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AXON

NASDAQ · USD
Axon Enterprise, Inc.
Industrials · Aerospace & Defense
CEO Patrick W. Smith Employees 5,100 R&D / revenue 24.6%
Last price
$390.29−6.45%last session
Market cap
$31.7B
P/E (TTM)
157.2x
From 52w high
−48.9%
From 52w low
+15.1%
1-year return
−40.2%
RSI 14 · vs SMA200
32.1 · −20.1%
IS score
48.2/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AXON   SPY   XLI (sector ETF) · weekly closes
6080100120Jan 26Apr 26Jul 26Oct 26SPY 116XLI 111AXON 60

Score DNA

Each bar is a 0-100 score within the scored universe
32
Profitability
41
Growth
32
Value
70
Momentum
100
Risk (safety)
69
Quality
61
Balance sheet
74
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Network EffectsPiotroski 6 / 9Altman Z 8.4Beta 1.402 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
155 open-market sales, $57.3M
Form 144 notices (12m): 34, $121.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+77
204 new holders, 112 closed
1,129 filers hold 90.3% · 474 added, 325 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+294
1,196 funds adding shares
902 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
69.8%
20-day avg 59.7%, 50-day avg 58.1%
Latest 10.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$2.8B
Revenue growth YoY+33.5%
Gross margin59.7%
Operating income−$62.1M
Operating margin-2.2%
Net income$124.9M
Net margin4.5%
EPS (diluted)$1.51
Cash flow
Operating cash flow$211.3M
Capital expenditure$136.3M
Free cash flow$75.1M
FCF conversion (FCF / OCF)35.5%
Stock-based compensation$634.2M
FCF less SBC−$559.1M
Buybacks$0
Dividends$0
Balance sheet & returns
Cash & short-term investments$1.7B
Total debt$1.9B
Net debt$203.1M
Shareholders' equity$3.2B
Goodwill & intangibles$1.6B
Debt / equity0.50
ROE (TTM)5.9%
ROIC (TTM)1.1%
Operating margin by fiscal year
-19.3%FY20217.8%FY202210.1%FY20232.8%FY20240.0%FY2025
Revenue $863.4M (FY2021) to $2.8B (FY2025), a 33.9% CAGR.

Valuation

P/E (TTM)157.2x
EV / EBITDA69.0x
Price / sales9.85x
Price / FCF238.0x
FCF yield0.42%
Buyback yield0.00%
SBC / revenue19.7%
Price / book8.54x
Forward P/E FY202650.7x
Forward P/E FY202736.8x
Forward P/E FY202828.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $675.00 across 6 analysts last quarter is theirs, not ours.

AXON vs industry median

197 companies in Aerospace & Defense
Gross margin 59.4% 22.1% Operating margin 2.6% 4.5% Net margin 6.2% 1.2% ROIC 1.1% 7.2%
AXON (TTM)Industry median Asset turnover 0.43 vs industry 0.57 · financial leverage 2.04

Earnings delivery

Next report 2026-11-03 · consensus EPS $1.91
92%
beat rate, 11 of 12 quarters
+21.3%
median EPS surprise
8
longest beat streak
+34+30+22+18+21+52+11+46-23+34+1+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-07 to 2026-08-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AXON Axon Enterprise, Inc. $31.7B157.2x5.9%6.2%+33.5% −40.2%
RKLB Rocket Lab USA, Inc. $30.4Bn/m-7.9%-21.0%+52.5% −24.1%
ESLT Elbit Systems Ltd. $35.4B53.9x15.3%7.6%+12.9% +53.7%
HEI HEICO Corporation $43.2B51.0x18.7%16.7%+20.7% +0.9%
LHX L3Harris Technologies, Inc. $46.3B25.0x9.3%10.2%+7.3% −12.2%
ERJ Embraer S.A. $47.4B56.7x9.4%5.7%+19.9% —
WWD Woodward, Inc. $19.4B35.5x22.3%13.2%+22.3% —
CW Curtiss-Wright Corporation $18.6B34.4x19.7%16.4%+10.5% —
12-month window: SPY +15.9%, sector ETF XLI +10.7%. Past returns describe history only.

