Avnet Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The yellow light here signals an open operational question, not a substance risk: Avnet's balance sheet is solid (equity ratio 32.6 percent, interest coverage roughly 2.9 times, no governance or accounting breach in the filings reviewed), and the company refinanced itself in the capital markets without difficulty in August 2026. What remains open is how much of the spectacular fourth-quarter fiscal 2026 acceleration (+47.7 percent) is durable: the CFO himself quantified roughly a third of it as coming from higher memory chip prices — a cycle that can turn as fast as it arrived. At the same time, operating cash flow is negative for the first time in years because growth must be pre-financed, and margins remain structurally thin (net margin roughly 1.2 percent) without a wide moat. That is the textbook case of erratic, cycle-dependent profitability without a documented substance risk — under the caution rule, the more conservative level applies, so yellow rather than green. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Avnet delivered a record fiscal 2026 with $27.63 billion in revenue and an acceleration to +47.7 percent in the fourth quarter — after two soft years of declining revenue and profit. Roughly a third of the latest growth surge, per the CFO, comes from higher memory chip prices, a cyclical effect rather than a lasting market-share shift. Operating cash flow turned negative despite rising profit, as growth inflates inventory and receivables. The balance sheet remains solid, but a single supplier and the semiconductor industry as a whole remain concentration risks. Not investment advice.
Growth
Revenue hit a record $27.63 billion in fiscal 2026, up 24.5 percent from fiscal 2025, spread broadly across all regions and both segments. In the fourth quarter, growth accelerated to +47.7 percent year over year, driven by both volume and pricing per the annual report.
Acceleration: cycle, not market share
CFO Ken Jacobson said on the 08/05/2026 earnings call that roughly one-third of the latest growth came from higher memory chip prices, not pure volume growth. That is not a fraud or accounting finding, but a signal that a meaningful portion of the 47.7 percent headline is cyclical, not permanent.
Margins and profitability
Gross margin 10.4 percent, net margin roughly 1.2 percent (FY2026) — structurally thin, typical for a distributor without a wide moat. Adjusted EPS grew a disproportionate 65 percent in fiscal 2026, but reported net income of $334.4 million remains well below the 2022/2023 level ($692-771 million).
Cash flow
Operating cash flow turned to -$280.9 million in fiscal 2026 (FY2025: +$724.5 million), because inventory and receivables must be pre-financed for growth. That growth is currently being funded through additional debt rather than internally generated cash.
Balance sheet and leverage
Equity ratio 32.6 percent, interest coverage (operating income to interest expense) roughly 2.9 times, no going-concern language. Total debt rose from $2.66 billion to $3.21 billion, yet Avnet successfully refinanced in the bond market in August 2026 ($550 million at 5.65 percent) — a sign of continued market access.
Concentration risk
A single, unnamed supplier accounts for more than 10 percent of sales per the annual report; roughly 79 percent of sales depend on the cyclical semiconductor industry, and roughly 78 percent on business outside the U.S., with corresponding currency and trade risk.
Worth Noting
AVT reached our research list via our in-house stock scanner "revenue inflection" (rank 1 of 28 matches, as of August 24, 2026).
Exchange history: Avnet, Inc. (Nasdaq: AVT) traded on the NYSE until May 2018; since then it trades exclusively on the Nasdaq Global Select Market.
Filer status: as a U.S. domestic filer, Avnet files annual reports on Form 10-K and quarterly reports on Form 10-Q — unlike foreign private issuers (20-F/6-K), a detailed report exists for every quarter.
