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Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and Vanda Pharmaceuticals Inc. (VNDA). Click either name above to swap in a different company.
AVIAT NETWORKS, INC. is the larger business by last-quarter revenue ($111.5M vs $57.2M, roughly 1.9× Vanda Pharmaceuticals Inc.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs -246.8%, a 251.9% gap on every dollar of revenue. On growth, Vanda Pharmaceuticals Inc. posted the faster year-over-year revenue change (7.6% vs -5.7%). AVIAT NETWORKS, INC. produced more free cash flow last quarter ($22.5M vs $-29.5M). Over the past eight quarters, Vanda Pharmaceuticals Inc.'s revenue compounded faster (9.8% 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.
Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing innovative therapies for central nervous system disorders. Its key marketed products cover indications including sleep-wake cycle disturbances and schizophrenia, with core operations and primary sales markets concentrated in North America, catering to patient groups with significant unmet medical needs.
AVNW vs VNDA — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $57.2M |
| Net Profit | $5.7M | $-141.2M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | -70.5% |
| Net Margin | 5.1% | -246.8% |
| Revenue YoY | -5.7% | 7.6% |
| Net Profit YoY | 27.2% | -2774.3% |
| EPS (diluted) | $0.44 | $-2.40 |
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 | $57.2M | ||
| Q3 25 | $107.3M | $56.3M | ||
| Q2 25 | $115.3M | $52.6M | ||
| Q1 25 | $112.6M | $50.0M | ||
| Q4 24 | $118.2M | $53.2M | ||
| Q3 24 | $88.4M | $47.7M | ||
| Q2 24 | $116.7M | $50.5M | ||
| Q1 24 | $110.8M | $47.5M |
| Q4 25 | $5.7M | $-141.2M | ||
| Q3 25 | $162.0K | $-22.6M | ||
| Q2 25 | $5.2M | $-27.2M | ||
| Q1 25 | $3.5M | $-29.5M | ||
| Q4 24 | $4.5M | $-4.9M | ||
| Q3 24 | $-11.9M | $-5.3M | ||
| Q2 24 | $1.5M | $-4.5M | ||
| Q1 24 | $3.9M | $-4.1M |
| 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% | -70.5% | ||
| Q3 25 | 4.8% | -55.6% | ||
| Q2 25 | 7.7% | -73.2% | ||
| Q1 25 | 8.3% | -82.0% | ||
| Q4 24 | 6.7% | -19.3% | ||
| Q3 24 | -17.6% | -23.1% | ||
| Q2 24 | 4.7% | -20.1% | ||
| Q1 24 | 5.1% | -19.5% |
| Q4 25 | 5.1% | -246.8% | ||
| Q3 25 | 0.2% | -40.1% | ||
| Q2 25 | 4.5% | -51.7% | ||
| Q1 25 | 3.1% | -58.9% | ||
| Q4 24 | 3.8% | -9.2% | ||
| Q3 24 | -13.4% | -11.2% | ||
| Q2 24 | 1.3% | -9.0% | ||
| Q1 24 | 3.5% | -8.7% |
| Q4 25 | $0.44 | $-2.40 | ||
| Q3 25 | $0.01 | $-0.38 | ||
| Q2 25 | $0.42 | $-0.46 | ||
| Q1 25 | $0.27 | $-0.50 | ||
| Q4 24 | $0.35 | $-0.09 | ||
| Q3 24 | $-0.94 | $-0.09 | ||
| Q2 24 | $0.11 | $-0.08 | ||
| Q1 24 | $0.30 | $-0.07 |
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 | $84.9M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $327.2M |
| Total Assets | $659.4M | $488.9M |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $86.5M | $84.9M | ||
| Q3 25 | $64.8M | $70.0M | ||
| Q2 25 | $59.7M | $81.0M | ||
| Q1 25 | $49.4M | $111.8M | ||
| Q4 24 | $52.6M | $102.3M | ||
| Q3 24 | $51.0M | $100.5M | ||
| Q2 24 | $64.6M | $103.0M | ||
| Q1 24 | $59.2M | $125.2M |
| 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 | $327.2M | ||
| Q3 25 | $263.6M | $466.0M | ||
| Q2 25 | $263.2M | $486.3M | ||
| Q1 25 | $256.1M | $511.4M | ||
| Q4 24 | $249.6M | $538.5M | ||
| Q3 24 | $247.1M | $541.2M | ||
| Q2 24 | $255.9M | $542.5M | ||
| Q1 24 | $256.0M | $544.0M |
| Q4 25 | $659.4M | $488.9M | ||
| Q3 25 | $643.3M | $601.1M | ||
| Q2 25 | $633.3M | $624.7M | ||
| Q1 25 | $628.3M | $631.9M | ||
| Q4 24 | $594.1M | $656.2M | ||
| Q3 24 | $590.9M | $645.1M | ||
| Q2 24 | $535.2M | $651.4M | ||
| Q1 24 | $490.3M | $652.7M |
| 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 | $-29.4M |
| Free Cash FlowOCF − Capex | $22.5M | $-29.5M |
| FCF MarginFCF / Revenue | 20.2% | -51.6% |
| Capex IntensityCapex / Revenue | 1.3% | 0.2% |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | $-110.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.9M | $-29.4M | ||
| Q3 25 | $-11.7M | $-31.6M | ||
| Q2 25 | $10.5M | $-15.3M | ||
| Q1 25 | $1.6M | $-33.1M | ||
| Q4 24 | $20.8M | $-1.8M | ||
| Q3 24 | $-27.2M | $-14.6M | ||
| Q2 24 | $8.3M | $-6.9M | ||
| Q1 24 | $15.3M | $7.6M |
| Q4 25 | $22.5M | $-29.5M | ||
| Q3 25 | $-13.5M | $-31.8M | ||
| Q2 25 | $8.2M | $-15.6M | ||
| Q1 25 | $-1.2M | $-33.6M | ||
| Q4 24 | $18.3M | $-2.0M | ||
| Q3 24 | $-32.6M | $-14.7M | ||
| Q2 24 | $7.5M | $-7.0M | ||
| Q1 24 | $14.8M | $7.6M |
| Q4 25 | 20.2% | -51.6% | ||
| Q3 25 | -12.6% | -56.5% | ||
| Q2 25 | 7.1% | -29.6% | ||
| Q1 25 | -1.0% | -67.1% | ||
| Q4 24 | 15.5% | -3.8% | ||
| Q3 24 | -36.8% | -30.9% | ||
| Q2 24 | 6.4% | -13.9% | ||
| Q1 24 | 13.4% | 15.9% |
| Q4 25 | 1.3% | 0.2% | ||
| Q3 25 | 1.6% | 0.3% | ||
| Q2 25 | 2.0% | 0.6% | ||
| Q1 25 | 2.5% | 0.9% | ||
| Q4 24 | 2.1% | 0.4% | ||
| Q3 24 | 6.1% | 0.3% | ||
| Q2 24 | 0.7% | 0.2% | ||
| Q1 24 | 0.4% | 0.0% |
| 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× | — |
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% |
VNDA
| Fanapt | $33.2M | 58% |
| Hetlioz | $16.4M | 29% |
| PONVORY | $7.6M | 13% |
