AeroVironment, Inc. (AVAV)
- 4Q26 Revenue: $641.62M, +133.3% YoY, beat estimates by $82.53M
- 4Q26 Non-GAAP EPS: $1.84, beat estimates by $0.37
- FY27 Guidance: FY27 revenue is guided to $2.13B to $2.23B and adjusted EPS to $3.02 to $3.34, both below prior Street expectations. Funded backlog rose to about $1.2B from $726.6M a year ago.
- Comment: This was a very strong quarter on the reported numbers. Revenue more than doubled, adjusted EPS beat clearly, and backlog expanded sharply, helped by the BlueHalo and Empirical Systems Aerospace acquisitions. The quarter indicates AeroVironment is building much broader exposure across drones, counter-UAS, and adjacent defense technologies rather than relying only on its legacy loitering-munitions franchise. The main issue is the forward outlook. FY27 guidance came in below where the market had been, even after the strong quarter, which suggests integration costs, mix, or timing effects are likely to weigh on near-term earnings conversion. The immediate stock reaction was still positive, with shares rising about 12% after hours, which indicates investors focused more on the scale of the beat and backlog growth than on the softer full-year guide. The principal variables to monitor are backlog conversion, BlueHalo integration, margin progression as the acquired businesses are absorbed, and whether FY27 guidance proves conservative. 1Q27 recommended trading range: $100 to $250. Neutral Outlook.
AeroVironment, Inc.（AVAV)
- 26财年第四季度营收：6.4162亿美元，同比大增133.3%，超出预期8253万美元
- 26财年第四季度非公认会计准则每股收益：1.84美元，显著超出预期0.37美元
- 27财年全年指引：营收21.3亿–22.3亿美元，调整后EPS 3.02–3.34美元，均低于市场此前预期 积压订单（Funded Backlog 增至约12亿美元（去年同期为7.27亿美元）
- 短评：本季度财报数据极为强劲。营收翻倍以上增长，盈利大幅超预期，积压订单显著扩张，主要受益于对BlueHalo和Empirical Systems Aerospace的成功收购。公司正从传统的“游荡弹药”（loitering munitions）供应商，快速转型为覆盖军用无人机、反无人机系统（counter-UAS）的综合性国防科技平台，业务广度与战略价值明显提升。然而，前瞻性指引偏保守：尽管当季表现惊艳FY27营收与盈利指引却低于市场预期，暗示并购整合成本、产品组合变化或项目交付节奏可能在短期内压制利润转化效率。市场对此反应分化——盘后股价仍上涨约12%，显示投资者更看重订单规模与增长动能，而非短期盈利指引的下调。后续关键变量包括:（1）12亿美元积压订单向收入的转化速度；（2）BlueHalo等新收购资产的整合进展与协同效应释放；（3）随着并购业务并表，整体毛利率与运营杠杆能否稳步改善；（4）当前FY27指引是否过于谨慎，为后续上调预留空间。若执行顺利，AeroVironment有望在国防现代化浪潮中持续扩大份额。27财年第一季度建议交易区间：100美元至250美元。中性前景。
