NASDAQ: AXON
Axon Enterprise
Industrials · Ordnance & Accessories, (No Vehicles/Guided Missiles)
52-week range
$339.01$760.85
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$45.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.27B |
| FY2017, ended Dec 31, 2017 | $1.41B |
| FY2018, ended Dec 31, 2018 | $2.57B |
| FY2019, ended Dec 31, 2019 | $4.36B |
| FY2020, ended Dec 31, 2020 | $7.82B |
| FY2021, ended Dec 31, 2021 | $11.1B |
| FY2022, ended Dec 31, 2022 | $12.1B |
| FY2023, ended Dec 31, 2023 | $19.5B |
| FY2024, ended Dec 31, 2024 | $45.5B |
| FY2025, ended Dec 31, 2025 | $45.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $45.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$3.22B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $268M |
| FY2017, ended Dec 31, 2017 | $344M |
| FY2018, ended Dec 31, 2018 | $420M |
| FY2019, ended Dec 31, 2019 | $531M |
| FY2020, ended Dec 31, 2020 | $681M |
| FY2021, ended Dec 31, 2021 | $866M |
| FY2022, ended Dec 31, 2022 | $1.19B |
| FY2023, ended Dec 31, 2023 | $1.56B |
| FY2024, ended Dec 31, 2024 | $2.08B |
| FY2025, ended Dec 31, 2025 | $2.78B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.22B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $17.3M | $16.2M |
| FY2017, ended Dec 31, 2017 | $5.21M | $8.05M |
| FY2018, ended Dec 31, 2018 | $29.2M | $52.7M |
| FY2019, ended Dec 31, 2019 | $882K | $49.7M |
| FY2020, ended Dec 31, 2020 | −$1.72M | −$34.1M |
| FY2021, ended Dec 31, 2021 | −$56.3M | $74.6M |
| FY2022, ended Dec 31, 2022 | $147M | $180M |
| FY2023, ended Dec 31, 2023 | $176M | $130M |
| FY2024, ended Dec 31, 2024 | $377M | $330M |
| FY2025, ended Dec 31, 2025 | $125M | $75.1M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $199M | $133M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$598M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $40.7M |
| FY2017, ended Dec 31, 2017 | $75.1M |
| FY2018, ended Dec 31, 2018 | $349M |
| FY2019, ended Dec 31, 2019 | $172M |
| FY2020, ended Dec 31, 2020 | $155M |
| FY2021, ended Dec 31, 2021 | $356M |
| FY2022, ended Dec 31, 2022 | $354M |
| FY2023, ended Dec 31, 2023 | $599M |
| FY2024, ended Dec 31, 2024 | $455M |
| FY2025, ended Dec 31, 2025 | $1.20B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $598M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.73B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | — |
| FY2017, ended Dec 31, 2017 | — |
| FY2018, ended Dec 31, 2018 | — |
| FY2019, ended Dec 31, 2019 | — |
| FY2020, ended Dec 31, 2020 | — |
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | $674M |
| FY2023, ended Dec 31, 2023 | $677M |
| FY2024, ended Dec 31, 2024 | $1.36B |
| FY2025, ended Dec 31, 2025 | $1.89B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.73B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 55.2% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.81.2M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 52.3M |
| FY2017, ended Dec 31, 2017 | 53.0M |
| FY2018, ended Dec 31, 2018 | 58.8M |
| FY2019, ended Dec 31, 2019 | 59.5M |
| FY2020, ended Dec 31, 2020 | 63.8M |
| FY2021, ended Dec 31, 2021 | 70.9M |
| FY2022, ended Dec 31, 2022 | 72.9M |
| FY2023, ended Dec 31, 2023 | 75.3M |
| FY2024, ended Dec 31, 2024 | 76.6M |
| FY2025, ended Dec 31, 2025 | 80.4M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 81.2M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $633M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $33.7M | $9.37M | $0 | — |
| FY2017, ended Dec 31, 2017 | $0 | $15.6M | $0 | — |
| FY2018, ended Dec 31, 2018 | $0 | $21.9M | $234M | $8.23M |
| FY2019, ended Dec 31, 2019 | — | $78.5M | $0 | — |
| FY2020, ended Dec 31, 2020 | — | $134M | $307M | $1.05M |
| FY2021, ended Dec 31, 2021 | — | $303M | $106M | $3.92M |
| FY2022, ended Dec 31, 2022 | — | $106M | — | — |
| FY2023, ended Dec 31, 2023 | — | $131M | — | $144K |
| FY2024, ended Dec 31, 2024 | — | $383M | — | $498K |
| FY2025, ended Dec 31, 2025 | — | $634M | — | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $633M | — | — |
Revenue (TTM)
$3.22B
+34.6% YoY
Net income (TTM)
$199M
−38.9% YoY
Cash
$598M
−2.9% YoY
Total debt
$1.73B
−24.3% YoY
Valuation
At current price- Market Cap
- $34.8B
- P/E
- 174×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 10.8×
- Price / Book
- 9.5×
- EV / EBITDA
- 270×
Growth
Trailing 12 months- Revenue (TTM)
- $3.22B
- Revenue Growth YoY
- 34.6%
- Revenue CAGR 3Y
- 32.8%
- Revenue CAGR 5Y
- 32.5%
- EPS Growth YoY
- −40.9%
- Net Income Growth YoY
- −38.9%
Profitability
Trailing 12 months- Gross Margin
- 59.4%
- Operating Margin
- 0.7%
- Net Margin
- 6.2%
- FCF Margin
- 4.1%
- Return on Equity
- 6.2%
Earnings
Trailing 12 months- Net Income
- $199M
- EPS (diluted)
- $2.40
- EBITDA
- $133M
- Operating Income
- $23.8M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $598M
- Total Debt
- $1.73B
- Net Debt
- $1.13B
- Total Assets
- $7.48B
- Total Liabilities
- $3.81B
- Shareholders' Equity
- $3.67B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $266M
- Capital Expenditure
- $133M
- Free Cash Flow
- $133M
Dividends and risk
Last 12 months- Dividend Yield
- 0.0%
- Dividend / Share
- $0.00
- Beta (5Y)
- 1.43
Every ratio is calculated from the company’s reported figures.
