vs
Side-by-side financial comparison of AVIAT NETWORKS, INC. (AVNW) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). Click either name above to swap in a different company.
VIRTUS INVESTMENT PARTNERS, INC. is the larger business by last-quarter revenue ($199.5M vs $111.5M, roughly 1.8× AVIAT NETWORKS, INC.). AVIAT NETWORKS, INC. runs the higher net margin — 5.1% vs 3.6%, a 1.6% gap on every dollar of revenue. On growth, VIRTUS INVESTMENT PARTNERS, INC. posted the faster year-over-year revenue change (-4.1% vs -5.7%). Over the past eight quarters, AVIAT NETWORKS, INC.'s revenue compounded faster (0.3% CAGR vs -5.7%).
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.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
AVNW vs VRTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $111.5M | $199.5M |
| Net Profit | $5.7M | $7.1M |
| Gross Margin | 32.4% | — |
| Operating Margin | 6.5% | 7.7% |
| Net Margin | 5.1% | 3.6% |
| Revenue YoY | -5.7% | -4.1% |
| Net Profit YoY | 27.2% | -78.1% |
| EPS (diluted) | $0.44 | $1.05 |
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.
| Q1 26 | — | $199.5M | ||
| Q4 25 | $111.5M | $208.0M | ||
| Q3 25 | $107.3M | $216.4M | ||
| Q2 25 | $115.3M | $210.5M | ||
| Q1 25 | $112.6M | $217.9M | ||
| Q4 24 | $118.2M | $233.5M | ||
| Q3 24 | $88.4M | $227.0M | ||
| Q2 24 | $116.7M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $5.7M | $33.9M | ||
| Q3 25 | $162.0K | $31.3M | ||
| Q2 25 | $5.2M | $42.7M | ||
| Q1 25 | $3.5M | $28.1M | ||
| Q4 24 | $4.5M | $39.5M | ||
| Q3 24 | $-11.9M | $49.1M | ||
| Q2 24 | $1.5M | $26.0M |
| Q1 26 | — | — | ||
| 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 26 | — | 7.7% | ||
| Q4 25 | 6.5% | 19.1% | ||
| Q3 25 | 4.8% | 21.7% | ||
| Q2 25 | 7.7% | 21.5% | ||
| Q1 25 | 8.3% | 16.8% | ||
| Q4 24 | 6.7% | 21.7% | ||
| Q3 24 | -17.6% | 24.3% | ||
| Q2 24 | 4.7% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 5.1% | 16.3% | ||
| Q3 25 | 0.2% | 14.5% | ||
| Q2 25 | 4.5% | 20.3% | ||
| Q1 25 | 3.1% | 12.9% | ||
| Q4 24 | 3.8% | 16.9% | ||
| Q3 24 | -13.4% | 21.6% | ||
| Q2 24 | 1.3% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.44 | $5.15 | ||
| Q3 25 | $0.01 | $4.65 | ||
| Q2 25 | $0.42 | $6.12 | ||
| Q1 25 | $0.27 | $4.05 | ||
| Q4 24 | $0.35 | $4.65 | ||
| Q3 24 | $-0.94 | $5.71 | ||
| Q2 24 | $0.11 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | $105.4M | — |
| Stockholders' EquityBook value | $271.6M | $93.6B |
| Total Assets | $659.4M | — |
| Debt / EquityLower = less leverage | 0.39× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $86.5M | — | ||
| Q3 25 | $64.8M | — | ||
| Q2 25 | $59.7M | — | ||
| Q1 25 | $49.4M | — | ||
| Q4 24 | $52.6M | — | ||
| Q3 24 | $51.0M | — | ||
| Q2 24 | $64.6M | — |
| Q1 26 | — | — | ||
| Q4 25 | $105.4M | $390.0M | ||
| Q3 25 | $106.5M | $390.6M | ||
| Q2 25 | $87.6M | $231.3M | ||
| Q1 25 | $73.9M | $231.7M | ||
| Q4 24 | $74.9M | $232.1M | ||
| Q3 24 | $83.4M | $237.5M | ||
| Q2 24 | $48.4M | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $271.6M | $934.0M | ||
| Q3 25 | $263.6M | $918.7M | ||
| Q2 25 | $263.2M | $896.4M | ||
| Q1 25 | $256.1M | $893.7M | ||
| Q4 24 | $249.6M | $897.5M | ||
| Q3 24 | $247.1M | $889.0M | ||
| Q2 24 | $255.9M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $659.4M | $4.3B | ||
| Q3 25 | $643.3M | $3.9B | ||
| Q2 25 | $633.3M | $3.7B | ||
| Q1 25 | $628.3M | $3.7B | ||
| Q4 24 | $594.1M | $4.0B | ||
| Q3 24 | $590.9M | $3.6B | ||
| Q2 24 | $535.2M | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | 0.42× | ||
| Q3 25 | 0.40× | 0.43× | ||
| Q2 25 | 0.33× | 0.26× | ||
| Q1 25 | 0.29× | 0.26× | ||
| Q4 24 | 0.30× | 0.26× | ||
| Q3 24 | 0.34× | 0.27× | ||
| Q2 24 | 0.19× | 0.29× |
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 | — |
| Free Cash FlowOCF − Capex | $22.5M | — |
| FCF MarginFCF / Revenue | 20.2% | — |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 4.18× | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $23.9M | $-67.2M | ||
| Q3 25 | $-11.7M | $108.3M | ||
| Q2 25 | $10.5M | $75.8M | ||
| Q1 25 | $1.6M | $-3.8M | ||
| Q4 24 | $20.8M | $1.8M | ||
| Q3 24 | $-27.2M | $69.1M | ||
| Q2 24 | $8.3M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $22.5M | $-74.1M | ||
| Q3 25 | $-13.5M | $106.9M | ||
| Q2 25 | $8.2M | $74.2M | ||
| Q1 25 | $-1.2M | $-6.8M | ||
| Q4 24 | $18.3M | $-3.8M | ||
| Q3 24 | $-32.6M | $68.7M | ||
| Q2 24 | $7.5M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 20.2% | -35.6% | ||
| Q3 25 | -12.6% | 49.4% | ||
| Q2 25 | 7.1% | 35.2% | ||
| Q1 25 | -1.0% | -3.1% | ||
| Q4 24 | 15.5% | -1.6% | ||
| Q3 24 | -36.8% | 30.3% | ||
| Q2 24 | 6.4% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 3.3% | ||
| Q3 25 | 1.6% | 0.7% | ||
| Q2 25 | 2.0% | 0.7% | ||
| Q1 25 | 2.5% | 1.4% | ||
| Q4 24 | 2.1% | 2.4% | ||
| Q3 24 | 6.1% | 0.2% | ||
| Q2 24 | 0.7% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 4.18× | -1.99× | ||
| Q3 25 | -72.48× | 3.45× | ||
| Q2 25 | 2.02× | 1.77× | ||
| Q1 25 | 0.46× | -0.13× | ||
| Q4 24 | 4.62× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 5.37× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
