Detailed financial statements for Avnet, Inc. (AVT): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Avnet, Inc., established in Phoenix, Arizona, in 1921, operates as a global technology distributor and solutions provider. The company specializes in marketing, selling, and distributing electronic components, with its business activities structured into two distinct segments: Electronic Components and Farnell.
Analysis Summary
Avnet, Inc. reported revenue of $27.63B in the most recent fiscal year, growing at a 5-year CAGR of 7.2%. Net income reached $334.4M, with a 11.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 10.4%, operating margin 3.1%, net margin 1.2%.
At $89.65 (closing price, October 29, 2026), AVT trades at a P/E of 22.47 and an ROE of 6.77%. Market capitalisation stands at $7.4B.
Balance sheet quality for AVT: current ratio of 1.8, net debt of $3.32B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$354.5M represents -106% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.44B | $19.04B | $19.52B | $17.63B | $19.53B | $24.31B | $26.54B | $23.76B | $22.20B | $27.63B |
| Cost of Revenue | $15.07B | $16.51B | $17.03B | $15.57B | $17.29B | $21.35B | $23.35B | $20.99B | $19.82B | $24.75B |
| Gross Profit | $2.37B | $2.53B | $2.49B | $2.06B | $2.24B | $2.97B | $3.18B | $2.77B | $2.38B | $2.88B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.79B | $1.99B | $1.87B | $1.84B | $1.87B | $1.99B | $1.97B | $1.87B | $1.76B | $2.02B |
| Operating Expenses | $1.93B | $2.32B | $2.12B | $2.07B | $1.96B | $2.03B | $2.00B | $1.92B | $1.76B | $2.02B |
| Operating Income | $443.7M | $209.2M | $365.9M | -$4.6M | $281.4M | $939.0M | $1.19B | $844.4M | $622.6M | $859.5M |
| EBITDA | $565.3M | $472.7M | $552.3M | $236.1M | $451.1M | $1.09B | $1.38B | $1.06B | $626.2M | $855.3M |
| Interest Expense | $99.6M | $92.7M | $134.9M | $122.7M | $89.5M | $100.4M | $250.9M | $282.9M | $250.5M | $253.1M |
| Pre-tax Income | $310.4M | $145.1M | $236.6M | -$129.6M | $172.9M | $833.3M | $982.9M | $632.3M | $250.6M | $467.4M |
| Income Tax | $47.1M | $288.0M | $60.3M | -$98.5M | -$20.2M | $141.0M | $212.0M | $133.6M | $10.4M | $133.0M |
| Net Income | $525.3M | -$156.4M | $176.3M | -$31.1M | $193.1M | $692.4M | $770.8M | $498.7M | $240.2M | $334.4M |
| EPS | $4.13 | $-1.30 | $1.61 | $-0.29 | $1.95 | $7.02 | $8.37 | $5.51 | $2.78 | $4.07 |
| EPS (Diluted) | $4.08 | $-1.30 | $1.59 | $-0.29 | $1.93 | $6.94 | $8.26 | $5.43 | $2.75 | $4.01 |
| Shares Outstanding (Diluted) | 128.7 M | 119.9 M | 110.8 M | 100.5 M | 100.2 M | 99.8 M | 93.4 M | 91.8 M | 87.4 M | 83.4 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $5.90B | $6.32B | $7.12B | $8.30B |
| Gross Profit | $614.8M | $663.0M | $739.1M | $865.0M |
| Operating Income | $150.3M | $171.4M | $220.3M | $317.5M |
| EBITDA | $167.9M | $185.1M | $237.8M | $264.5M |
| Net Income | $51.7M | $61.7M | $94.3M | $126.6M |
| EPS | $0.62 | $0.76 | $1.15 | $1.54 |
| EPS (Diluted) | $0.61 | $0.75 | $1.14 | $1.49 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $836.4M | $621.1M | $546.1M | $477.0M | $199.7M | $153.7M | $288.2M | $310.9M | $192.4M | $155.4M |
