Industrials · Aerospace & Defense · US stock · price as of 22 Oct 2026
Key indicators
Price
$414.60
52-week range
$339.01 – $764.02
Market cap
$34.2B
P/E (trailing)
169.4×
EV / EBITDA
265.0×
Free-cash-flow yield
0.4%
Dividend yield
–
Revenue (last 12 months)
$3.2B
Revenue growth (3y a year)
32.8%
Operating margin
0.7%
Return on invested capital
0.5%
Net debt / EBITDA
7.9×
Fair value
Fair value (average of valid models)$377.90 middle half of models $363 – $425
Versus priceFair−9% to fair value
P/E multiple
$396.64
P/B multiple
$462.54
P/S multiple
$380.27
EV/EBITDA multiple
$298.26
EV/EBIT multiple
$180.47
EV/revenue multiple
$377.30
10-year DCF, EBITDA exit
$357.98
5-year DCF, EBITDA exit
$416.64
10-year DCF, revenue exit
$428.35
5-year DCF, revenue exit
$480.55
Model uncertainty
Medium
X-Ray Score
30/ 100 · High confidence · ahead of 5% of sector peers
Valuation23
Growth58
Profitability14
Financial health31
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Axon Enterprise, Inc. an X-Ray Score of 30 out of 100 (high confidence), ahead of 5% of the S&P 500 stocks in its sector. Its strongest lens is growth (58) and its weakest is profitability (14).
Our fair value (the average of the valid models) is $377.90 (range $362.81 to $425.42). At $414.60 the stock trades 10% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Axon Enterprise, Inc. (AXON)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$157.00
$165.93
$258.33
$594.32
$567.93
$414.60
Market cap
$10.4B
$12.0B
$19.5B
$46.7B
$46.8B
$34.2B
P/E
–
81.7×
110.9×
123.8×
376.1×
169.4×
EV / revenue
11.6×
9.4×
12.1×
22.7×
16.9×
11.0×
EV / EBITDA
–
95.6×
107.4×
441.8×
2,227.4×
265.0×
Price / free cash flow
139.3×
67.0×
150.4×
141.7×
623.1×
256.9×
Free-cash-flow yield
0.7%
1.5%
0.7%
0.7%
0.2%
0.4%
Price / book
9.9×
9.5×
12.1×
20.1×
14.4×
9.3×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 3 Good · ● 4 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−0.9%Bad
Free-cash-flow yield0.4%Bad
Risk models
Altman Z score2.9×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−9.4%Bad
Free-cash-flow growth (3y)−25.2%Bad
Revenue growth (3y)32.8%Good
Growth consistency100%Good
Balance sheet
Current ratio2.1×Good
Net debt / EBITDA7.9×Bad
Interest cover0.2×Bad
Valuation
Fair value vs price0.9×Average
EBIT / EV yield0.1%Bad
Profitability
Return on invested capital0.5%Bad
Operating margin0.7%Bad
Gross profitability25.6%Average
XStocksXray
Axon Enterprise, Inc. (AXON)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
866
1,187
1,561
2,083
2,780
3,219
Gross profit
546
726
955
1,241
1,658
1,912
Operating income
-163
93
157
59
-62
24
Net income
-56
147
176
377
125
199
Diluted EPS ($)
-0.91
2.03
2.33
4.80
1.51
2.45
Free cash flow
75
180
130
330
75
133
Gross margin
63.0%
61.2%
61.2%
59.6%
59.7%
59.4%
Operating margin
−18.8%
7.8%
10.0%
2.8%
−2.2%
0.7%
Net margin
−6.5%
12.4%
11.3%
18.1%
4.5%
6.2%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
1,688
2,852
3,409
4,475
7,000
7,481
Cash
356
354
599
455
1,201
598
Total debt
–
–
677
1,361
1,891
1,732
Equity
1,050
1,271
1,616
2,328
3,243
3,675
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
