AVAVAeroVironment Inc

Aircraft

Revenue: $2.0B; 141% YoY
Operating margin: -15.7%; 416% YoY
EBITDA: −$46M; 156% YoY
Market cap: $6.4B
Employees: 3,991; $495K revenue each
Net debt / EBITDA: —; $469M net debt
AI in 10-K: 6.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
4 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$7M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-5% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
44% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$495K · 69th pct
Bottom quartile of its SIC industry
Quiet on AINo
6.1 per 10K words · 86th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$446M	$541M	$717M	$821M	$2.0B	141%
Operating income	−$10M	−$179M	$72M	$41M	−$311M	862%
Net income	−$4M	−$176M	$60M	$44M	−$265M	708%
Operating cash flow	−$10M	$11M	$15M	−$1M	−$78M	5849%
Capex	$22M	$15M	$23M	$20M	$63M	220%
Stock-based comp	$5M	$11M	$17M	$21M	$38M	79%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 24, 2026	Altitude V Holdings, LLC	SCHEDULE 13D/A	24.1%	Passive
May 8, 2025	Altitude V Holdings, LLC	SCHEDULE 13D	14.7%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 21
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$15M	$23M	177	224
FY2025	$7M	$7M	137	163
FY2024	$8M	$16M	145	135
FY2023	$5M	$7M	91	107
FY2022	$4M	−$1M	73	97