At a glance
Avnet Inc is worth $7.68B, about 23 times its fiscal 2026 earnings. Revenue grew 24.5% to $27.63B in fiscal 2026, with 1.2% kept as profit; over 5 years it has grown 7.2% a year. It pays a 1.52% dividend yield, raised every year for at least 9 years, and returned $1.56B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +89.0% over the past year with dividends reinvested and +23.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 27.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 9 months after the low.
The business in plain English
Avnet, founded in 1921, is a middleman for the electronics industry. It buys chips and other components from the companies that make them. It then resells them to businesses in more than 140 countries. These buyers range from startups to large original equipment manufacturers (OEMs, firms that sell finished products under their own brand) and contract manufacturers. Avnet earns a small markup on each sale, plus fees for services such as design help, programming and logistics. Gross margin is the share of sales left after paying for the goods. It was 10.4% in the fiscal year ended June 27, 2026, on sales of about $27.6 billion.
The company runs two operating groups. Electronic Components serves high- and medium-volume buyers in markets such as industrial, automotive, and defense and aerospace. About 83% of its sales are semiconductors. Farnell serves lower-volume buyers, such as engineers building prototypes, and sells mainly online. Its range is wider and includes connectors and passive parts, single-board computers, and test and measurement tools. Across the company, semiconductors made up about 79% of fiscal 2026 sales, so results tend to follow the chip industry's ups and downs. Products from one supplier alone made up more than 10% of sales.
Taiwan was the largest market, with 24.3% of fiscal 2026 revenue. The US followed with 22.2%, then China with 13.7%, Germany with 9.8%, Singapore with 5.9% and Belgium with 5.7%. Other countries made up the remaining 18.3%.
Price history
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AVT +89.0% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| TW | $6.71B | 24.3% |
| US | $6.13B | 22.2% |
| Other Foreign | $5.06B | 18.3% |
| CN | $3.80B | 13.7% |
| DE | $2.72B | 9.8% |
| SG | $1.64B | 5.9% |
| BE | $1.59B | 5.7% |
Latest results
- In Q4 FY2026 (ended Jun 27, 2026), revenue was $8.30B, up 47.7% from a year earlier, and net income was $126.6M (+1978.8%).
- For fiscal 2026, revenue was $27.63B (+24.5% year over year; +7.2% a year from FY2021 to FY2026) with a 1.2% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +7.2% good |
|---|---|
| Operating margin | 2.6% weak |
| Free cash flow margin | -1.3% weak |
| Return on equity (FY2026) | 6.7% weak |
| Return on assets (FY2026) | 2.2% weak |
| Net cash (cash minus debt) | $-3.06B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $19.53B | $193.1M | $40.6M |
| FY2022 | $24.31B | $692.4M | $-268.2M |
| FY2023 | $26.54B | $770.8M | $-908.4M |
| FY2024 | $23.76B | $498.7M | $463.5M |
| FY2025 | $22.20B | $240.2M | $577.0M |
| FY2026 | $27.63B | $334.4M | $-354.5M |
Valuation snapshot
| Market value | $7.68B |
|---|---|
| P/E ratio | 23.3 |
| Dividend yield | 1.52% |
Rank among 1514 US companies
Market value at each year end
Avnet’s market value went from $6.08B at the end of 2016 to $7.68B on Oct 28, 2026, up 26%; since the end of 2025 it is up 96%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.68B | +96.4% |
| 2025 | $3.91B | -14.0% |
| 2024 | $4.55B | -0.3% |
| 2023 | $4.56B | +19.8% |
| 2022 | $3.81B | -7.0% |
| 2021 | $4.09B | +17.9% |
| 2020 | $3.47B | -19.0% |
| 2019 | $4.28B | +6.7% |
| 2018 | $4.02B | -16.2% |
| 2017 | $4.79B | -21.2% |
| 2016 | $6.08B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AVT price data to Oct 28, 2026 | +97.2% | +89.0% | +30.1% | +23.2% | +10.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +97.2% |
| 2025 | -5.6% |
| 2024 | +6.4% |
| 2023 | +24.4% |
| 2022 | +3.5% |
| 2021 | +20.2% |
| 2020 | -14.9% |
| 2019 | +19.9% |
| 2018 | -7.2% |
| 2017 | -15.3% |
| 2016 | +12.9% |
| 2015 | +1.1% |
| 2014 | -1.1% |
| 2013 | +45.2% |
| 2012 | -1.5% |
| 2011 | -5.9% |
| 2010 | +9.5% |
| 2009 | +65.6% |
| 2008 | -47.9% |
| 2007 | +37.0% |
| 2006 | +6.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64.7% over that stretch · deepest drop along the way 72.2%, back to its old high 61.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.3% over that stretch · deepest drop along the way 44.8%, back to its old high 9.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9% over that stretch · deepest drop along the way 27.1%, back to its old high 8.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 3 sales ($8.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 12, 2026 | Philip R Gallagher Chief Executive Officer, Director | sell | $3.1M |
| Aug 19, 2026 | Michael Ryan McCoy SVP, General Counsel | sell | $2.9M |
| Aug 12, 2026 | Philip R Gallagher Chief Executive Officer, Director | sell | $2.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 7.79% | Mar 31, 2026 |
| Vanguard Capital Management | 5.2% | Mar 31, 2026 |
| PZENA INVESTMENT MANAGEMENT LLC | 3.9% | Jun 30, 2026 |
ETFs with the most weight in AVT
| FTXL First Trust Nasdaq Semiconductor ETF | 4.36% |
| LSAT Leadershares Alphafactor Tactical Focused ETF | 3.38% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 2.77% |
| TDV ProShares S&P Technology Dividend Aristocrats ETF | 2.55% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 2.55% |
| OUSM ALPS | O’Shares U.S. Small-Cap Quality Dividend ETF | 1.97% |
| FXL First Trust Technology AlphaDEX Fund | 1.76% |
| SMIG Bahl & Gaynor Small/Mid Cap Income Growth ETF | 1.76% |
What could go wrong
- Sales rise and fall with chips. Semiconductors were about 79% of fiscal 2026 sales, so results follow the chip industry's ups and downs. Sales fell from $26.5 billion in fiscal 2023 to $22.2 billion in fiscal 2025 before rebounding.