Analyses are evergreen: every figure carries its own as-of date. Price, valuation, and analyst data are as of August 21-24, 2026 and are not a reason to buy.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AVT since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 44.40 $ to 99.60 $ · Last price: 93.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electronics & Computer Distribution
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Avnet Inc AVT | 7.6 | 33.7 | 12.8 | 10.4 | 3.1 | -6.6 | 81.7 |
| Synnex Corporation SNX | 21.4 | 17.9 | 11.0 | 7.0 | 2.7 | 6.9 | 79.9 |
| Arrow Electronics Inc ARW | 11.5 | 14.3 | 9.4 | 11.3 | 4.2 | 10.5 | 80.6 |
| Insight Enterprises Inc NSIT | 4.5 | – | 12.1 | 22.1 | 5.2 | -5.2 | 29.5 |
| PC Connection Inc CNXN | 2.1 | – | 12.9 | 18.9 | – | 2.5 | 39.1 |
| ScanSource Inc SCSC | 1.2 | 17.1 | 8.9 | 13.6 | 3.1 | -6.7 | 31.2 |
| Climb Global Solutions CLMB | 0.5 | – | 12.3 | 15.8 | – | 40.1 | -14.6 |
| Median of companies shown | 4.5 | 17.5 | 12.1 | 13.6 | 3.1 | 2.5 | 39.1 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 17,440 | 444 | 525 | 4.08 | -369 | 5,182 | 9,700 |
| 2018 | 19,037 | 209 | -156 | -1.30 | 253 | 4,685 | 9,597 |
| 2019 | 19,519 | 366 | 176 | 1.59 | 535 | 4,140 | 8,565 |
| 2020 | 17,634 | -5 | -31 | -0.31 | 730 | 3,726 | 8,172 |
| 2021 | 19,535 | 281 | 193 | 1.93 | 91 | 4,084 | 8,925 |
| 2022 | 24,311 | 939 | 692 | 6.94 | -219 | 4,193 | 10,389 |
| 2023 | 26,537 | 1,187 | 771 | 8.26 | -714 | 4,752 | 12,477 |
| 2024 | 23,757 | 844 | 499 | 5.43 | 690 | 4,926 | 12,209 |
| 2025 | 22,201 | 623 | 240 | 2.75 | 725 | 5,012 | 12,119 |
| 2026 | 27,633 | 859 | 334 | 4.01 | -281 | 5,023 | 15,425 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.99 | -23.10 | 5,663 | -8.70 | 1.50 | 338 | 309 |
| 2025: Q1 | 1.01 | 4.00 | 5,315 | -6.00 | 1.70 | 141 | 114 |
| 2025: Q2 | 0.07 | -92.10 | 5,618 | 1.00 | 0.10 | 140 | 80 |
| 2025: Q3 | 0.61 | -7.10 | 5,899 | 5.30 | 0.90 | -145 | -169 |
| 2025: Q4 | 0.75 | -24.50 | 6,319 | 11.60 | 1.00 | 208 | 193 |
| 2026: Q1 | 1.14 | 12.40 | 7,120 | 33.90 | 1.30 | -54 | -71 |
| 2026: Q2 | 1.52 | 2,071.40 | 8,295 | 47.70 | 1.50 | -291 | -308 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 22 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Growth
- Ben Bennett: Focus List
- EPS Acceleration
- Martin Zweig: Growth with Reason
- Patrick Walker: 40, 40 Screen
- Ted Zhang: Super Stock Universe
Quality & Balance Sheet
Momentum & Trend
- 21-EMA Trend
- Above 21-EMA Pullback
- Above the 50- & 200-SMA
- CANSLIM Type RS
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Mike Webster: Swing Trading List
- Near 52-Week High
- Oliver Kell: Strength on Down Day
- Richard Moglen: Top Performers 3/6 Month
- Stage 2 Leader
- Stan Weinstein: Stage 2
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 10.57 | 8.20 – 11.75 | 35,768 | 86.5% | 4 |
| 06/30/2028 | 11.05 | 9.28 – 12.34 | 37,637 | 4.5% | 3 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 24.08.2026 gegen den Geschäftsbericht (10-K) für das Geschäftsjahr 2026 (eingereicht 14.08.2026), den Geschäftsbericht (10-K) für 2025 (eingereicht 15.08.2025) und die vier jüngsten Quartalsberichte (10-Q, eingereicht 31.10.2025, 30.01.2026, 01.05.2026 sowie zum Vergleichsquartal). In keinem der sechs Filings findet sich ein KI-Umsatzprodukt oder ein beschriebener operativer KI-Einsatz. Alle Treffer auf „artificial intelligence“ sind generische Risikofaktor-Floskeln: KI als möglicher Auslöser veränderter Kundennachfrage (Item 1A, „Changes in customer needs and consumption models“), KI als Werkzeug von Cyberangreifern (Item 1A, „Data security and privacy threats“), KI als allgemeiner Wettbewerbs-/Technologietrend (Item 1A, „Competition“) und KI als Faktor im Fachkräftewandel (Item 1A, Personalrisiko). Avnet ist Elektronik-Distributor und profitiert als Zwischenhändler von der Nachfrage nach KI-fähigen Rechenzentrums-Komponenten (Speicherchips, Halbleiter) — das ist ein KI-nahes Endmarkt-Narrativ, kein Verkauf eigener KI-Produkte oder -Dienste und kein belegter operativer KI-Einsatz im eigenen Geschäft. Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) und dem Boilerplate-Ausschluss bleibt es bei „neutral“.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-K 2026-08-14 · 10-K 2025-08-15 · 10-Q 2026-05-01 · 10-Q 2026-01-30 · 10-Q 2025-10-31 · 10-Q 2025-05-02
