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Axon Enterprise, Inc

AXON Industrials Aerospace & Defense

Axon Enterprise, Inc’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 33.5% from fiscal 2024.

Revenue
+27.9%
EPS
+2,433.3%
Free cash flow
+99.2%
Total debt
+0.19%

Quarter to September 2026, against a year earlier

319.38 63.18 −16.52%
Market cap
$31.1B
P/E
120×
Fwd P/E
123×
Dividend yield
—
F-score
5/9
Altman Z
8.02
Beneish M
−2.18
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2024

  • Product
  • Service

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 103.65
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 9 1 3 6 — 1 8 1 4 2 — —
Insider Ownership 5.84%

Capital & Financial Ratios $m

Size
Market Cap 31,080.00
Revenue ttm 3,417.01
Net income ttm 258.49
Free cash flow ttm 80.91
Net debt Q 1,039.28
Valuation
P/E 120.11 (above 35: high)
Forward P/E 123.00 (above 35: high)
Price / sales 9.14
Forward P/S Powerpack
Price / FCF 391.14
Price / book 8.30 (above 6: high)
Financial health
Current ratio Q 0.00 (below 1: weak)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1.49
Growth
Revenue growth Q +27.85% (above 0%: growing)
Operating income growth Q +2,076.51% (above 0%: growing)
EPS, this year +12.16%
EPS, next year A +37.53% (at or above 15%: strong)
Revenue, next year A +33.37% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +26.28% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.4×, against a ten-year median of 9.4×; over the ten years it ranged from 3.5× in 2017 to 26.8× in 2025.
P/E against its own 10 years 50.50%
10-year low 10-year high
P/S against its own 10 years 42.06%
10-year low 10-year high
P/B against its own 10 years 34.87%
10-year low 10-year high
EV/Sales against its own 10 years 49.17%
10-year low 10-year high
EV/FCF against its own 10 years 91.17%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,321 986 1,734 —
Receivables 413 548 777 838
Inventory 270 265 342 579
Other 287 368 583 —
2,394 2,297 3,713 4,282
2023 2024 2025 Q'26
Payables 66 72 139 250
ST’ Debt — — — —
Other 32 33 25 —
762 1,678 1,470 —

Compound Annual Growth %

10y 5y 3y
Sales 30.24% 32.48% 32.79%
Cash Flow 16.36% 40.59% (3.52%)
Earnings 20.12% 0.00% (5.33%)
Book Value 35.36% 27.14% 36.73%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.89 Actual 1.88

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 1.63 1.17 Miss by 0.46
Q4 FY25 1.67 2.15 Beat by 0.48
Q1 FY26 1.66 1.61 Miss by 0.05
Q2 FY26 1.89 1.88 Miss by 0.01
Q3 FY26 1.90 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.05 0.36 0.68 — —
’25 1.08 0.44 (0.03) 0.03 1.51
’24 1.73 0.53 0.86 1.67 4.80
’23 0.61 0.16 0.78 0.75 2.31
’22 0.76 0.71 0.17 0.40 2.03
’21 (0.75) (0.72) 0.67 (0.19) (0.91)
’20 0.07 (0.51) (0.01) 0.40 (0.03)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 807 904 909 — —
’25 604 669 711 797 2,780
’24 460 503 544 575 2,083
’23 343 375 413 430 1,561
’22 256 286 312 333 1,187
’21 195 219 232 218 863
’20 147 141 166 226 681
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (32) 20 20 — —
’25 26 (92) 60 217 211
’24 (16) 83 91 250 408
’23 (56) 43 63 140 189
’22 44 19 41 131 235
’21 61 34 16 13 124
’20 13 (20) 11 34 38
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (55) (1) (19) — —
’25 1 (115) 33 155 75
’24 (32) 71 65 225 330
’23 (65) 29 49 115 129
’22 27 7 27 119 179
’21 50 21 4 (1) 74
’20 11 (26) (47) 28 (34)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 29.9% a year for ten years.

Implied
29.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 268 344 420 531 681 863 1,187 1,561 2,083 2,780 3,417 +29.7% 3,707 4,799 6,206 +30.7%
Gross margin, % 63.57 60.24 61.56 57.88 61.13 62.65 61.16 61.22 59.61 59.65 58.53 (3.9) pt
EBT 31 16 28 2 (6) (141) 196 157 382 19 246 (5.5%)
EBT margin, % 11.74 4.58 6.69 0.39 (0.92) (16.37) 16.53 10.06 18.32 0.68 7.19 (11.1) pt
Net income 17 5 29 1 (2) (60) 147 176 377 125 258 +24.5%
Per share, $
Per share, $ Revenue 5.09 6.52 7.45 8.97 11.02 13.04 16.70 21.04 27.49 35.60 42.16 +24.1%
Earnings 0.33 0.10 0.52 0.01 (0.03) (0.91) 2.07 2.35 4.98 1.60 3.21 +19.2%
Cash flow 0.40 0.35 1.13 1.11 0.62 1.88 3.31 2.55 5.39 2.71 2.78 +23.6%
Capex (0.16) (0.22) (0.21) (0.28) (1.18) (0.76) (0.79) (0.81) (1.04) (1.75) (1.78) +30.4%
Free cash flow 0.24 0.13 0.93 0.83 (0.56) 1.12 2.52 1.74 4.35 0.96 1.00 +16.6%
Book value 2.86 3.18 8.29 9.18 15.80 15.83 17.84 21.78 30.73 41.53 46.43 +34.6%
Shares, m 53 53 56 59 62 66 71 74 76 78 80 +4.5%
Valuation, ×
Valuation, × P/E 76.81 270.92 82.55 7,328.00 0.00 0.00 81.28 107.53 119.58 354.96 120.11 842.2
P/S 4.83 4.07 5.87 8.17 11.12 12.04 10.08 11.96 21.62 15.95 9.14 10.6
P/B 8.58 8.36 5.28 7.98 7.75 9.92 9.43 11.55 19.34 13.68 8.30 10.2
EV/Sales 4.49 3.83 5.05 7.52 10.32 11.55 9.82 11.55 21.47 15.95 9.45 10.2
EV/FCF 94.74 186.89 40.62 80.96 (204.91) 134.25 65.05 140.38 136.11 598.76 404.15 127.3
Cash, $m
Cash, $m Operating cash flow 21 18 64 66 38 124 235 189 408 211 225 +29.2%
Capex (8) (11) (12) (16) (73) (50) (56) (60) (79) (136) (145) +36.3%
Free cash flow 13 7 52 49 (34) 74 179 129 330 75 81 +21.8%
Balance, $m
Balance, $m Working capital 99 97 392 414 726 691 1,203 1,632 620 2,243 4,282 +41.4%
Net debt (89) (82) (349) (344) (543) (423) (301) (643) (306) (4) 1,039 (30.0%)
Shareholders’ equity 151 167 467 543 976 1,048 1,268 1,616 2,328 3,243 3,763 +40.6%
Returns, %
Returns, % ROA 6.81 1.69 5.52 0.11 (0.15) (3.91) 6.47 5.62 9.56 2.17 3.34 (4.6) pt
ROIC 32.20 9.52 13.17 (2.00) (2.04) (16.82) 6.00 10.08 1.81 (1.20) 1.13 (33.4) pt
ROE 11.24 3.27 9.20 0.17 (0.23) (5.93) 12.69 12.19 19.12 4.48 7.61 (6.8) pt
People
People Employees 901 1,095 1,386 1,916 2,548 2,992 3,734 4,260 4,970 6,300 — +24.1%
Revenue/emp, $m 0.30 0.31 0.30 0.28 0.27 0.29 0.32 0.37 0.42 0.44 — +4.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Axon is a technology company providing integrated hardware and software for public- and private-sector customers that need to capture, manage and act on operational data. Its connected system combines TASER energy devices, body-worn, in-car and fixed cameras, sensors, drones and robotics with cloud evidence management, records management, real-time operations, emergency-response, training and productivity software.

The company divides this system into Software and Services and Connected Devices. Software and Services includes Axon Evidence for storing, managing and sharing digital evidence; Axon Records and Axon Standards; AI-era tools including Draft One, Policy Chat and Auto-Transcribe; Axon Fusus; Axon Assistant; and Axon Respond. These applications are intended to connect data, video, locations and alerts within customers’ workflows.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by products and services, and margins
Product 1,221 58.64%
Service 861 41.36%
Gross margin 59.61%
Operating margin 2.81%
Pre-tax margin 18.32%

Revenue by segment since 2010

Axon Enterprise, Inc vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LHX L3Harris Technologies Inc $48.1B 23.8× 22.5× +7.09% (above 0%: growing) +37.49% (above 0%: growing) +198.13% (above 0%: growing) 26.60% 12.97% Compare
HONA Honeywell Aerospace inc. $47.4B — — — — — 36.93% 22.14% Compare
HEI.A Heico Corporation $38.9B 40.0× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
HEI Heico Corporation $38.5B 53.7× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
AXON Axon Enterprise, Inc $31.1B 155× 123× +35.28% (above 0%: growing) n/m +99.15% (above 0%: growing) 60.42% 5.17%
ESLT Elbit Systems Ltd. $30.5B 47.9× 53.7× +15.94% (above 0%: growing) +34.42% (above 0%: growing) +113.91% (above 0%: growing) 25.32% 9.57% Compare
RKLB Rocket Lab Corporation $27.5B — (loss-making) — (loss-making) +61.99% (above 0%: growing) n/m −99.66% (below 0%: shrinking) 36.13% (24.57%) Compare
ARXS Arxis, Inc. $20.9B — — +35.96% (above 0%: growing) — +117.42% (above 0%: growing) 54.27% 23.66% Compare
WWD Woodward, Inc. $18.1B 33.2× 32.8× +21.22% (above 0%: growing) +35.71% (above 0%: growing) −12.15% (below 0%: shrinking) 31.53% 16.66% Compare
Median of peers $34.5B 40.0× 50.7× +23.13% +34.42% +47.74% 36.53% 19.40%

All 94 Aerospace & Defense stocks →

From the latest earnings call

Updated

  • Josh Isner said Q2 bookings rose 20%, with five-year normalized bookings up more than 30%, and he saw a path to full-year normalized bookings growth in the 30% range.
  • Josh Isner said international bookings were roughly three times the prior-year level, while enterprise bookings also rose about threefold as deployments expanded.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
UBS Oct 23, 2026 Target cut Hold 600.00 → 470.00
Raymond James Oct 23, 2026 Target cut Outperform 800.00 → 675.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.55%
Held by the ten largest 48.04%
Holder Shares Stake Change
Vanguard 9.65m 11.88% +191.53k
BlackRock 8.33m 10.26% +345.37k
State Street 3.89m 4.78% +203.61k
Invesco 3.23m 3.97% +307.25k
Baillie Gifford 3.06m 3.77% +599.76k
Fidelity (FMR) 3.02m 3.72% +628.62k
Geode Capital Management 2.31m 2.85% +56.48k
Wellington Management 2.10m 2.59% −314.97k
T. Rowe Price 1.87m 2.30% +1.08m
UBS 1.56m 1.92% +27.57k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 40.00k (12.58m) 463.27
2024 164.53m 385.17m 484.86
2023 40.06k 43.53m 210.78
2022 33.20k 13.69m 135.40
2021 33.12k 253.61m 128.13

Ownership

Directors and executive officers, together 4.20%
The Vanguard Group 11.60%
BlackRock, Inc. 9.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Axon Enterprise, Inc (AXON) Latest News

6 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · GuruFocus.com
Impact 3 · · GuruFocus.com

5 Nov

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · StockStory

4 Nov

Impact 3 · · TIKR

1 Nov

Impact 3 · · TIKR

31 Oct

Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · Trefis

28 Oct

Impact 4 · · Trefis
Impact 3 · · Zacks

27 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

25 Oct

Impact 4 · · TIKR

24 Oct

Impact 4 · · PR Newswire

23 Oct

Impact 3 · · TIKR

22 Oct

Impact 3 · · PR Newswire

21 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · The Motley Fool
Impact 3 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · Trefis

19 Oct

Impact 4 · · Barchart

17 Oct

Impact 4 · · TIKR

AXON metrics, ten years each

stockrow.com/AXON · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com