Aviat Networks

AVNW

Communication Equipment · Technology

Price

$20.79

+0.06 (+0.27%)

Market Cap

$268.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.8M (2021) → 12.8M (2025)

Aviat Networks, Inc. provides wireless transport solutions worldwide. It offers a comprehensive suite of products and localized professional and support services enabling customers to simplify their networks and lives. The company's products and solutions include wireless transmission systems for microwave and millimeter wave networking applications. It serves communications service providers and private network operators, including state/local government, utility, federal government, and defens

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-11.2% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-157.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$36M/ year

→ Flat (-2% vs prior year)

8.2% of revenue

Below sector average (15%)

Steady R&D investment year-over-year

Insider Activity

11.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 years

$78M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$78M cash & investments at current burn rate

Revenue declining

Aviat Networks's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

29.3%

Modest — 29.3% gross margin

Operating Margin

1.3%

Thin — 1.3% operating margin

ROCE

0.3%

Weak — 0.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.7%

Nearly flat sales (2.7% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

278%

Turns 278% of profit into real cash

FCF Margin

5.5%

Thin free cash flow (5.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.39

Conservative — low debt load (0.39)

Interest Cover

0.81x

Dangerous — barely covers interest (0.8x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

24.7x

Growth-priced — P/E 24.7

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+17.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.7 → 7.2)

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Dividends

Not applicable for this business.

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