Aviat Networks, Inc. (AVNW) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Technology / Software · as of Aug 12, 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.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.2
Distress distance
Clean
Earnings quality
6
Forensic signals
30.3
P / E (ttm)
0.5%
ROE
$272M
Market cap
6.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Aviat Networks, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2.2%
FY2025
Return on invested capital.Return on invested capital is 2.2% in the latest fiscal year and slipping from 11% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.8%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+2.8%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. 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 ~8%.
1.6% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.6% of revenue in FY2025 — about $0.55 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 2.8% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
stopped
FY2020→FY2022
Shareholder 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.
+19.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +19.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +25% against +12% in cost of sales and receivables up +14% against revenue +6%. This is the fifth straight fiscal year of building accruals — an even longer streak than the 3-year mark that already signals a materially stronger tell. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 2% of net operating assets, diverging from the balance-sheet accrual read.
Key fundamentals
Latest Revenue$434.6M
Revenue Growth YoY+6.5%
Revenue CAGR (3yr)+12.8%
Net Margin0.3%
Free Cash Flow-$7.2M
Return on Equity0.5%
Debt / Equity0.33x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Aviat Networks, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.
62d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 44 to 62 FY2024→FY2025 (against cost of goods sold; inventory +25% vs +12% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.