AeroVironment vs Axon Enterprise
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The short version
- Axon Enterprise is the larger business, with $2.8B of revenue in fiscal 2025 against $2.0B for AeroVironment.
- AeroVironment grew revenue faster (140.9%, against 33.5%).
- Axon Enterprise kept more of each dollar of sales as operating profit (β2.2% operating margin, against β15.7%).
- Axon Enterprise turned more of its sales into free cash flow (2.7% FCF margin, against β7.1%).
- Axon Enterprise earned a higher return on the capital invested in it (β2.2%, against β9.1%).
| Latest fiscal year | AVAV Β· FY26 | AXON Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $34.7B |
| Revenue | $2.0B | $2.8B |
| Free cash flow | β$141M | $75.1M |
| Net income | β$265M | $125M |
| Growth | ||
| Revenue growth | 140.9% | 33.5% |
| 5-year growth | 38.0% | 32.5% |
| Share count change | 74.2% | 4.9% |
| Profitability | ||
| Gross margin | 25.3% | 59.7% |
| Operating margin | β15.7% | β2.2% |
| Net margin | β13.4% | 4.5% |
| FCF margin | β7.1% | 2.7% |
| Return on capital | β9.1% | β2.2% |
| Return on equity | β10.0% | 4.5% |
| Balance sheet | ||
| Net debt | $115M | $104M |
| Net debt / EBITDA | β | 4.9x |
| Dividends and buybacks | $0.0M | $0.0M |
| Valuation & quality | ||
| P/E | β | 174.4x |
| Piotroski F-score | 3 | 6 |
Revenue
FY17
AVAV $229M
AXON $344M
FY18
AVAV $271M
AXON $420M
FY19
AVAV $314M
AXON $531M
FY20
AVAV $367M
AXON $681M
FY21
AVAV $395M
AXON $863M
FY22
AVAV $446M
AXON $1.2B
FY23
AVAV $541M
AXON $1.6B
FY24
AVAV $717M
AXON $2.1B
FY25
AVAV $821M
AXON $2.8B
FY26
AVAV $2.0B
AXON β
AVAV
AXON
Operating margin
FY17
AVAV 9.1%
AXON 3.8%
FY18
AVAV 11.2%
AXON 5.9%
FY19
AVAV 10.8%
AXON β1.2%
FY20
AVAV 12.8%
AXON β2.1%
FY21
AVAV 11.0%
AXON β19.5%
FY22
AVAV β2.2%
AXON 7.8%
FY23
AVAV β33.1%
AXON 10.1%
FY24
AVAV 10.0%
AXON 2.8%
FY25
AVAV 5.0%
AXON β2.2%
FY26
AVAV β15.7%
AXON β
AVAV
AXON
Free cash flow
FY17
AVAV β$17.3M
AXON $8.1M
FY18
AVAV $60.3M
AXON $52.7M
FY19
AVAV $18.1M
AXON $49.7M
FY20
AVAV $13.9M
AXON β$34.2M
FY21
AVAV $75.3M
AXON $74.6M
FY22
AVAV β$31.9M
AXON $180M
FY23
AVAV β$3.5M
AXON $130M
FY24
AVAV β$7.7M
AXON $330M
FY25
AVAV β$20.9M
AXON $75.1M
FY26
AVAV β$141M
AXON β
AVAV
AXON
Return on capital
FY17
AVAV β
AXON 8.8%
FY18
AVAV β
AXON 24.4%
FY19
AVAV β
AXON β2.1%
FY20
AVAV β
AXON β3.7%
FY21
AVAV β
AXON β24.3%
FY22
AVAV β1.2%
AXON 8.3%
FY23
AVAV β22.6%
AXON 15.2%
FY24
AVAV 10.5%
AXON 3.5%
FY25
AVAV 4.8%
AXON β2.2%
FY26
AVAV β9.1%
AXON β
AVAV
AXON
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.