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Axon Enterprise

AXON Nasdaq Aerospace & Defense Financials FY2016–FY2025

Axon Enterprise's revenue rose 33.5% to $2.8 billion in fiscal 2025. Its operating margin was −2.2%, down from 2.8% a year earlier. Free cash flow was $75 million, down 77.2%. The diluted share count rose 4.8%.

Last close · Oct 23, 2026

$420.37

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
33.5% vs prior year
Operating margin Operating income as a share of revenue.
−2.2%
5.0 pts
Net income Profit after all expenses, interest and tax.
$125M
66.9%
Free cash flow Cash from operations minus capital spending.
$75.1M
77.2%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−2.2%
5.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$34.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
174.4x
On $2.41 EPS (TTM)

About these figures. Axon had no borrowings before it issued convertible notes in December 2022 (its credit line was undrawn), so debt counts as zero in earlier years. In 2024 Axon's convertible notes were due within a year and its amended 10-K moved them to a current line, which is counted as debt.

What Axon Enterprise does

Axon sells technology to police, other public safety agencies and some private customers. It describes itself as a company that sells both hardware and software that work together. Its products include TASER stun devices, body cameras, in-car and fixed cameras, drones, and cloud software for storing and sharing video evidence, writing reports and running real-time operations. Many of its software tools use artificial intelligence.

It reports two segments. Software and Services sells cloud subscriptions, such as Axon Evidence, Axon Records and the Draft One report-writing tool, along with professional services and some on-premise software licenses. Connected Devices sells TASER devices, body and other cameras, drone and counter-drone products, accessories and extended warranties. Its revenue comes from hardware sales, multi-year software subscriptions, professional services and extended warranties.

Axon is based in Scottsdale, Arizona, and is expanding in Europe, Asia and the Americas. Its largest customers are law enforcement agencies, so its sales depend on their budgets and their acceptance of its products.

Legal name
AXON ENTERPRISE, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0001628280-26-011360
0001069183

Revenue and margins

Axon Enterprise had $2.8B of revenue in fiscal 2025, up 33.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 18.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $75.1M in fiscal 2025, 2.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Axon Enterprise returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 4.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Axon Enterprise yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$104M and divides by 82.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 174.4x · peers 32.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Axon Enterprise can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $371M$936M$1.2B$788M$1.7B
Debt incl. finance leases $0.0M$674M$677M$680M$1.8B
Net debt / EBITDA —−2.3x−3.2x−1.0x4.9x
Debt / equity 0.0x0.5x0.4x0.3x0.6x
Interest coverage ——22.4x8.3x−0.7x
Current ratio 2.7x3.0x3.1x1.4x2.5x
Quick ratio 2.4x2.7x2.8x1.2x2.3x
Total assets $1.7B$2.9B$3.4B$4.5B$7.0B
Total liabilities $640M$1.6B$1.8B$2.1B$3.8B
Shareholders' equity $1.1B$1.3B$1.6B$2.3B$3.2B
Net debt (− = net cash) −$371M−$262M−$565M−$108M$104M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$55.9M

6 insiders

Of sales under plans

87%

$48.8M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Isaiah FieldsChief Legal Officer Sold plan 1,017 $480.45 $0.5M Form 4
Sep 8, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 10,000 $508.99 $5.1M Form 4
Aug 31, 2026 Joshua IsnerPresident Sold plan 16,775 $574.43 $9.6M Form 4
Aug 21, 2026 Jeffrey C KuninsCpo & CTO Sold plan 9,605 $626.70 $6.0M Form 4
Aug 7, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 9,930 $548.77 $5.4M Form 4
Aug 7, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 70 $566.62 $0.0M Form 4
Jul 7, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 10,000 $643.79 $6.4M Form 4
Jun 29, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 10,000 $500.00 $5.0M Form 4
Jun 5, 2026 Joshua IsnerPresident Sold 13,000 $488.45 $6.3M Form 4
Jun 4, 2026 Cameron BrooksChief Revenue Officer Sold plan 1,242 $500.00 $0.6M Form 4
Jun 4, 2026 Elizabeth Reid CoughlinChief Human Officer Sold 1,554 $485.00 $0.8M Form 4
Jun 4, 2026 Patrick W SmithChief Executive Officer, Director Sold plan 20,000 $500.00 $10.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 96 / 96 / 9
Accruals ratio −0.4%−0.8%−1.5%
Altman Z'' 4.812.733.38