Strength
Revenue grew 34.6% over the last year, to $3.22B.
Note
Net margin of 6.2% over the last 12 months.
Watch
Net debt is 8.5× EBITDA ($1.13B), a heavy load.
Note
Free cash flow of $133M, 4.1% of revenue.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K14Serious concerns
14Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 28, 2025 · Read the filing on EDGAR
- Revenue rose 33.4% to $2.08 billion, but operating income fell 63% to $58.5 million as stock-based pay jumped to $382.6 million from $131.4 million.
- Net income more than doubled to $377.0 million, mostly from one-time gains on investments, not from the core business.
- A material weakness in revenue accounting is back, a year after it was reported fixed, and past results were revised for small errors.
- Axon spent $621.8 million buying two companies it had already invested in (Fusus and Dedrone), so cash and investments fell to $788 million.
Business momentum
Sharp deterioration
“We had income from operations of $58.5 million, compared to $156.9 million for the same period in the prior year.”
Outlook
Neutral
“We believe that our sources of funding will be sufficient to satisfy our currently anticipated cash requirements, including capital expenditures, working capital requirements, potential acquisitions or investments”
Financial stress
Low
“As of December 31, 2024, and 2023, respectively, no amounts were drawn under the Credit Agreement.”
Tone against the previous report
More negative
Red flags
- Serious
Weak internal controls
“management concluded that the Company's internal control over financial reporting was not effective as of December 31, 2024 as a result of the material weakness described below.”
- Medium
Restated accounts
“Certain prior period amounts previously reported on our consolidated financial statements have been revised to correct for immaterial errors”
Positives
Strong sales growth in both segments
“Our revenues for the year ended December 31, 2024 were $2.1 billion, an increase of $521.8 million, or 33.4%, from the comparable period in the prior year.”
Cloud software growing fast
“the majority of the increase in Axon Evidence and cloud services revenue of $242.3 million”
Operating cash flow more than doubled
“Operating activities $ 408,312 $ 189,263 $ 219,049”
Concerns
Stock-based pay is eating into operating profit
“Stock-based compensation expense increased $132.0 million in comparison to the prior year, which was primarily related to the 2024 Employee XSP and the 2024 CEO Performance Award”
Net income relies on investment gains
“net realized and unrealized gains on fair value adjustments of strategic investments of $162.9 million, a net unrealized gain on marketable securities of $120.3 million”
Weaker hardware margins and Fleet sales decline
“hardware gross margin was 37.7% for the year ended December 31, 2024, compared to 45.8% for the same period in 2023.”
New risks since the previous report
Tariffs on imports from China, Mexico and Canada
“Further, President Trump has proposed significantly increased tariffs on foreign imports into the United States, particularly from China, Mexico and Canada.”
AI bias concerns and new AI rules
“AI algorithms that we use may be flawed or may be (or perceived to be) based on datasets that are biased or insufficient, a risk raised by the ACLU in a report dated December 10, 2024.”
Fallout from revising past financial statements
“Our revision of previously issued consolidated financial statements may adversely affect investor confidence and could result in regulatory actions and stockholder litigation.”
Cash held mostly at two banks
“We hold the majority of our cash balances, some of which are not insured, at two depository institutions.”
China limits on exports of key raw materials
“China has recently placed restrictions on the export of certain raw materials, including gallium and germanium.”
Biggest risks named
- Unremediated material weakness in revenue accounting
- Dependence on law enforcement budgets and acceptance
- Tariffs and supply chain limits for TASER 10 parts
- AI errors, bias and new AI regulation
- Product injury lawsuits and cybersecurity breaches
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | −2 | |
| Financial stress | 0 | |
| Red flags | −27 | |
| New risks | −2 | |
| Score | 14 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 28, 2025 | 14 | Sharp deterioration | 1 serious1 medium | |
| 10-K | Feb 27, 2024 | 71 | Strong improvement | 1 medium1 minor | |
| 10-K | Feb 28, 2023 | 57 | Strong improvement | 1 serious1 medium | |
| 10-K | Feb 25, 2022 | 48 | Sharp deterioration | None | |
| 10-K | Feb 26, 2021 | 49 | Sharp deterioration | None | |
| 10-K | Feb 28, 2020 | 44 | Sharp deterioration | 1 medium | |
| 10-K | Feb 27, 2019 | 74 | Strong improvement | 2 minor | |
| 10-K | Mar 1, 2018 | 33 | Sharp deterioration | 1 serious | |
| 10-K | Mar 6, 2017 | 37 | Mixed | 1 serious1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR