Business Description
AeroVironment, Inc. is an American defense technology company that designs and manufactures autonomous systems, loitering munitions, and counter-uncrewed aircraft systems (UAS). Headquartered in Virginia, the company primarily serves the U.S. Department of Defense and allied international militaries. It is best known for its tactical drone systems, including the Switchblade, Raven, and Puma, which provide intelligence, surveillance, reconnaissance, and precision strike capabilities.
Financial Statements
In thousands, USD
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Total Revenues | 1,976,845 | 820,627 | 716,720 | 540,536 |
| Cost of Sales | 1,476,203 | 501,991 | 432,789 | 367,022 |
| Gross Profit | 500,642 | 318,636 | 283,931 | 173,514 |
| Selling, General & Administrative Expenses | 443,251 | 158,753 | 114,420 | 131,905 |
| Research & Development Expenses | 127,678 | 100,729 | 97,687 | 64,255 |
| Other Operating Expenses | 240,708 | 18,359 | — | 156,017 |
| Operating Profit | (310,995) | 40,795 | 71,824 | (178,663) |
| Interest and Investment Income | 11,828 | 2,649 | (5,894) | (11,821) |
| Non-Operating Income | 10,986 | 1,057 | (4,373) | (346) |
| Total Non-Operating Income | 22,814 | 3,706 | (10,267) | (12,167) |
| Income Before Provision for Income Taxes | (288,181) | 44,501 | 61,557 | (190,830) |
| Provision for Income Taxes | (23,059) | 882 | 1,891 | (14,663) |
| Consolidated Net Income | (265,122) | 43,619 | 59,666 | (176,167) |
| Net Income Attributable to Minority Interests and Other | — | — | — | 45 |
| Net Income Attributable to Common Shareholders | (265,122) | 43,619 | 59,666 | (176,212) |
| Basic EPS | -5.40 | 1.56 | 2.19 | -7.04 |
| Diluted EPS | -5.40 | 1.55 | 2.18 | -7.04 |
| Basic Weighted Average Shares Outstanding | 49,087 | 28,019 | 27,203 | 25,045 |
| Diluted Weighted Average Shares Outstanding | 49,087 | 28,019 | 27,328 | 25,045 |
| Shares Outstanding | 50,611 | 28,268 | 28,134 | 26,217 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 377,325 | 40,862 | 73,301 | 132,859 |
| Short-Term Investments | 254,972 | — | — | — |
| Total Cash and Cash Equivalents | 632,297 | 40,862 | 73,301 | 132,859 |
| Accounts Receivable | 886,575 | 391,976 | 269,779 | 193,286 |
| Total Trade Receivables | 886,575 | 391,976 | 269,779 | 193,286 |
| Inventories | 312,856 | 144,090 | 150,168 | 138,814 |
| Other Current Assets | 58,695 | 29,588 | 22,333 | 12,043 |
| Total Current Assets | 1,890,423 | 606,516 | 515,581 | 477,002 |
| Net Property, Plant & Equipment | 267,111 | 82,583 | 87,905 | 67,158 |
| Net Intangible Assets | 929,826 | 48,711 | 72,224 | 43,577 |
| Goodwill | 2,493,678 | 256,781 | 275,652 | 180,801 |
| Long-Term Investments | 81,128 | 31,627 | 20,960 | 23,613 |
| Other Long-Term Assets | 54,576 | 94,349 | 43,538 | 32,426 |
| Total Assets | 5,716,742 | 1,120,567 | 1,015,860 | 824,577 |
| Accounts Payable | 160,507 | 72,462 | 48,298 | 31,355 |
| Accrued Expenses | 98,056 | 44,253 | 44,312 | 35,637 |
| Current Portion of Long-Term Debt | — | — | 10,000 | 7,500 |
| Current Portion of Leases | 17,594 | 10,479 | 9,841 | 8,229 |
| Unearned Revenue | 79,607 | 15,952 | 11,192 | 16,645 |
| Other Current Liabilities | 83,473 | 29,015 | 21,236 | 21,968 |
| Total Current Liabilities | 439,237 | 172,161 | 144,879 | 121,334 |
| Long-Term Debt | 728,967 | 30,000 | 17,092 | 125,904 |
| Leases | 88,228 | 23,812 | 22,745 | 21,189 |
| Other Long-Term Liabilities | 59,910 | 8,087 | 8,399 | 5,180 |
| Total Long-Term Liabilities | 877,105 | 61,899 | 48,236 | 152,273 |
