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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and SMITH & WESSON BRANDS, INC. (SWBI). Click either name above to swap in a different company.
SMITH & WESSON BRANDS, INC. is the larger business by last-quarter revenue ($124.7M vs $111.5M, roughly 1.1× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 1.5%, a 3.6% gap on every dollar of revenue. On growth, SMITH & WESSON BRANDS, INC. posted the faster year-over-year revenue change (-3.9% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $16.3M). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -4.8%).
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.
Smith & Wesson Brands, Inc. (S&W) is an American firearm manufacturer headquartered in Maryville, Tennessee, United States.
AVNW vs SWBI — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $124.7M |
| Net Profit | $5.7M | $1.9M |
| Gross Margin | 32.4% | 24.3% |
| Operating Margin | 6.5% | 3.3% |
| Net Margin | 5.1% | 1.5% |
| Revenue YoY | -5.7% | -3.9% |
| Net Profit YoY | 27.2% | -53.6% |
| EPS (diluted) | $0.44 | $0.04 |
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 | $124.7M | ||
| Q3 25 | $107.3M | $85.1M | ||
| Q2 25 | $115.3M | $140.8M | ||
| Q1 25 | $112.6M | $115.9M | ||
| Q4 24 | $118.2M | $129.7M | ||
| Q3 24 | $88.4M | $88.3M | ||
| Q2 24 | $116.7M | $159.1M | ||
| Q1 24 | $110.8M | $137.5M |
| Q4 25 | $5.7M | $1.9M | ||
| Q3 25 | $162.0K | $-3.4M | ||
| Q2 25 | $5.2M | $8.6M | ||
| Q1 25 | $3.5M | $2.1M | ||
| Q4 24 | $4.5M | $4.5M | ||
| Q3 24 | $-11.9M | $-1.9M | ||
| Q2 24 | $1.5M | $27.9M | ||
| Q1 24 | $3.9M | $7.9M |
| Q4 25 | 32.4% | 24.3% | ||
| Q3 25 | 33.2% | 25.9% | ||
| Q2 25 | 34.2% | 28.8% | ||
| Q1 25 | 34.9% | 24.1% | ||
| Q4 24 | 34.6% | 26.6% | ||
| Q3 24 | 22.4% | 27.4% | ||
| Q2 24 | 35.3% | 35.5% | ||
| Q1 24 | 32.5% | 28.7% |
| Q4 25 | 6.5% | 3.3% | ||
| Q3 25 | 4.8% | -3.5% | ||
| Q2 25 | 7.7% | 9.3% | ||
| Q1 25 | 8.3% | 4.1% | ||
| Q4 24 | 6.7% | 5.8% | ||
| Q3 24 | -17.6% | -1.7% | ||
| Q2 24 | 4.7% | 17.4% | ||
| Q1 24 | 5.1% | 8.2% |
| Q4 25 | 5.1% | 1.5% | ||
| Q3 25 | 0.2% | -4.0% | ||
| Q2 25 | 4.5% | 6.1% | ||
| Q1 25 | 3.1% | 1.8% | ||
| Q4 24 | 3.8% | 3.5% | ||
| Q3 24 | -13.4% | -2.1% | ||
| Q2 24 | 1.3% | 17.5% | ||
| Q1 24 | 3.5% | 5.7% |
| Q4 25 | $0.44 | $0.04 | ||
| Q3 25 | $0.01 | $-0.08 | ||
| Q2 25 | $0.42 | $0.19 | ||
| Q1 25 | $0.27 | $0.05 | ||
| Q4 24 | $0.35 | $0.10 | ||
| Q3 24 | $-0.94 | $-0.04 | ||
| Q2 24 | $0.11 | $0.60 | ||
| Q1 24 | $0.30 | $0.17 |
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 | $22.4M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $363.2M |
| Total Assets | $659.4M | $548.6M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $22.4M | ||
| Q3 25 | $64.8M | $18.0M | ||
| Q2 25 | $59.7M | $25.2M | ||
| Q1 25 | $49.4M | $26.7M | ||
| Q4 24 | $52.6M | $39.1M | ||
| Q3 24 | $51.0M | $35.5M | ||
| Q2 24 | $64.6M | $60.8M | ||
| Q1 24 | $59.2M | $47.4M |
| 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 | $363.2M | ||
| Q3 25 | $263.6M | $364.4M | ||
| Q2 25 | $263.2M | $372.5M | ||
| Q1 25 | $256.1M | $366.9M | ||
| Q4 24 | $249.6M | $371.5M | ||
| Q3 24 | $247.1M | $380.0M | ||
| Q2 24 | $255.9M | $399.9M | ||
| Q1 24 | $256.0M | $376.4M |
| Q4 25 | $659.4M | $548.6M | ||
| Q3 25 | $643.3M | $554.6M | ||
| Q2 25 | $633.3M | $559.6M | ||
| Q1 25 | $628.3M | $578.9M | ||
| Q4 24 | $594.1M | $587.4M | ||
| Q3 24 | $590.9M | $571.3M | ||
| Q2 24 | $535.2M | $577.4M | ||
| Q1 24 | $490.3M | $570.6M |
| 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 | $27.3M |
| Free Cash FlowOCF − Capex | $22.5M | $16.3M |
| FCF MarginFCF / Revenue | 20.2% | 13.1% |
| Capex IntensityCapex / Revenue | 1.3% | 8.8% |
| Cash ConversionOCF / Net Profit | 4.18× | 14.22× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $21.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $27.3M | ||
| Q3 25 | $-11.7M | $-8.1M | ||
| Q2 25 | $10.5M | $40.8M | ||
| Q1 25 | $1.6M | $-9.8M | ||
| Q4 24 | $20.8M | $-7.4M | ||
| Q3 24 | $-27.2M | $-30.8M | ||
| Q2 24 | $8.3M | $43.7M | ||
| Q1 24 | $15.3M | $25.2M |
| Q4 25 | $22.5M | $16.3M | ||
| Q3 25 | $-13.5M | $-12.4M | ||
| Q2 25 | $8.2M | $33.5M | ||
| Q1 25 | $-1.2M | $-16.1M | ||
| Q4 24 | $18.3M | $-10.7M | ||
| Q3 24 | $-32.6M | $-35.5M | ||
| Q2 24 | $7.5M | $38.2M | ||
| Q1 24 | $14.8M | $7.0M |
| Q4 25 | 20.2% | 13.1% | ||
| Q3 25 | -12.6% | -14.6% | ||
| Q2 25 | 7.1% | 23.8% | ||
| Q1 25 | -1.0% | -13.9% | ||
| Q4 24 | 15.5% | -8.3% | ||
| Q3 24 | -36.8% | -40.2% | ||
| Q2 24 | 6.4% | 24.0% | ||
| Q1 24 | 13.4% | 5.1% |
| Q4 25 | 1.3% | 8.8% | ||
| Q3 25 | 1.6% | 5.0% | ||
| Q2 25 | 2.0% | 5.2% | ||
| Q1 25 | 2.5% | 5.4% | ||
| Q4 24 | 2.1% | 2.5% | ||
| Q3 24 | 6.1% | 5.3% | ||
| Q2 24 | 0.7% | 3.5% | ||
| Q1 24 | 0.4% | 13.2% |
| Q4 25 | 4.18× | 14.22× | ||
| Q3 25 | -72.48× | — | ||
| Q2 25 | 2.02× | 4.73× | ||
| Q1 25 | 0.46× | -4.68× | ||
| Q4 24 | 4.62× | -1.63× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.37× | 1.57× | ||
| Q1 24 | 3.96× | 3.20× |
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% |
SWBI
Segment breakdown not available.