| Short-term Investments | $281.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $3.34B | $3.64B | $3.17B | $2.93B | $3.58B | $4.30B | $4.76B | $4.39B | $4.33B | $6.88B |
| Inventory | $2.82B | $3.14B | $3.01B | $2.73B | $3.24B | $4.24B | $5.47B | $5.47B | $5.24B | $6.07B |
| Total Current Assets | $7.53B | $7.61B | $6.88B | $6.33B | $7.16B | $8.88B | $10.75B | $10.37B | $10.02B | $13.33B |
| Property, Plant & Equipment | $519.6M | $522.9M | $452.2M | $680.5M | $634.4M | $542.3M | $663.3M | $777.1M | $869.1M | $893.5M |
| Goodwill | $1.15B | $980.9M | $876.7M | $773.7M | $838.1M | $758.8M | $780.6M | $781.0M | $837.0M | $810.2M |
| Intangible Assets | $277.3M | $219.9M | $143.5M | $65.4M | $28.5M | $12.7M | 0 | 0 | 0 | 0 |
| Total Assets | $9.70B | $9.60B | $8.56B | $8.17B | $8.93B | $10.39B | $12.48B | $12.21B | $12.12B | $15.43B |
| Accounts Payable | $1.86B | $2.27B | $1.86B | $1.75B | $2.40B | $3.43B | $3.37B | $3.35B | $3.49B | $6.05B |
| Short-term Debt | $50.1M | $165.4M | $300.5M | $53.4M | $23.1M | $174.4M | $70.6M | $546.7M | $87.3M | $734.0M |
| Total Current Liabilities | $2.45B | $2.97B | $2.58B | $2.28B | $3.06B | $4.25B | $4.25B | $4.47B | $4.13B | $7.50B |
| Long-term Debt | $1.73B | $1.49B | $1.42B | $1.42B | $1.19B | $1.44B | $2.99B | $2.41B | $2.57B | $2.48B |
| Total Liabilities | $4.52B | $4.91B | $4.42B | $4.45B | $4.84B | $6.20B | $7.73B | $7.28B | $7.11B | $10.40B |
| Retained Earnings | $3.80B | $3.24B | $2.77B | $2.42B | $2.52B | $2.92B | $3.38B | $3.60B | $3.43B | $3.51B |
| Total Equity | $5.18B | $4.69B | $4.14B | $3.73B | $4.08B | $4.19B | $4.75B | $4.93B | $5.01B | $5.02B |
| Total Debt | $1.78B | $1.65B | $1.72B | $1.73B | $1.51B | $1.87B | $3.30B | $3.18B | $2.88B | $3.48B |
| Net Debt | $661.6M | $1.03B | $1.17B | $1.25B | $1.31B | $1.71B | $3.01B | $2.87B | $2.69B | $3.32B |
| Working Capital | $5.08B | $4.64B | $4.30B | $4.05B | $4.11B | $4.62B | $6.50B | $5.91B | $5.89B | $5.83B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $175.5M | $286.5M | $202.4M | $155.4M |
| Total Assets | $12.41B | $13.15B | $13.49B | $15.43B |
| Total Liabilities | $7.57B | $8.22B | $8.54B | $10.40B |
| Total Equity | $4.85B | $4.94B | $4.95B | $5.02B |
| Total Debt | $3.20B | $3.34B | $3.17B | $3.48B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $263.4M | -$142.9M | $180.1M | -$31.1M | $193.1M | $692.4M | $770.8M | $498.7M | $240.2M | $334.4M |
| Depreciation & Amortization | $155.4M | $234.9M | $180.8M | $242.9M | $188.7M | $155.2M | $143.0M | $140.5M | $125.2M | $134.7M |
| Stock-based Compensation | $47.7M | $24.0M | $30.1M | $26.8M | $29.3M | $36.7M | $38.8M | $33.5M | $36.4M | $48.7M |
| Change in Working Capital | -$246.3M | -$6.2M | -$4.6M | $335.1M | -$372.5M | -$1.09B | -$1.68B | $11.2M | $402.2M | -$108.9M |
| Operating Cash Flow | -$368.7M | $253.5M | $534.8M | $730.2M | $90.9M | -$219.3M | -$713.7M | $690.0M | $724.5M | -$280.9M |
| Capital Expenditure | -$120.4M | -$155.9M | -$122.7M | -$73.5M | -$50.4M | -$48.9M | -$194.7M | -$226.5M | -$147.5M | -$73.6M |
