HIGHBuilt-inGeographic
53%
foreign customers
“10-K Item 1: 'Sales revenue to foreign customers, inclusive of foreign military sales made through the U.S. DoD, commercial and consumer customers accounted for the remaining 53% of sales revenue'”
AVAV · Concentration risk · 10-K extracted
AeroVironment (AVAV) concentration risks
Updated
The most significant concentration AeroVironment discloses is foreign customers at 53%, 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.
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Source: AeroVironment’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM1
LOW2
Disclosed concentrations
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).
MEDIUMBuilt-inCustomer
27%
other U.S. government agencies and subcontractors
“10-K Item 1: 'other U.S. government agencies and government subcontractors accounted for 27% of our sales revenue'”
LOWBuilt-in & outside partyCustomer
20%
U.S. Army
“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'”
LOWOutside partyCustomer
18%
Ukraine
“10-K Item 1: 'of which Ukraine accounted for 18% of our total sales revenue'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-26AeroVironment's revenue concentration spans both geography and customer type, with the largest exposure being structural rather than idiosyncratic. Foreign customers — including foreign military sales made through the U.S. DoD, plus commercial and consumer customers — accounted for 53% of sales revenue, a high-share exposure that reflects the global nature of the defense and unmanned-systems market rather than dependence on any one buyer. A second, medium-share layer comes from other U.S. government agencies and government subcontractors, which accounted for 27% of sales revenue, again a structural feature of a business built around U.S. government procurement. Beneath these broader categories sit two smaller, low-share exposures with different characters. The U.S. Army specifically contributed approximately 20% of revenue, a mixed exposure that combines durable, program-based demand with reliance on a single service branch's budget decisions. Ukraine accounted for 18% of total sales revenue, a low-share but dependency-driven exposure tied to a single country's ongoing conflict-related demand, which could prove more idiosyncratic and less durable than the other exposures. On balance, the two largest lines are structural features of AeroVironment's global government-and-defense business model, while the Army and Ukraine lines — though each low-share — are the pieces most sensitive to a single decision-maker or geopolitical shift.
For the engine’s reasoning on AVAV’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Aerospace & Defense
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| BA | Boeing Company (The) | 2 | 3 | 0 | 5 |
| AIR | AAR Corp. | 1 | 2 | 0 | 3 |
| AVAV● | AeroVironment, Inc. | 1 | 1 | 2 | 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.