Recent 8-K filings

2026-09-21Material Agreement; Financial Obligation; Regulation FD; Exhibits
2026-09-15Material Agreement; Financial Obligation; Regulation FD; Exhibits
2026-08-05Earnings Release; Exhibits
2026-07-10Officer/Director Change
2026-06-01Shareholder Vote; Exhibits
2026-05-06Earnings Release; Exhibits

Context

Shares outstanding81,237,400
Free float93.9%
Institutional ownership90.3%
Beta1.40
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$505.34 / $489.57
Large-cap Industrials median P/E29.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AXON sits among 56 scored companies in Aerospace & Defense (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAXONIndustry medianIndustry percentileSector median
P/E (TTM) 158.9x 33.9x
97th		 25.4x
PEG (P/E ÷ 3-yr EPS CAGR) 6.96 1.76
88th		 1.42
Price / sales 9.8x 4.3x
84th		 2.0x
Price / book 8.6x 3.6x
74th		 2.9x
Price / tangible book 31.0x 9.3x
80th		 5.6x
Price / free cash flow 238.0x 32.5x
100th		 20.8x
Price / operating cash flow 119.3x 29.1x
95th		 14.5x
Enterprise value $32.8B $6.6B
78th		 $4.8B
EV / sales 10.2x 4.1x
85th		 2.4x
EV / EBITDA 69.5x 20.6x
98th		 13.6x
EV / EBIT 89.2x 25.7x
95th		 19.9x
EV / free cash flow 246.6x 40.0x
100th		 24.3x
Earnings yield 0.6% 2.2%
31st		 3.3%
FCF yield 0.4% 2.0%
36th		 3.8%
Operating cash flow yield 0.8% 2.7%
33rd		 6.2%
Graham number (per share) $49.22 $48.57
53rd		 $38.21

Profitability (TTM)

MeasureAXONIndustry medianIndustry percentileSector median
Gross margin 59.4% 26.5%
93rd		 30.5%
EBITDA margin 14.7% 12.4%
64th		 14.3%
Operating margin 2.6% 9.6%
28th		 9.8%
EBIT margin 11.4% 9.6%
62nd		 9.9%
Net margin 6.2% 6.1%
51st		 6.0%
NOPAT margin 2.1% 7.9%
28th		 7.8%
FCF margin 4.1% 5.6%
43rd		 7.0%
Operating cash flow margin 8.3% 8.6%
47th		 11.2%
R&D / revenue 22.0% 1.8%
87th		 0.0%
SG&A / revenue 34.8% 13.7%
81st		 14.1%
Stock comp / revenue 19.7% 0.7%
94th		 0.6%
Effective tax rate 21.3% 21.0%
75th		 21.0%

Returns on capital

MeasureAXONIndustry medianIndustry percentileSector median
ROE (on average equity) 6.2% 10.8%
37th		 11.9%
ROA 2.9% 4.5%
40th		 4.8%
ROIC 1.4% 8.1%
27th		 8.7%
ROCE 6.1% 8.8%
40th		 9.4%
Return on tangible assets 5.4% 6.7%
40th		 7.9%
Cash ROIC (OCF / invested capital) 5.5% 9.6%
35th		 12.8%
Gross profitability (GP / assets) 25.6% 14.6%
91st		 19.2%
ROIC, 3-yr average 8.8% 8.7%
56th		 7.8%
ROIC, 5-yr average 14.9% 8.3%
88th		 8.6%
ROE, 5-yr average 10.2% 9.5%
54th		 12.5%
Incremental ROIC -26.3% 27.1%
20th		 20.5%

Growth

MeasureAXONIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 34.6% 20.7%
73rd		 8.6%
Revenue growth (QoQ) 12.0% 10.2%
62nd		 9.9%
Revenue CAGR, 3 yr 33.1% 13.7%
83rd		 5.0%
Revenue CAGR, 5 yr 31.9% 12.1%
81st		 8.3%
Gross profit CAGR, 3 yr 31.8% 13.8%
81st		 6.5%
Operating income CAGR, 3 yr -9.1% 21.0%
9th		 6.4%
Net income growth (TTM YoY) -38.8% 32.1%
0th		 11.3%
Net income CAGR, 3 yr 26.4% 19.1%
57th		 6.6%
EPS growth (TTM YoY) -39.2% 31.8%
0th		 13.3%
EPS CAGR, 3 yr 22.8% 18.5%
60th		 5.6%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) -24.5% 34.1%
16th		 14.7%
FCF CAGR, 3 yr 6.5% 20.0%
18th		 12.2%
Operating cash flow CAGR, 3 yr 18.8% 22.9%
34th		 8.8%
Book value CAGR, 3 yr 32.7% 10.5%
82nd		 7.3%
Dividend CAGR, 3 yr —
Sustainable growth rate 6.2% 11.5%
26th		 11.0%

