Axon Enterprise, Inc. (AXON)
Industrials · Aerospace & Defense · US stock · S&P 500 component
$414.60
▲ +12.00 (2.98%)
Fair valueFair
$378 −8.9% to fair value
$189fair band $322–$458$567
Day's range
$395.48 – $414.99
52-week range
$339.01 – $764.02
About Axon Enterprise, Inc.
Law enforcement and public safety are the focus of Axon Enterprise, which makes technology and weapons for them. Its products include TASER conducted energy devices, body-worn and in-car cameras, drones and a cloud platform for storing and managing digital evidence and records. Customers are police departments, other public safety agencies, military and corrections bodies, and some consumers and businesses. The company pairs hardware with software subscriptions that it supplies to agencies.
Revenue comes from devices such as TASER weapons and cameras, and from recurring subscriptions to its cloud and software services. Revenue was $3.2 billion over the last twelve months and has grown at 32.8% a year across the last three years. The operating margin is 0.7%, the business earns 0% on the capital invested in it, and net debt is 7.9 times EBITDA. No dividend is paid. On the site's X-Ray Score it receives 30 out of 100.
Price chart
52-wk range $339.01 – $764.02Volume 1,126,828Daily, split-adjusted
Vitals
Market cap$34.2B
52-week range$339.01 – $764.02
Volume (last day)1,126,828
P/E (TTM)169.4
EBIT / EV yield0.1%
Free-cash-flow yield0.4%
Dividend yieldNo dividend
Revenue (TTM)$3.2B
Net income (TTM)$199M
Operating margin0.7%
Return on capital0.5%
Debt incl. leases$1.7B
Cash & securities$673M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$378middle half of models $363 – $425
Fair
−8.9% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $415
Undervalued < $322Fair $322 – $458Overvalued > $458
P/E multiple
$397
P/B multiple
$463
P/S multiple
$380
EV/EBITDA multiple
$298
EV/EBIT multiple
$180
EV/revenue multiple
$377
10-year DCF, EBITDA exit
$358
5-year DCF, EBITDA exit
$417
10-year DCF, revenue exit
$428
5-year DCF, revenue exit
$481
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Industrials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
23/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield0.1%
Free-cash-flow yield0.4%
Fair value vs price0.9×
Growth
Fair
59/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)32.8%
EPS growth (3y)-9.4%
Growth consistency100%
Profitability
Weak
14/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital0.5%
Operating margin0.7%
Gross profitability25.6%
Financial health
Weak
31/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA7.9×
Interest cover0.2×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+31.3%
Mar '25
+32.8%
Jun '25
+30.6%
Sep '25
+38.5%
Dec '25
+33.7%
Mar '26
+35.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $904M, diluted EPS $0.36.
Compare with peers
GD General Dynamics Corp70 TXT Textron Inc65 LHX L3harris Technologies,...60 TDG TransDigm Group INC57Other Aerospace & Defense companies by X-Ray Score.
SWOT analysis: Axon Enterprise, Inc.
Strengthsinside the company
- Revenue has grown 32.8% a year over three years (median 9.9% for industry peers).
Weaknessesinside the company
- Return on invested capital is only 0.5% (median 14.6% for industry peers), so the business earns little above its cost of capital.
- Operating margin of 0.7% is thin against 10.7% for industry peers.
- Earnings per share have declined 9.4% a year over three years.
- Net debt is 7.9x EBITDA, above the 3x level that lenders usually watch.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 171.7x earnings, 576% above the 25.4x median of industry peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AXON with peers and sector
Medians of 11 Aerospace & Defense peers and of 80 Industrials stocks in our universe.
Largest peers (X-Ray Score): GE 49, RTX 51, BA 35, LMT 55, GD 70, NOC 49.
