Axon Enterprise vs Curtiss-Wright
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The short version
- Curtiss-Wright is the larger business, with $3.5B of revenue in fiscal 2025 against $2.8B for Axon Enterprise.
- Axon Enterprise grew revenue faster (33.5%, against 12.1%).
- Curtiss-Wright kept more of each dollar of sales as operating profit (18.1% operating margin, against −2.2%).
- Curtiss-Wright turned more of its sales into free cash flow (15.8% FCF margin, against 2.7%).
- Curtiss-Wright earned a higher return on the capital invested in it (15.9%, against −2.2%).
- Investors pay more for each dollar of Axon Enterprise’s earnings: a P/E of 174.4x against 32.0x for Curtiss-Wright.
| Latest fiscal year | AXON · FY25 | CW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $34.7B | $17.2B |
| Revenue | $2.8B | $3.5B |
| Free cash flow | $75.1M | $554M |
| Net income | $125M | $484M |
| Growth | ||
| Revenue growth | 33.5% | 12.1% |
| 5-year growth | 32.5% | 7.9% |
| Share count change | 4.9% | −1.9% |
| Profitability | ||
| Gross margin | 59.7% | 37.2% |
| Operating margin | −2.2% | 18.1% |
| Net margin | 4.5% | 13.8% |
| FCF margin | 2.7% | 15.8% |
| Return on capital | −2.2% | 15.9% |
| Return on equity | 4.5% | 19.4% |
| Balance sheet | ||
| Net debt | $104M | $587M |
| Net debt / EBITDA | 4.9x | 0.8x |
| Dividends and buybacks | $0.0M | $500M |
| Valuation & quality | ||
| P/E | 174.4x | 32.0x |
| Piotroski F-score | 6 | 8 |
Revenue
FY16
AXON $268M
CW $2.1B
FY17
AXON $344M
CW $2.3B
FY18
AXON $420M
CW $2.4B
FY19
AXON $531M
CW $2.5B
FY20
AXON $681M
CW $2.4B
FY21
AXON $863M
CW $2.5B
FY22
AXON $1.2B
CW $2.6B
FY23
AXON $1.6B
CW $2.8B
FY24
AXON $2.1B
CW $3.1B
FY25
AXON $2.8B
CW $3.5B
AXON
CW
Operating margin
FY16
AXON 11.9%
CW 14.1%
FY17
AXON 3.8%
CW 14.3%
FY18
AXON 5.9%
CW 15.5%
FY19
AXON −1.2%
CW 16.2%
FY20
AXON −2.1%
CW 12.1%
FY21
AXON −19.5%
CW 15.1%
FY22
AXON 7.8%
CW 16.6%
FY23
AXON 10.1%
CW 17.0%
FY24
AXON 2.8%
CW 16.9%
FY25
AXON −2.2%
CW 18.1%
AXON
CW
Free cash flow
FY16
AXON $16.2M
CW $376M
FY17
AXON $8.1M
CW $336M
FY18
AXON $52.7M
CW $283M
FY19
AXON $49.7M
CW $352M
FY20
AXON −$34.2M
CW $214M
FY21
AXON $74.6M
CW $347M
FY22
AXON $180M
CW $257M
FY23
AXON $130M
CW $403M
FY24
AXON $330M
CW $483M
FY25
AXON $75.1M
CW $554M
AXON
CW
Return on capital
FY16
AXON 32.1%
CW 11.6%
FY17
AXON 8.8%
CW 13.1%
FY18
AXON 24.4%
CW 14.9%
FY19
AXON −2.1%
CW 15.0%
FY20
AXON −3.7%
CW 9.2%
FY21
AXON −24.3%
CW 10.6%
FY22
AXON 8.3%
CW 11.2%
FY23
AXON 15.2%
CW 12.4%
FY24
AXON 3.5%
CW 13.4%
FY25
AXON −2.2%
CW 15.9%
AXON
CW
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.