The theory of characteristic modes for coaxial waveguide with periodic axial slots is used to derive the weighted eigenvalue equation for calculating the characteristic values and the characteristic currents. Once the characteristic values and the characteristic currents are obtained, the important quantities such as the equivalent magnetic current, radiation patterns, and RCS are determined. Numerical results of the equivalent magnetic currents, radiation patterns, and RCS are compared with those obtained by use of the method of moments. A fairly good correspondence is observed between them.