{"slug":"aerovironment","name":"AeroVironment","name_en":"AeroVironment","ticker":"AVAV","updated_at":"2026-07-12T03:42:35.793943+00:00","canonical":"https://valuechain.wiki/aerovironment","same_as":["https://finance.yahoo.com/quote/AVAV","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1368622"],"citable":"밸류체인 그래프 기준 AeroVironment의 직접 연결 기업은 2곳(관계 기준 공급 2·매출 0)이고, 사슬을 2차까지 넓히면 3곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, AeroVironment is directly linked to 2 companies (2 supply, 0 revenue relationships) and reaches 3 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"나스닥 · 방산 무인체계 · 배회폭탄(Switchblade)","kicker_en":"Nasdaq · defense uncrewed systems · loitering munitions (Switchblade)","lead":"미군·동맹의 소형 무인기와 배회폭탄(Switchblade 300/600)을 공급하는 방산 기업으로, 우크라이나 이후 드론전 수요가 이 노드의 핵심 동력이다. FY2025 매출 $8.21억(+14.5%)에 Switchblade 백로그 $7.64억, 연 14,400대(월 1,200대)로 증산 중이다. 2025년 BlueHalo 인수로 우주·사이버·지향성 에너지를 더하며 FY2026 매출 가이던스를 $19~20억으로 두 배 이상 키웠다 — 지금 봐야 할 것은 이 인수의 통합과 백로그의 매출 전환 속도다.","lead_en":"A defense firm supplying US and allied forces with small drones and loitering munitions (Switchblade 300/600), where post-Ukraine drone-warfare demand is the core driver. FY2025 revenue was $821M (+14.5%) with a Switchblade backlog of $764M, scaling to 14,400/year (1,200/month). Its 2025 BlueHalo acquisition added space, cyber and directed energy, more than doubling FY2026 revenue guidance to $1.9-2.0B — what matters now is the integration of that deal and the pace at which backlog converts to revenue.","segments":{"fy":2025,"parts":[{"desc":"미군·동맹 주력 배회폭탄(300/600). 백로그 $7.64억을 월 1,200대 증산으로 소화 중 — 드론전 수요의 직접 수혜 축.","name":"배회폭탄(Switchblade)"},{"desc":"소형 정찰 드론(Puma·Raven 계열)으로 무인체계 저변을 형성 — 배회폭탄과 함께 지상군 ISR 수요를 잡는 축.","name":"무인 정찰기"},{"desc":"2025년 BlueHalo 인수로 편입된 우주·사이버·지향성 에너지 — FY2026 가이던스를 $19~20억으로 두 배 키운 성장 축이자 통합 리스크.","name":"우주·사이버(BlueHalo)"}],"total":"FY2025 매출 $821M (+14.5%)","concentration":"Switchblade 월 1,200대. BlueHalo 인수."},"segments_en":{"fy":2025,"parts":[{"desc":"Flagship loitering munitions (300/600) for US/allied forces. A $764M backlog being worked down at 1,200/month — the direct beneficiary of drone-warfare demand.","name":"Loitering munitions (Switchblade)"},{"desc":"Small recon drones (Puma/Raven family) forming the uncrewed-systems base — capturing ground-force ISR demand alongside munitions.","name":"Recon drones"},{"desc":"Space, cyber and directed energy folded in via the 2025 BlueHalo acquisition — the growth axis that doubled FY2026 guidance to $1.9-2.0B, and the integration risk.","name":"Space/cyber (BlueHalo)"}],"total":"FY2025 revenue $821M (+14.5%)","concentration":"Switchblade 1,200/month; BlueHalo deal."},"returns_yearly":{"2021":-28.6,"2022":38.1,"2023":47.1,"2024":22.1,"2025":57.2,"2026":-40.2},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"teledyne","name":"Teledyne","name_en":"Teledyne 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High-Tech","tier":3,"returns_yearly":null}],"analysis":"에어로바이런먼트는 드론전 구조 변화의 순수 수혜주에서 방산 플랫폼 기업으로 변신하는 중이다. Switchblade 배회폭탄은 우크라이나 이후 표준 무기가 되며 백로그 $7.64억·월 1,200대 증산으로 수요가 선확정됐고, 2025년 BlueHalo 인수는 우주·사이버·지향성 에너지를 더해 FY2026 매출 가이던스를 $19~20억으로 두 배 키웠다. 2025년 +57% 급등 뒤 2026년 되돌림은 실적 훼손이 아니라 밸류에이션 정상화에 가깝다 — 관건은 백로그의 매출 전환과 BlueHalo 통합 시너지다. 원가단에서는 Ambarella(엣지 AI 비전 SoC)·Teledyne(EO/IR 센서) 같은 부품 공급사에 의존해, 증산이 이들에게 먼저 파급된다. 재평가 트리거는 Switchblade 생산 램프, BlueHalo 수익 기여, 그리고 국방예산 사이클이다.","analysis_en":"AeroVironment is morphing from a pure beneficiary of the drone-warfare shift into a defense-platform company. Switchblade loitering munitions have become a standard weapon post-Ukraine, with demand pre-committed via a $764M backlog and a ramp to 1,200/month, while the 2025 BlueHalo acquisition added space, cyber and directed energy and doubled FY2026 revenue guidance to $1.9-2.0B. The 2026 give-back after a +57% surge in 2025 looks like valuation normalization rather than a fundamentals break — the swing factors are backlog-to-revenue conversion and BlueHalo integration synergies. On the cost side it depends on component suppliers like Ambarella (edge AI vision SoCs) and Teledyne (EO/IR sensors), so the ramp ripples to them first. Re-rating triggers are the Switchblade production ramp, BlueHalo's earnings contribution, and the defense-budget cycle.