- Heavy reliance on key suppliers. Products from one supplier made up more than 10% of fiscal 2026 sales. Either side can generally end a supplier contract at will. Mergers among suppliers could also hurt profits and the customer base.
- Very thin profit margins. In fiscal 2026, gross margin was 10.4% and net margin was just 1.2%. Avnet warns it may not be able to raise prices enough to cover higher costs, so small changes can hit profits.
- Trade disputes and conflicts disrupt supply. Avnet says military conflicts and trade disputes have caused shortages and long delivery delays for some chips. Taiwan (24.3%) and China (13.7%) made up a large share of fiscal 2026 sales.
- Debt and loan rules limit flexibility. As of June 27, 2026, debt was about $3.2 billion against $155 million in cash. Free cash flow was negative for fiscal 2026. Loan covenants (rules set by lenders) may limit management's choices.
- Customers may need fewer of its services. Avnet says changes in how customers buy, and new technology such as artificial intelligence, could reduce the services customers need from it and lower its sales.
Recent events
- Major agreement signed; New debt or financial obligation
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Quarterly results released
For income and retirement investors
Avnet has raised its dividend at least nine years in a row through fiscal 2026. It grew from $0.85 per share in fiscal 2021 to $1.40 in fiscal 2026, about 10.5% a year. The dividend used 34.2% of fiscal 2026 earnings. But free cash flow (cash left after capital spending) was negative $354 million that year, so it did not cover the $114 million paid out. The yield was 1.52% as of October 28, 2026. Buybacks, or share repurchases, totaled about $1.01 billion from fiscal 2022 to 2026. The share count fell 17.3% from October 2021 to August 2026.
The stock has fallen hard in downturns. It dropped 72.2% in the 2008 financial crisis and took about 61 months to recover. It fell 44.8% in the 2020 COVID crash and 27.1% in the 2022 bear market, recovering in 9.4 and 8.5 months. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
How does Avnet make money?
Avnet makes money as a distributor. It purchases electronic components, mostly semiconductors, from the companies that make them and supplies them to manufacturers around the world. Its Electronic Components group serves customers who order in high or medium volumes and adds services such as design support, programming and logistics. Its Farnell group supplies smaller quantities, mainly online, to engineers who need parts fast. Margins are thin. In the fiscal year ended June 27, 2026, gross margin was 10.4% and net margin was 1.2% on $27.6 billion of sales.
Does Avnet raise its dividend every year?
Yes. Avnet has raised its dividend at least nine years in a row through fiscal 2026, and the streak may be longer. Dividends per share grew from $0.85 in fiscal 2021 to $1.40 in fiscal 2026, about 10.5% a year. The dividend used 34.2% of fiscal 2026 earnings. However, free cash flow (cash left after capital spending) was negative that year. The yield was 1.52% as of October 28, 2026.
How much does Avnet depend on semiconductors?
A great deal. Semiconductors brought in $21.7 billion, about 79% of Avnet's $27.6 billion in sales for the fiscal year ended June 27, 2026. The company says its sales closely follow the strength or weakness of the semiconductor industry, which goes through periods of shortage and oversupply. Sales fell from $26.5 billion in fiscal 2023 to $22.2 billion in fiscal 2025. They then rose 24.5% to $27.6 billion in fiscal 2026.
Who are Avnet's competitors?
Avnet's main rivals in its Electronic Components group include Arrow Electronics, Future Electronics, World Peace Group and WT Microelectronics. Farnell serves customers who order in smaller volumes, mainly online, and it competes with Mouser Electronics, Digi-Key Electronics and RS Components. Smaller specialists also compete in particular sectors or regions. Avnet says it must keep its prices, product selection and availability competitive. It relies on its wide range of suppliers so customers can make all or nearly all of their component purchases in one place.
How has Avnet stock performed?
Very well over the year to October 28, 2026, but its long-term record is bumpier. As of that date, the stock was up 97.2% year to date and 89% over one year. Over 10 years it gained about 10.9% a year. It fell 72.2% in the 2008 financial crisis. Its one-year beta, a measure of how much a stock swings compared with the market, was 1.39. That means it has moved more than the market. It traded at 23.3 times fiscal 2026 earnings.