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'”
“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 profile centers heavily on a single buyer type: sales to the U.S. government, as prime contractor or subcontractor and inclusive of foreign military sales, represented approximately 75% of revenue — a high-share exposure with a mixed character, reflecting both the structural nature of a defense-focused business model and genuine dependency on U.S. government budgets and procurement decisions. Within that government-heavy base, the Department of Defense specifically accounted for approximately 35% of revenue, a medium-share, mixed exposure that sits one layer inside the broader government total. Geographically, international sales — including foreign military sales where the end user is a foreign government — made up approximately 52% of revenue, a high-share, structural exposure showing the business is not domestically confined even though its ultimate counterparty is often still a government. Within that international mix, Ukraine alone accounted for 18% of total sales revenue, a low-share but geopolitically sensitive dependency given the volatility of a single conflict-driven demand source. Taken together, these exposures point toward a business whose fortunes are tied overwhelmingly to government defense budgets and foreign-policy-driven demand, with the Ukraine-specific piece the most likely single line to swing results if that conflict's demand pattern changes abruptly, even though its share is comparatively modest.
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 |
| 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.