Uncrewed defense systems · Loitering munitions (Switchblade)
AeroVironment
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.
AVAV Updated Jul 12, 2026 3 AI consumers· 3 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue $821M (+14.5%)
- Customer concentration · Switchblade 1,200/month; BlueHalo deal.
- Segments · Loitering munitions (Switchblade) · Recon drones · Space/cyber (BlueHalo)
Revenue from
- US military · allies (loitering munitions · drones) High confidence· Revenue ~$821M · 2025 · FY2025 revenue (+14.5%)
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.Confirms EN Army Recognition Published Jun 1, 2025: AeroVironment to produce 14,400 Switchblades/year - Space · cyber · directed energy (BlueHalo) Medium confidence
Space, cyber and directed energy added via BlueHalo — the growth engine behind $1.9-2.0B FY2026 guidance and the execution risk of integration.
Pays to
- Ambarella Medium confidence
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. - Teledyne Technologies Medium confidence
Teledyne supplies EO/IR sensors for AeroVironment's drones/munitions — a core component for night and precision targeting, with limited alternative sources. - Sensors · components · capacity expansion (undisclosed) Low confidence
Sensors, electronics sourcing and Salt Lake capacity expansion — the capex to clear backlog, where ramp bottlenecks are set.Confirms EN Army Recognition Published Jun 1, 2025: AeroVironment to produce 14,400 Switchblades/year
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| AeroVironment | node | -28.6 | +38.1 | +47.1 | +22.1 | +57.2 | -40.2 |
| Teledyne Technologies | benef1 | +11.5 | -8.5 | +11.6 | +4 | +10 | +19.6 |
| Ambarella | benef1 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| TSMC | benef2 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
YTD as of 2026-09-04 · source: Yahoo Finance
AeroVironment operates across Nasdaq, defense uncrewed systems, loitering munitions (Switchblade). After +57.2% in 2025, it gave back -40.2% in 2026. The supply side (avg +4.2%) leads the stock (-40.2%), with spending rippling down to suppliers first. Among connected nodes the furthest ahead is Teledyne Technologies (+19.6%) and the furthest behind is Ambarella (-11.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. 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.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $244 · Price $144.65 (09-04) · Upside +69%