Updated
The most significant concentration AeroVironment discloses is U.S. government at 75%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: AeroVironment’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
“10-K Item 1A: 'Sales to the U.S. government, either as a prime contractor or subcontractor and inclusive of foreign military sales, represented approximately 75% of our revenue for the fiscal year ended April 30, 2025'”
“10-K Item 1A: 'The DoD, our principal U.S. government customer, accounted for approximately 35% of our revenue for the fiscal year ended April 30, 2025'”
“10-K Item 1: 'we generated approximately 20% of our revenue from the U.S. Army pursuant to orders placed under contract by the U.S. Army'”
“10-K Item 1: 'Ukraine accounted for 18% of our total sales revenue'”
The company's revenue base is heavily weighted toward a single buyer: the U.S. government accounted for approximately 75% of revenue in the fiscal year ended April 30, 2025, a high-share customer concentration by disclosed size. Within that broad government relationship, the Department of Defense was the principal customer at approximately 35% of revenue — a moderate-share dependency — and the U.S. Army specifically contributed approximately 20% of revenue, a low-share but named dependency under a specific contract vehicle. The character across all three is mixed: structural in that the company's product suite is purpose-built for defense end-markets, and dependency in that a significant portion of revenue flows from specific government programs and procurement decisions that can be reduced, delayed, or restructured unilaterally by the customer. A distinct and notable dependency sits alongside these U.S. government exposures: Ukraine represented 18% of total sales revenue, a low-share but politically sensitive geographic dependency whose continuity is contingent on ongoing conflict, foreign military aid authorizations, and allied government funding decisions — variables that are considerably less predictable than typical defense procurement cycles. Together the profile is dominated by government-buyer concentration across multiple layers, with an additional geopolitical risk channel through the Ukraine relationship. The variables most worth monitoring are U.S. defense budget cycles, specific program authorizations, and foreign military aid flows.
For the engine’s reasoning on AVAV’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BA | Boeing Company (The) | 2 | 3 | 0 | 5 |
| AVAV● | AeroVironment, Inc. | 1 | 1 | 2 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.