AXONNasdaqOrdnance & Accessories, (No Vehicles/Guided Missiles)Fiscal year ends December 31
AXON ENTERPRISE, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$383.09−7.20 (-1.84%)
Close on Oct 19, 2026
- Market cap
- $31.62B
- P/E (TTM)
- 159.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
59.7%−1.5 pts over 5 years
Operating margin
-2.2%−0.2 pts over 5 years
Net margin
4.5%+4.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +33.5% | +32.8% | +32.5% | +30.2% | |
| Gross profit | +33.6% | +31.7% | +31.8% | +29.1% | |
| Net income | -66.9% | -5.3% | – | +20.1% | |
| EPS, diluted | -68.5% | -9.4% | – | +15.4% | |
| Free cash flow | -77.2% | -25.2% | – | +6.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 11.2% | -0.2% | 4.5% | |
| Return on assets | 6.8% | -0.2% | 2.2% | |
| Current ratio | 2.27 | 3.83 | 2.53 | |
| Debt to equity | – | – | 0.56 | |
| Net debt to EBITDA | – | – | 28.91× | |
| Interest coverage | – | – | -0.7× | |
| Inventory turnover | 3.9× | 4.1× | 3.7× | |
| Capex to revenue | 1.8% | 10.7% | 4.9% | |
| Diluted shares | 54M | 62M | 82M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Axon Enterprise generated $1.17B from operations and spent $380.37M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$1.17B
Used
$380.37M
Capital expenditure$380.37M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.5%
×Asset turnover0.48×
×Equity multiplier2.06×
=Return on equity, FY20254.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 4.5% | 0.48× | 2.06× | 4.5% |
| FY2024 | 18.1% | 0.53× | 2.00× | 19.1% |
| FY2023 | 11.3% | 0.50× | 2.17× | 12.2% |
| FY2022 | 12.4% | 0.52× | 1.96× | 12.7% |
| FY2021 | -6.5% | 0.56× | 1.51× | -5.6% |
| FY2020 | -0.3% | 0.61× | 1.47× | -0.2% |
| FY2019 | 0.2% | 0.68× | 1.55× | 0.2% |
| FY2018 | 7.0% | 0.79× | 1.67× | 9.2% |
| FY2017 | 1.5% | 1.12× | 1.94× | 3.3% |
| FY2016 | 6.4% | 1.06× | 1.65× | 11.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$124.66M
- Cash generatingOperating cash flow above zero$211.34M
- Return on assets improvedROA up on the prior year11.1% → 2.8%
- Earnings backed by cashOperating cash flow above net income$211.34M vs $124.66M
- Less leverageLong-term debt to assets fell0.0% → 24.7%
- Better liquidityCurrent ratio rose1.37 → 2.53
- No dilutionShare count did not rise79M → 82M
- Gross margin improvedGross margin up on the prior year59.61% → 59.65%
- More efficientAsset turnover rose0.61 → 0.62