# AeroVironment, Inc. (AVAV)

> Source: Nexqual · https://nexqual.com/AVAV · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, AeroVironment, Inc. (AVAV), nexqual.com/AVAV" · informational, not investment advice.

**Price:** USD 134.88 (+7.09% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 125.95 · day 125.88–138.43 · 52w 113.15–408.25 · market cap $6.85B · NMS

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $2.00B, net income -$203M (-10.1% margin), free cash flow -$25.0M (SEC filings).
- Analysts: Buy (mean 1.96 on a 1–5 scale) (24 analysts), mean target USD 213.07 (range 148.57–315).
- Total return with dividends: 1Y -65.6% vs S&P 500 +14.8%; 5Y +51.4% vs S&P 500 +79.1%.
- Next earnings: 2026-12-02 (date not yet confirmed by the company), EPS estimate USD 0.42, revenue estimate $510M. All companies reporting that day: https://nexqual.com/earnings/2026-12-02
- Dividend: AVAV paid no cash dividend in the last five years.
- Short interest: 13.01% of float (as of 2026-10-15), 3.3 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $446M | $541M | $717M | $821M | $1.98B | $2.00B |
| Gross profit | $141M | $174M | $284M | $319M | $501M | — |
| Operating income | -$9.9M | -$179M | $71.8M | $40.8M | -$311M | -$253M |
| Net income | -$4.2M | -$176M | $59.7M | $43.6M | -$265M | -$203M |
| EPS (diluted) | -$0.17 | -$7.04 | $2.18 | $1.55 | -$5.40 | — |
| Free cash flow | -$31.9M | -$3.5M | -$7.7M | -$20.9M | -$141M | -$25.0M |
| Gross margin | 31.7% | 32.1% | 39.6% | 38.8% | 25.3% | — |
| Operating margin | -2.2% | -33.1% | 10.0% | 5.0% | -15.7% | -12.6% |
| Net margin | -0.9% | -32.6% | 8.3% | 5.3% | -13.4% | -10.1% |
| Revenue growth | +12.9% | +21.3% | +32.6% | +14.5% | +140.9% | — |
| Cash + short-term investments | $102M | — | — | $40.9M | $632M | — |
| Total debt | $190M | $135M | $28.0M | $30.0M | $748M | — |
Fiscal years end Apr. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/S 3.4x · EV/Sales 3.5x · P/B 1.6x · FCF yield -0.37% · Earnings yield -2.96% · Net debt $167M · EV $7.02B
P/E at fiscal year-ends: Apr 2025 97.9x, Apr 2024 73.2x.

## Analysts
Consensus Buy (mean 1.96 on a 1–5 scale), 24 analysts; mean target USD 213.07 (low 148.57, high 315).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | Oppenheimer | Initiated | Outperform | $205 |
| 2026-10-19 | Citizens | Target lowered | Market Outperform | $230 → $170 |
| 2026-10-16 | Macquarie | Initiated | Outperform | $210 |
| 2026-10-09 | Barclays | Initiated | Equal-Weight | $237 |
| 2026-10-06 | Rothschild & Co | Initiated | Neutral | $165 |
| 2026-09-16 | Jefferies | Target lowered | Buy | $229 → $204 |
| 2026-09-11 | B of A Securities | Target lowered | Buy | $225 → $185 |
| 2026-09-10 | Citizens | Reiterated | Market Outperform | $230 |
| 2026-09-10 | JP Morgan | Target raised | Overweight | $200 → $210 |
| 2026-09-10 | UBS | Target raised | Neutral | $166 → $170 |
| 2026-09-10 | Needham | Reiterated | Buy | $225 |
| 2026-09-10 | BTIG | Reiterated | Buy | $205 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -65.6% | +51.4% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -65.8% | +8.6% |
| Volatility (annualized) | 74.7% | 62.4% |
| Max drawdown | -70.1% (Jan 2026→Oct 2026) | -69.0% (Jan 2026→Oct 2026) |

## Dividends
AVAV paid no cash dividend in the last five years.

## Short interest
4,995,612 shares sold short, 13.01% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 4,515,776 shares (+10.6%). Days to cover: 3.3 (short shares ÷ average daily volume).

