and digital payment tools, serving retail, healthcare, automotive and e-commerce segments to help clients streamline transaction workflows and boost operational efficiency.
AVNW vs RPAY — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $78.6M |
| Net Profit | $5.7M | $-140.1M |
| Gross Margin | 32.4% | 74.2% |
| Operating Margin | 6.5% | -182.2% |
| Net Margin | 5.1% | -178.3% |
| Revenue YoY | -5.7% | 0.4% |
| Net Profit YoY | 27.2% | -3304.1% |
| EPS (diluted) | $0.44 | $-1.68 |
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 | $78.6M | ||
| Q3 25 | $107.3M | $77.7M | ||
| Q2 25 | $115.3M | $75.6M | ||
| Q1 25 | $112.6M | $77.3M | ||
| Q4 24 | $118.2M | $78.3M | ||
| Q3 24 | $88.4M | $79.1M | ||
| Q2 24 | $116.7M | $74.9M | ||
| Q1 24 | $110.8M | $80.7M |
| Q4 25 | $5.7M | $-140.1M | ||
| Q3 25 | $162.0K | $-6.4M | ||
| Q2 25 | $5.2M | $-102.3M | ||
| Q1 25 | $3.5M | $-7.9M | ||
| Q4 24 | $4.5M | $-4.1M | ||
| Q3 24 | $-11.9M | $3.2M | ||
| Q2 24 | $1.5M | $-4.1M | ||
| Q1 24 | $3.9M | $-5.2M |
| Q4 25 | 32.4% | 74.2% | ||
| Q3 25 | 33.2% | 74.4% | ||
| Q2 25 | 34.2% | 75.7% | ||
| Q1 25 | 34.9% | 75.9% | ||
| Q4 24 | 34.6% | 76.3% | ||
| Q3 24 | 22.4% | 77.8% | ||
| Q2 24 | 35.3% | 78.2% | ||
| Q1 24 | 32.5% | 76.2% |
| Q4 25 | 6.5% | -182.2% | ||
| Q3 25 | 4.8% | -3.9% | ||
| Q2 25 | 7.7% | -138.7% | ||
| Q1 25 | 8.3% | -4.7% | ||
| Q4 24 | 6.7% | -1.5% | ||
| Q3 24 | -17.6% | -0.9% | ||
| Q2 24 | 4.7% | -4.6% | ||
| Q1 24 | 5.1% | -3.1% |
| Q4 25 | 5.1% | -178.3% | ||
| Q3 25 | 0.2% | -8.3% | ||
| Q2 25 | 4.5% | -135.2% | ||
| Q1 25 | 3.1% | -10.3% | ||
| Q4 24 | 3.8% | -5.3% | ||
| Q3 24 | -13.4% | 4.1% | ||
| Q2 24 | 1.3% | -5.4% | ||
| Q1 24 | 3.5% | -6.5% |
| Q4 25 | $0.44 | $-1.68 | ||
| Q3 25 | $0.01 | $-0.08 | ||
| Q2 25 | $0.42 | $-1.15 | ||
| Q1 25 | $0.27 | $-0.09 | ||
| Q4 24 | $0.35 | $-0.04 | ||
| Q3 24 | $-0.94 | $0.03 | ||
| Q2 24 | $0.11 | $-0.04 | ||
| Q1 24 | $0.30 | $-0.06 |
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 | $115.7M |
| Total DebtLower is stronger | $105.4M | $280.1M |
| Stockholders' EquityBook value | $271.6M | $484.4M |
| Total Assets | $659.4M | $1.2B |
| Debt / EquityLower = less leverage | 0.39× | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $115.7M | ||
| Q3 25 | $64.8M | $95.7M | ||
| Q2 25 | $59.7M | $162.6M | ||
| Q1 25 | $49.4M | $165.5M | ||
| Q4 24 | $52.6M | $189.5M | ||
| Q3 24 | $51.0M | $168.7M | ||
