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.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
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: 'We derived approximately 52% of our revenue from international sales, including U.S. government foreign military sales in which an end user is a foreign government, during 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: 'of which Ukraine accounted for 18% of our total sales revenue.'”
AeroVironment's concentration risk is dominated by a single counterparty: the U.S. government, as prime contractor or subcontractor and inclusive of foreign military sales, represented approximately 75% of fiscal 2025 revenue, a high-share exposure with mixed character spanning both budgetary risk and stable program relationships. Within that book, the DoD alone accounted for approximately 35% of revenue, a medium-share slice tied to specific defense-budget decisions rather than the broader government relationship. International sales, including foreign military sales, contributed approximately 52% of revenue, a high-share dependency that overlaps with the government concentration since much of it flows through U.S. government channels. Ukraine alone accounted for 18% of total sales revenue, a low-share but geopolitically sensitive dependency that could shift quickly with the conflict's trajectory. Netting these out, AVAV's risk centers on policy-driven demand: government appropriations, DoD program mix, and one geopolitical hotspot's demand are the more idiosyncratic swing factors, while broader international sales offer only partial diversification away from U.S. budget cycles.
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. | 2 | 1 | 1 | 4 |
| AIR | AAR Corp. | 1 | 2 | 1 | 4 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| 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.