Aviat Networks, Inc. (AVNW) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-77.6%

$4.43

vs $19.79 price

Levered DCF

$33.76

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.4

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	105.85×	217.64×	32.6×	37.08×	13.28×	3.19×	390.76×	7.53×
P/B	1.02×	1.15×	1.37×	1.73×	1.39×	1.76×	1.46×	1.03×
P/S	0.62×	0.7×	0.86×	1.1×	0.92×	1.18×	0.42×	0.3×
EV / EBITDA	11.1×	18.94×	13.91×	12.83×	7.36×	9.47×	6.04×	8.29×
Gross margin	31.5%	32.1%	35.5%	35.5%	36.1%	36.1%	35.5%	32.5%
Operating margin	4.5%	-2.4%	-4.8%	-7.1%	9.5%	9.5%	1.4%	0.6%
Net margin	0.6%	0.3%	2.6%	3.0%	7.0%	7.0%	0.1%	4.0%
Current ratio	1.97×	1.64×	1.85×	1.81×	1.98×	1.98×	1.49×	1.53×
Debt / equity	0.37×	0.35×	0.2×	0.01×	0.01×	0.01×	0.19×	0.13×
Interest coverage	2.55×	-1.75×	-8.3×	-46.28×	0×	0×	62.56×	13.41×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.9%	0.5%	4.2%	4.6%	10.5%	10.5%	0.4%	13.6%
Return on invested capital	1.0%	-1.1%	-3.9%	-5.0%	9.1%	9.1%	0.2%	1.4%
Return on assets	0.4%	0.2%	2.0%	2.8%	6.5%	6.5%	0.1%	5.8%
Free cash flow yield	2.2%	-2.4%	8.0%	-1.8%	0.4%	4.1%	12.8%	-3.1%
Earnings yield	0.9%	0.4%	3.1%	2.7%	7.6%	5.9%	0.3%	13.2%
Enterprise value	$299.9M	$334.8M	$337.1M	$359.5M	$246.2M	$322.1M	$71.4M	$50.7M
Net debt / EBITDA	0.97×	1.77×	-0.51×	-0.7×	-1.02×	-1×	-2.44×	-3.75×
Cash conversion cycle (days)	167	177	192	133	115	115	72	61