Axon Enterprise
AXON Nasdaq· Aerospace & Defense
Last close · Oct 26, 2026
$424.77
KIRA · Stoqly’s AI analyst, in plain words
- Axon Enterprise had $2.8B of revenue in fiscal 2025, up 33.5% on the year before. Over five years, revenue changed +32.5% a year on average.
- Its operating margin was −2.2%, down 5.0 pts: of every 100 in sales, about −2 is left after running the business.
- Axon Enterprise made $125M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 18.8% a year.
- Free cash flow was $75.1M in fiscal 2025, 2.7% of revenue.
- Axon Enterprise returned $0.0M to shareholders in fiscal 2025, 0% of free cash flow. The diluted share count rose 4.9%.
- Axon Enterprise owes $104M more than it holds in cash, about 4.9 years of operating profit.
Market cap
$35.0B
P/E
176.3x
Revenue
$2.8B
Net income
$125M
Free cash flow
$75.1M
Operating margin
−2.2%
Axon Enterprise in 30 seconds · fiscal 2025
Are sales growing?
+33.5%
Yes. Sales grew 33.5% last year.
Does it make a profit?
4.5%
A little. It keeps 4.5% of every sale as profit.
Does profit turn into cash?
2.7%
Partly. 2.7% of sales ends up as free cash.
Is debt under control?
4.9x
Heavy. Repaying its debt would take 4.9 years of operating profit.
How healthy are the accounts?
6 / 9
Mixed. It passes 6 of 9 health tests.
How is the share priced?
176.3x
One share costs 176.3 times its yearly profit per share. Typical for its sector: 26.0x.
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.
Biggest risks, in its own words
- Depending on law enforcement agencies around the world to keep buying its products and services.
- Depending on sales of its TASER devices, which may lose acceptance.
- Selling cycles are long and it spends money before it knows whether a sale will follow.
- A security breach at Axon or its cloud providers, which hold sensitive evidence.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- AXON ENTERPRISE, INC.
- CIK
- 0001069183
Axon Enterprise · AXON
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $863M | $1.2B | $1.6B | $2.1B | $2.8B |
| Revenue growth | 26.8% | 37.5% | 31.5% | 33.4% | 33.5% |
| Gross margin | 62.7% | 61.2% | 61.2% | 59.6% | 59.7% |
| Operating margin | −19.5% | 7.8% | 10.1% | 2.8% | −2.2% |
| Net income | −$60.0M | $147M | $176M | $377M | $125M |
| Net margin | −7.0% | 12.4% | 11.3% | 18.1% | 4.5% |
| Diluted EPS | −$0.91 | $2.03 | $2.33 | $4.80 | $1.51 |
| Cash | |||||
| Cash from operations | $125M | $235M | $189M | $408M | $211M |
| Capital expenditure | $49.9M | $55.8M | $59.6M | $78.8M | $136M |
| Free cash flow | $74.6M | $180M | $130M | $330M | $75.1M |
| FCF margin | 8.6% | 15.1% | 8.3% | 15.8% | 2.7% |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share count change | 7.1% | 9.6% | 4.0% | 4.1% | 4.9% |
| Debt and strength | |||||
| Cash and short-term investments | $371M | $936M | $1.2B | $788M | $1.7B |
| Debt incl. finance leases | $0.0M | $674M | $677M | $680M | $1.8B |
| Shareholders' equity | $1.1B | $1.3B | $1.6B | $2.3B | $3.2B |
| Net debt / EBITDA | — | −2.3x | −3.2x | −1.0x | 4.9x |
| Current ratio | 2.7x | 3.0x | 3.1x | 1.4x | 2.5x |
| Interest coverage | — | — | 22.4x | 8.3x | −0.7x |
| Returns and quality | |||||
| Return on capital | −24.3% | 8.3% | 15.2% | 3.5% | −2.2% |
| Return on equity | −5.9% | 12.7% | 12.2% | 19.1% | 4.5% |
| Piotroski F-score | 3 | 6 | 6 | 6 | 6 |
| Altman Z'' | 4.0 | 4.1 | 4.8 | 2.7 | 3.4 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$130M
11 insiders
Of sales under plans
63%
$81.3M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Axon Enterprise · AXON
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Axon Enterprise AXON | $35.0B | 33.5% | −2.2% | 2.7% | −2.2% | 176.3x | 6 |
| BWX Technologies BWXT | $12.1B | 18.3% | 12.7% | 9.2% | 13.9% | 34.0x | 7 |
| Curtiss-Wright CW | $17.7B | 12.1% | 18.1% | 15.8% | 15.9% | 32.8x | 8 |
| Moog MOG-A | $11.5B | 7.0% | 11.7% | 3.3% | 11.7% | 30.5x | 7 |
| AeroVironment AVAV | $6.2B | 140.9% | −15.7% | −7.1% | −9.1% | — | 3 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $424.77 a share, the company is worth $35.0B: 176.3 times its earnings of the last four quarters.
Axon Enterprise grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 3 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001069183). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.