Margin history & stability

MeasureAXONIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 60.0% 26.2%
98th		 30.6%
Operating margin, 3-yr average 3.7% 9.0%
28th		 10.0%
Net margin, 3-yr average 12.0% 6.3%
85th		 6.2%
FCF margin, 3-yr average 7.6% 6.0%
61st		 7.1%
Revenue stability (0-1) 0.94 0.91
73rd		 0.81
Earnings stability (0-1) 0.61 0.56
56th		 0.47
Margin stability (0-1) 0.98 0.88
96th		 0.90

Liquidity (latest quarter)

MeasureAXONIndustry medianIndustry percentileSector median
Cash & short-term investments $692.5M $337.2M
73rd		 $249.6M
Net cash (− = net debt) −$1.1B −$747.7M
33rd		 −$666.5M
Working capital $1.6B $878.9M
73rd		 $376.4M
Current ratio 2.15 2.57
42nd		 1.79
Quick ratio 1.80 1.57
56th		 1.33
Cash ratio (cash + ST investments / current liabilities) 0.50 0.34
56th		 0.32
Defensive interval (days) 292 days 960 days
6th		 614 days

Leverage & solvency (latest quarter)

MeasureAXONIndustry medianIndustry percentileSector median
Total debt $1.8B $917.3M
67th		 $919.8M
Debt / equity 0.50 0.52
43rd		 0.65
Net debt / equity 0.31 0.34
47th		 0.46
Debt / assets 24.5% 24.3%
51st		 29.3%
Debt / capital 33.3% 34.0%
43rd		 39.5%
Debt / EBITDA 3.88 2.38
79th		 2.44
Net debt / EBITDA 2.41 1.88
60th		 1.86
Interest coverage (EBIT / interest) 3.2x 5.1x
35th		 5.0x
Cash interest coverage 2.3x 5.6x
38th		 6.1x
Debt payback (years of OCF) 6.9 yrs 3.1 yrs
74th		 3.2 yrs
Liabilities / assets 50.9% 52.4%
44th		 56.7%
IS credit model rating A — —
Implied credit spread (bps) 150 175
35th		 200

Efficiency

MeasureAXONIndustry medianIndustry percentileSector median
Asset turnover 0.47 0.62
36th		 0.75
Fixed asset turnover 9.43 5.00
87th		 5.14
Inventory turnover 3.3 3.6
42nd		 5.0
Receivables turnover 4.6 6.6
24th		 6.7
Days sales outstanding 79 days 56 days
76th		 54 days
Days inventory outstanding 111 days 103 days
58th		 72 days
Days payables outstanding 54 days 39 days
76th		 41 days
Cash conversion cycle (days) 136 days 104 days
62nd		 63 days
Capex / revenue 4.1% 3.6%
60th		 3.0%
Capex / depreciation 1.27 1.14
57th		 0.76
Operating expense ratio 55.2% 16.0%
83rd		 17.7%

Cash flow & earnings quality

MeasureAXONIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.33 1.31
56th		 1.50
FCF / net income 0.67 0.87
31st		 1.15
FCF / operating cash flow 50.1% 72.4%
16th		 74.0%
Capex / operating cash flow 49.9% 27.6%
84th		 26.1%
Accruals ratio -1.0% -2.8%
62nd		 -4.0%
Sloan accruals ratio -15.0% -0.3%
4th		 -2.4%
Earnings quality score (0-1) 1.00 1.00
49th		 1.00

Dividends & buybacks

MeasureAXONIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.6%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.44
Payout ratio (dividends / net income) 0.0% 13.6%
0th		 22.5%
Dividends / FCF 0.0% 15.3%
0th		 19.6%
Dividend growth (YoY) —
Buyback yield 0.4% 0.0%
65th		 0.5%
Shareholder yield (dividends + buybacks) 0.4% 0.7%
46th		 2.0%
Share count change (YoY) 0.6% 0.9%
44th		 0.0%
Buybacks, last 5 years $130.0M $14.0M
65th		 $76.0M

