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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $7.0B

Total liabilities $3.8B

Shareholders equity $3.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+164.1%	-24.0%	+69.2%	-0.7%	+129.2%	-9.8%	-50.7%	+365.3%	+84.8%	—
Short Term Investments	+51.7%	-48.3%	+10.7%	+3909.4%	-96.4%	+127.7%	—	-100.0%	-85.8%	—
Accounts Receivable	-53.0%	+40.5%	+9.5%	+4.6%	+1.3%	+249.8%	-16.7%	+149.6%	+70.2%	—
Inventory	+28.8%	-1.7%	+33.3%	+86.3%	+20.8%	+131.6%	+15.1%	-25.7%	+30.5%	—
Other Current Assets	+80.2%	+24.4%	+19.7%	+62.5%	+22.9%	+98.8%	+74.8%	+49.7%	+10.4%	—
Total Current Assets	+61.6%	-4.0%	+32.6%	+62.7%	+13.0%	+58.6%	+10.9%	+172.0%	+15.8%	—
Property,Plant and Equipment	+33.8%	+23.3%	+18.1%	+22.7%	+31.2%	+141.0%	+15.5%	+21.6%	+29.9%	—
Goodwill	+81.0%	+1206.1%	+28.8%	+3.2%	+72.9%	+0.8%	+0.1%	+67.4%	+43.0%	—
Intangible Assets	+12.5%	+796.4%	+60.7%	-21.4%	+63.7%	-26.0%	-19.9%	-15.3%	+23.7%	—
Deferred Tax Assets	+18.2%	+33.6%	+45.2%	+23.3%	+177.9%	+65.3%	+43.1%	+22.8%	-41.9%	—
Other Noncurrent Assets	+80.2%	+24.4%	+19.7%	+62.5%	+22.9%	+98.8%	+74.8%	+49.7%	+10.4%	—
Total Assets	+56.4%	+31.3%	+19.5%	+68.9%	+22.2%	+63.3%	+17.5%	+112.8%	+21.6%	—
Liabilities
Accounts Payable	+93.3%	+9.3%	+9.9%	+86.0%	+33.5%	-6.7%	+70.6%	+76.5%	-20.0%	—
Accrued Liabilities	+82.9%	+44.2%	+24.1%	+50.4%	+73.3%	+33.0%	+9.5%	+74.8%	+28.8%	—
Deferred Revenue	+16.6%	+30.3%	+30.7%	+35.6%	+62.0%	+39.1%	+10.1%	+52.0%	+56.0%	—
Current Portion of Long Term Debt	-88.2%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	-29.2%	+31.4%	+53.9%	-2.8%	+20.4%	+41.0%	+10313.5%	-58.4%	+11.2%	—
Total Current Liabilities	+47.4%	+31.0%	+26.4%	+44.0%	+63.3%	+31.1%	+17.8%	+53.8%	+38.3%	—
Long Term Debt	—	—	—	—	—	—	—	—	—	—
Deferred Revenue Noncurrent	-0.2%	+33.1%	+9.2%	+33.5%	+67.0%	+26.5%	+18.2%	+35.6%	+37.0%	—
Operating Lease Liabilities Noncurrent	+139.1%	+23.3%	-9.7%	+81.7%	+7.8%	+179.0%	—	—	—	—
Deferred Tax Liabilities	-100.0%	+306.2%	+7.4%	+37.8%	+39.9%	+61.6%	+133.2%	-5.4%	-10.9%	—
Other Noncurrent Liabilities	+93.3%	+24.8%	+353.4%	-82.1%	-5.5%	+159.8%	+84.4%	+366.0%	-46.5%	—
Total Liabilities	+75.0%	+19.7%	+13.3%	+147.3%	+58.2%	+34.0%	+19.8%	+47.8%	+34.1%	—
Equity
Preferred Stock	—	—	-100.0%	+0.0%	+0.0%	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+46.5%	+25.4%	+14.7%	+7.2%	+13.8%	+82.1%	+16.5%	+124.8%	+7.5%	—
Retained Earnings	+15.4%	+86.7%	+69.2%	+133.9%	-35.3%	-1.4%	+0.5%	+39.1%	+4.2%	—
Treasury Stock	+0.8%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	+0.0%	—
Accumulated Other Comprehensive Income	+35.1%	-70.3%	-48.8%	-445.1%	-1034.0%	+112.9%	+27.6%	-3.1%	-262.5%	—
Total Stockholders Equity	+39.3%	+44.1%	+27.2%	+21.0%	+7.6%	+79.6%	+16.3%	+179.1%	+11.0%	—
Total Liabilitiesand Equity	+56.4%	+31.3%	+19.5%	+68.9%	+22.2%	+63.3%	+17.5%	+112.8%	+21.6%	—