| Total Liabilities | 1,316,342 | 234,060 | 193,115 | 273,607 |
| Common Stock | 6 | 4 | 4 | 4 |
| Additional Paid-in Capital | 4,396,845 | 618,711 | 597,646 | 384,397 |
| Accumulated Other Comprehensive Income | (5,635) | (6,514) | (5,592) | (4,452) |
| Retained Earnings | 9,184 | 274,306 | 230,687 | 171,021 |
| Total Common Shareholders' Equity | 4,400,400 | 886,507 | 822,745 | 550,970 |
| Total Shareholders' Equity | 4,400,400 | 886,507 | 822,745 | 550,970 |
| Total Liabilities and Shareholders' Equity | 5,716,742 | 1,120,567 | 1,015,860 | 824,577 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Net Income | (265,122) | 43,619 | 59,666 | (176,167) |
| Depreciation & Amortization | 265,037 | 40,998 | 35,749 | 99,999 |
| Share-Based Compensation Expense | 38,334 | 21,461 | 17,069 | 10,765 |
| Other Adjustments | 238,297 | 10,879 | 9,638 | 160,869 |
| Changes in Trade Receivables | (287,677) | (122,275) | (73,642) | (28,869) |
| Changes in Inventories | (111,610) | 2,966 | (23,045) | (61,846) |
| Changes in Accounts Payable | 28,081 | 22,331 | 12,968 | 12,538 |
| Changes in Income Taxes Payable | (1,364) | (590) | — | 442 |
| Changes in Other Operating Activities | 17,620 | (20,707) | (23,111) | (6,456) |
| Cash from Operating Activities | (78,404) | (1,318) | 15,292 | 11,400 |
| Capital Expenditure | (62,544) | (19,547) | (22,983) | (14,868) |
| Purchases of Intangible Assets | (23,674) | (3,269) | (1,500) | — |
| Purchases of Investments | (382,410) | (5,674) | (3,074) | (12,204) |
| Proceeds from Sale of Investments | 113,714 | — | — | 26,059 |
| Payments for Business Acquisitions | (871,507) | — | (24,157) | (5,105) |
| Other Investing Activities | (6,250) | — | — | (885) |
| Cash from Investing Activities | (1,232,671) | (28,490) | (51,714) | (7,003) |
| Issuance of Short-Term Debt | 233,939 | 40,000 | — | — |
| Repayments of Short-Term Debt | (265,000) | (10,000) | — | — |
| Net Issuance / (Repayments) of Short-Term Debt | (31,061) | 30,000 | — | — |
| Issuance of Long-Term Debt | 1,420,146 | — | — | — |
| Repayments of Long-Term Debt | (700,000) | (28,000) | (107,000) | (55,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 720,146 | (28,000) | (107,000) | (55,000) |
| Issuance of Common Shares | 972,870 | 3,751 | 88,437 | 106,927 |
| Repurchases of Common Shares | (10,928) | (4,147) | (1,596) | (1,065) |
| Net Issuance / (Repurchases) of Common Shares | 961,942 | (396) | 86,841 | 105,862 |
| Other Financing Activities | (3,849) | (4,460) | (2,693) | (28) |
| Cash from Financing Activities | 1,647,178 | (2,856) | (22,852) | 50,834 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 360 | 225 | (284) | 397 |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 336,463 | (32,439) | (59,558) | 55,628 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $9.87B |
| P/E | -36.11x |
| P/S | 4.99x |
| EV/EBITDA | -219.17x |
| Return on Equity | -10.0% |
| Return on Invested Capital | -10.3% |
| Current Ratio | 4.30x |
| Free Cash Flow Margin | -7.1% |
Margins
Gross margin
25.3%
Operating margin
-15.7%
Net margin
-13.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q4 2026 | $642M | +133.3% | 8.9% | $57M |
| Q3 2026 | $408M | +143.4% | -65.8% | $-268M |
| Q2 2026 | $473M | +150.7% | -6.4% | $-30M |
| Q1 2026 | $455M | +140.0% | -15.2% | $-69M |
| Q4 2025 | $275M | — | 5.0% | $14M |
| Q3 2025 | $168M | — | -1.8% | $-3M |
| Q2 2025 | $188M | — | 3.7% | $7M |
| Q1 2025 | $189M | — | 12.2% | $23M |
More on AeroVironment, Inc.
Figures compiled from public company filings.
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