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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $91.6M, roughly 1.2× SHENANDOAH TELECOMMUNICATIONS CO). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -5.9%, a 11.0% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% 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.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
AVNW vs SHEN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $91.6M |
| Net Profit | $5.7M | $-5.4M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | -1.0% |
| Net Margin | 5.1% | -5.9% |
| Revenue YoY | -5.7% | 7.2% |
| Net Profit YoY | 27.2% | -95.8% |
| EPS (diluted) | $0.44 | $-0.13 |
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 | $91.6M | ||
| Q3 25 | $107.3M | $89.8M | ||
| Q2 25 | $115.3M | $88.6M | ||
| Q1 25 | $112.6M | $87.9M | ||
| Q4 24 | $118.2M | $85.4M | ||
| Q3 24 | $88.4M | $87.6M | ||
| Q2 24 | $116.7M | $85.8M | ||
| Q1 24 | $110.8M | $69.2M |
| Q4 25 | $5.7M | $-5.4M | ||
| Q3 25 | $162.0K | $-9.4M | ||
| Q2 25 | $5.2M | $-9.0M | ||
| Q1 25 | $3.5M | $-9.1M | ||
| Q4 24 | $4.5M | $-2.7M | ||
| Q3 24 | $-11.9M | $-5.3M | ||
| Q2 24 | $1.5M | $-12.9M | ||
| Q1 24 | $3.9M | $214.7M |
| 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% | -1.0% | ||
| Q3 25 | 4.8% | -8.0% | ||
| Q2 25 | 7.7% | -10.3% | ||
| Q1 25 | 8.3% | -6.9% | ||
| Q4 24 | 6.7% | -6.7% | ||
| Q3 24 | -17.6% | -4.8% | ||
| Q2 24 | 4.7% | -18.5% | ||
| Q1 24 | 5.1% | -4.0% |
| Q4 25 | 5.1% | -5.9% | ||
| Q3 25 | 0.2% | -10.5% | ||
| Q2 25 | 4.5% | -10.2% | ||
| Q1 25 | 3.1% | -10.4% | ||
| Q4 24 | 3.8% | -3.2% | ||
| Q3 24 | -13.4% | -6.0% | ||
| Q2 24 | 1.3% | -15.0% | ||
| Q1 24 | 3.5% | 310.0% |
| Q4 25 | $0.44 | $-0.13 | ||
| Q3 25 | $0.01 | $-0.20 | ||
| Q2 25 | $0.42 | $-0.19 | ||
| Q1 25 | $0.27 | $-0.19 | ||
| Q4 24 | $0.35 | $-0.34 | ||
| Q3 24 | $-0.94 | $-0.13 | ||
| Q2 24 | $0.11 | $-0.24 | ||
| Q1 24 | $0.30 | $4.25 |
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 | $27.3M |
| Total DebtLower is stronger | $105.4M | $642.4M |
| Stockholders' EquityBook value | $271.6M | $880.8M |
| Total Assets | $659.4M | $1.9B |
| Debt / EquityLower = less leverage | 0.39× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $27.3M | ||
| Q3 25 | $64.8M | $22.6M | ||
| Q2 25 | $59.7M | $29.1M | ||
| Q1 25 | $49.4M | $87.5M | ||
| Q4 24 | $52.6M | $46.3M | ||
| Q3 24 | $51.0M | $43.1M | ||
| Q2 24 | $64.6M | $43.8M | ||
| Q1 24 | $59.2M | $389.7M |
| Q4 25 | $105.4M | $642.4M | ||
| Q3 25 | $106.5M | $535.4M | ||
| Q2 25 | $87.6M | $513.1M | ||
| Q1 25 | $73.9M | $515.8M | ||
| Q4 24 | $74.9M | $418.0M | ||
| Q3 24 | $83.4M | $345.2M | ||
| Q2 24 | $48.4M | $297.4M | ||
| Q1 24 | $48.9M | $298.7M |
| Q4 25 | $271.6M | $880.8M | ||
| Q3 25 | $263.6M | $892.7M | ||
| Q2 25 | $263.2M | $902.0M | ||
| Q1 25 | $256.1M | $910.5M | ||
| Q4 24 | $249.6M | $918.6M | ||
| Q3 24 | $247.1M | $925.4M | ||
| Q2 24 | $255.9M | $933.1M | ||
| Q1 24 | $256.0M | $871.6M |
| Q4 25 | $659.4M | $1.9B | ||
| Q3 25 | $643.3M | $1.9B | ||
| Q2 25 | $633.3M | $1.8B | ||
| Q1 25 | $628.3M | $1.8B | ||
| Q4 24 | $594.1M | $1.7B | ||
| Q3 24 | $590.9M | $1.7B | ||
| Q2 24 | $535.2M | $1.7B | ||
| Q1 24 | $490.3M | $1.4B |
| Q4 25 | 0.39× | 0.73× | ||
| Q3 25 | 0.40× | 0.60× | ||
| Q2 25 | 0.33× | 0.57× | ||
| Q1 25 | 0.29× | 0.57× | ||
| Q4 24 | 0.30× | 0.46× | ||
| Q3 24 | 0.34× | 0.37× | ||
| Q2 24 | 0.19× | 0.32× | ||
| Q1 24 | 0.19× | 0.34× |
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 | $28.8M |
| Free Cash FlowOCF − Capex | $22.5M | $-78.6M |
| FCF MarginFCF / Revenue | 20.2% | -85.8% |
| Capex IntensityCapex / Revenue | 1.3% | 117.2% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $28.8M | ||
| Q3 25 | $-11.7M | $30.7M | ||
| Q2 25 | $10.5M | $20.9M | ||
| Q1 25 | $1.6M | $20.5M | ||
| Q4 24 | $20.8M | $20.6M | ||
| Q3 24 | $-27.2M | $24.3M | ||
| Q2 24 | $8.3M | $2.5M | ||
| Q1 24 | $15.3M | $15.2M |
| Q4 25 | $22.5M | $-78.6M | ||
| Q3 25 | $-13.5M | $-51.4M | ||
| Q2 25 | $8.2M | $-65.3M | ||
| Q1 25 | $-1.2M | $-62.7M | ||
| Q4 24 | $18.3M | $-72.0M | ||
| Q3 24 | $-32.6M | $-51.3M | ||
| Q2 24 | $7.5M | $-78.3M | ||
| Q1 24 | $14.8M | $-54.9M |
| Q4 25 | 20.2% | -85.8% | ||
| Q3 25 | -12.6% | -57.2% | ||
| Q2 25 | 7.1% | -73.7% | ||
| Q1 25 | -1.0% | -71.3% | ||
| Q4 24 | 15.5% | -84.3% | ||
| Q3 24 | -36.8% | -58.5% | ||
| Q2 24 | 6.4% | -91.3% | ||
| Q1 24 | 13.4% | -79.3% |
| Q4 25 | 1.3% | 117.2% | ||
| Q3 25 | 1.6% | 91.4% | ||
| Q2 25 | 2.0% | 97.3% | ||
| Q1 25 | 2.5% | 94.7% | ||
| Q4 24 | 2.1% | 108.4% | ||
| Q3 24 | 6.1% | 86.2% | ||
| Q2 24 | 0.7% | 94.2% | ||
| Q1 24 | 0.4% | 101.2% |
| Q4 25 | 4.18× | — | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | — | ||
| Q1 24 | 3.96× | 0.07× |
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% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
