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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Safehold Inc. (SAFE). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $97.9M, roughly 1.1× Safehold Inc.). Safehold Inc. runs the higher net margin — 28.5% vs 5.1%, a 23.4% gap on every dollar of revenue. On growth, Safehold Inc. posted the faster year-over-year revenue change (6.5% vs -5.7%). Over the past eight quarters, Safehold Inc.'s revenue compounded faster (2.5% 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.
SAFE Investment Company Limited is a Chinese sovereign wealth fund based in Hong Kong.
AVNW vs SAFE — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $97.9M |
| Net Profit | $5.7M | $27.9M |
| Gross Margin | 32.4% | 98.6% |
| Operating Margin | 6.5% | 27.4% |
| Net Margin | 5.1% | 28.5% |
| Revenue YoY | -5.7% | 6.5% |
| Net Profit YoY | 27.2% | 7.1% |
| EPS (diluted) | $0.44 | $0.38 |
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 | $97.9M | ||
| Q3 25 | $107.3M | $96.2M | ||
| Q2 25 | $115.3M | $93.8M | ||
| Q1 25 | $112.6M | $97.7M | ||
| Q4 24 | $118.2M | $91.9M | ||
| Q3 24 | $88.4M | $90.7M | ||
| Q2 24 | $116.7M | $89.9M | ||
| Q1 24 | $110.8M | $93.2M |
| Q4 25 | $5.7M | $27.9M | ||
| Q3 25 | $162.0K | $29.3M | ||
| Q2 25 | $5.2M | $27.9M | ||
| Q1 25 | $3.5M | $29.4M | ||
| Q4 24 | $4.5M | $26.0M | ||
| Q3 24 | $-11.9M | $19.3M | ||
| Q2 24 | $1.5M | $29.7M | ||
| Q1 24 | $3.9M | $30.7M |
| Q4 25 | 32.4% | 98.6% | ||
| Q3 25 | 33.2% | 98.5% | ||
| Q2 25 | 34.2% | 99.1% | ||
| Q1 25 | 34.9% | 98.8% | ||
| Q4 24 | 34.6% | 98.8% | ||
| Q3 24 | 22.4% | 98.8% | ||
| Q2 24 | 35.3% | 98.8% | ||
| Q1 24 | 32.5% | 98.8% |
| Q4 25 | 6.5% | 27.4% | ||
| Q3 25 | 4.8% | 25.9% | ||
| Q2 25 | 7.7% | 25.5% | ||
| Q1 25 | 8.3% | 25.9% | ||
| Q4 24 | 6.7% | 24.6% | ||
| Q3 24 | -17.6% | 17.5% | ||
| Q2 24 | 4.7% | 26.7% | ||
| Q1 24 | 5.1% | 26.4% |
| Q4 25 | 5.1% | 28.5% | ||
| Q3 25 | 0.2% | 30.5% | ||
| Q2 25 | 4.5% | 29.8% | ||
| Q1 25 | 3.1% | 30.1% | ||
| Q4 24 | 3.8% | 28.3% | ||
| Q3 24 | -13.4% | 21.3% | ||
| Q2 24 | 1.3% | 33.0% | ||
| Q1 24 | 3.5% | 33.0% |
| Q4 25 | $0.44 | $0.38 | ||
| Q3 25 | $0.01 | $0.41 | ||
| Q2 25 | $0.42 | $0.39 | ||
| Q1 25 | $0.27 | $0.41 | ||
| Q4 24 | $0.35 | $0.36 | ||
| Q3 24 | $-0.94 | $0.27 | ||
| Q2 24 | $0.11 | $0.42 | ||
| Q1 24 | $0.30 | $0.43 |
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 | $4.6B |
| Stockholders' EquityBook value | $271.6M | $2.4B |
| Total Assets | $659.4M | $7.2B |
| Debt / EquityLower = less leverage | 0.39× | 1.90× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $21.7M | ||
| Q3 25 | $64.8M | $12.1M | ||
| Q2 25 | $59.7M | $13.9M | ||
| Q1 25 | $49.4M | $17.3M | ||
| Q4 24 | $52.6M | $8.3M | ||
| Q3 24 | $51.0M | $15.6M | ||
| Q2 24 | $64.6M | $13.4M | ||
| Q1 24 | $59.2M | $11.3M |
| Q4 25 | $105.4M | $4.6B | ||
| Q3 25 | $106.5M | $4.5B | ||
| Q2 25 | $87.6M | $4.4B | ||
| Q1 25 | $73.9M | $4.3B | ||
| Q4 24 | $74.9M | $4.3B | ||
| Q3 24 | $83.4M | $4.3B | ||
| Q2 24 | $48.4M | $4.2B | ||
| Q1 24 | $48.9M | $4.1B |
| Q4 25 | $271.6M | $2.4B | ||
| Q3 25 | $263.6M | $2.4B | ||
| Q2 25 | $263.2M | $2.4B | ||
| Q1 25 | $256.1M | $2.4B | ||
| Q4 24 | $249.6M | $2.3B | ||
| Q3 24 | $247.1M | $2.3B | ||
| Q2 24 | $255.9M | $2.3B | ||
| Q1 24 | $256.0M | $2.3B |
| Q4 25 | $659.4M | $7.2B | ||
| Q3 25 | $643.3M | $7.1B | ||
| Q2 25 | $633.3M | $7.1B | ||
| Q1 25 | $628.3M | $6.9B | ||
| Q4 24 | $594.1M | $6.9B | ||
| Q3 24 | $590.9M | $6.8B | ||
| Q2 24 | $535.2M | $6.8B | ||
| Q1 24 | $490.3M | $6.7B |
| Q4 25 | 0.39× | 1.90× | ||
| Q3 25 | 0.40× | 1.89× | ||
| Q2 25 | 0.33× | 1.87× | ||
| Q1 25 | 0.29× | 1.85× | ||
| Q4 24 | 0.30× | 1.84× | ||
| Q3 24 | 0.34× | 1.88× | ||
| Q2 24 | 0.19× | 1.81× | ||
| Q1 24 | 0.19× | 1.81× |
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 | $47.8M |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $47.8M | ||
| Q3 25 | $-11.7M | $-1.4M | ||
| Q2 25 | $10.5M | $28.0M | ||
| Q1 25 | $1.6M | $8.9M | ||
| Q4 24 | $20.8M | $37.9M | ||
| Q3 24 | $-27.2M | $8.3M | ||
| Q2 24 | $8.3M | $24.8M | ||
| Q1 24 | $15.3M | $-3.1M |
| 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× | 1.72× | ||
| Q3 25 | -72.48× | -0.05× | ||
| Q2 25 | 2.02× | 1.00× | ||
| Q1 25 | 0.46× | 0.30× | ||
| Q4 24 | 4.62× | 1.45× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | 5.37× | 0.83× | ||
| Q1 24 | 3.96× | -0.10× |
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% |
SAFE
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $60.3M | 62% |
| Other | $33.7M | 34% |
| Stabilized Properties | $3.8M | 4% |
