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: 'of which Ukraine accounted for 18% of our total sales revenue'”
AeroVironment's disclosed concentration is anchored in government demand. Sales to the U.S. government, either as a prime contractor or subcontractor and inclusive of foreign military sales, represented approximately 75% of revenue, a high-share exposure that is structural in character. Defense is the company's end market, so this is less a single-counterparty risk than a reflection of the industry it serves; it ties results to appropriations, program awards and procurement policy. Layered on top is a geographic item: the filing says Ukraine accounted for 18% of total sales revenue, a low-share exposure that is also structural. It is worth reading together with the government figure, since the filing frames it as part of the government-related sales, and it points to demand tied to a specific conflict rather than to a durable, broad customer base. Together, the exposures say the business is concentrated by customer type first and by a single theater second. The government share is the larger driver and would be the item that could move the verdict through budget or policy changes, while the Ukraine share adds event-driven variability. Both are clearly disclosed in the most recent 10-K.
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 | 0 | 1 | 2 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 1 | 1 | 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.