Scores & forensic checks

MeasureAXONIndustry medianIndustry percentileSector median
IS score 48 55
44th		 53
IS profitability 32 31
51st		 37
IS growth 41 70
6th		 54
IS value 32 43
16th		 47
IS momentum 70 80
27th		 76
IS risk (safety) 100 100
44th		 80
IS quality 69 65
64th		 67
IS balance sheet 61 58
56th		 56
IS earnings quality 74 67
80th		 70
IS cash flow 37 44
44th		 54
Piotroski F-score (0-9) 6 6
31st		 6
Altman Z-score 8.4 4.8
80th		 3.3
Beneish M-score −2.32 −2.40
66th		 −2.52
Ohlson O-score −7.84 −7.88
51st		 −7.49
IS credit score 72 69
55th		 65

Per share

MeasureAXONIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.42 $1.65
56th		 $2.21
Book value per share $44.53 $14.45
76th		 $18.38
Tangible book per share $18.59 $3.65
82nd		 $4.39
Revenue per share $39.01 $29.92
60th		 $36.64
FCF per share $1.61 $1.44
53rd		 $2.70
Operating cash flow per share $3.22 $2.14
56th		 $4.28
Cash per share $8.39 $2.93
82nd		 $3.02

Size (TTM)

MeasureAXONIndustry medianIndustry percentileSector median
Market cap $31.7B $6.0B
78th		 $3.9B
Revenue $3.2B $2.0B
56th		 $2.7B
EBITDA $472.5M $252.5M
56th		 $394.8M
Net income $199.6M $85.5M
56th		 $136.3M
Free cash flow $133.2M $80.1M
58th		 $162.9M
Total assets $7.5B $4.1B
73rd		 $3.5B
Shareholders' equity $3.7B $1.6B
73rd		 $1.4B
Employees 5,100 4,020
55th		 6,050

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Brooks Cameron
CHIEF REVENUE OFFICER
 Tax withholding 5,850$422.21$2.5M61,396
2026-09-11Fields Isaiah
Chief Legal Officer
 Open-market sale 1,017$480.45$488,61856,264
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 71$501.99$35,6413,127,941
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 410$503.74$206,5323,127,531
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,104$505.59$558,1743,126,427
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 744$506.48$376,8203,125,683
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 749$507.48$380,1003,124,934
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,774$508.45$901,9913,123,160
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,319$509.32$671,7923,121,841
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,348$510.59$688,2713,120,493
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,251$511.43$639,8043,119,242
2026-09-08Smith Patrick W
Director, CHIEF EXECUTIVE OFFICER
 Open-market sale 1,033$512.70$529,6213,118,209

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired25410,172—
Open-market saleDisposed155106,386$57.3M
Tax withholdingDisposed838,628$22.5M
—Disposed20—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 34 notices · 224,269 shares · $121.2M
FiledFilerShares proposedEst. proceeds
2026-09-11Isaiah Fields1,017$486,990
2026-09-08Smith Patrick W10,000$5.1M
2026-08-31Joshua Isner16,775$10.1M
2026-08-21Jeffrey C Kunins9,605$5.9M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2025-05-12Jefferson ShreveHouseSale$15,001 - $50,0002025-06-23
2025-05-11Jefferson ShreveHouseSale (Full)$15,001 - $50,0002025-06-23
2025-03-05Jefferson ShreveHousePurchase$15,001 - $50,0002025-04-14
2025-03-04Jefferson ShreveHousePurchase$15,001 - $50,0002025-04-14
2024-12-18Markwayne MullinSenateSale (Full)$15,001 - $50,0002024-12-31
2024-12-18Markwayne MullinSenateSale (Full)$15,001 - $50,0002024-12-31
2024-12-18Markwayne MullinSenateSale (Full)$15,001 - $50,0002024-12-30
2024-12-18Markwayne MullinSenateSale (Full)$15,001 - $50,0002024-12-30
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.8,334,551$4.7B10.26%
VANGUARD CAPITAL MANAGEMENT LLC5,130,199$2.9B6.32%
STATE STREET CORP3,885,570$2.2B4.78%
VANGUARD PORTFOLIO MANAGEMENT LLC3,684,814$2.1B4.54%
Invesco Ltd.3,229,060$1.8B3.97%
BAILLIE GIFFORD & CO3,059,487$1.7B3.77%
FMR LLC3,024,957$1.7B3.72%
GEODE CAPITAL MANAGEMENT, LLC2,312,765$1.3B2.85%
WELLINGTON MANAGEMENT GROUP LLP2,103,142$1.2B2.59%
PRICE T ROWE ASSOCIATES INC /MD/1,871,812$1.0B2.30%
WESTFIELD CAPITAL MANAGEMENT CO LP1,491,490$836.1M1.84%
SANDS CAPITAL MANAGEMENT, LLC1,480,817$830.2M1.82%
EDGEWOOD MANAGEMENT LLC1,124,675$630.5M1.38%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/1,019,560$574.1M1.26%
NORGES BANK931,827$522.4M1.15%

