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 revenue.

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	43.2%	21.8%	38.4%
Short Term Investments	18.2%	16.0%	41.3%
Accounts Receivable	0.2%	0.4%	0.4%
Inventory	12.3%	12.7%	17.3%
Other Current Assets	15.4%	11.4%	12.2%
Total Current Assets	133.6%	110.3%	153.4%
Property,Plant and Equipment	11.9%	11.9%	12.8%
Goodwill	49.3%	36.3%	3.7%
Intangible Assets	7.1%	8.4%	1.3%
Deferred Tax Assets	12.9%	14.6%	14.6%
Other Noncurrent Assets	15.4%	11.4%	12.2%
Total Assets	251.9%	214.9%	218.4%
Liabilities
Accounts Payable	5.0%	3.5%	4.2%
Accrued Liabilities	18.4%	13.4%	12.4%
Deferred Revenue	25.7%	29.4%	30.1%
Current Portion of Long Term Debt	2.9%	32.7%	—
Other Current Liabilities	0.3%	0.6%	0.6%
Total Current Liabilities	52.9%	47.9%	48.8%
Long Term Debt	62.2%	0.0%	0.0%
Deferred Revenue Noncurrent	12.9%	17.3%	17.4%
Operating Lease Liabilities Noncurrent	3.6%	2.0%	2.1%
Deferred Tax Liabilities	0.0%	5.3%	1.7%
Other Noncurrent Liabilities	1.8%	1.3%	1.3%
Total Liabilities	135.2%	103.1%	114.9%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	89.0%	81.1%	86.3%
Retained Earnings	33.7%	39.0%	27.9%
Treasury Stock	5.7%	7.5%	10.0%
Accumulated Other Comprehensive Income	-0.4%	-0.9%	-0.7%
Total Stockholders Equity	116.7%	111.8%	103.5%
Total Liabilitiesand Equity	251.9%	214.9%	218.4%

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	40.3%	40.4%	38.8%
Expenses Research and Development	24.6%	21.2%	19.5%
Expenses Selling,General and Administrative	37.3%	35.6%	31.7%
Expenses Depreciation and Amortization	3.0%	2.3%	1.2%
Expenses Share Based Compensation	22.8%	18.4%	8.4%
Expenses Restructuring and Asset Impairment	1.1%	0.0%	0.0%
Expenses Operating Expenses	61.9%	56.8%	51.2%
Other Income Expense Gross Profit	59.7%	59.6%	61.2%
Other Income Expense Operating Income	-2.2%	2.8%	10.0%
Other Income Expense Interest Income	2.7%	1.8%	2.7%
Other Income Expense Other Income/expense	3.6%	13.8%	-2.7%
Other Income Expense Income Before Tax	0.7%	18.3%	10.1%
Income Tax Income Tax Expense	-3.8%	0.2%	-1.2%
net Income net Income	4.5%	18.1%	11.3%
net Income Comprehensive Income	4.7%	17.7%	11.0%
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	2.8%	3.6%	4.8%
Earnings Per Share Weighted Average Shares Diluted	3.0%	3.8%	4.8%

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	4.5%	18.1%	11.3%
Operating Activities Depreciation and Amortization	3.0%	2.3%	1.2%
Operating Activities Stock Based Compensation	22.8%	18.4%	8.4%
Operating Activities Deferred Income Taxes	-3.0%	-4.1%	-4.6%
Operating Activities Changes In Operating Assets and Liabilities	15.5%	9.3%	19.5%
Operating Activities net Cash From Operating Activities	7.6%	19.6%	12.1%
Investing Activities Capital Expenditures	4.9%	3.8%	3.8%
Investing Activities Business Acquisitions	23.3%	29.9%	1.4%
Investing Activities Purchases of Investments	74.7%	38.1%	36.1%
Investing Activities Proceeds From Sale of Investments	76.8%	48.2%	42.1%
Investing Activities Other Investing Activities	0.0%	-0.0%	0.0%
Investing Activities net Cash From Investing Activities	-26.1%	-23.6%	0.8%
Financing Activities Proceeds From Debt	63.0%	0.0%	0.0%
Financing Activities Proceeds From Stock Issuance	0.0%	0.7%	3.5%
Financing Activities Tax Withholding On Stock Based Compensation	12.6%	2.8%	6.9%
Financing Activities Other Financing Activities	-0.0%	-0.1%	0.0%
Financing Activities net Cash From Financing Activities	45.1%	-2.2%	2.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.3%	-0.3%	0.1%
Cash Reconciliation net Change In Cash	26.9%	-6.4%	15.7%
Cash Reconciliation Cash At Beginning of Period	43.7%	22.4%	38.5%
Cash Reconciliation Cash At End of Period	43.7%	22.4%	38.5%

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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