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Aerospace & defence · Industrials · Fiscal year ends Apr 30
AeroVironment reported revenue of $2B in the fiscal year ended Apr 2026, up 140.9% from the year before. Operating income was −$311M, an operating margin of −15.7%, and net income was −$265M. Operating cash flow of −$78M less capital expenditure of $63M left free cash flow of −$141M. Net debt was $352M.
Ranks among the 30 aerospace & defence companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue | 446 | 541 | 717 | 821 | 1,977 |
| Cost of revenue | 304 | 367 | 433 | 502 | 1,476 |
| Gross profit | 141 | 174 | 284 | 319 | 501 |
| Research & development | 54.7 | 64.3 | 97.7 | 101 | 128 |
| Selling, general & admin | 96.4 | 132 | 114 | 159 | 443 |
| Operating income | −9.9 | −179 | 71.8 | 40.8 | −311 |
| Interest expense | – | – | – | – | 24.2 |
| Pre-tax income | −13.3 | −191 | 61.6 | 44.5 | −288 |
| Income tax | −10.4 | −14.7 | 1.9 | 0.9 | −23.1 |
| Net income | −4.2 | −176 | 59.7 | 43.6 | −265 |
| Diluted EPS | −0.17 | −7.04 | 2.18 | 1.55 | −5.40 |
| Diluted shares | 24.7 | 25.0 | 27.3 | 28.2 | 49.1 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 77.2 | 133 | 73.3 | 40.9 | 377 |
| Receivables | 60.2 | 87.6 | 70.3 | 102 | 316 |
| Inventory | 90.6 | 139 | 150 | 144 | 313 |
| Current assets | 369 | 477 | 516 | 607 | 1,890 |
| Net PP&E | 62.3 | 39.8 | 46.6 | 50.7 | 167 |
| Goodwill | 334 | 181 | 276 | 257 | 2,494 |
| Total assets | 914 | 825 | 1,016 | 1,121 | 5,717 |
| Payables | 19.2 | 31.4 | 48.3 | 72.5 | 161 |
| Deferred revenue | 9.0 | 16.6 | 11.2 | 16.0 | 79.6 |
| Current liabilities | 101 | 121 | 145 | 172 | 439 |
| Short-term debt | 10.0 | 7.5 | 10.0 | – | – |
| Long-term debt | 178 | 126 | 17.1 | 30.0 | 729 |
| Total liabilities | 306 | 274 | 193 | 234 | 1,316 |
| Shareholders' equity | 608 | 551 | 823 | 887 | 4,400 |
| Backlog (remaining obligations) | 211 | 424 | 400 | 727 | 1,176 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Operating cash flow | −9.6 | 11.4 | 15.3 | −1.3 | −78.4 |
| Capital expenditure | 22.3 | 14.9 | 23.0 | 19.5 | 62.5 |
| Free cash flow | −31.9 | −3.5 | −7.7 | −20.9 | −141 |
| Depreciation & amortisation | 60.8 | 100.0 | 35.7 | 41.0 | 265 |
| Stock-based compensation | 5.4 | 10.8 | 17.1 | 21.5 | 38.3 |
| Fiscal year | Apr 2022 | Apr 2023 | Apr 2024 | Apr 2025 | Apr 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.3% | 32.6% | 14.5% | 140.9% |
| Operating income growth (YoY) | – | – | – | −43.2% | −862.3% |
| EPS growth (YoY) | – | – | – | −28.9% | −448.4% |
| Gross margin | 31.7% | 32.1% | 39.6% | 38.8% | 25.3% |
| Operating margin | −2.2% | −33.1% | 10.0% | 5.0% | −15.7% |
| Net margin | −0.9% | −32.6% | 8.3% | 5.3% | −13.4% |
| Return on equityBlank when equity is negative | −0.7% | −32.0% | 7.3% | 4.9% | −6.0% |
| ROCEEBIT ÷ (assets − current liabilities) | −1.2% | −25.4% | 8.2% | 4.3% | −5.9% |
| Free cash flow margin | −7.2% | −0.6% | −1.1% | −2.5% | −7.1% |
| Cash conversion (CFO ÷ net income) | 2.30x | −0.06x | 0.26x | −0.03x | 0.30x |
| Receivable days | 49 | 59 | 36 | 45 | 58 |
| Inventory days | 109 | 138 | 127 | 105 | 77 |
| Payable days | 23 | 31 | 41 | 53 | 40 |
| Interest cover | – | – | – | – | −12.9x |
| Debt ÷ equity | 0.31x | 0.24x | 0.03x | 0.03x | 0.17x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 111 | 0.5 | −46.2 | −10.9 | 352 |
| Current ratio | 3.64x | 3.93x | 3.56x | 3.52x | 4.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.