Income Statement

Revenue, expense, and profitability

20 accounts · 10 years

Revenue $2.8B

Operating income $-62.1M

Net income $124.7M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	+33.5%	+33.4%	+31.5%	+37.5%	+26.8%	+28.3%	+26.4%	+22.2%	+28.2%	—
Expenses Cost of Revenue	+33.3%	+39.0%	+31.3%	+43.0%	+21.8%	+18.4%	+38.4%	+18.1%	+39.9%	—
Expenses Research and Development	+55.0%	+45.4%	+29.9%	+20.5%	+57.5%	+22.3%	+31.1%	+38.8%	+80.9%	—
Expenses Selling,General and Administrative	+39.8%	+49.8%	+23.9%	-22.5%	+67.6%	+44.3%	+35.7%	+13.1%	+28.3%	—
Expenses Depreciation and Amortization	+71.7%	+150.7%	-16.4%	+23.7%	+49.9%	+9.8%	+7.0%	+32.0%	+119.8%	—
Expenses Share Based Compensation	+65.8%	+191.3%	+23.7%	-65.0%	+127.1%	+70.2%	+258.8%	+40.2%	+66.6%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—	—	—	—	-100.0%	—
Expenses Operating Expenses	+45.4%	+48.1%	+26.1%	-10.7%	+64.7%	+37.2%	+34.2%	+20.4%	+39.9%	—
Other Income Expense Gross Profit	+33.6%	+29.9%	+31.6%	+34.2%	+29.9%	+35.5%	+18.8%	+24.9%	+21.4%	—
Other Income Expense Operating Income	-206.0%	-62.7%	+68.7%	+155.3%	-1088.1%	-121.3%	-125.7%	+90.7%	-59.1%	—
Other Income Expense Interest Income	+106.1%	-13.1%	+880.7%	+189.5%	-81.1%	-7.1%	+159.4%	+19.2%	+873.4%	—
Other Income Expense Other Income/expense	-65.1%	+783.4%	-142.3%	+291.7%	—	—	—	—	—	—
Other Income Expense Income Before Tax	-95.0%	+142.9%	-20.0%	+238.8%	-2147.3%	-403.9%	-92.6%	+78.3%	-50.0%	—
Income Tax Income Tax Expense	-2464.3%	+123.9%	-138.0%	+160.6%	-1681.4%	-484.4%	+207.9%	-110.4%	-25.7%	—
net Income net Income	-66.9%	+114.5%	+19.6%	+344.8%	-3381.3%	-295.5%	-97.0%	+460.9%	-69.9%	—
net Income Comprehensive Income	-64.5%	+114.5%	+22.1%	+329.5%	-12523.4%	-137.5%	-95.5%	+927.8%	-84.3%	—
Earnings Per Share Basic Eps	-67.9%	+110.1%	+14.5%	+327.5%	-2933.3%	-400.0%	-98.1%	+420.0%	-69.7%	—
Earnings Per Share Diluted Eps	-68.5%	+106.0%	+14.8%	+323.1%	-2933.3%	-400.0%	-98.0%	+400.0%	-68.8%	—
Earnings Per Share Weighted Average Shares Basic	+3.1%	+2.1%	+4.4%	+7.4%	+7.1%	+4.4%	+5.0%	+7.0%	+0.1%	—
Earnings Per Share Weighted Average Shares Diluted	+4.9%	+4.1%	+4.0%	+9.6%	+7.1%	+2.9%	+3.6%	+7.5%	+0.7%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $211.3M

