At a glance
AeroVironment Inc is worth $6.40B. Revenue grew 140.9% to $1.98B in fiscal 2026, at a loss; over 5 years it has grown 38.0% a year. It pays no dividend. The stock returned −66.8% over the past year with dividends reinvested and +7.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 27.0% in the 2020 crash (S&P 500: 33.7%) and 31.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 12 months after the lows.
The business in plain English
AeroVironment is a defense technology company. It designs and builds uncrewed (pilotless) aircraft, precision strike weapons, counter-drone systems, space hardware, laser weapons, and cyber and electronic warfare tools. It relies heavily on sales to the U.S. government, especially Defense Department agencies. In fiscal 2026, which ended April 30, 2026, revenue was $1.98 billion. U.S. customers provided 71.9% of that and international customers 28.1%.
Since May 1, 2025, following its acquisition of BlueHalo, the company has reported two segments. Autonomous Systems brought in 68.7% of fiscal 2026 revenue. Its biggest piece is Precision Strike and Defense Systems, at 42.9% of revenue. This group sells Switchblade loitering munitions (drones that can circle an area before striking), the Red Dragon one-way attack drone, Titan counter-drone systems and the Freedom Eagle interceptor. Small and medium drones such as Puma, Raven and JUMP 20 added 18.4%. Other products, including bomb-disposal ground robots and underwater vehicles, made up 7.4%.
Space, Cyber and Directed Energy brought in the other 31.3%. Cyber and mission solutions made up 17.5% of revenue, and space and directed energy (laser weapons) made up 13.8%. The segment sells satellite antennas, laser communications and space hardware, with more than 260 systems in orbit. It also sells LOCUST high-energy lasers that track and defeat drones. The cyber group provides intelligence, cyber operations and research for U.S. defense and intelligence agencies.
Price history
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AVAV -66.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Precision Strike And Defense Systems | $848.3M | 42.9% |
| Uncrewed Aircraft Systems | $363.9M | 18.4% |
| Cyber And Mission Solutions | $345.4M | 17.5% |
| Space And Directed Energy | $273.4M | 13.8% |
| Product And Service Other | $145.9M | 7.4% |
By business segment
| Autonomous Systems Segment | $1.36B | 68.7% |
| Space Cyber And Directed Energy Segment | $618.8M | 31.3% |
By geography
| Geographic Distribution Domestic | $1.42B | 71.9% |
| Geographic Distribution International | $556.4M | 28.1% |
Latest results
- In Q1 FY2027 (ended Aug 1, 2026), revenue was $480.5M, up 5.7% from a year earlier, and net income was $-5.1M.
- For fiscal 2026, revenue was $1.98B (+140.9% year over year; +38.0% a year from FY2021 to FY2026) with a -13.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +38.0% good |
|---|---|
| Operating margin | -15.7% weak |
| Free cash flow margin | -7.1% weak |
| Return on equity (FY2026) | -6% weak |
| Return on assets (FY2026) | -4.6% weak |
| Net cash (cash minus debt) | $-72.5M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $394.9M | $23.3M | $75.3M |
| FY2022 | $445.7M | $-4.2M | $-31.9M |
| FY2023 | $540.5M | $-176.2M | $-3.5M |
| FY2024 | $716.7M | $59.7M | $-7.7M |
| FY2025 | $820.6M | $43.6M | $-20.9M |
| FY2026 | $1.98B | $-265.1M | $-140.9M |
Valuation snapshot
| Market value | $6.40B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
AeroVironment’s market value went from $627.5M at the end of 2016 to $6.40B on Oct 28, 2026, about 10.2 times as much; since the end of 2025 it is down 47%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.40B | -47.0% |
| 2025 | $12.08B | +178.2% |
| 2024 | $4.34B | +22.4% |
| 2023 | $3.55B | +64.6% |
| 2022 | $2.15B | +40.0% |
| 2021 | $1.54B | -26.5% |
| 2020 | $2.09B | +41.4% |
| 2019 | $1.48B | -8.9% |
| 2018 | $1.63B | +21.3% |
| 2017 | $1.34B | +113.6% |
| 2016 | $627.5M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVAV price data to Oct 28, 2026 | -47.9% | -66.8% | +3.4% | +7.3% | +18.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -47.9% |
| 2025 | +57.2% |
| 2024 | +22.1% |
| 2023 | +47.1% |
| 2022 | +38.1% |
| 2021 | -28.6% |
| 2020 | +40.8% |
| 2019 | -9.1% |
| 2018 | +21.0% |
| 2017 | +109.3% |
| 2016 | -9.0% |
| 2015 | +8.2% |
| 2014 | -6.5% |
| 2013 | +34.0% |
| 2012 | -30.9% |
| 2011 | +17.3% |
| 2010 | -7.7% |
| 2009 | -21.0% |
| 2008 | +52.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 17.2% over that stretch · deepest drop along the way 24.4%, back to its old high 2.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 17.1% over that stretch · deepest drop along the way 27%, back to its old high 2.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 23.2% over that stretch · deepest drop along the way 31.7%, back to its old high 12.2 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 6 sales ($221K), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | Stephen F Page Director | sell (plan) | $48K |
| Jul 15, 2026 | Brian Charles Shackley SVP, Chief Accounting Officer | sell (plan) | $43K |
| Aug 14, 2026 | Brian Charles Shackley SVP, Chief Accounting Officer | sell (plan) | $41K |
| Sep 15, 2026 | Stephen F Page Director | sell (plan) | $38K |
| Jul 15, 2026 | Stephen F Page Director | sell (plan) | $35K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 6.7% | Jun 30, 2026 |
| BAILLIE GIFFORD & CO | 4.2% | Jun 30, 2025 |
| STATE STREET CORPORATION | 3.8% | Jun 30, 2025 |
ETFs with the most weight in AVAV
| ARKX ARK Space Exploration & Innovation ETF | 5.13% |
| XAR SPDR S&P Aerospace & Defense ETF | 4.39% |
| LOUP Innovator Deepwater Frontier Tech ETF | 3.4% |
| ARKQ ARK Autonomous Technology & Robotics ETF | 3.05% |
| BOTZ Global X Robotics & Artificial Intelligence ETF | 1.83% |
| PSCI Invesco S&P SmallCap Industrials ETF | 1.77% |
| ROBT First Trust Nasdaq Artificial Intelligence & Robotics ETF | 1.73% |
| DTEC ALPS Disruptive Technologies ETF | 1.09% |
What could go wrong
- Problems with financial reporting controls. The company reported a material weakness (a serious gap in its financial-reporting controls) and must also fix BlueHalo's. A June 22, 2026 filing said earlier financial statements could no longer be relied on.