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Axon Enterprise AXON $34.7B 33.5% −2.2% 2.7% −2.2% 174.4x 6
BWX Technologies BWXT $11.7B 18.3% 12.7% 9.2% 13.9% 33.0x 7 Compare →
Curtiss-Wright CW $17.2B 12.1% 18.1% 15.8% 15.9% 32.0x 8 Compare →
Moog MOG-A $11.0B 7.0% 11.7% 3.3% 11.7% 29.0x 7 Compare →
AeroVironment AVAV $6.1B 140.9% −15.7% −7.1% −9.1% — 3 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $268M $344M $420M $531M $681M $863M $1.2B $1.6B $2.1B $2.8B
Gross profit $171M $207M $259M $307M $416M $541M $726M $956M $1.2B $1.7B
Research and development $30.6M $55.4M $76.9M $101M $123M $194M $234M $304M $442M $684M
Operating income $31.9M $13.0M $24.8M −$6.4M −$14.1M −$168M $93.0M $157M $58.5M −$62.1M
Interest expense — — — — — — $0.0M $7.0M $7.1M $94.2M
Pretax income $31.5M $15.8M $28.1M $2.1M −$6.3M −$141M $196M $157M $382M $19.0M
Income tax $14.2M $10.6M −$1.1M $1.2M −$4.6M −$81.4M $49.3M −$18.7M $4.5M −$106M
Net income $17.3M $5.2M $29.2M $0.9M −$1.7M −$60.0M $147M $176M $377M $125M
Diluted EPS $0.32 $0.10 $0.50 $0.01 −$0.03 −$0.91 $2.03 $2.33 $4.80 $1.51
Diluted shares 0.05B 0.05B 0.06B 0.06B 0.06B 0.07B 0.07B 0.08B 0.08B 0.08B
Cash flow
Cash from operations $21.1M $18.5M $63.9M $65.7M $38.5M $125M $235M $189M $408M $211M
Capital expenditure $5.0M $10.4M $11.1M $15.9M $72.6M $49.9M $55.8M $59.6M $78.8M $136M
Free cash flow $16.2M $8.1M $52.7M $49.7M −$34.2M $74.6M $180M $130M $330M $75.1M
Depreciation and amortization $3.7M $8.0M $10.6M $11.4M $12.5M $18.7M $23.1M $19.3M $48.4M $83.2M
Stock-based compensation $9.4M $15.6M $21.9M $78.5M $134M $303M $106M $131M $383M $634M
Acquisitions $3.5M $10.6M $5.0M $0.0M $0.0M $22.4M $2.1M $21.1M $622M $647M
Share buybacks $33.7M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $33.8M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Balance sheet
Cash and short-term investments $89.1M $82.0M $350M $351M $562M $371M $936M $1.2B $788M $1.7B
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $674M $677M $680M $1.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $177M $205M $558M $610M $982M $1.1B $1.8B $2.4B $2.3B $3.7B
Current liabilities $78.0M $108M $166M $196M $256M $419M $603M $762M $1.7B $1.5B
Inventory $34.8M $45.5M $33.8M $38.8M $90.0M $109M $203M $270M $265M $342M
Property and equipment, net $24.0M $31.2M $37.9M $43.8M $106M $139M $170M $201M $247M $331M
Total assets $278M $338M $720M $846M $1.4B $1.7B $2.9B $3.4B $4.5B $7.0B
Total liabilities $127M $171M $252M $302M $405M $640M $1.6B $1.8B $2.1B $3.8B
Shareholders' equity $151M $167M $467M $544M $976M $1.1B $1.3B $1.6B $2.3B $3.2B
Margins
Gross margin 63.6% 60.2% 61.6% 57.9% 61.1% 62.7% 61.2% 61.2% 59.6% 59.7%
Operating margin 11.9% 3.8% 5.9% −1.2% −2.1% −19.5% 7.8% 10.1% 2.8% −2.2%
EBITDA margin 13.2% 6.1% 8.4% 0.9% −0.3% −17.3% 9.8% 11.3% 5.1% 0.8%
Net margin 6.5% 1.5% 7.0% 0.2% −0.3% −7.0% 12.4% 11.3% 18.1% 4.5%
FCF margin 6.0% 2.3% 12.6% 9.4% −5.0% 8.6% 15.1% 8.3% 15.8% 2.7%
Returns
Return on capital 32.1% 8.8% 24.4% −2.1% −3.7% −24.3% 8.3% 15.2% 3.5% −2.2%
Return on capital employed 16.3% 6.1% 6.3% −1.1% −1.6% −14.0% 5.3% 6.4% 2.2% −1.5%
Return on equity 11.2% 3.3% 9.2% 0.2% −0.2% −5.9% 12.7% 12.2% 19.1% 4.5%
Return on assets 6.8% 1.7% 5.5% 0.1% −0.2% −3.9% 6.5% 5.6% 9.6% 2.2%
Growth
Revenue growth 35.6% 28.2% 22.2% 26.4% 28.3% 26.8% 37.5% 31.5% 33.4% 33.5%
Net income growth −13.2% −69.9% 460.9% −97.0% −295.5% — — 19.6% 114.5% −66.9%
EPS growth −11.1% −68.8% 400.0% −98.0% −400.0% — — 14.8% 106.0% −68.5%
FCF growth −60.0% −50.2% 554.9% −5.7% −168.7% — 140.7% −27.8% 154.2% −77.2%
Share count change −2.0% 0.7% 7.5% 3.6% 2.9% 7.1% 9.6% 4.0% 4.1% 4.9%
Financial health
Net debt / EBITDA −2.5x −3.9x −9.9x −70.6x — — −2.3x −3.2x −1.0x 4.9x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.5x 0.4x 0.3x 0.6x
Interest coverage — — — — — — — 22.4x 8.3x −0.7x
Current ratio 2.3x 1.9x 3.4x 3.1x 3.8x 2.7x 3.0x 3.1x 1.4x 2.5x
Quick ratio 1.8x 1.5x 3.2x 2.9x 3.5x 2.4x 2.7x 2.8x 1.2x 2.3x
Capital allocation
Capex / revenue 1.9% 3.0% 2.7% 3.0% 10.7% 5.8% 4.7% 3.8% 3.8% 4.9%
Stock comp / revenue 3.5% 4.5% 5.2% 14.8% 19.6% 35.1% 8.9% 8.4% 18.4% 22.8%
Payouts / FCF 208.6% 0.0% 0.0% 0.0% — 0.0% 0.0% 0.0% 0.0% 0.0%
Quality scores
Piotroski F-score 6.0 4.0 7.0 3.0 5.0 3.0 6.0 6.0 6.0 6.0
Altman Z'' 5.7 4.4 6.5 5.7 6.3 4.0 4.1 4.8 2.7 3.4
Accruals ratio −1.5% −4.3% −6.6% −8.3% −3.6% −12.0% −3.9% −0.4% −0.8% −1.5%

Source: SEC EDGAR XBRL filings (CIK 0001069183). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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