Investing cash flow $-724.9M

Financing cash flow $1.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	-66.9%	+114.5%	+19.6%	+344.8%	-3381.3%	-295.5%	-97.0%	+460.9%	-69.9%	—
Operating Activities Depreciation and Amortization	+71.7%	+150.7%	-16.4%	+23.7%	+49.9%	+9.8%	+7.0%	+32.0%	+119.8%	—
Operating Activities Stock Based Compensation	+65.8%	+191.3%	+23.7%	-65.0%	+127.1%	+70.2%	+258.8%	+40.2%	+66.6%	—
Operating Activities Deferred Income Taxes	+2.8%	-17.4%	-429.2%	+127.1%	-391.9%	-106.9%	-122.4%	-226.9%	+154.8%	—
Operating Activities Changes In Operating Assets and Liabilities	+123.2%	-36.8%	+3.5%	+51.9%	+65.3%	+305.6%	-26.7%	-56.8%	+4.5%	—
Operating Activities net Cash From Operating Activities	-48.2%	+115.7%	-19.6%	+89.1%	+223.5%	-41.4%	+2.8%	+245.8%	-12.6%	—
Investing Activities Capital Expenditures	+72.9%	+32.1%	+6.9%	+11.9%	-31.3%	+355.7%	+43.1%	+6.9%	+110.2%	—
Investing Activities Business Acquisitions	+4.0%	+2848.4%	+902.4%	-90.6%	—	—	-100.0%	-53.1%	+203.7%	—
Investing Activities Purchases of Investments	+161.7%	+40.8%	-33.3%	+133.2%	-44.8%	+85.2%	+8084.6%	-78.3%	-64.4%	—
Investing Activities Proceeds From Sale of Investments	+112.7%	+52.6%	+811.3%	-90.0%	+89.2%	+192.0%	+1065.8%	-81.7%	-6.0%	—
Investing Activities Other Investing Activities	+190.7%	-110.1%	+2585.0%	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-47.8%	-4032.1%	+101.5%	-429.0%	+170.8%	-48.1%	-2341.6%	-151.7%	+726.7%	—
Financing Activities Proceeds From Debt	—	—	-100.0%	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	-100.0%	-73.3%	—	-100.0%	+17396.3%	+158.8%	-93.5%	+27.0%	+189.3%	—
Financing Activities Tax Withholding On Stock Based Compensation	+503.3%	-46.1%	+2115.5%	-98.5%	+4142.7%	+92.8%	-71.3%	+309.1%	+94.9%	—
Financing Activities Other Financing Activities	+87.8%	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	+2856.5%	-210.0%	-93.1%	+443.4%	-158.2%	+7701.3%	-101.8%	+5842.1%	+88.9%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+224.9%	-400.7%	+161.1%	-70.5%	-200.3%	+500.6%	+142.5%	-205.0%	-18.7%	—
Cash Reconciliation net Change In Cash	+657.6%	-154.6%	+27765.7%	-100.4%	+1295.5%	+90.6%	-165.5%	+690.8%	+321.6%	—
Cash Reconciliation Cash At Beginning of Period	+160.0%	-22.3%	+68.9%	-0.2%	+129.1%	-9.7%	-50.9%	+347.5%	+78.4%	—
Cash Reconciliation Cash At End of Period	+160.0%	-22.3%	+68.9%	-0.2%	+129.1%	-9.7%	-50.9%	+347.5%	+78.4%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+59.7%	+59.6%	+61.2%	+61.2%	+62.7%	+61.1%	+57.9%	+61.6%	+60.2%	+63.6%
Operating margin	-2.2%	+2.8%	+10.0%	+7.8%	-19.5%	-2.1%	-1.2%	+5.9%	+3.8%	+11.9%
Net margin	+4.5%	+18.1%	+11.3%	+12.4%	-7.0%	-0.3%	+0.2%	+7.0%	+1.5%	+6.4%
FCF margin	+2.7%	+15.8%	+8.3%	+15.1%	+8.6%	-5.0%	+9.4%	+12.6%	+2.3%	+6.0%
Growth
Revenue CAGR (3y)	+32.8%	+34.1%	+31.8%	+30.8%	+27.1%	+25.6%	+25.5%	+28.5%	+27.8%	+24.9%
Returns
ROE	+3.8%	+16.2%	+10.9%	+11.6%	-5.7%	-0.2%	+0.2%	+6.2%	+3.1%	+11.5%
ROA	+1.8%	+8.4%	+5.2%	+5.2%	-3.6%	-0.1%	+0.1%	+4.1%	+1.5%	+6.2%
ROIC	-1.6%	+2.3%	+15.4%	+7.6%	-24.2%	-1.7%	-0.7%	+21.1%	+4.7%	+15.9%
Liquidity
Current ratio	2.53x	2.30x	3.14x	3.00x	2.65x	3.83x	3.17x	3.36x	1.90x	2.27x
Quick ratio	0.82x	0.46x	0.79x	0.60x	0.86x	0.63x	0.89x	2.12x	0.70x	0.53x
Leverage
D/E	1.16x	0.92x	1.11x	1.25x	0.61x	0.41x	0.56x	0.54x	1.02x	0.84x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.40x	0.47x	0.46x	0.42x	0.51x	0.49x	0.63x	0.58x	1.02x	0.96x
Cash conversion cycle	+67d	+85d	+125d	+115d	+89d	+94d	+22d	+44d	+99d	+91d

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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