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"미군·동맹 (배회폭탄·드론)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"FY2025 매출(+14.5%)","value":820630000,"period":"2025","basis_en":"FY2025 revenue (+14.5%)","qualifier":"approx"},"note":"미군·동맹에 Switchblade와 정찰 드론 공급이 매출의 근간. FY2025 $8.21억(+14.5%), 백로그 $7.64억을 월 1,200대로 소화 — 정부 발주가 실적 가시성의 핵심.","note_en":"Switchblade and recon-drone sales to US/allied forces are the revenue base. FY2025 $821M (+14.5%), a $764M backlog worked at 1,200/month — government orders anchor earnings visibility.","sources":[{"stance":"confirms","publisher":"Army Recognition","publisher_en":"Army Recognition","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.armyrecognition.com/news/army-news/2025/aerovironment-to-produce-14-400-switchblades-loitering-munitions-per-year-in-the-us","title":"AeroVironment, Switchblade 연 14,400대 증산","title_en":"AeroVironment to produce 14,400 Switchblades/year","excerpt":"Switchblade 연 14,400대, 백로그 $764M.","excerpt_en":"Switchblade 14,400/yr; $764M backlog."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-04","url":"https://www.sec.gov/Archives/edgar/data/1368622/000155837025002171/avav-20250304xex99d1.htm","title":"AeroVironment FY2025 실적(8-K)","title_en":"AeroVironment FY2025 results (8-K)","excerpt":"Switchblade 연 14,400대, 백로그 $764M.","excerpt_en":"Switchblade 14,400/yr; $764M backlog."}]},{"direction":"cost","counterparty":"Ambarella","counterparty_slug":"ambarella","confidence":"mid","metric":null,"note":"드론·배회폭탄의 비전·표적인지에 앰바렐라 엣지 AI 비전 SoC를 채용 — 자율 표적 기능의 두뇌로, 증산이 앰바렐라 수요로 직접 파급.","note_en":"Uses Ambarella edge-AI vision SoCs for the vision/targeting of its drones and munitions — the brains of autonomous targeting, so its ramp flows straight into Ambarella demand.","sources":[{"stance":"confirms","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://beyondspx.com/quote/AVAV/news/aerovironment-secures-743-million-additional-contract-ceiling-for-switchblade-systems-receives-549-m","title":"AeroVironment, Switchblade $743M 계약·BlueHalo","title_en":"AeroVironment $743M Switchblade ceiling; BlueHalo","excerpt":"드론·배회폭탄 비전·인지에 엣지 AI 비전 SoC 활용.","excerpt_en":"Uses edge AI vision SoCs for drone and munition vision/perception."}]},{"direction":"revenue","counterparty":"우주·사이버·지향성에너지 (BlueHalo)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"BlueHalo 인수로 편입된 우주·사이버·지향성 에너지 — FY2026 $19~20억 가이던스의 성장 엔진이자 통합 실행 리스크.","note_en":"Space, cyber and directed energy added via BlueHalo — the growth engine behind $1.9-2.0B FY2026 guidance and the execution risk of integration.","sources":[{"stance":"confirms","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://beyondspx.com/quote/AVAV/news/aerovironment-secures-743-million-additional-contract-ceiling-for-switchblade-systems-receives-549-m","title":"AeroVironment, Switchblade $743M 계약·BlueHalo","title_en":"AeroVironment $743M Switchblade ceiling; BlueHalo","excerpt":"BlueHalo로 고성장 영역 확장.","excerpt_en":"BlueHalo expands into high-growth areas."}]},{"direction":"cost","counterparty":"Teledyne","counterparty_slug":"teledyne","confidence":"mid","metric":null,"note":"테레다인이 에어로바이런먼트 드론·배회폭탄에 EO/IR 센서 공급 — 야간·정밀 표적의 핵심 부품으로 대체 공급선이 제한적.","note_en":"Teledyne supplies EO/IR sensors for AeroVironment's drones/munitions — a core component for night and precision targeting, with limited alternative sources.","sources":[{"stance":"confirms","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://beyondspx.com/quote/AVAV/news/aerovironment-secures-743-million-additional-contract-ceiling-for-switchblade-systems-receives-549-m","title":"AeroVironment, Switchblade $743M 계약·BlueHalo","title_en":"AeroVironment $743M Switchblade ceiling; BlueHalo","excerpt":"에어로바이런먼트 드론·munition에 EO/IR 센서 공급.","excerpt_en":"EO/IR sensors to AeroVironment drones/munitions."}]},{"direction":"cost","counterparty":"센서·부품·증설 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"센서·전자부품 조달과 솔트레이크 공장 증설 — 백로그 소화를 위한 캐파 투자로, 증산 병목이 여기서 결정.","note_en":"Sensors, electronics sourcing and Salt Lake capacity expansion — the capex to clear backlog, where ramp bottlenecks are set.","sources":[{"stance":"confirms","publisher":"Army Recognition","publisher_en":"Army Recognition","kind":"news","lang":"en","published_at":"2025-06-01","url":"https://www.armyrecognition.com/news/army-news/2025/aerovironment-to-produce-14-400-switchblades-loitering-munitions-per-year-in-the-us","title":"AeroVironment, Switchblade 연 14,400대 증산","title_en":"AeroVironment to produce 14,400 Switchblades/year","excerpt":"FreedomWerx 증산.","excerpt_en":"FreedomWerx capacity expansion."}]}]}