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 23.79 +7.11% · KTOS (Kratos Defense & Security Solut) USD 43.59 +5.88% · CAE (CAE Inc) USD 26.27 +1.98% · DRS (Leonardo DRS, Inc.) USD 39.64 +11.66% · MOG-A (Moog Inc.) USD 362.81 +4.41% · HII (Huntington Ingalls Industries, ) USD 316.21 +13.23%

## More
Full page: https://nexqual.com/AVAV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AVAV's own 10-K filed 2026-06-29 (https://www.sec.gov/Archives/edgar/data/1368622/000110465926078906/avav-20260430x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | BlueHalo Financing Topco | "If annual budget appropriations or continuing resolutions are not enacted timely, we could face U.S. government shutdowns, which could adversely impact our programs and contracts with the U.S. government (the volume of w…" |
| Competitor | Lockheed Martin (LMT) | "Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, …" |
| Competitor | Boeing (BA) | "Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, …" |
| Competitor | RTX (Raytheon) (RTX) | "Competitors in the LMS market include Textron Inc., RTX Corporation, Lockheed Martin Corporation, Anduril Industries, Inc., Aevex Corp., SpektreWorks, Inc., Dragoon Technology LLC, Cummings Aerospace, Inc., Elbit Systems…" |
| Competitor | Airbus | "Our current principal competitors include Elbit Systems Ltd., Quantum-Systems, Inc., Redwire Corporation, Teledyne Technologies, Inc., Sierra Nevada Corporation, Lockheed Martin Corporation, The Boeing Company, Textron, …" |

Other companies that name AVAV in their own reports (relationship from AVAV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Red Cat Holdings, Inc. (RCAT) | 10-K 2026-03-19 | "Partnership to Enable FANG™ FPV Drone Deployment from AeroVironment's P550™ UAS" |
| supplier | KRATOS DEFENSE & SECURITY SOLUTIONS, INC. (KTOS) | 10-K 2026-02-23 | "A representative list of non-government customers during 2025 included tier one, large U.S. Government contractors and system integrators such as Northrop Grumman, Lockheed Martin, General Dynamics, R…" |
| customer | DEFSEC Technologies Inc. (DFSC) | 20-F 2025-12-29 | "DEFSEC started to collaborate with a United States military drone supplier, AeroVironment, Inc. ("AeroVironment")." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $0.42 | $0.55 | -22.9% | $510.4M | 19 |
| Next quarter (ends 2027-01-31) | $0.78 | $0.88 | -11.1% | $529.6M | 19 |
| Current fiscal year (ends 2027-04-30) | $3.26 | $3.24 | +0.7% | $2.20B | 23 |
| Next fiscal year (ends 2028-04-30) | $4.41 | $4.42 | -0.3% | $2.54B | 22 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jul 31, 2026 | $0.59 | $0.25 | Beat +136.0% | — |
| — | Quarter ended Apr 30, 2026 | $1.84 | $1.47 | Beat +25.2% | — |
| — | Quarter ended Jan 31, 2026 | $0.64 | $0.69 | Miss −7.2% | — |
| — | Quarter ended Oct 31, 2025 | $0.44 | $0.79 | Miss −44.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-30 | 8-K | Shareholder vote results | https://www.sec.gov/Archives/edgar/data/1368622/000110465926112083/0001104659-26-112083-index.htm |
| 2026-09-10 | 10-Q | Quarterly report · period ended Aug 1, 2026 | https://www.sec.gov/Archives/edgar/data/1368622/000110465926106423/0001104659-26-106423-index.htm |
| 2026-09-09 | 8-K | Quarterly results; Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1368622/000110465926106304/0001104659-26-106304-index.htm |
| 2026-08-14 | DEF 14A | Proxy statement (pay, board, votes) · period ended Sep 24, 2026 | https://www.sec.gov/Archives/edgar/data/1368622/000110465926096689/0001104659-26-096689-index.htm |
| 2026-08-07 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On August 3, 2026, Charles Thomas Burbage, a member of the AeroVironment, Inc. (the "Company") Board of Directors (the "Board"), notified the Board of his decision to retire from the Board effective upon the expiration of his current term and not stand for re-election as a director of the Company. Mr. Burbage will continue to serve as a director and as a member of the Board's Nominating and Corporate Governance Committee, Compensation Committee and Executive Committee until the completion of his term, which will…” | https://www.sec.gov/Archives/edgar/data/1368622/000110465926092413/0001104659-26-092413-index.htm |
| 2026-07-29 | 8-K | Director or executive officer change, or pay arrangement; Regulation FD disclosure — “On July 23, 2026, Stephen Page, a member of the AeroVironment, Inc. (the "Company") Board of Directors (the "Board"), notified the Board of his decision to retire from the Board effective upon the expiration of his current term and not stand for re-election as a director of the Company. Mr. Page will continue to serve as a director and as a member of the Board's Audit Committee and Nominating and Corporate Governance Committee until the completion of his term, which will end at the start of the Company's 2026…” | https://www.sec.gov/Archives/edgar/data/1368622/000110465926087871/0001104659-26-087871-index.htm |
| 2026-07-27 | Schedule 13G/A | BlackRock, Inc.: 6.7% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1368622/000201238326002258/0002012383-26-002258-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.