AVAV: 4Q26 beat, conservative FY27 guide, set for positive momentum inflection; maintain OP, PT to $210

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AVAV: 4Q26 beat, conservative FY27 guide, set for positive momentum inflection; maintain OP, PT to $210

RBC Capital Markets, LLC

Ken Herbert (Analyst)

(415) 633-8583, ken.herbert@rbccm.com

Stephen Strackhouse (Vice President)

(212) 905-5943, stephen.strackhouse@rbccm.com

Kevin Liu (Senior Associate)

(646) 618-6929, kevin.liu@rbccm.com

Sanika Merchant (Associate)

June 29, 2026 (332) 204-1773, sanika.merchant@rbccm.com

AeroVironment, Inc.RESEARCH 4Q26 beat, conservative FY27 guide, set for Outperform

positive momentum inflection; maintain OP, PT to NASDAQ: AVAV; USD 139.00

$210 Price Target USD 210.00 ↓ 250.00

Scenario Analysis* Our view: AeroVironment (AVAV) reported fiscal 4Q26 revenue of $642M,

up 31% organically. The strong 4Q26 results should help with confidence Downside Current Price Upside

into FY27, and we believe the conservative FY27 guide is a net positive. Scenario Price Target Scenario

The focus remains on execution and the FY27 budget outlook, but we 120.00 139.00 210.00 260.00

14% 51% 87%EQUITY remain confident in the outlook for AVAV's key drone and counter-UAS

markets. The 4Q26 bookings were strong, and we believe the increased *Implied Total Returns

FY27 investments will support a stronger organic growth outlook. We are Key Statistics

maintaining our Outperform rating but lowering our price target to $210, SharesDividend:O/S (MM): 46.00.00 MarketYield: Cap (MM): 6,3940.0%

reflecting a more conservative multiple on the FY27 budget risk. Avg. Daily Volume: 1,416,428

Key points: RBC Estimates

Strong 4Q26 results should help shift stock momentum. AVAV reported FY Apr 2025A 2026A 2027E 2028E Revenue 820.6 1,976.8 2,180.0 2,450.0 total revenues of $642M, with adj. EBITDA margins of 21.8%. The 1.1x Prev. 1,895.2 2,170.0 2,480.0