Axon Enterprise, Inc.

Ordnance & Accessories, (No Vehicles/Guided Missiles)

AXONStrong7 of 10 basics passed

$423.00

+1.36%

Market cap $34.4B

$423.00

+1.36%

Market cap $34.4B

Axon Enterprise Inc is building a public safety operating system by integrating a suite of hardware devices and cloud software solutions. The company's suite includes cloud-hosted digital evidence management solutions, TASER energy devices, drones and robotic security, and training solutions.

It is a $34.4B industrial company. Revenue grew 34.7% over the last year, it keeps 6¢ of every dollar of sales as profit, and its net debt equals ~1.6 years of free cash flow. It trades at 172.4× earnings — in the most expensive third of its own history.

Website: axon.com
Location: Scottsdale, AZ
Employees: 6 300
Sector: Industrials

Share price · 3 years

$215.29 → $423.00+96.5%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $3.22B
Profit: keeps 6¢ of every $1 sold; $199M
Free cash flow: cash left after running the business; $133M
Net debt: debt minus cash on hand; $210M
P/E: years of profit in the price; 172.4
EPS: earnings per share, TTM; $2.42
Shares: up 54% since 2016 — dilution; 82.4M
Volatility: beta vs the market — under 1 swings less; 1.48

Revenue, last 10 years

52-week range

Low $345.94$423.00High $759.44

Today's price is 19% of the way from the year's low to its high.

P/E vs its history5y

172.4×median 146.2×

Higher than 73% of past days — in the most expensive third of its own history.

Valuation vs own history

P/E

172.4×

27%

P/S

10.7×

80%

EV/EBITDA

630.3×

91%

P/B

9.3×

79%

FCF yield

0.4%

25%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$5.58Mnet selling

Purchases$0

Sales$5.58M

Insiders trading, last 14d0 buy · 0 sell

Standing in Industrials

Size$34.4Btop 32%
Revenue growth+33%top 2%
Net margin6%top 72%
Return on equity6%top 91%
P/E172.4×top 96%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong health; Valuation, Profitability and Moat lag behind.

Valuation15

P/E vs own history73th pct · 5/25
FCF yield0.4% · 5/25
P/S10.7x · 5/25
EV/EBITDA288.6x · 0/25

Growth50

Revenue CAGR33.9% · 25/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth268.0% · 25/25

Profitability28

ROIC3.6% · 5/25
ROE5.9% · 5/25
Net margin6.2% · 13/25
Operating margin0.4% · 5/25

Health95

Altman Z6.23 · 25/25
Current ratio2.15 · 25/25
Interest coverage888.4x · 25/25
Net cash / debtD/A 3% · 20/25

Quality62

Piotroski F6/9 · 15/25
Beneish M-2.29 · 20/25
FCF conversion67% · 15/25
Margin stabilityσ 9.3% · 12/25

Moat49

ROIC >12% years3/10 yrs · 6/25
Median gross margin61.1% · 25/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst -7.0% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2025Acquisition
Axon agreed to acquire Carbyne for $625 million in cash, intending to integrate Carbyne's…
FY2024Financial
Best year on record
$377M net income
FY2022Financial
Revenue crossed $1B
$1.19B for the year
FY2021Financial
Positive free cash flow every year since
5-year streak
2018Acquisition
Axon acquired competitor VieVu for $4.6 million in cash and $2.5 million in common stock
Apr 5, 2017Milestone
TASER rebranded as Axon to reflect its expanded business
FY2016Financial
First recorded profitable year
$17.3M net income
2013Product
Smith argued that the company was "not just about weapons, but about providing transparency and solving related data…
2009Product
Taser's original body-worn camera, the Axon Pro, was introduced in 2009
2008Product
The company unveiled its first body-worn camera, the Axon Pro
2001IPO
TASER International had an initial public offering with a $6.8 million deficit
1997Product
After nearly going bankrupt marketing other products such as an electroshock-based anti-theft system for automobiles…

Achievements

Verifiable track record, straight from the reported numbers.

#42 largest of 130 Industrials companies by market cap

$10 000 invested in 2021 would be worth ~$23 525 today — price return only

$2.8B revenue in FY2025

Revenue up 34.7% year over year

Profitable 4 years in a row

Positive free cash flow 5 years in a row

6 300 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (59.4%)
Revenue growing 34.7% year over year
Interest covered 888.4× by operating earnings
Altman Z-Score 6.23 — low bankruptcy-risk zone

Watch-outs

Net debt would take ~8.7 years of free cash flow to repay
Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

7 of 10 checks passed

Revenue growing — the company sells more than a year ago+34.7% YoY
Profitable — makes more than it spends$199M TTM
Profit growing — earnings are higher than last year-9.3% YoY
Generates cash — cash left after running and investing$133M TTM
Debt under control — could handle its obligations~1.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$34.4B market cap
Not printing shares — share count not ballooning — you keep your slice+33.3% shares over ~5y
Proven track record — years of profitability behind it8/10 profitable years
Financially stable — balance sheet not near distressAltman Z 6.2 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 172.4

Peer comparisonAxon Enterprise, Inc. vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AXON this company	$34.4B	172.4	+34.7%	6.2%	Strong
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: AXON vs LRCX · AXON vs CAT · AXON vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 9Buy 16Hold 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $3.22B · net income $199M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$3.22B

YoY 34.7%

Net income (TTM)

$199M

Margin 6.2%

Gross margin

59.4%

Operating margin

0.4%

P/E ratio

172.4

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.7	0.9	1.2	1.6	2.1	2.8
Gross profit	0.4	0.5	0.7	1.0	1.2	1.7
Operating income (EBIT)	-0.0	-0.2	0.1	0.2	0.1	-0.0
Net income	-0.0	-0.1	0.1	0.2	0.4	0.1
EPS (diluted)	-0.03	-0.91	2.03	2.31	4.80	1.51

Cash flowFree cash flow $133M · operating cash flow $266M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$133M

Margin 4.1%

Operating cash flow (TTM)

$266M

FCF margin

4.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.0	0.1	0.2	0.2	0.4	0.2
Capital expenditure	-0.1	-0.0	-0.1	-0.1	-0.1	-0.1
Free cash flow	-0.0	0.1	0.2	0.1	0.3	0.1
FCF margin	-5.0%	8.6%	15.1%	8.3%	15.8%	2.7%

Balance sheetAssets $7.00B · net debt $210M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $7.00B of assets is financed

54%

46%

Liabilities $3.76B — borrowed moneyEquity $3.24B — owners' stake

Cash vs debt

Total debt $1.92B − cash $1.71B = net debt $210M

Cash on hand covers 89% of debt.

Altman Z-Score

6.23

Safe zone

Debt repayment

8.7 yrs

Years of free cash flow to clear net debt

Interest coverage

888.4x

EBIT ÷ interest expense

ROE

5.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.6	0.4	0.9	1.2	0.8	1.7
Total assets	1.4	1.7	2.9	3.4	4.5	7.0
Total liabilities	0.4	0.6	1.6	1.8	2.1	3.8
Total debt	—	0.0	0.7	0.7	0.7	1.9
Equity	1.0	1.0	1.3	1.6	2.3	3.2
Net debt	—	-0.3	-0.2	-0.5	-0.1	0.2

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Deeper analysis of AXON on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $423.00 · market cap $34.4B.