- Absorbing the BlueHalo acquisition. Integrating BlueHalo could disrupt customer and business relationships and pull key staff away from other work. Shares outstanding roughly doubled between December 2021 and September 2026, shrinking each holder's stake.
- Dependence on U.S. defense spending. The company relies heavily on U.S. government sales, especially to Defense Department agencies. Budget cuts, shifting priorities, or delays in contract awards or funding could sharply reduce revenue.
- Debt on top of losses. Large borrowings could limit flexibility. As of August 1, 2026, debt of about $748 million exceeded $675 million in cash and investments. That followed a $265 million net loss in fiscal 2026.
- Export approvals and foreign sales. Shipping to some countries requires U.S. government export authorization, which may be denied or restricted, and breaking export rules brings fines. International customers made up 28.1% of fiscal 2026 revenue.
- Fast-moving technology and bigger rivals. Rapid change in drone, counter-drone and laser technology can make products obsolete. Many competitors have far greater resources, and heavy research and development spending may never produce revenue.
Recent events
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Earlier financial statements no longer reliable; Executive or board change
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Unregistered sale of shares; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
AeroVironment does not pay a dividend. Its 10-K says it has not paid cash dividends and does not expect to in the foreseeable future. It also bought back no shares from fiscal 2022 through fiscal 2026. Over a similar period its share count roughly doubled, from about 24.8 million in December 2021 to 50.8 million in September 2026. For an income investor, any return depends on the share price, and the only way to raise cash is to sell shares.
The price has swung sharply. It fell 24% during the 2008 financial crisis, 27% in the 2020 COVID crash and 32% in the 2022 bear market. It made back the first two drops within three months, but the third took about a year. In the 12 months to October 28, 2026, the stock lost 67%. Its deepest high-to-low drop on record, 71%, came in the three years to that date. As a single stock, AeroVironment carries more risk than a diversified fund.
Questions investors ask
Does AeroVironment pay a dividend?
No. AeroVironment has not paid cash dividends on its common stock. Its 10-K, filed June 29, 2026, says it does not expect to pay any in the foreseeable future. It also made no share buybacks from fiscal 2022 through fiscal 2026. Meanwhile, shares outstanding roughly doubled, from about 24.8 million in December 2021 to about 50.8 million in September 2026. Any return depends on the share price, which fell 47.9% from the start of 2026 to October 28, 2026.
How does AeroVironment make money?
Mainly by selling military technology. It relies heavily on the U.S. government, especially the Department of Defense. Products include Puma and Raven drones, Switchblade loitering munitions, Titan counter-drone systems, LOCUST laser weapons, satellite hardware and cyber services. In fiscal 2026 (ended April 30, 2026), revenue was $1.98 billion. Autonomous Systems produced 68.7% of it and Space, Cyber and Directed Energy 31.3%. U.S. customers accounted for 71.9% and international customers 28.1%.
What is AeroVironment's Switchblade drone?
Switchblade is AeroVironment's family of loitering munitions: small, portable drones that can wait over an area and then strike a still or moving target with precision. The family includes the Switchblade 300, 400 and 600. It belongs to the Precision Strike and Defense Systems group, along with the Red Dragon one-way attack drone and Titan counter-drone systems. That group was the company's largest product line in fiscal 2026, bringing in $848 million, or 42.9% of revenue.
What did AeroVironment get from buying BlueHalo?
A bigger, broader business, with new risks. Since May 1, 2025, in connection with the deal, AeroVironment has reported two segments: Autonomous Systems, and Space, Cyber and Directed Energy. The second segment sells satellite antennas, space hardware, LOCUST laser weapons and cyber services. It produced $619 million, or 31.3% of fiscal 2026 revenue. Total revenue rose 140.9% that year, to $1.98 billion. But the company posted a net loss, and its 10-K flags integration risks and material weaknesses in BlueHalo's financial controls.
Is AeroVironment profitable?
No, not in its latest fiscal year. In fiscal 2026 (ended April 30, 2026), AeroVironment lost $265.1 million, or $5.40 per diluted share, on revenue of $1.98 billion. Free cash flow (cash from operations minus capital spending) was negative $140.9 million. It earned $59.7 million in fiscal 2024 and $43.6 million in fiscal 2025. In the quarter ended August 1, 2026, it lost $5.1 million while revenue grew 5.7%. On that date, debt of $747.5 million exceeded cash and investments of $675.0 million.