Institutional ownership by quarter

2023-092026-0690.3%
% of shares held by 13F filers
2023-092026-061,129
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,12990.3%204474325112
2026-03-311,05283.5%137424351202
2025-12-311,13981.4%162434407168
2025-09-301,17078.6%136497375132
2025-06-301,18679.7%23246936678
2025-03-311,04476.3%130426362120
2024-12-311,05776.2%26633434051
2024-09-3086075.8%15431926849
2024-06-3076074.2%9632621474
2024-03-3174873.3%13126624354
2023-12-3168273.1%14123821139
2023-09-3058772.2%5721222286

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Capital Management7.2%5,820,099
2026-01-21SCHEDULE 13G/ABlackRock, Inc.9.5%7,486,272
2025-10-30SCHEDULE 13G/AThe Vanguard Group11.9%9,314,070
2025-04-23SCHEDULE 13G/ABlackRock, Inc.8.2%6,401,225
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$1.0B
VTI0.04%$1.0B
VSMPX0.04%$1.0B
VTSAX0.04%$1.0B
VFINX0.05%$901.3M
VFIAX0.05%$901.3M

Share structure

Shares outstanding81,237,400
Float76,307,915
Free float93.9%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$863.4M$1.2B$1.6B$2.1B$2.8B
Cost of revenue$332.3M$461.3M$605.2M$841.1M$1.1B
Gross profit$531.1M$728.6M$955.5M$1.2B$1.7B
R&D$194.0M$233.8M$303.7M$441.6M$684.3M
SG&A$503.9M$401.6M$492.3M$741.2M$1.0B
Operating income−$166.8M$93.3M$159.4M$58.5M−$62.1M
EBITDA−$117.1M$227.6M$183.4M$437.0M$196.4M
Pretax income−$141.4M$196.5M$157.1M$381.5M$19.0M
Income tax−$81.4M$49.4M−$18.7M$4.5M−$105.7M
Net income−$60.0M$147.1M$175.8M$377.0M$124.9M
EPS, diluted$-0.91$2.03$2.31$4.80$1.51
Diluted shares66.2M72.5M75.5M78.6M100.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$443.0M$974.7M$1.3B$986.3M$1.7B
Receivables$501.2M$555.1M$700.2M$915.5M$955.7M
Inventory$108.7M$202.5M$269.9M$265.3M$341.8M
Total current assets$1.1B$1.8B$2.4B$2.3B$3.7B
PP&E, net$138.5M$169.8M$236.7M$247.3M$331.0M
Goodwill & intangibles$59.1M$57.1M$77.5M$932.0M$1.6B
Total assets$1.7B$2.9B$3.4B$4.5B$7.0B
Accounts payable$32.2M$59.9M$65.9M$72.0M$139.1M
Total current liabilities$418.5M$602.6M$761.5M$1.7B$1.5B
Long-term debt$0$674.0M$677.1M$680.3M$1.8B
Total liabilities$640.4M$1.6B$1.8B$2.1B$3.8B
Shareholders' equity$1.0B$1.3B$1.6B$2.3B$3.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$60.0M$147.1M$174.2M$377.0M$124.7M
Depreciation & amortization$18.7M$24.4M$32.6M$48.4M$83.2M
Stock-based compensation$303.3M$106.2M$131.4M$382.6M$634.2M
Change in working capital−$43.3M$19.1M−$118.4M−$72.7M−$481.7M
Operating cash flow$124.5M$235.4M$189.3M$408.3M$211.3M
Capital expenditure−$50.3M−$56.1M−$59.6M−$78.8M−$136.3M
Free cash flow$74.2M$179.3M$129.0M$329.5M$75.1M
Investing cash flow$252.6M−$831.0M$12.5M−$490.6M−$724.9M
Net debt issued / repaid$0$673.8M$0$0$1.1B
Buybacks$0−$74,000$0$0$0
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin62.7%61.2%61.3%59.6%59.7%
Operating margin-19.3%7.8%10.1%2.8%0.0%
Net margin-7.0%12.4%11.3%18.1%4.5%
FCF margin8.6%15.1%8.3%15.8%2.7%
ROE-5.9%12.7%12.2%19.1%4.5%
ROIC-21.1%6.9%17.5%2.1%0.0%
ROA-3.9%6.5%5.6%9.6%2.2%
Debt / equity0.020.560.440.600.59
Interest coverage——23.4x54.7x2.0x
Current ratio2.653.003.141.372.53
Revenue growth+26.8%+37.8%+31.2%+33.4%+33.5%
EPS growth−3,183.0%+332.8%+14.5%+101.3%−73.1%
P/E at year endn/m82.3x111.9x127.8x454.7x
EV / EBITDA at year endn/m52.0x97.1x113.0x217.0x
FCF yield at year end0.68%1.48%0.66%0.68%0.13%
Dividend payout—0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2025
Software And Sensors Segment———$1.2B
Software and Sensors$426.5M$658.4M$950.8M—
TASER X2———$913.9M
TASER$436.9M$531.6M$612.6M—
Axon Body———$397.0M
Platform Solutions———$265.9M

