What is AeroVironment's return on invested capital?

AeroVironment (AVAV) reported return on invested capital of -22.2% in Q2 2023.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

AeroVironment AVAV Return on invested capital

Return on invested capital at other companies

L3Harris TechnologiesLHX

11.7%+1.4pp

Lockheed MartinLMT

24.4%-1.6pp

Northrop GrummanNOC

13.2%+2.3pp

Leonardo DRS, Inc.DRS

11.6%+2.0pp

Crane Co.CR

14.3%-4.7pp

TTM TechnologiesTTMI

10.5%+5.6pp

Other financials

Income statement

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Revenue$408.0M+143%

Gross profit$98.8M+56.3%

Operating income-$179.0M-5,700%

Net income-$156.6M-8,825%

EPS (diluted)-$3.15-5,150%

Balance sheet

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Cash & equivalents$289.9M+517%

Total debt$826.0M+1,296%

Total equity$574.5M-4.2%

Total assets$5.5B+420%

Cash flow

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Operating cash flow-$5.1M+80.2%

CapEx$12.6M+228%

Free cash flow-$17.7M+40.2%

Valuation

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Market cap$8.58B+174%

Enterprise value$9.12B+183%

P/S5.3×+1.1×

Profitability

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Gross margin24.7%-14.8pp

Operating margin-16.4%-20.9pp

Net margin-13.9%-18.4pp

FCF margin-14.2%-29.6pp

Returns & leverage

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Return on equity-24.8%—

Debt / equity0.3×-0.1×

Current ratio5.5×+1.3×

Where this comes from

Calculated from AeroVironment’s reported figures.

nopat/invested capital=-22.2%

Based on trailing twelve months.

The official record: AeroVironment’s 10-Q, filed September 6, 2023, on SEC EDGAR. View the filing →

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Questions, answered.

What is AeroVironment's return on invested capital?: AeroVironment (AVAV) reported return on invested capital of -22.2% in Q2 2023.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.