AeroVironment Inc AVAV
We are a defense technology provider delivering integrated capabilities across air, land, sea, space, and cyber. We develop and deploy autonomous systems, precision strike systems, counter-UAS technologies, space-based platforms, directed energy systems, and cyber and electronic warfare capabilities. We operate an international manufacturing footprint, delivering proven systems and capabilities in markets that we believe offer the potential for significant long-term growth. In addition, we believe that some of the innovative potential products, services and technologies in our R&D pipeline will emerge as new growth platforms in the future, creating additional market opportunities. Effective May 1, 2025 in connection with our acquisition of BlueHalo Financing Topco, LLC ("BlueHalo"), we operate our business in two reportable segments: (1) Autonomous Systems ("AxS") and (2) Space, Cyber and Directed Energy ("SCDE").
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.98B | $820.6M | $716.7M | $540.5M | $445.7M | $394.9M | $367.3M | $314.3M | $268.4M | $233.1M |
| Cost of revenue | $1.48B | $502.0M | $432.8M | $367.0M | $304.5M | $230.4M | $214.2M | $185.9M | $160.7M | $136.2M |
| Gross profit | $500.6M | $318.6M | $283.9M | $173.5M | $141.2M | $164.6M | $153.1M | $128.4M | $107.7M | $96.9M |
| R&D | $127.7M | $100.7M | $97.7M | $64.3M | $54.7M | $53.8M | $46.5M | $34.2M | $26.4M | $28.5M |
| SG&A | $443.3M | $158.8M | $114.4M | $131.9M | $96.4M | $67.5M | $59.5M | $60.3M | $50.8M | $47.6M |
| Operating income | -$311.0M | $40.8M | $71.8M | -$178.7M | -$9.9M | $43.3M | $47.1M | $33.8M | $30.4M | $20.8M |
| Pre-tax income | -$288.2M | $44.5M | $61.6M | -$190.8M | -$13.3M | $23.9M | $47.2M | $46.5M | $31.3M | $22.4M |
| Income tax | $23.1M | $882.0K | $1.9M | $14.7M | $10.4M | $539.0K | $5.8M | $4.6M | $9.8M | $4.8M |
| Net income | -$265.1M | $43.6M | $59.7M | -$176.2M | -$4.2M | $23.3M | $41.1M | $47.4M | $17.6M | $13.1M |
| EPS, basic | -5.40 | 1.56 | 2.19 | -7.04 | -0.17 | 0.97 | 1.73 | 2.00 | 0.76 | 0.57 |
| EPS, diluted | -5.40 | 1.55 | 2.18 | -7.04 | -0.17 | 0.96 | 1.71 | 1.97 | 0.75 | 0.56 |
| Shares, diluted (wtd. avg.) | $49.1M | $28.2M | $27.3M | $25.0M | $24.7M | $24.4M | $24.1M | $24.1M | $23.8M | $23.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $377.3M | $40.9M | $73.3M | $132.9M | $77.2M | $157.1M | $255.1M | $172.7M | $143.5M | $79.9M |
| Short-term investments | $255.0M | — | — | — | $24.7M | $32.0M | $47.5M | $150.5M | $113.6M | $120.0M |
| Receivables | $316.2M | $102.0M | $70.3M | $87.6M | $60.2M | $62.6M | $73.7M | $31.1M | $56.8M | $68.7M |
| Inventory | $312.9M | $144.1M | $150.2M | $138.8M | $90.6M | $71.6M | $45.5M | $54.1M | $37.4M | $40.9M |
| Total current assets | $1.89B | $606.5M | $515.6M | $477.0M | $368.9M | $401.6M | $503.9M | $469.6M | $399.0M | $354.1M |
| Property, plant and equipment | $166.7M | $50.7M | $46.6M | $39.8M | $62.3M | $58.9M | $21.7M | $16.9M | $19.2M | $16.0M |
| Goodwill | $2.49B | $256.8M | $275.7M | $180.8M | $334.3M | $314.2M | $6.3M | — | — | $122.0K |
| Other intangibles | $929.8M | $48.7M | $72.2M | $43.6M | $97.2M | $106.3M | $13.6M | $459.0K | $628.0K | $1.4M |
| Total assets | $5.72B | $1.12B | $1.02B | $824.6M | $914.2M | $928.6M | $585.0M | $508.8M | $473.4M | $432.5M |
| Accounts payable | $160.5M | $72.5M | $48.3M | $31.4M | $19.2M | $24.8M | $19.9M | $16.0M | $21.3M | $15.9M |
| Short-term debt | — | — | $10.0M | $7.5M | $10.0M | $10.0M | — | — | — | — |
| Total current liabilities | $439.2M | $172.2M | $144.9M | $121.3M | $101.4M | $96.2M | $67.0M | $44.9M | $62.1M | $48.1M |
| Long-term debt | $729.0M | $30.0M | $17.1M | $125.9M | $177.8M | $187.5M | — | — | — | — |
| Retained earnings | $9.2M | $274.3M | $230.7M | $171.0M | $347.2M | $351.4M | $328.1M | $286.4M | $238.9M | $219.9M |
| Total equity | $4.40B | $886.5M | $822.7M | $551.0M | $608.2M | $612.1M | $509.9M | $462.6M | $409.1M | $383.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$78.4M | -$1.3M | $15.3M | $11.4M | -$9.6M | $86.5M | $25.1M | $26.9M | $69.8M | -$8.3M |
| Depreciation and amortisation | $265.0M | $41.0M | $35.7M | $100.0M | $60.8M | $19.3M | $9.9M | $7.7M | $6.0M | $5.1M |
| Stock-based compensation | $38.3M | $21.5M | $17.1M | $10.8M | $5.4M | $6.9M | $6.2M | $7.0M | $5.0M | $3.4M |
| Capital expenditure | $62.5M | $19.5M | $23.0M | $14.9M | $22.3M | $11.3M | $11.2M | $8.9M | $9.6M | $9.0M |
| Investing cash flow | -$1.23B | -$28.5M | -$51.7M | -$7.0M | -$52.3M | -$378.8M | $59.2M | $11.5M | -$6.4M | -$36.5M |
| Financing cash flow | $1.65B | -$2.9M | -$22.9M | $50.8M | -$16.6M | $194.2M | -$1.8M | -$1.2M | $2.0M | $3.5M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-096689.
Others in SIC 3721
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BA | BOEING CO | $167.76B | 85.6x | 34.5% |
| JOBY | Joby Aviation, Inc. | $6.67B | — | 39,183.1% |
| BETA | BETA Technologies, Inc. | $5.15B | — | 136.0% |
| ACHR | Archer Aviation Inc. | $4.40B | — | — |
| EVEX | Eve Holding, Inc. | $773.6M | — | — |
| AIRO | AIRO Group Holdings, Inc. | $233.5M | — | 4.6% |
| HOVR | New Horizon Aircraft Ltd. | $112.3M | — | — |
| UAVS | AgEagle Aerial Systems Inc. | $66.7M | — | -4.3% |