| Acquisitions | -$802.7M | -$15.3M | -$56.4M | -$51.5M | -$18.4M | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | -$275.9M | -$323.5M | -$568.7M | -$237.8M | 0 | -$184.4M | -$221.7M | -$162.7M | -$303.5M | -$138.3M |
| Dividends Paid | -$88.7M | -$88.3M | -$87.2M | -$84.0M | -$84.3M | -$98.5M | -$106.3M | -$112.0M | -$113.3M | -$114.4M |
| Free Cash Flow | -$489.1M | $97.6M | $412.1M | $656.7M | $40.6M | -$268.2M | -$908.4M | $463.5M | $577.0M | -$354.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$144.6M | $208.2M | -$53.8M | -$290.7M |
| Capital Expenditure | -$24.6M | -$15.4M | -$16.9M | -$16.8M |
| Free Cash Flow | -$169.2M | $192.9M | -$70.7M | -$307.5M |
| Dividends Paid | -$28.5M | -$28.5M | -$28.7M | -$28.7M |
| Stock-based Compensation | $9.7M | $16.1M | $9.9M | $13.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.2% | +2.5% | -9.7% | +10.8% | +24.4% | +9.2% | -10.5% | -6.6% | +24.5% | |
| Net Income Growth (YoY) | -129.8% | +212.7% | -117.6% | +721.3% | +258.5% | +11.3% | -35.3% | -51.8% | +39.2% | |
| EPS Growth (YoY) | -131.5% | +223.8% | -118.0% | +772.4% | +260.0% | +19.2% | -34.2% | -49.5% | +46.4% | |
| Shares Change (YoY) | -6.8% | -7.6% | -9.3% | -0.3% | -0.3% | -6.5% | -1.6% | -4.8% | -4.6% | |
| FCF Growth (YoY) | +120.0% | +322.2% | +59.4% | -93.8% | -760.8% | -238.7% | +151.0% | +24.5% | -161.4% | |
| Gross Margin | 13.6% | 13.3% | 12.7% | 11.7% | 11.5% | 12.2% | 12.0% | 11.6% | 10.7% | 10.4% |
| Operating Margin | 2.5% | 1.1% | 1.9% | -0.0% | 1.4% | 3.9% | 4.5% | 3.6% | 2.8% | 3.1% |
| EBITDA Margin | 3.2% | 2.5% | 2.8% | 1.3% | 2.3% | 4.5% | 5.2% | 4.4% | 2.8% | 3.1% |
| Net Margin | 3.0% | -0.8% | 0.9% | -0.2% | 1.0% | 2.8% | 2.9% | 2.1% | 1.1% | 1.2% |
| FCF Margin | -2.8% | 0.5% | 2.1% | 3.7% | 0.2% | -1.1% | -3.4% | 2.0% | 2.6% | -1.3% |
| Effective Tax Rate | 15.2% | 198.5% | 25.5% | 76.0% | -11.7% | 16.9% | 21.6% | 21.1% | 4.1% | 28.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.80 | $0.81 | $3.72 | $6.54 | $0.41 | $-2.69 | $-9.73 | $5.05 | $6.60 | $-4.25 |
| Dividends Per Share | $0.69 | $0.74 | $0.79 | $0.84 | $0.84 | $0.99 | $1.14 | $1.22 | $1.30 | $1.37 |
| Shares Outstanding (Basic) | 127.0 M | 119.9 M | 109.8 M | 100.5 M | 99.3 M | 98.7 M | 92.0 M | 90.6 M | 86.3 M | 82.2 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 6.77% |
| Return on Invested Capital | 7.06% |
| Return on Assets | 2.17% |
| Gross Margin | 10.43% |
| Operating Margin | 3.11% |
| Net Margin | 1.21% |
Financial Health
| Debt / Equity | 0.69 |
| Current Ratio | 1.78 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 3.16 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 9.41 | -32.99 | 28.12 | -89.79 | 20.53 | 6.02 | 6.03 | 9.34 | 19.09 | 21.22 |
| P/B | 0.95 | 1.10 | 1.20 | 0.70 | 0.97 | 0.99 | 0.98 | 0.95 | 0.91 | 1.41 |
| P/S | 0.28 | 0.27 | 0.25 | 0.15 | 0.20 | 0.17 | 0.17 | 0.20 | 0.21 | 0.26 |
| Gross Margin | 13.6% | 13.3% | 12.7% | 11.7% | 11.5% | 12.2% | 12.0% | 11.6% | 10.7% | 10.4% |
| Operating Margin | 2.5% | 1.1% | 1.9% | -0.0% | 1.4% | 3.9% | 4.5% | 3.6% | 2.8% | 3.1% |
| Net Margin | 3.0% | -0.8% | 0.9% | -0.2% | 1.0% | 2.8% | 2.9% | 2.1% | 1.1% | 1.2% |
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