| Q2 24 | $64.6M | $147.1M | ||
| Q1 24 | $59.2M | $128.3M |
| Q4 25 | $105.4M | $280.1M | ||
| Q3 25 | $106.5M | $279.5M | ||
| Q2 25 | $87.6M | $279.0M | ||
| Q1 25 | $73.9M | $497.6M | ||
| Q4 24 | $74.9M | $496.8M | ||
| Q3 24 | $83.4M | $496.2M | ||
| Q2 24 | $48.4M | $435.6M | ||
| Q1 24 | $48.9M | $434.9M |
| Q4 25 | $271.6M | $484.4M | ||
| Q3 25 | $263.6M | $616.9M | ||
| Q2 25 | $263.2M | $633.7M | ||
| Q1 25 | $256.1M | $755.7M | ||
| Q4 24 | $249.6M | $761.3M | ||
| Q3 24 | $247.1M | $754.7M | ||
| Q2 24 | $255.9M | $815.4M | ||
| Q1 24 | $256.0M | $813.8M |
| Q4 25 | $659.4M | $1.2B | ||
| Q3 25 | $643.3M | $1.3B | ||
| Q2 25 | $633.3M | $1.4B | ||
| Q1 25 | $628.3M | $1.5B | ||
| Q4 24 | $594.1M | $1.6B | ||
| Q3 24 | $590.9M | $1.6B | ||
| Q2 24 | $535.2M | $1.5B | ||
| Q1 24 | $490.3M | $1.5B |
| Q4 25 | 0.39× | 0.58× | ||
| Q3 25 | 0.40× | 0.45× | ||
| Q2 25 | 0.33× | 0.44× | ||
| Q1 25 | 0.29× | 0.66× | ||
| Q4 24 | 0.30× | 0.65× | ||
| Q3 24 | 0.34× | 0.66× | ||
| Q2 24 | 0.19× | 0.53× | ||
| Q1 24 | 0.19× | 0.53× |
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 | $23.3M |
| Free Cash FlowOCF − Capex | $22.5M | $23.2M |
| FCF MarginFCF / Revenue | 20.2% | 29.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.1% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $90.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $23.3M | ||
| Q3 25 | $-11.7M | $32.2M | ||
| Q2 25 | $10.5M | $33.1M | ||
| Q1 25 | $1.6M | $2.5M | ||
| Q4 24 | $20.8M | $34.3M | ||
| Q3 24 | $-27.2M | $60.1M | ||
| Q2 24 | $8.3M | $31.0M | ||
| Q1 24 | $15.3M | $24.8M |
| Q4 25 | $22.5M | $23.2M | ||
| Q3 25 | $-13.5M | $32.1M | ||
| Q2 25 | $8.2M | $33.0M | ||
| Q1 25 | $-1.2M | $2.4M | ||
| Q4 24 | $18.3M | $34.0M | ||
| Q3 24 | $-32.6M | $59.8M | ||
| Q2 24 | $7.5M | $30.5M | ||
| Q1 24 | $14.8M | $24.7M |
| Q4 25 | 20.2% | 29.6% | ||
| Q3 25 | -12.6% | 41.3% | ||
| Q2 25 | 7.1% | 43.6% | ||
| Q1 25 | -1.0% | 3.0% | ||
| Q4 24 | 15.5% | 43.5% | ||
| Q3 24 | -36.8% | 75.6% | ||
| Q2 24 | 6.4% | 40.7% | ||
| Q1 24 | 13.4% | 30.6% |
| Q4 25 | 1.3% | 0.1% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 2.5% | 0.2% | ||
| Q4 24 | 2.1% | 0.3% | ||
| Q3 24 | 6.1% | 0.3% | ||
| Q2 24 | 0.7% | 0.6% | ||
| Q1 24 | 0.4% | 0.1% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | 18.52× | ||
| 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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