Revenue by region · FY2025

UNITED STATES$2.3B · 83%
Non-US$474.5M · 17%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $1.91 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$3.7B$3.5B – $3.7B$7.69$6.17 – $8.591250.7x
2027$4.8B$4.4B – $5.0B$10.60$8.56 – $12.271236.8x
2028$6.2B$5.8B – $6.8B$13.79$13.12 – $14.72328.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-05$1.84$1.88+2.2%$876.4M$904.4M+3.2%
2026-05-06$1.60$1.61+0.6%$778.9M$807.3M+3.7%
2026-02-24$1.60$2.15+34.4%$755.6M$796.7M+5.4%
2025-11-04$1.52$1.17−23.0%$704.8M$710.6M+0.8%
2025-08-04$1.45$2.12+46.2%$641.0M$668.5M+4.3%
2025-05-07$1.27$1.41+11.0%$586.4M$603.6M+2.9%
2025-02-25$1.37$2.08+51.8%$566.0M$575.1M+1.6%
2024-11-07$1.20$1.45+20.8%$525.3M$544.3M+3.6%
2024-08-06$1.02$1.20+17.6%$478.4M$504.1M+5.4%
2024-05-06$0.94$1.15+21.7%$441.6M$460.7M+4.3%
2024-02-27$0.86$1.12+30.2%$420.9M$432.1M+2.7%
2023-11-07$0.76$1.02+34.2%$420.9M$413.6M−1.7%
2023-08-08$0.62$1.11+79.0%$350.5M$374.6M+6.9%
2023-05-09$0.46$0.88+91.3%$319.8M$343.0M+7.3%
2023-02-28$0.50$0.70+40.0%$305.9M$336.1M+9.9%
2022-11-08$0.46$0.60+30.4%$279.9M$311.8M+11.4%
2022-08-09$0.38$0.44+15.8%$259.0M$285.6M+10.3%
2022-05-10$0.25$0.45+80.0%$232.9M$256.4M+10.1%
2022-02-24$0.16$0.46+187.5%$202.7M$217.6M+7.4%
2021-11-15$0.27$1.17+333.3%$202.2M$232.0M+14.7%
2021-08-05$0.22$0.38+72.7%$175.2M$218.8M+24.9%
2021-05-06$0.21$0.31+47.6%$167.5M$195.0M+16.4%
2021-02-25$0.36$1.00+177.8%$181.0M$226.1M+24.9%
2020-11-05$0.20$0.40+100.0%—$166.4M—

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.306-150.606-220.806-290.907-060.507-130.507-200.607-271.008-030.808-100.508-170.408-240.708-31
Week ofNotionalSharesTrades
2026-08-31$711.4M1,345,42654,957
2026-08-24$417.5M687,21936,846
2026-08-17$474.4M759,61942,007
2026-08-10$795.5M1,306,16255,919
2026-08-03$993.6M1,753,26977,849
2026-07-27$559.1M1,047,96752,523