Rated on August 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1.4%
- More than 10% revenue growth is expected for the coming year 13.8%
- Share count grows by less than 3% a year -3.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 23.2%
- Gross margin at 40% or higher and without meaningful erosion 10.4%
- Goodwill from acquisitions does not grow faster than revenue 5.3%
- Net debt below twice EBITDA 3.9 x EBITDA
- Operating cash flow covers the profits of the last three years 60 m
- Return on capital at 15% or higher, or up versus two years ago 10.9%
- Insiders hold at least 10% or are net buyers 1.1%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.2%
- Exp. sales growth 3Y > 5% 16.7%
- EBIT growth 10Y > 5% 7.6%
- Exp. EBIT growth 3Y > 5% 66.0%
- Net debt < 4x EBIT 3.9x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 7.9%
- ROCE > 15% 10.8%
- Expected return > 10% 58.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 16, 2026 | Chan Leng Jin | SVP, CIO | Other | 13,000 | 93.71 | 1,218,230 |
| Sep 15, 2026 | Jacobson Kenneth A | Chief Financial Officer | Other | 6,844 | 92.75 | 634,781 |
| Sep 14, 2026 | Chan Leng Jin | SVP, CIO | Other | 2,233 | 0.00 | – |
| Sep 14, 2026 | McCoy Michael Ryan | SVP, General Counsel | Other | 3,849 | 0.00 | – |
| Sep 14, 2026 | Gallagher Philip R | Chief Executive Officer | Other | 20,360 | 0.00 | – |
| Sep 14, 2026 | Arnold Ken E. | SVP, Chief People Officer | Other | 3,546 | 0.00 | – |
| Sep 14, 2026 | Jacobson Kenneth A | Chief Financial Officer | Other | 4,991 | 0.00 | – |
| Aug 27, 2026 | McCoy Michael Ryan | SVP, General Counsel | Other | 2,318 | 87.81 | 203,544 |
| Aug 27, 2026 | McCoy Michael Ryan | SVP, General Counsel | Other | 5,537 | 0.00 | – |
| Aug 27, 2026 | Gallagher Philip R | Chief Executive Officer | Other | 12,476 | 87.81 | 1,095,518 |
The company
About the Company
Avnet, Inc. vertreibt elektronische Komponententechnologie in Nord- und Südamerika, Europa, dem Nahen Osten, Afrika und dem asiatisch-pazifischen Raum.
- Employees
- 15,040
- Headquarters
- Phoenix, AZ
- Address
- 2211 South 47th Street, 85034 Phoenix, United States
- Phone
- 480 643 2000
- Website
- avnet.com
- IPO Date
- 05/03/1973
- ISIN
- US0538071038
- Stock Split
- 2:1 on 09/29/2000
- Stock Split
- 2:1 on 02/16/1983
- Stock Split
- 11:10 on 06/01/1981
Management
| Name | Title | Birth Year |
|---|---|---|
| Philip R. Gallagher | CEO, President of Electronic Components, Member of Executive Board & Director | 1961 |
| Kenneth A. Jacobson | Chief Financial Officer | 1978 |
| Michael Ryan McCoy | Senior VP, General Counsel, Chief Legal Officer & Member of Executive Board | 1977 |
| Ken E. Arnold | Senior VP, Chief People Officer & Member of Executive Board | 1964 |
| Leng-Jin Chan | Senior VP & Chief Information Officer | 1972 |
| Elizabeth A. McMullen | Senior Vice President of Global Operations | 1960 |
| Joseph Burke | Vice President of Investor Relations | – |
| Heather Vana | Senior Director of Communications | – |
| David Jay Youngblood | Senior VP & Chief Digital Officer | 1974 |
| Darrel S. Jackson | Corporate Secretary | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/21/2026 AVNET INC (AVT): Other Events; Financial Statements and Exhibits SEC ↗
- 08/05/2026 AVNET INC (AVT): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/03/2026 AVNET INC (AVT): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.