AVAV vs AVEX: How AeroVironment and AEVEX Corp. Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AVAV is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AVAV and AVEX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AVAV and AVEX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

AeroVironment (AVAV) is a defense technology company specializing in unmanned and autonomous systems. It is best known for small, man-portable drones used by militaries for reconnaissance and surveillance, and for loitering munitions, notably the Switchblade family, which are precision-strike drones that have drawn significant attention from conflicts and rising global demand. AeroVironment also builds larger unmanned aircraft systems, uncrewed ground robots, and develops autonomy software and counter-drone solutions. Its primary customer is the US Department of Defense, with growing international and allied-government sales. The company has expanded through acquisitions into adjacent areas such as space, loitering munitions, and autonomy. The investment story centers on the structural growth of drones and autonomous systems in modern warfare, where small, attritable, intelligent systems are reshaping how militaries operate. Founded in 1971 and historically associated with pioneering work in efficient flight, AeroVironment is headquartered in Arlington, Virginia, and is a mid-cap defense growth company tied closely to defense budgets and procurement.

Full AVAV guide

AEVEX Corp. was founded in 2017 and runs two segments. Tactical Systems designs and builds attritable unmanned systems: the Phoenix Ghost loitering munition family (including the Disruptor and Dominator variants first revealed publicly when the Pentagon sent 121 units to Ukraine in April 2022), plus the Mako unmanned surface vessel shown at the Special Operations Forces trade show in May 2026, which the company rates at up to 50 knots. Global Solutions is the services half: airborne ISR, processing and exploitation of collected imagery, and in-theater manufacturing and sustainment close to the units using the hardware. Roughly ~78% of revenue comes from government customers, the company employs about ~650 people, and it says it has more than ~10,200 systems committed through the end of 2026.

Full AVEX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AVAV drivers: Loitering munitions demand; Small unmanned systems franchise.
• AVEX drivers: One-way attack drone procurement moving from experiment to program of record; Attritable economics fit the way the US now plans to fight.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: AeroVironment depends heavily on US defense procurement, so budget cycles, appropriations timing, and program decisions cause lumpy, hard-to-predict revenue and order flow. For AVEX, customer concentration is the dominant exposure: roughly ~78% of revenue comes from government buyers, so a continuing resolution, a program cancellation or a reprioritization inside the unmanned systems budget can move a full year of results.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AVAV if you believe its drivers more; AVEX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AVAV and AVEX guides.

AVAV. AeroVironment trades on a growth multiple that reflects its leadership in fast-growing drone and loitering-munition categories rather than current earnings. The valuation embeds expectations of sustained defense procurement growth and successful expansion into autonomy and space. It is more volatile and richly valued than traditional defense primes, sensitive to order timing and conflict-driven demand swings.

AVEX. AEVEX is profitable, which distinguishes it from most drone-adjacent listings, but the earnings base is thin relative to the market value, so the multiple carries the story. First quarter 2026 revenue of ~$216.7 million against ~$53.3 million a year earlier is not a like-for-like organic comparison, and the pre-IPO reporting history is short. The August 12, 2026 second quarter release is the first clean read on margin progression as a public company.

Headline figures (approximate, early 2026): AVAV shows revenue (ttm) ~$800 million-$1 billion, operating margin ~low-double-digit percent, net income (ttm) Modest; growth reinvested, p/e (ttm) Elevated (growth multiple); AVEX shows revenue (ttm) ~$596 million, up ~10.4% year over year, net income (ttm) ~$29.6 million, or ~$0.33 per share, market capitalization ~$2.5 billion on ~114 million shares, p/e ratio (trailing) ~67x at a share price near ~$22.

AVAV and AVEX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AVAV and AVEX exposure against your real portfolio. It is not an investment adviser.