| Metric | AXON | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 30 | 55 | 51 |
| Valuation | 23 | 61 | 48 |
| Growth | 58 | 64 | 50 |
| Profitability | 14 | 45 | 51 |
| Financial health | 31 | 55 | 49 |
| Dividends | – | 53 | 53 |
Sector leaders: highest X-Ray Score in Industrials
AXON ranks #77 of 81 in Industrials and #12 of 12 in Aerospace & Defense by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AXON
Each factor is rated by where AXON stands among the 81 Industrials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 2 Average · 16 Bad of 22
Growth: 2 · 0 · 1
Profitability: 1 · 0 · 4
Financial strength: 1 · 1 · 2
Valuation: 0 · 0 · 5
Cash flow: 0 · 1 · 3
Efficiency: 0 · 0 · 1
| Factor | AXON | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +32.8% | Good beats 98% | +5.6% | – | – |
| Revenue growth, last year | +33.5% | Good beats 97% | +4.5% | +33.4% | ≈ In line |
| EPS growth, 3 years a year | −9.4% | Bad beats 14% | +5.7% | – | – |
| Profitability | |||||
| Gross margin | 59.4% | Good beats 90% | 38.0% | 61.2% | ≈ In line |
| Operating margin | 0.7% | Bad beats 1% | 17.5% | 2.8% | ▼ Worse |
| Net margin | 6.2% | Bad beats 23% | 12.8% | 11.3% | ▼ Worse |
| Return on invested capital | 0.5% | Bad beats 1% | 14.9% | – | – |
| Return on equity | 5.4% | Bad beats 5% | 23.7% | 10.9% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 7.9x | Bad beats 1% | 1.8x | 5.4x | ▼ Worse |
| Interest cover | 0.2x | Bad beats 1% | 21.4x | 8.2x | ▼ Worse |
| Current ratio | 2.15 | Good beats 89% | 1.25 | 2.65 | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 41% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 171.7x | Bad beats 4% | 28.9x | 117.4x | ▼ Worse |
| Price / book | 9.3x | Bad beats 31% | 6.2x | 12.1x | ▲ Better |
| Price / sales | 10.6x | Bad beats 3% | 3.5x | 12.5x | ▲ Better |
| EV / EBITDA | 265.0x | Bad beats 2% | 18.5x | 441.8x | ▲ Better |
| Free cash flow yield | 0.4% | Bad beats 6% | 3.8% | 0.7% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 4.1% | Bad beats 7% | 13.8% | 8.6% | ▼ Worse |
| Cash from operations / net income | 1.33 | Average beats 47% | 1.39 | 1.34 | ≈ In line |
| Free cash flow growth, 3 years a year | −25.2% | Bad beats 2% | +14.5% | – | – |
| Accruals (lower is better) | −0.9% | Bad beats 13% | −3.2% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.7x | Bad beats 14% | 4.0x | 2.9x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 4 Average · ● 9 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldBad
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 29/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $866M | $1.2B | $1.6B | $2.1B | $2.8B |
| Operating income | −$163M | $93M | $157M | $59M | −$62M |
| Net income | −$56M | $147M | $176M | $377M | $125M |
| Operating cash flow | $124M | $235M | $189M | $408M | $211M |
| Operating margin | -18.8% | 7.8% | 10.0% | 2.8% | -2.2% |
| Free cash flow | $75M | $180M | $130M | $330M | $75M |
| Diluted EPS | $-0.91 | $2.03 | $2.33 | $4.80 | $1.51 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
3 bullish · 4 neutral · 9 bearish
Weekly
Strongly bearish
0 bullish · 1 neutral · 11 bearish
Monthly
Bearish
2 bullish · 1 neutral · 5 bearish
Moving averages (daily)
| SMA 10 | 406.0 | Bullish |
| EMA 10 | 406.1 | Bullish |
| SMA 20 | 412.3 | Bullish |
| EMA 20 | 419.0 | Bearish |
| SMA 50 | 486.5 | Bearish |
| EMA 50 | 458.4 | Bearish |
| SMA 100 | 503.5 | Bearish |
| EMA 100 | 480.5 | Bearish |
| SMA 200 | 484.9 | Bearish |
| EMA 200 | 503.8 | Bearish |
Oscillators (daily)
| RSI (14) | 44.33 | Neutral |
| MACD (12, 26) | -20.64 | Bearish |
| Momentum (12) | -0.96 | Bearish |
| Stochastic %K (14) | 75.34 | Neutral |
| Williams %R (14) | -24.66 | Neutral |
| CCI (20) | -32.39 | Neutral |
Pivot points (classic, last session)
S3 382.2 | S2 388.8 | S1 401.7 | Pivot 408.4 | R1 421.2 | R2 427.9 | R3 440.7 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold AXON
| ETF | Share of the fund |
|---|---|
| XAR SPDR S&P Aerospace & Defense | 3.22% |
| PPA Invesco Aerospace & Defense | 3.20% |
| ITA iShares U.S. Aerospace & Defense | 3.17% |
| XOVR ERShares Private-Public Crossover | 2.60% |
| DFEN Daily Aerospace & Defense Bull 3X | 1.98% |
| RSPN Invesco S&P 500 Equal Weight Industria... | 1.40% |
| QQQE Direxion NASDAQ-100 Equal Weighted Ind... | 1.20% |
| IWP iShares Russell Mid-Cap Growth | 1.19% |
The eight funds with the largest weight in AXON among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AXON stock splits
AXON has split its stock 3 times since 2004. The latest was a 2-for-1 split on 30 Nov 2004.
Full AXON stock split history →AXON SEC filings
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.