AeroVironment, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Apr 2026, Geographic Distribution Domestic was 72% and Geographic Distribution International was 28% of revenue; Geographic Distribution International fell from 62% in the fiscal year to Apr 2024.

Quarters: AeroVironment, Inc.'s SEC filings, named by the month they end. Fiscal years: AeroVironment, Inc.'s annual reports to the SEC.

How it makes money

The company loses $13.4 for every $100 of revenue. Operating expenses exceed all of gross profit.

Each margin is that line of the income statement divided by revenue. Fiscal year: AeroVironment, Inc.'s annual reports to the SEC.

How much work is already signed?

Customers had signed $1.5B of work AeroVironment has not yet delivered at the end of Jul 2026: 0.7 years of revenue at the last four quarters' pace. New orders over those four quarters were about 1.2× revenue, so the backlog grew.

Backlog: remaining performance obligations in AeroVironment, Inc.'s SEC filings, revenue under contract not yet delivered. Book-to-bill: the quarter's revenue plus the change in backlog, over the quarter's revenue.

Customers and suppliers

In its latest annual report AeroVironment buys from BCORE Defender CA1W01, Hillside III, Hillside II and 4 more; sells to the U.S. government, Ukraine.

Suppliers

B

BCORE Defender CA1W01

H

Hillside II

H

Hillside III

P

Princeton Avenue Holdings II

P

Princeton Avenue Holdings

Q

QOZ 201CC TWO

T

Truesdell Capital

 

AVAVAeroVironment

Customers

U.S. government 85%

Ukraine 18%

AeroVironment's 10-K for the year to Apr 2026 gives one customer's share of its revenue: Us Army (25%). Separately, it gives groups of customers: Us Government Agencies (85%) and Foreign Customer (28%).

From AeroVironment, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. A dash is a group of customers the filing gives (a government's agencies, the largest customers together, all the others): it can include the customers beside it, so the shares need not add up.

Changes since the previous annual report (10-K filed Jun 25, 2025)

QQOZ 201CC TWONamed for the first time, as a supplier

TTruesdell CapitalNamed for the first time, as a supplier

AAltoyNo longer named (was a partner)

Nauticus Robotics KITTNo longer named (was a partner)

TToygunNo longer named (was a partner)

U.S. governmentCustomer, share of revenue75% → 85%

Named in other companies’ filings

Red Cat Holdings RCATco-develops with it · Develop drone payload deployment capabilities

Only the companies AeroVironment names in its 10-K filed Jun 29, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names AeroVironment. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

Currently unprofitable, so P/E does not apply, so we look at price-to-sales instead: 3.1x, above the peer median of 2.8x. Revenue is up 6% from a year ago.

Above the peer median of 2.8x. The market pays more per $1 of revenue than for peers.

AeroVironment, Inc. is currently unprofitable, so P/E does not apply. We use price-to-sales instead: market cap as a multiple of revenue.

What analysts expect

The average analyst price target is $212, 76% above the current price; 79% of 24 analysts rate it a buy; earnings beat estimates in 2 of the last 4 quarters.

Buy or Strong Buy: 19 analysts (79%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $355.42 to $206.72 (−42%), while AVAV went from $295.49 to $120.84 (−59%). In the past three months targets were raised twice and cut 4 times. 2 upgrades and 2 downgrades over the year; the latest: Raymond James moved it to Outperform from Market Perform on Jul 16, 2026.

The day after each of these reports the stock moved −13.2% (Oct 2025, missed); −8.6% (Jan 2026, missed); +19.7% (Apr 2026, beat); −1.1% (Jul 2026, beat).

For the quarter ending Oct 2026 (AeroVironment reports on Dec 2, 2026), analysts expect adjusted earnings of $0.42 a share, 4% less than the $0.44 of a year earlier, and revenue of $510M, up 8% on a year earlier. For the fiscal year ending Apr 2027, they expect adjusted earnings of $3.26 a share, and revenue of $2.2B, up 11% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Capex of $84M exceeds operating cash flow of $59M, leaving free cash flow of −$25M. The gap has to be covered with cash on hand or borrowing.

AeroVironment had 50M diluted shares in the quarter ended Jul 2026, 6.3% more than a year earlier, and 12.0% more each year on average since Jan 2020.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 4.3, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 funds whose copy leaves AVAV out (on the exchange, not in the app yet): Baillie Gifford &, Fisher Asset Management, Norges Bank, Swiss National Bank, Mirae Asset Global Investments.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 9 held AVAV at the end of their latest quarter (for most, Q3 2026). Over that quarter 5 added shares, 4 cut and 1 sold all. The largest of them is Baillie Gifford &, 977,555 shares worth $139M at Sep 30, 2026, 1.0% more than a quarter earlier.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AVAV at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $2.0M of AVAV on the open market in the 12 months to Nov 11, 2026; none bought. 100% of the sales were made under 10b5-1 plans, set up in advance. The largest was Stephen F Page (Director), who sold $957K in 11 sales.

From the Form 4s filed with the SEC about AeroVironment, Inc. (54 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 45 other transactions (grants, option exercises, shares withheld for tax and other transfers).