Axon Enterprise, Inc.AXON
NasdaqGS•Industrials•Aerospace & Defense
Axon Enterprise, Inc. provides public safety technology solutions in the United States and internationally. The company operates in two segments, Software and Services, and Connected Devices. The Software and Services segment develops, manufactures, and sells cloud-based software-as-a-service solutions to capture, store, manage, share, and analyze video and other digital evidence. This segment also offers Axon Evidence, Draft One, Axon Records, Axon Standards, Axon Fusus, Axon Assistant, and others. The Connected Devices segment engages in the development, manufacture, and sale of integrated hardware solutions, such as conducted energy devices under the TASER brand, body cameras, fixed and in-car cameras, drone and counter-drone technologies, accessories, extended warranties, and related hardware products, as well as virtual reality training hardware. The company serves first responders across international, federal, state, and local governments, international governmental entities, commercial enterprises, and consumers through direct sales, distribution partners, and third-party resellers. The company was formerly known as TASER International, Inc. and changed its name to Axon Enterprise, Inc. in April 2017. Axon Enterprise, Inc. was incorporated in 1993 and is headquartered in Scottsdale, Arizona.
Axon Enterprise, Inc. (AXON) reported trailing twelve months revenue of $2.98B as of March 2026, a 34.0% increase year-over-year. Quarterly revenue reached $807.35M, reflecting continued top-line momentum.
Axon Enterprise, Inc. generated $206.24M in TTM net income, with quarterly EBITDA of $29.24M. The operating margin expanded from -1.3% to 3.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.6%) and net margin (21.0%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.6% a year ago, signaling stronger bottom-line efficiency.
AXON trades at a P/E of 166.0x (a premium multiple) and a P/S of 11.5x. The price-to-book ratio of 9.7x indicates a significant premium over book value.
The company reported negative free cash flow of $-54.64M, indicating cash consumption over the period. The balance sheet shows $7.07B in total assets with no in long-term debt against $3.53B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 1.5%. The business may lack pricing power or face rising costs.'
ROE is positive at ~11.1% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~65.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 33.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 82.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares outstanding increased 6.4% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation