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Maker of Tasers, body cameras and cloud evidence-management software for police and public-safety agencies.
Maker of Tasers, body cameras and cloud evidence-management software for police and public-safety agencies.
Sells body cameras and Tasers mainly through multi-year bundled plans, such as the Officer Safety Plan, that combine regular hardware replacement with a cloud subscription, so software and service income grows with each camera deployed and is hard for an agency to leave. Police departments are the core buyer.
Moat: wide (network effects, switching costs, installed base). Deep integration of hardware and its Evidence.com cloud software creates high agency switching costs.
Headquarters: Scottsdale, Arizona, US · Founded: 1993 · Employees: 6,300
Size Axon Enterprise (AXON) is a United States Industrials company (Aerospace & Defense) with a market value of $25.4B, the 420th largest of 3,117 United States companies the cockpit tracks. Shares closed at $313.00 on 6 Nov 2026.
Performance Over six months the shares fell 22.4%, against -6.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 34.6% over the last twelve months (peer median +15.2%); the operating margin is 1.1% (peer median 12.2%).
Valuation It trades at 36.5× forward earnings against a peer median of 27.4× (9th most expensive of 20).
Capital Return on invested capital runs 11.2 points below its cost of capital (11.8% WACC).
Backlog Backlog (remaining performance obligations) was $10.2B at 30 Sep 2026 — 3.0 years of trailing revenue. Backlog detail →
Credit Axon Enterprise has 3 bonds outstanding ($2.90B), rated BB+ by the agencies and trading like BB+ at a weighted spread of 157 bp.
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 2 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.22B | $2.78B | $2.08B | $1.56B | $1.19B |
| Revenue growth | — | +33% | +33% | +31% | — |
| Gross profit | $1.91B | $1.66B | $1.24B | $955M | $729M |
| EBITDA | $146M | $23.2M | $112M | $179M | $124M |
| Net income | $199M | $125M | $377M | $176M | $147M |
| Free cash flow | $133M | $75.1M | $330M | $130M | $180M |
| Capital expenditure | $133M | $136M | $78.8M | $59.6M | $56.1M |
| Total debt | $1.83B | $1.91B | $722M | $711M | $711M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Axon Enterprise AXON | $25.4B | -22% | +35% | 1% | 36.5× | n/a |
| Motorola Solutions MSI | $85.1B | +34% | +10% | 25% | 27.0× | 16.4% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AXON | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.0% | +4.2% | 2nd lowest of 21 |
| 6-month return | -22.4% | -6.7% | 6th lowest of 21 |
| Distance from 52-week high | -52.9% | -23.7% | 5th lowest of 21 |
| Revenue growth (TTM) | +34.6% | +15.2% | 5th highest of 21 |
| Operating margin | 1.1% | 12.2% | 2nd lowest of 21 |
| Forward P/E | 36.5× | 27.4× | 9th most expensive of 20 |
| ROIC minus cost of capital | -11.2 pp | +8.3 pp | 3rd lowest of 20 |
| Net debt / EBITDA | 7.7× | 1.0× | most indebted of 17 |
| Bond spread | 157 bp | 80 bp | widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
Axon Enterprise has 3 bonds outstanding with $2.90B face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.16%, a spread of 157 bp over government bonds.
Axon Enterprise reported $10.2B of remaining performance obligations at 30 Sep 2026. That is 3.0 years of trailing revenue already under contract.