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 · 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	+164.1%	-24.0%	+69.2%	-0.7%	—
Short Term Investments	+51.7%	-48.3%	+10.7%	+3909.4%	—
Accounts Receivable	-53.0%	+40.5%	+9.5%	+4.6%	—
Inventory	+28.8%	-1.7%	+33.3%	+86.3%	—
Other Current Assets	+80.2%	+24.4%	+19.7%	+62.5%	—
Total Current Assets	+61.6%	-4.0%	+32.6%	+62.7%	—
Property,Plant and Equipment	+33.8%	+23.3%	+18.1%	+22.7%	—
Goodwill	+81.0%	+1206.1%	+28.8%	+3.2%	—
Intangible Assets	+12.5%	+796.4%	+60.7%	-21.4%	—
Deferred Tax Assets	+18.2%	+33.6%	+45.2%	+23.3%	—
Other Noncurrent Assets	+80.2%	+24.4%	+19.7%	+62.5%	—
Total Assets	+56.4%	+31.3%	+19.5%	+68.9%	—
Liabilities
Accounts Payable	+93.3%	+9.3%	+9.9%	+86.0%	—
Accrued Liabilities	+82.9%	+44.2%	+24.1%	+50.4%	—
Deferred Revenue	+16.6%	+30.3%	+30.7%	+35.6%	—
Current Portion of Long Term Debt	-88.2%	—	—	—	—
Other Current Liabilities	-29.2%	+31.4%	+53.9%	-2.8%	—
Total Current Liabilities	+47.4%	+31.0%	+26.4%	+44.0%	—
Long Term Debt	—	—	—	—	—
Deferred Revenue Noncurrent	-0.2%	+33.1%	+9.2%	+33.5%	—
Operating Lease Liabilities Noncurrent	+139.1%	+23.3%	-9.7%	+81.7%	—
Deferred Tax Liabilities	-100.0%	+306.2%	+7.4%	+37.8%	—
Other Noncurrent Liabilities	+93.3%	+24.8%	+353.4%	-82.1%	—
Total Liabilities	+75.0%	+19.7%	+13.3%	+147.3%	—
Equity
Preferred Stock	—	—	-100.0%	+0.0%	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+46.5%	+25.4%	+14.7%	+7.2%	—
Retained Earnings	+15.4%	+86.7%	+69.2%	+133.9%	—
Treasury Stock	+0.8%	+0.0%	+0.0%	+0.0%	—
Accumulated Other Comprehensive Income	+35.1%	-70.3%	-48.8%	-445.1%	—
Total Stockholders Equity	+39.3%	+44.1%	+27.2%	+21.0%	—
Total Liabilitiesand Equity	+56.4%	+31.3%	+19.5%	+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	+33.5%	+33.4%	+31.5%	+37.5%	—
Expenses Cost of Revenue	+33.3%	+39.0%	+31.3%	+43.0%	—
Expenses Research and Development	+55.0%	+45.4%	+29.9%	+20.5%	—
Expenses Selling,General and Administrative	+39.8%	+49.8%	+23.9%	-22.5%	—
Expenses Depreciation and Amortization	+71.7%	+150.7%	-16.4%	+23.7%	—
Expenses Share Based Compensation	+65.8%	+191.3%	+23.7%	-65.0%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—
Expenses Operating Expenses	+45.4%	+48.1%	+26.1%	-10.7%	—
Other Income Expense Gross Profit	+33.6%	+29.9%	+31.6%	+34.2%	—
Other Income Expense Operating Income	-206.0%	-62.7%	+68.7%	+155.3%	—
Other Income Expense Interest Income	+106.1%	-13.1%	+880.7%	+189.5%	—
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%	—
Income Tax Income Tax Expense	-2464.3%	+123.9%	-138.0%	+160.6%	—
net Income net Income	-66.9%	+114.5%	+19.6%	+344.8%	—
net Income Comprehensive Income	-64.5%	+114.5%	+22.1%	+329.5%	—
Earnings Per Share Basic Eps	-67.9%	+110.1%	+14.5%	+327.5%	—
Earnings Per Share Diluted Eps	-68.5%	+106.0%	+14.8%	+323.1%	—
Earnings Per Share Weighted Average Shares Basic	+3.1%	+2.1%	+4.4%	+7.4%	—
Earnings Per Share Weighted Average Shares Diluted	+4.9%	+4.1%	+4.0%	+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	-66.9%	+114.5%	+19.6%	+344.8%	—
Operating Activities Depreciation and Amortization	+71.7%	+150.7%	-16.4%	+23.7%	—
Operating Activities Stock Based Compensation	+65.8%	+191.3%	+23.7%	-65.0%	—
Operating Activities Deferred Income Taxes	+2.8%	-17.4%	-429.2%	+127.1%	—
Operating Activities Changes In Operating Assets and Liabilities	+123.2%	-36.8%	+3.5%	+51.9%	—
Operating Activities net Cash From Operating Activities	-48.2%	+115.7%	-19.6%	+89.1%	—
Investing Activities Capital Expenditures	+72.9%	+32.1%	+6.9%	+11.9%	—
Investing Activities Business Acquisitions	+4.0%	+2848.4%	+902.4%	-90.6%	—
Investing Activities Purchases of Investments	+161.7%	+40.8%	-33.3%	+133.2%	—
Investing Activities Proceeds From Sale of Investments	+112.7%	+52.6%	+811.3%	-90.0%	—
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%	—
Financing Activities Proceeds From Debt	—	—	-100.0%	—	—
Financing Activities Proceeds From Stock Issuance	-100.0%	-73.3%	—	-100.0%	—
Financing Activities Tax Withholding On Stock Based Compensation	+503.3%	-46.1%	+2115.5%	-98.5%	—
Financing Activities Other Financing Activities	+87.8%	—	—	—	—
Financing Activities net Cash From Financing Activities	+2856.5%	-210.0%	-93.1%	+443.4%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+224.9%	-400.7%	+161.1%	-70.5%	—
Cash Reconciliation net Change In Cash	+657.6%	-154.6%	+27765.7%	-100.4%	—
Cash Reconciliation Cash At Beginning of Period	+160.0%	-22.3%	+68.9%	-0.2%	—
Cash Reconciliation Cash At End of Period	+160.0%	-22.3%	+68.9%	-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

Your annotations

Not watched