AeroVironment Stock Soared on a Blowout Quarter. Is the Drone Boom Just Getting Started?

AeroVironment reported a blowout fiscal Q4 with 31% organic revenue growth to $642M, adjusted EBITDA more than doubling, and funded backlog surging to $1.2B. The company's counter-drone defense business is positioned as the next major growth driver, with CEO projecting it could rival or exceed loitering munitions revenue within 3-5 years. However, the stock trades at a rich 54x forward earnings multiple, suggesting much of the growth is already priced in.