CompanyGraph
AeroVironment designs and builds autonomous and robotic systems for defense and security missions, earning revenue mainly through government procurement contracts rather than open commercial sale.
- Depends onMidstream position: 6 outgoing, 5 incoming connections
- ScaleLevered free cash flow is -$251.39M, lower than 95% of all stocks globally
- FinancialsLow earnings quality
- Interpretations4 currently firing — 4
What this company is and how it runs — written from structure, not news.
The company sits in the middle of its supply chain, taking in a handful of upstream inputs and delivering to several downstream connections. CompanyGraph reads this as a system that converts components, engineering work and program funding into finished autonomous and robotic hardware and software, rather than one that trades a single good with no transformation in between.
Revenue comes from contracts to design, build and support autonomous and robotic systems, which CompanyGraph's reading of the company's profile associates mainly with government and allied military buyers rather than open consumer or commercial markets. Earnings under this model have not moved steadily upward: net income has fallen into loss in more than one of the fiscal years on file, including the most recent one.
A large share of what counts as ownership value on this company's balance sheet traces back to premiums paid in past acquisitions rather than to profit earned and kept over time, which points to growth built substantially by acquiring other companies rather than only by internal expansion. It scales as one of a sizeable group of similarly organized companies that grow by winning and executing long, complex contracts rather than by replicating a standard unit across many locations.
The company sits in the middle of its industry's supply chain, with several incoming connections feeding into it, which indicates it draws on outside suppliers or inputs to do its work. Neither its graph position nor its own filings on file identify which specific suppliers, industries or inputs those are.
The company feeds into several downstream connections in CompanyGraph's map of its industry, and CompanyGraph's reading of its public profile describes its buyers as mainly government and allied military organizations rather than open consumer or commercial markets. The identity or concentration of specific customers is not visible in what is on file here.
This way of operating, built around executing long and complex contracts, is shared with a sizeable group of other companies rather than being unique to this one. What is on file does not show whether or how competitors could replicate its specific technology, relationships or approvals, so no claim is made about what rivals can or cannot copy.
Companies grouped this way are generally limited mainly by the risk of executing against long, fixed contract commitments rather than by a single raw input or a retail-style demand ceiling, a general pattern for the group rather than a specific measurement of this company. Its own public record shows at least one case of a named program moving from early, low-volume production toward higher-volume production only with additional outside funding, consistent with production ramp-up being a real, managed factor in part of its business.
Companies that operate this way generally face outside pressure through the funding and approval cycles of long government contracts, so decisions made outside the company, such as program budgets and procurement timing, can shape when revenue arrives. This is a general expectation for the group rather than something confirmed here in detail, though the company's own public record shows one case where additional government funding was tied to ramping up production on a specific program.
Read from figures CompanyGraph recomputed from this company's statements and from its structural position. Written August 2026. A question with no evidence behind it is left out rather than answered.
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Sign inThe reported statements, read against the company's own industry.
4 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsIs this company financially stable?
Goodwill-Heavy Equity
Equity looks heavy for the industry, but much of it is goodwill from past acquisitions.
Where is this company structurally exposed?
Decline With Range Expansion And Drawdown
The price is falling, swinging wider than usual, and sits well below its peak.
Ulcer Index Elevated, Drawdown From Peak Significant, 20-Week Volatility Elevated
It sits well below its peak, and the fall has been both deep and long.
Sharp Decline With Volume And Volatility Expansion
A steep fall on heavy volume, leaving the price far below its peak.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Financial Health
Supply Chain
Scale
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.