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

Running CAGR since the earliest displayed year.

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	+41.7%	-24.0%	—
Short Term Investments	-11.4%	-48.3%	—
Accounts Receivable	-18.7%	+40.5%	—
Inventory	+12.5%	-1.7%	—
Other Current Assets	+49.7%	+24.4%	—
Total Current Assets	+24.5%	-4.0%	—
Property,Plant and Equipment	+28.5%	+23.3%	—
Goodwill	+386.3%	+1206.1%	—
Intangible Assets	+217.5%	+796.4%	—
Deferred Tax Assets	+25.7%	+33.6%	—
Other Noncurrent Assets	+49.7%	+24.4%	—
Total Assets	+43.3%	+31.3%	—
Liabilities
Accounts Payable	+45.3%	+9.3%	—
Accrued Liabilities	+62.4%	+44.2%	—
Deferred Revenue	+23.3%	+30.3%	—
Current Portion of Long Term Debt	—	—	—
Other Current Liabilities	-3.5%	+31.4%	—
Total Current Liabilities	+38.9%	+31.0%	—
Long Term Debt	—	—	—
Deferred Revenue Noncurrent	+15.3%	+33.1%	—
Operating Lease Liabilities Noncurrent	+71.7%	+23.3%	—
Deferred Tax Liabilities	—	+306.2%	—
Other Noncurrent Liabilities	+55.3%	+24.8%	—
Total Liabilities	+44.8%	+19.7%	—
Equity
Preferred Stock	—	—	—
Common Stock	+0.0%	+0.0%	—
Additional Paid In Capital	+35.5%	+25.4%	—
Retained Earnings	+46.7%	+86.7%	—
Treasury Stock	+0.4%	+0.0%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	+41.7%	+44.1%	—
Total Liabilitiesand Equity	+43.3%	+31.3%	—

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	+33.5%	+33.4%	—
Expenses Cost of Revenue	+36.1%	+39.0%	—
Expenses Research and Development	+50.1%	+45.4%	—
Expenses Selling,General and Administrative	+44.7%	+49.8%	—
Expenses Depreciation and Amortization	+107.5%	+150.7%	—
Expenses Share Based Compensation	+119.7%	+191.3%	—
Expenses Restructuring and Asset Impairment	—	—	—
Expenses Operating Expenses	+46.8%	+48.1%	—
Other Income Expense Gross Profit	+31.7%	+29.9%	—
Other Income Expense Operating Income	—	-62.7%	—
Other Income Expense Interest Income	+33.8%	-13.1%	—
Other Income Expense Other Income/expense	—	—	—
Other Income Expense Income Before Tax	-65.2%	+142.9%	—
Income Tax Income Tax Expense	—	—	—
net Income net Income	-15.8%	+114.5%	—
net Income Comprehensive Income	-12.8%	+114.5%	—
Earnings Per Share Basic Eps	-17.8%	+110.1%	—
Earnings Per Share Diluted Eps	-19.5%	+106.0%	—
Earnings Per Share Weighted Average Shares Basic	+2.6%	+2.1%	—
Earnings Per Share Weighted Average Shares Diluted	+4.5%	+4.1%	—

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	-15.8%	+114.5%	—
Operating Activities Depreciation and Amortization	+107.5%	+150.7%	—
Operating Activities Stock Based Compensation	+119.7%	+191.3%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+18.8%	-36.8%	—
Operating Activities net Cash From Operating Activities	+5.7%	+115.7%	—
Investing Activities Capital Expenditures	+51.2%	+32.1%	—
Investing Activities Business Acquisitions	+453.8%	+2848.4%	—
Investing Activities Purchases of Investments	+91.9%	+40.8%	—
Investing Activities Proceeds From Sale of Investments	+80.2%	+52.6%	—
Investing Activities Other Investing Activities	-69.8%	—	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	—	—	—
Financing Activities Proceeds From Stock Issuance	—	-73.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	+80.4%	-46.1%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	+450.6%	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+93.8%	—	—
Cash Reconciliation net Change In Cash	+74.5%	—	—
Cash Reconciliation Cash At Beginning of Period	+42.1%	-22.3%	—
Cash Reconciliation Cash At End of Period	+42.1%	-22.3%	—

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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