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1569.8%
DateShort shareShort volumeTotal volume
2026-10-1569.8%293,196420,311
2026-10-1466.0%323,063489,551
2026-10-1362.6%189,748303,280
2026-10-1262.9%137,309218,268
2026-10-0961.9%188,598304,616
2026-10-0860.0%354,367590,726
2026-10-0769.8%314,753451,167
2026-10-0657.1%320,091560,556
2026-10-0556.7%197,030347,543
2026-10-0254.5%225,033413,235
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.8Jan+2.7Feb-1.2Mar+2.1Apr+3.2May+1.5Jun+0.6Jul+3.9Aug+2.3Sep+5.3Oct+5.8Nov+1.7Dec
MonthAvg returnUp yearsYears
Jan+0.8%45%20
Feb+2.7%50%20
Mar−1.2%52%21
Apr+2.1%70%20
May+3.2%45%20
Jun+1.5%50%20
Jul+0.6%55%20
Aug+3.9%50%20
Sep+2.3%50%20
Oct+5.3%75%20
Nov+5.8%65%20
Dec+1.7%40%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1432.1
MFI41.3
ADX39.7
Stochastic %K / %D28.5 / 30.1
Williams %R-96.1
CCI-127
TSI / signal-30.5 / -29.4
Chaikin money flow-0.05
ATR$19.98
Bollinger width15.7%
Volume vs 20-day avg1.43x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$422.99 (−7.7%)
SMA 50$502.70 (−22.4%)
SMA 200$488.66 (−20.1%)
EMA 21$430.43 (−9.3%)
EMA 50$468.73 (−16.7%)
EMA 200$508.08 (−23.2%)
Bollinger upper$456.21 (−14.4%)
Bollinger lower$389.77 (+0.1%)
Parabolic SAR$425.68 (−8.3%)
Open the live chart, 110+ indicators

About Axon Enterprise, Inc.

Axon Enterprise, Inc., founded in 1993 and headquartered in Scottsdale, Arizona, was previously known as TASER International, Inc. until its rebranding in April 2017. The company specializes in the development, production, and sale of conducted energy devices (CEDs) marketed under its well-known TASER brand, catering to both domestic and international clients. Axon's operations are divided into two primary segments: TASER, and Software and Sensors. In addition to its signature TASER devices, such as the TASER 7, X26P, X2, and consumer models, along with their corresponding cartridges, Axon offers an extensive portfolio of hardware and cloud-based software. These solutions are designed to equip law enforcement agencies with the means to capture, securely archive, manage, share, and analyze video and other digital evidence. Key products in this category include on-officer body cameras, Axon Fleet in-car systems, the Axon Evidence digital evidence management platform, Axon Signal-enabled devices, extended hardware warranties, and vital accessories like docks, cartridges, and batteries. Axon distributes its offerings through multiple channels, including its dedicated direct sales force, various distribution partners, its online storefront, and authorized third-party resellers. Furthermore, the company has established a strategic partnership with Fusus, Inc. to enhance the functionality of Axon Respond and the Fusus Real Time Crime Center in the Cloud solution, providing agencies with real-time operational awareness and more efficient investigative processes.

https://www.axon.com

Key executives

NameTitlePayBorn
Cameron BrooksChief Revenue Officer$1.3M1970
Brittany BagleyChief Operating Officer & Chief Financial Officer$1.3M1983
Jeffrey C. KuninsChief Product Officer & Chief Technology Officer$864,2111975
Joshua IsnerPresident$728,3411986
Patrick W. SmithFounder, Chief Executive Officer & Director$40,0011971
Elizabeth CoughlinChief Human Officer—1986
Erik Taylor LapinskiSenior Director of Investor Relations——
Jennifer H. MakChief Accounting Officer—1975

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Cameron Brooks Chief Revenue Officer2025$418,661$0$885,876$1.3M
Brittany Bagley Chief Operating Officer and Chief Financial Officer2025$450,000$0$815,400$1.3M
Jeffrey Kunins Chief Product Officer and Chief Technology Officer2025$350,000$0$475,650$864,211
Joshua Isner President2025$125,000$0$577,575$728,341
Patrick Smith Chief Executive Officer2025$31,201$0$0$40,001

Employees

1k20181k20192k20202k20213k20223k20234k20245k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Narrow · Network Effects · 2026-06-30
Cost advantage59
Intangibles60
Switching costs53
Network effect67
Efficient scale60
Our component scores (0-100) and overall 59.1; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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