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 · 5 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+35.5%	+8.5%	+29.6%	-0.7%	—
Short Term Investments	+142.9%	+184.2%	+566.2%	+3909.4%	—
Accounts Receivable	-6.8%	+17.2%	+7.0%	+4.6%	—
Inventory	+33.2%	+34.6%	+57.6%	+86.3%	—
Other Current Assets	+44.5%	+34.2%	+39.4%	+62.5%	—
Total Current Assets	+35.3%	+27.5%	+46.9%	+62.7%	—
Property,Plant and Equipment	+24.3%	+21.3%	+20.3%	+22.7%	—
Goodwill	+136.8%	+158.9%	+15.3%	+3.2%	—
Intangible Assets	+88.9%	+124.5%	+12.4%	-21.4%	—
Deferred Tax Assets	+29.7%	+33.7%	+33.8%	+23.3%	—
Other Noncurrent Assets	+44.5%	+34.2%	+39.4%	+62.5%	—
Total Assets	+42.7%	+38.4%	+42.1%	+68.9%	—
Liabilities
Accounts Payable	+44.1%	+30.7%	+43.0%	+86.0%	—
Accrued Liabilities	+49.0%	+39.1%	+36.6%	+50.4%	—
Deferred Revenue	+28.1%	+32.2%	+33.1%	+35.6%	—
Current Portion of Long Term Debt	—	—	—	—	—
Other Current Liabilities	+8.6%	+25.3%	+22.3%	-2.8%	—
Total Current Liabilities	+36.9%	+33.6%	+34.9%	+44.0%	—
Long Term Debt	—	—	—	—	—
Deferred Revenue Noncurrent	+18.0%	+24.8%	+20.8%	+33.5%	—
Operating Lease Liabilities Noncurrent	+48.3%	+26.5%	+28.1%	+81.7%	—
Deferred Tax Liabilities	—	+81.8%	+21.6%	+37.8%	—
Other Noncurrent Liabilities	+18.2%	+0.3%	-10.0%	-82.1%	—
Total Liabilities	+55.6%	+49.7%	+67.4%	+147.3%	—
Equity
Preferred Stock	—	—	—	+0.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+22.6%	+15.6%	+10.9%	+7.2%	—
Retained Earnings	+70.9%	+94.8%	+99.0%	+133.9%	—
Treasury Stock	+0.2%	+0.0%	+0.0%	+0.0%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	+32.6%	+30.4%	+24.0%	+21.0%	—
Total Liabilitiesand Equity	+42.7%	+38.4%	+42.1%	+68.9%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 5 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+33.9%	+34.1%	+34.4%	+37.5%	—
Expenses Cost of Revenue	+36.6%	+37.7%	+37.0%	+43.0%	—
Expenses Research and Development	+37.0%	+31.5%	+25.1%	+20.5%	—
Expenses Selling,General and Administrative	+19.1%	+12.9%	-2.0%	-22.5%	—
Expenses Depreciation and Amortization	+45.2%	+37.3%	+1.6%	+23.7%	—
Expenses Share Based Compensation	+20.2%	+8.0%	-34.2%	-65.0%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—
Expenses Operating Expenses	+24.8%	+18.6%	+6.1%	-10.7%	—
Other Income Expense Gross Profit	+32.3%	+31.9%	+32.9%	+34.2%	—
Other Income Expense Operating Income	—	—	—	—	—
Other Income Expense Interest Income	+167.1%	+191.1%	+432.9%	+189.5%	—
Other Income Expense Other Income/expense	+41.0%	+124.6%	—	+291.7%	—
Other Income Expense Income Before Tax	—	—	—	—	—
Income Tax Income Tax Expense	—	—	—	—	—
net Income net Income	—	—	—	—	—
net Income Comprehensive Income	—	—	—	—	—
Earnings Per Share Basic Eps	—	—	—	—	—
Earnings Per Share Diluted Eps	—	—	—	—	—
Earnings Per Share Weighted Average Shares Basic	+4.2%	+4.6%	+5.9%	+7.4%	—
Earnings Per Share Weighted Average Shares Diluted	+5.6%	+5.9%	+6.8%	+9.6%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	—	—	—	—	—
Operating Activities Depreciation and Amortization	+45.2%	+37.3%	+1.6%	+23.7%	—
Operating Activities Stock Based Compensation	+20.2%	+8.0%	-34.2%	-65.0%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+22.0%	-0.2%	+25.4%	+51.9%	—
Operating Activities net Cash From Operating Activities	+14.1%	+48.6%	+23.3%	+89.1%	—
Investing Activities Capital Expenditures	+28.6%	+16.5%	+9.3%	+11.9%	—
Investing Activities Business Acquisitions	+131.8%	+202.8%	-3.0%	-90.6%	—
Investing Activities Purchases of Investments	+54.7%	+29.8%	+24.7%	+133.2%	—
Investing Activities Proceeds From Sale of Investments	+31.3%	+11.8%	-4.4%	-90.0%	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	-77.8%	—	—
Financing Activities Proceeds From Debt	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	-34.4%	+2.8%	—	—
Financing Activities Tax Withholding On Stock Based Compensation	+1.5%	-44.0%	-42.9%	-98.5%	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	+38.8%	—	+10.5%	—	—
Cash Reconciliation Cash At Beginning of Period	+35.8%	+9.4%	+29.8%	-0.2%	—
Cash Reconciliation Cash At End of Period	+35.8%	+9.4%	+29.8%	-0.2%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+59.7%	+59.6%	+61.2%	+61.2%	+62.7%
Operating margin	-2.2%	+2.8%	+10.0%	+7.8%	-19.5%
Net margin	+4.5%	+18.1%	+11.3%	+12.4%	-7.0%
FCF margin	+2.7%	+15.8%	+8.3%	+15.1%	+8.6%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%	+30.8%	+27.1%
Returns
ROE	+3.8%	+16.2%	+10.9%	+11.6%	-5.7%
ROA	+1.8%	+8.4%	+5.2%	+5.2%	-3.6%
ROIC	-1.6%	+2.3%	+15.4%	+7.6%	-24.2%
Liquidity
Current ratio	2.53x	2.30x	3.14x	3.00x	2.65x
Quick ratio	0.82x	0.46x	0.79x	0.60x	0.86x
Leverage
D/E	1.16x	0.92x	1.11x	1.25x	0.61x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x	0.42x	0.51x
Cash conversion cycle	+67d	+85d	+125d	+115d	+89d

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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