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Maker of small military drones and Switchblade loitering munitions, expanded into space, cyber and directed-energy via BlueHalo.
Maker of small military drones and Switchblade loitering munitions, expanded into space, cyber and directed-energy via BlueHalo.
Sells to militaries under government contracts, so revenue depends on defence programmes and their funding: fixed-price production orders for its drones and loitering munitions, and cost-reimbursed development contracts for newer systems. The US Army is the anchor customer. Merging with BlueHalo in 2025 moved it from a small-drone maker toward a broader defence contractor.
Moat: narrow (installed base, customer qualification, IP / patents). Incumbent supplier with fielded systems and training infrastructure across US and allied forces.
Headquarters: Arlington, Virginia, US · Founded: 1990 · Employees: 4,091
Size AeroVironment (AVAV) is a United States Industrials company (Aerospace & Defense) with a market value of $5.73B, the 1093rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $112.76 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against -17.1% for the median peer and -1.1% for the United States market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 84.4% over the last twelve months (peer median +23.7%); the operating margin is 0.7% (peer median 6.7%).
Valuation It trades at 33.5× forward earnings against a peer median of 45.4× (7th cheapest of 18).
Capital Return on invested capital runs 10.8 points below its cost of capital (11.1% WACC).
Backlog Backlog (remaining performance obligations) was $1.46B at 1 Aug 2026, up 37% on a year earlier — 0.7 years of trailing revenue. Backlog detail →
Credit AeroVironment has 1 bond outstanding ($748M).
Short interest Short interest is 9.8% of the free float (15 Oct 2026).
Next results Next results expected around 8 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.00B | $1.98B | $821M | $717M | $541M |
| Revenue growth | — | +141% | +14% | +33% | — |
| Gross profit | $427M | $370M | $315M | $283M | $168M |
| EBITDA | $249M | $248M | $122M | $109M | $129M |
| Net income | -$203M | -$265M | $43.6M | $59.7M | -$176M |
| Free cash flow | -$25.0M | -$141M | -$20.9M | -$7.73M | -$3.47M |
| Capital expenditure | $104M | $86.2M | $22.8M | $24.5M | $14.9M |
| Total debt | $851M | $835M | $64.3M | $59.7M | $163M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| AeroVironment AVAV | $5.73B | -33% | +84% | 1% | 33.5× | n/a |
| Kratos Defense & Security Solutions KTOS | $6.59B | -39% | +26% | 2% | 36.4× | n/a |
| Teledyne Technologies TDY | $28.5B | 0% | +8% | 20% | 22.9× | 15.5% |
| Lockheed Martin LMT | $131B | +12% | +8% | 12% | 17.6× | -6.9% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AVAV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.1% | -0.8% | 3rd lowest of 21 |
| 6-month return | -33.0% | -17.1% | 7th lowest of 21 |
| Distance from 52-week high | -72.4% | -43.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +84.4% | +23.7% | 3rd highest of 21 |
| Operating margin | 0.7% | 6.7% | 4th lowest of 21 |
| Forward P/E | 33.5× | 45.4× | 7th cheapest of 18 |
| ROIC minus cost of capital | -10.8 pp | -2.1 pp | 3rd lowest of 20 |
| EV / EBITDA | 24.1× | 20.2× | 6th most expensive of 12 |
| Net debt / EBITDA | 1.1× | 2.4× | 4th least indebted of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AeroVironment AVAV | United States | $5.73B | -33% | +84% | 1% | 33.5× | n/a | n/a |
| Joby Aviation JOBY | United States | $5.89B | -45% | +118,568% | -754% | n/a | n/a | n/a |
| Karman KRMN | United States | $6.04B | -25% | +50% | 19% | 57.5× | n/a | n/a |
| Glarun Technology 600562.SS | China | $5.43B | +6% | -8% | 21% | 51.7× | n/a | n/a |
| Hexcel HXL | United States | $6.09B | -16% | +8% | 11% | 29.6× | 23.0% | +4.5% |
| LIG Defense&Aerospace 079550.KS | South Korea | $5.24B | -65% | +26% | 8% | 20.0× | n/a | n/a |
| Amentum AMTM | United States | $5.20B | -13% | +11% | 4% | 8.4× | 1.7% | +23.3% |
| BETA Technologies BETA | United States | $6.37B | +45% | +136% | -1,033% | n/a | n/a | n/a |
| China Aerospace Times Electronics 600879.SS | China | $6.43B | -46% | -13% | 1% | 130.0× | n/a | n/a |
| Kratos Defense & Security Solutions KTOS | United States | $6.59B | -39% | +26% | 2% | 36.4× | n/a | n/a |
| Nanchang Sanrui Intelligence Technology 301696.SZ | China | $4.87B | -14% | +29% | 45% | n/a | 36.1% | +43.7% |
| Hanwha Systems 272210.KS | South Korea | $6.93B | -57% | +30% | 6% | 82.5× | n/a | n/a |
| Loar LOAR | United States | $7.05B | +26% | +30% | 25% | 52.2× | 29.1% | +27.5% |
| Mercury Systems MRCY | United States | $4.48B | -19% | +8% | 2% | 44.2× | 59.6% | +1.3% |
| Korea Aerospace 047810.KS | South Korea | $7.37B | -39% | +44% | 6% | 45.4× | n/a | n/a |
| Aar AIR | United States | $4.39B | -7% | +22% | 9% | 18.4× | 13.2% | +14.9% |
| Melrose Industries MRO.L | United Kingdom | $7.80B | -4% | +9% | 11% | 13.4× | 15.3% | -12.8% |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 47.2× | n/a | n/a |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 106.5× | n/a | n/a |
| AVIC Airborne Systems 600372.SS | China | $8.36B | -11% | -2% | 5% | 48.1× | n/a | n/a |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 21.1× | 29.8% | +54.5% |
AeroVironment has 1 bond outstanding with $748M face value.
AeroVironment reported $1.46B of remaining performance obligations at 1 Aug 2026, up 37% from a year earlier and up 24% from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 1.59.