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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Vericel Corp (VCEL). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $92.9M, roughly 1.2× Vericel Corp). Vericel Corp runs the higher net margin — 25.0% vs 5.1%, a 19.9% gap on every dollar of revenue. On growth, Vericel Corp posted the faster year-over-year revenue change (23.3% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $12.8M). Over the past eight quarters, Vericel Corp's revenue compounded faster (34.6% 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.
Vericel Corporation is a publicly traded American biopharmaceutical company which was known prior to October 2014 as Aastrom Bio. Aastrom Bio was formed in 1989 in Ann Arbor, Michigan.
AVNW vs VCEL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $92.9M |
| Net Profit | $5.7M | $23.2M |
| Gross Margin | 32.4% | 78.7% |
| Operating Margin | 6.5% | 24.1% |
| Net Margin | 5.1% | 25.0% |
| Revenue YoY | -5.7% | 23.3% |
| Net Profit YoY | 27.2% | 17.3% |
| EPS (diluted) | $0.44 | $0.46 |
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 | $92.9M | ||
| Q3 25 | $107.3M | $67.5M | ||
| Q2 25 | $115.3M | $63.2M | ||
| Q1 25 | $112.6M | $52.6M | ||
| Q4 24 | $118.2M | $75.4M | ||
| Q3 24 | $88.4M | $57.9M | ||
| Q2 24 | $116.7M | $52.7M | ||
| Q1 24 | $110.8M | $51.3M |
| Q4 25 | $5.7M | $23.2M | ||
| Q3 25 | $162.0K | $5.1M | ||
| Q2 25 | $5.2M | $-553.0K | ||
| Q1 25 | $3.5M | $-11.2M | ||
| Q4 24 | $4.5M | $19.8M | ||
| Q3 24 | $-11.9M | $-901.0K | ||
| Q2 24 | $1.5M | $-4.7M | ||
| Q1 24 | $3.9M | $-3.9M |
| Q4 25 | 32.4% | 78.7% | ||
| Q3 25 | 33.2% | 73.5% | ||
| Q2 25 | 34.2% | 73.7% | ||
| Q1 25 | 34.9% | 69.0% | ||
| Q4 24 | 34.6% | 77.6% | ||
| Q3 24 | 22.4% | 71.9% | ||
| Q2 24 | 35.3% | 69.5% | ||
| Q1 24 | 32.5% | 68.9% |
| Q4 25 | 6.5% | 24.1% | ||
| Q3 25 | 4.8% | 5.1% | ||
| Q2 25 | 7.7% | -3.2% | ||
| Q1 25 | 8.3% | -24.3% | ||
| Q4 24 | 6.7% | 24.5% | ||
| Q3 24 | -17.6% | -4.3% | ||
| Q2 24 | 4.7% | -11.5% | ||
| Q1 24 | 5.1% | -10.7% |
| Q4 25 | 5.1% | 25.0% | ||
| Q3 25 | 0.2% | 7.5% | ||
| Q2 25 | 4.5% | -0.9% | ||
| Q1 25 | 3.1% | -21.4% | ||
| Q4 24 | 3.8% | 26.3% | ||
| Q3 24 | -13.4% | -1.6% | ||
| Q2 24 | 1.3% | -8.9% | ||
| Q1 24 | 3.5% | -7.5% |
| Q4 25 | $0.44 | $0.46 | ||
| Q3 25 | $0.01 | $0.10 | ||
| Q2 25 | $0.42 | $-0.01 | ||
| Q1 25 | $0.27 | $-0.23 | ||
| Q4 24 | $0.35 | $0.40 | ||
| Q3 24 | $-0.94 | $-0.02 | ||
| Q2 24 | $0.11 | $-0.10 | ||
| Q1 24 | $0.30 | $-0.08 |
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 | $137.5M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $354.6M |
| Total Assets | $659.4M | $488.0M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $137.5M | ||
| Q3 25 | $64.8M | $135.4M | ||
| Q2 25 | $59.7M | $116.9M | ||
| Q1 25 | $49.4M | $112.9M | ||
| Q4 24 | $52.6M | $116.2M | ||
| Q3 24 | $51.0M | $101.7M | ||
| Q2 24 | $64.6M | $102.5M | ||
| Q1 24 | $59.2M | $110.6M |
| 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 | $354.6M | ||
| Q3 25 | $263.6M | $321.9M | ||
| Q2 25 | $263.2M | $306.8M | ||
| Q1 25 | $256.1M | $295.5M | ||
| Q4 24 | $249.6M | $292.0M | ||
| Q3 24 | $247.1M | $257.5M | ||
| Q2 24 | $255.9M | $243.0M | ||
| Q1 24 | $256.0M | $233.9M |
| Q4 25 | $659.4M | $488.0M | ||
| Q3 25 | $643.3M | $453.3M | ||
| Q2 25 | $633.3M | $435.6M | ||
| Q1 25 | $628.3M | $424.6M | ||
| Q4 24 | $594.1M | $432.7M | ||
| Q3 24 | $590.9M | $390.4M | ||
| Q2 24 | $535.2M | $376.8M | ||
| Q1 24 | $490.3M | $356.7M |
| 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 | $15.0M |
| Free Cash FlowOCF − Capex | $22.5M | $12.8M |
| FCF MarginFCF / Revenue | 20.2% | 13.8% |
| Capex IntensityCapex / Revenue | 1.3% | 2.4% |
| Cash ConversionOCF / Net Profit | 4.18× | 0.65× |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $24.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $15.0M | ||
| Q3 25 | $-11.7M | $22.1M | ||
| Q2 25 | $10.5M | $8.2M | ||
| Q1 25 | $1.6M | $6.6M | ||
| Q4 24 | $20.8M | $22.2M | ||
| Q3 24 | $-27.2M | $10.2M | ||
| Q2 24 | $8.3M | $18.5M | ||
| Q1 24 | $15.3M | $7.2M |
| Q4 25 | $22.5M | $12.8M | ||
| Q3 25 | $-13.5M | $19.5M | ||
| Q2 25 | $8.2M | $81.0K | ||
| Q1 25 | $-1.2M | $-7.6M | ||
| Q4 24 | $18.3M | $8.5M | ||
| Q3 24 | $-32.6M | $-9.2M | ||
| Q2 24 | $7.5M | $1.8M | ||
| Q1 24 | $14.8M | $-6.8M |
| Q4 25 | 20.2% | 13.8% | ||
| Q3 25 | -12.6% | 28.8% | ||
| Q2 25 | 7.1% | 0.1% | ||
| Q1 25 | -1.0% | -14.5% | ||
| Q4 24 | 15.5% | 11.2% | ||
| Q3 24 | -36.8% | -15.9% | ||
| Q2 24 | 6.4% | 3.4% | ||
| Q1 24 | 13.4% | -13.3% |
| Q4 25 | 1.3% | 2.4% | ||
| Q3 25 | 1.6% | 3.9% | ||
| Q2 25 | 2.0% | 12.9% | ||
| Q1 25 | 2.5% | 27.0% | ||
| Q4 24 | 2.1% | 18.3% | ||
| Q3 24 | 6.1% | 33.5% | ||
| Q2 24 | 0.7% | 31.8% | ||
| Q1 24 | 0.4% | 27.3% |
| Q4 25 | 4.18× | 0.65× | ||
| Q3 25 | -72.48× | 4.35× | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 4.62× | 1.12× | ||
| Q3 24 | — | — | ||
| 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% |
VCEL
| MACI Implants And Kits | $84.1M | 90% |
| Other | $8.8M | 10% |
