Forensic Analysis · Communication Services / Telecom · as of Jun 28, 2026
AVIAT NETWORKS, INC. (AVNW)
A forensic read on AVIAT NETWORKS, INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Distress
Financial health
-0.2
Altman Z-score
Clean
Earnings quality
5
Forensic signals
29.4
P / E (ttm)
3.4%
ROE
$265M
Market cap
AVIAT NETWORKS, INC. earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is -0.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2%Return on invested capital.Return on invested capital is 2% and slipping from 11% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.8%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+2.8%/yr). The count is GROWING — existing holders are being diluted. That's ~2.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~9%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $2M of buybacks + dividends in FY2020, but ~$0 in FY2022. A halt usually means the company is conserving cash; understand why before reading it as neutral.
+19.4%Accruals ratio.Net operating assets grew +19.4% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -2% of net operating assets.
151d DSOReceivables vs revenue.Days sales outstanding moved from 141 to 151 days FY2024→FY2025 (receivables +14% vs revenue +6%). Receivables are creeping up relative to sales — watch the trend.
Key fundamentals
Net Margin0.3%
Debt / Equity0.33x
Free Cash Flow$-7.2M
Latest Revenue$434.6M
Return on Equity0.5%
Revenue Growth YoY+6.5%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on AVIAT NETWORKS, INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about AVNW's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown