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. In the quarter to June 2026, revenue grew 35.3%, EPS fell 19.6%, free cash flow grew 99.2% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; revenue growth for ten consecutive years.
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Axon Enterprise, Inc (AXON) Altman Z-score
Axon Enterprise, Inc's Altman Z-score for fiscal 2025 is 8.02, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.02 | (5.49) |
| FY2024 | 13.51 | 5.74 |
| FY2023 | 7.78 | 2.15 |
| FY2022 | 5.63 | (4.88) |
| FY2021 | 10.50 | (1.98) |
| FY2020 | 12.48 | 2.39 |
| FY2019 | 10.09 | 2.53 |
| FY2018 | 7.55 | 0.64 |
| FY2017 | 6.91 | (1.47) |
| FY2016 | 8.38 | (1.87) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.32 | — | 0.38 | |
| Retained earnings / total assets | 0.13 | — | 0.19 | |
| EBIT / total assets | (0.01) | — | −0.03 | |
| Market value of equity / total liabilities | 11.80 | — | 7.08 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Safe zone | 8.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 3.38 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RKLB Rocket Lab Corporation compare | 36.7× |
| HEI Heico Corporation compare | 8.2× |
| AXON Axon Enterprise, Inc | 8.0× |
| CW Curtiss-Wright Corporation compare | 7.0× |
| WWD Woodward, Inc. compare | 6.8× |
| HEI.A Heico Corporation compare | 6.8× |
| ESLT Elbit Systems Ltd. compare | 3.2× |
| LHX L3Harris Technologies Inc compare | 2.4× |
| TDG Transdigm Group Incorporated compare | 2.0× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets
More on AXON
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Beneish M-score
- The full statement