Axon Enterprise

Industrials Aerospace & Defense Scottsdale, Arizona Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +32.8%
                    
                    P100
                    
                    +33.5%
                    
                    Net income
                    FY2025
                
$124.7M
                    Net margin +4.5%
                    
                    P11
                    
                    -66.9%
                    
                    Total assets
                    FY2025
                
$7.0B
                    ROA +1.8%
                    
                    P4
                    
                    +56.4%
                    
                    Operating cash flow
                    FY2025
                
$211.3M
                    FCF margin +2.7%
                    
                    P3
                    
                    -48.2%

17 yrs · FY2009–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	17.2%	10.2%	17.6%
Short Term Investments	7.2%	7.4%	18.9%
Accounts Receivable	0.1%	0.2%	0.2%
Inventory	4.9%	5.9%	7.9%
Other Current Assets	6.1%	5.3%	5.6%
Total Current Assets	53.0%	51.3%	70.2%
Property,Plant and Equipment	4.7%	5.5%	5.9%
Goodwill	19.6%	16.9%	1.7%
Intangible Assets	2.8%	3.9%	0.6%
Deferred Tax Assets	5.1%	6.8%	6.7%
Other Noncurrent Assets	6.1%	5.3%	5.6%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	2.0%	1.6%	1.9%
Accrued Liabilities	7.3%	6.2%	5.7%
Deferred Revenue	10.2%	13.7%	13.8%
Current Portion of Long Term Debt	1.2%	15.2%	—
Other Current Liabilities	0.1%	0.3%	0.3%
Total Current Liabilities	21.0%	22.3%	22.3%
Long Term Debt	24.7%	0.0%	0.0%
Deferred Revenue Noncurrent	5.1%	8.1%	7.9%
Operating Lease Liabilities Noncurrent	1.4%	0.9%	1.0%
Deferred Tax Liabilities	0.0%	2.5%	0.8%
Other Noncurrent Liabilities	0.7%	0.6%	0.6%
Total Liabilities	53.7%	48.0%	52.6%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	35.4%	37.8%	39.5%
Retained Earnings	13.4%	18.1%	12.8%
Treasury Stock	2.2%	3.5%	4.6%
Accumulated Other Comprehensive Income	-0.2%	-0.4%	-0.3%
Total Stockholders Equity	46.3%	52.0%	47.4%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

20 accounts · 3 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	39.7%	46.5%	45.8%
Expenses Cost of Revenue	16.0%	18.8%	17.8%
Expenses Research and Development	9.8%	9.9%	8.9%
Expenses Selling,General and Administrative	14.8%	16.6%	14.5%
Expenses Depreciation and Amortization	1.2%	1.1%	0.6%
Expenses Share Based Compensation	9.1%	8.6%	3.9%
Expenses Restructuring and Asset Impairment	0.5%	0.0%	0.0%
Expenses Operating Expenses	24.6%	26.4%	23.4%
Other Income Expense Gross Profit	23.7%	27.7%	28.0%
Other Income Expense Operating Income	-0.9%	1.3%	4.6%
Other Income Expense Interest Income	1.1%	0.8%	1.2%
Other Income Expense Other Income/expense	1.4%	6.4%	-1.2%
Other Income Expense Income Before Tax	0.3%	8.5%	4.6%
Income Tax Income Tax Expense	-1.5%	0.1%	-0.5%
net Income net Income	1.8%	8.4%	5.2%
net Income Comprehensive Income	1.9%	8.3%	5.1%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.1%	1.7%	2.2%
Earnings Per Share Weighted Average Shares Diluted	1.2%	1.8%	2.2%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	1.8%	8.4%	5.2%
Operating Activities Depreciation and Amortization	1.2%	1.1%	0.6%
Operating Activities Stock Based Compensation	9.1%	8.6%	3.9%
Operating Activities Deferred Income Taxes	-1.2%	-1.9%	-2.1%
Operating Activities Changes In Operating Assets and Liabilities	6.1%	4.3%	8.9%
Operating Activities net Cash From Operating Activities	3.0%	9.1%	5.6%
Investing Activities Capital Expenditures	1.9%	1.8%	1.7%
Investing Activities Business Acquisitions	9.2%	13.9%	0.6%
Investing Activities Purchases of Investments	29.7%	17.7%	16.5%
Investing Activities Proceeds From Sale of Investments	30.5%	22.4%	19.3%
Investing Activities Other Investing Activities	0.0%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-10.4%	-11.0%	0.4%
Financing Activities Proceeds From Debt	25.0%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.0%	0.3%	1.6%
Financing Activities Tax Withholding On Stock Based Compensation	5.0%	1.3%	3.2%
Financing Activities Other Financing Activities	-0.0%	-0.0%	0.0%
Financing Activities net Cash From Financing Activities	17.9%	-1.0%	1.2%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.1%	0.1%
Cash Reconciliation net Change In Cash	10.7%	-3.0%	7.2%
Cash Reconciliation Cash At Beginning of Period	17.3%	10.4%	17.6%
Cash Reconciliation Cash At End of Period	17.3%	10.4%	17.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+59.7%	+59.6%	+61.2%
Operating margin	-2.2%	+2.8%	+10.0%
Net margin	+4.5%	+18.1%	+11.3%
FCF margin	+2.7%	+15.8%	+8.3%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%
Returns
ROE	+3.8%	+16.2%	+10.9%
ROA	+1.8%	+8.4%	+5.2%
ROIC	-1.6%	+2.3%	+15.4%
Liquidity
Current ratio	2.53x	2.30x	3.14x
Quick ratio	0.82x	0.46x	0.79x
Leverage
D/E	1.16x	0.92x	1.11x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x
Cash conversion cycle	+67d	+85d	+125d

Valuation

Price against fundamentals

AXON $752 · 2025-09-17 · 363d old · FY2025

Market cap $61.9B

P/E 496.78x

P/S 22.28x

P/B 19.10x

EV $62.5B

EV/EBITDA 2965.91x

FCF yield +0.1%

Dividend yield —

Notes

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