AVIAT NETWORKS, INC.
AVNW · Radio & Tv Broadcasting & Communications Equipment · 12.9M shares · +1%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$5M (gross $2M, SBC $7M)
Reference price $26.33 · est. market cap ~$341M — last insider sale, 2026-02-09 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D52Microwave-networking vendor near breakeven with cash burn this year.
Strengths
- Adequate balance sheet — current ratio 1.64, D/E 0.26
Risks
- Near-breakeven, earnings collapse — ROE 0.5%, net income -87.5% (25th)
- Cash burn — FCF -$7.2M
- Lengthy/lumpy sales cycles per risk factors — per 10-K
Notable findings
- Restatement• Anti-takeover provisions of Delaware law, Tax Benefit Preservation Plan (the “Plan”), and provisions in our Amended and Restated Certificate of Incorporation, as amended, and Amended and Restated By 8-K ↗
- Cash burnNegative free cash flow (-7.2M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$630,987, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
0.5%
Return on assets
0.2%
ROIC
2.5%
Revenue growth (QoQ)
0.7%
Net-income growth
-87.5%
Debt / equity
0.3×
Net debt / EBITDA
0.6×
Current ratio
1.6×
Free cash flow
-$7M
EBITDA
$16M
Tangible book value
$217M
Cash & investments
$60M
Cash runway
33q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-09 | SMITH PETE A | Sell | 17K | $26.33 |
| 2026-02-09 | SMITH PETE A | Option exercise | 26K | $11.00 |
| 2026-02-06 | Croke Gary | Option exercise | 6.9K | $7.23 |
| 2026-02-06 | Croke Gary | Sell | 6.9K | $26.20 |
| 2025-12-03 | Schmidt Andrew C | Grant | 16K | — |
| 2025-11-11 | TATEN BRUCE M. | Sell | 3.3K | $23.39 |
| 2025-11-11 | SMITH PETE A | Sell | 5.3K | $23.39 |
| 2025-11-07 | Ingram Bryan | Grant | 5.5K | — |
| 2025-11-07 | Halliday Scott K | Grant | 5.5K | — |
| 2025-11-07 | Akkaraju Laxmi | Grant | 5.5K | — |
| 2025-11-07 | Klein Michele | Grant | 5.5K | — |
| 2025-11-07 | TATEN BRUCE M. | Grant | 5.5K | — |
| 2025-11-07 | MUTCH JOHN | Grant | 5.5K | — |
| 2025-10-10 | Fredrickson Andrew Michael | Tax withheld | 214 | $21.04 |
| 2025-10-10 | Boase Erin | Tax withheld | 847 | $21.04 |
| 2025-10-10 | Croke Gary | Tax withheld | 786 | $21.04 |
| 2025-10-10 | SMITH PETE A | Tax withheld | 9.0K | $21.04 |
| 2025-09-26 | Fredrickson Andrew Michael | Grant | 1.9K | — |
| 2025-09-26 | Fredrickson Andrew Michael | Grant | 2.7K | — |
| 2025-09-12 | SMITH PETE A | Grant | 70K | — |
| 2025-09-12 | Boase Erin | Grant | 5.4K | — |
| 2025-09-09 | SMITH PETE A | Tax withheld | 78 | $23.25 |
| 2025-09-02 | Croke Gary | Option exercise | 6.7K | $8.90 |
| 2025-09-02 | Croke Gary | Sell | 6.7K | $22.41 |
| 2025-09-01 | SMITH PETE A | Tax withheld | 14K | $22.96 |
| 2025-09-01 | Croke Gary | Tax withheld | 504 | $22.96 |
| 2025-09-01 | Boase Erin | Tax withheld | 694 | $22.96 |
| 2025-08-28 | SMITH PETE A | Tax withheld | 4.1K | $23.25 |
| 2025-08-28 | Boase Erin | Tax withheld | 389 | $23.25 |
| 2025-08-28 | Croke Gary | Tax withheld | 181 | $23.25 |
| 2025-07-07 | Croke Gary | Grant | 16K | — |
| 2025-07-03 | Boase Erin | Sell | 5.6K | $25.00 |
| 2025-07-01 | Boase Erin | Sell | 200 | $25.00 |
| 2025-06-24 | Boase Erin | Option exercise | 4.8K | $11.00 |
| 2025-06-24 | Boase Erin | Sell | 4.8K | $23.07 |
| 2025-06-09 | Boase Erin | Option exercise | 1.2K | $11.00 |
| 2025-06-09 | Boase Erin | Sell | 1.2K | $23.00 |
| 2025-06-05 | Connaway Michael | Tax withheld | 2.6K | $21.70 |
| 2025-01-31 | Halliday Scott K | Grant | 3.1K | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-03 | 2026-06-03 | 0001628280-26-040230 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001628280-26-029801 ↗ |
| 10-Q | 2026-05-04 | 2026-03-27 | 0001628280-26-029810 ↗ |
| 8-K | 2026-03-10 | 2026-03-10 | 0001628280-26-016460 ↗ |
| 8-K | 2026-02-27 | 2026-02-27 | 0001628280-26-012792 ↗ |
| 8-K | 2026-02-03 | 2026-02-03 | 0001628280-26-004989 ↗ |
| 10-Q | 2026-02-03 | 2025-12-26 | 0001628280-26-005015 ↗ |
| 8-K | 2026-01-13 | 2026-01-13 | 0001628280-26-001978 ↗ |
| 8-K | 2025-12-03 | 2025-12-03 | 0001377789-25-000121 ↗ |
| 8-K | 2025-11-18 | 2025-11-18 | 0001377789-25-000118 ↗ |
| 8-K | 2025-11-06 | 2025-11-05 | 0001377789-25-000110 ↗ |
| 10-Q | 2025-11-04 | 2025-09-26 | 0001377789-25-000106 ↗ |