# Axon Enterprise, Inc. (AXON)

> Source: Nexqual · https://nexqual.com/AXON · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Axon Enterprise, Inc. (AXON), nexqual.com/AXON" · informational, not investment advice.

**Price:** USD 414.6 (+2.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 402.6 · day 395.55–414.99 · 52w 339.01–764.02 · market cap $33.7B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.22B, net income $199M (6.2% margin), free cash flow $133M (SEC filings).
- Valuation: P/E 169.0x (avg 203.3x at the last 3 fiscal year-ends), EV/EBITDA 260.8x, net debt $1.04B.
- Analysts: Buy (mean 1.76 on a 1–5 scale) (21 analysts), mean target USD 681.68 (range 440–830).
- Total return with dividends: 1Y -42.1% vs S&P 500 +14.9%; 5Y +127.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 1.9, revenue estimate $938M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $863M | $1.19B | $1.56B | $2.08B | $2.78B | $3.22B |
| Gross profit | $541M | $726M | $955M | $1.24B | $1.66B | — |
| Operating income | -$168M | $93.0M | $157M | $58.5M | -$62.1M | $23.8M |
| Net income | -$60.0M | $147M | $176M | $377M | $125M | $199M |
| EPS (diluted) | -$0.91 | $2.03 | $2.33 | $4.80 | $1.51 | — |
| Free cash flow | $74.6M | $180M | $130M | $330M | $75.1M | $133M |
| Gross margin | 62.7% | 61.2% | 61.2% | 59.6% | 59.7% | — |
| Operating margin | -19.5% | 7.8% | 10.0% | 2.8% | -2.2% | 0.7% |
| Net margin | -7.0% | 12.4% | 11.3% | 18.1% | 4.5% | 6.2% |
| Revenue growth | +26.8% | +37.5% | +31.5% | +33.4% | +33.5% | — |
| Cash + short-term investments | $371M | $935M | $1.24B | $788M | $1.71B | — |
| Total debt | — | $674M | $677M | $680M | $1.81B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 169.0x · P/S 10.5x · EV/EBITDA 260.8x · EV/Sales 10.8x · P/FCF 252.9x · P/B 9.2x · FCF yield 0.40% · Earnings yield 0.59% · Net debt $1.04B · EV $34.7B
P/E at fiscal year-ends: Dec 2025 375.3x, Dec 2024 123.8x, Dec 2023 110.9x.

## Analysts
Consensus Buy (mean 1.76 on a 1–5 scale), 21 analysts; mean target USD 681.68 (low 440, high 830).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Piper Sandler | Target lowered | Overweight | $732 → $561 |
| 2026-09-03 | Argus Research | Target raised | Buy | $460 → $600 |
| 2026-08-06 | UBS | Target raised | Neutral | $440 → $600 |
| 2026-08-06 | Morgan Stanley | Target raised | Overweight | $600 → $640 |
| 2026-08-06 | Piper Sandler | Target raised | Overweight | $724 → $732 |
| 2026-08-06 | Barclays | Target raised | Overweight | $523 → $688 |
| 2026-07-13 | Piper Sandler | Target raised | Overweight | $674 → $724 |
| 2026-07-06 | Needham | Target raised | Buy | $600 → $750 |
| 2026-06-25 | Citizens | Reiterated | Market Outperform | $700 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -42.1% | +127.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -42.2% | +17.8% |
| Volatility (annualized) | 62.2% | 52.1% |
| Max drawdown | -54.5% (Oct 2025→Apr 2026) | -58.9% (Aug 2025→Apr 2026) |

## Peers (Aerospace & Defense)
RKLB (Rocket Lab Corporation) USD 51.22 -4.56% · ESLT (Elbit Systems Ltd.) USD 743.22 +0.07% · HEI (Heico Corporation) USD 300.02 +0.57% · LHX (L3Harris Technologies, Inc.) USD 254.23 +2.70% · ARXS (Arxis, Inc.) USD 49.68 -3.98% · HONA (Honeywell Aerospace Inc.) USD 163.02 +0.34%

## More
Full page: https://nexqual.com/AXON · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AXON's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1069183/000162828026011360/axon-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Oracle (ORCL) | "Our competition includes 10-8 Video Systems, 365Labs, Applied Concepts, Axis Communications, Coreforce, Digital Ally, Duress, Genetec, Getac, HALOS Body Cameras, Hikvision, Hytera, Insight LPR, IONODES, i-PRO, Kustom Sig…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Connected Devices | $506.6M | 56.0% | +34.6% |
| Software and Services | $397.8M | 44.0% | +36.2% |
| Total revenue | $904.4M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $506.6M | 56.0% | +34.6% |
| — TASER (part of Product) | $261.3M | 28.9% | +20.9% |
| — Platform Solutions (part of Product) | $149.8M | 16.6% | +122.6% |
| — Personal Sensors (part of Product) | $95.4M | 10.5% | +2.8% |
| Service | $397.8M | 44.0% | +36.2% |
| Total revenue | $904.4M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $742.3M | 82.1% | +38.1% |
| Other countries | $162.1M | 17.9% | +23.6% |
| Total revenue | $904.4M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "The following forward-looking statements reflect Axon's expectations as of August 5, 2026 and are subject to risks and uncertainties."
- "Please refer to " Forward-Looking Statements " below for additional information. • 2026 Revenue: Axon expects full-year 2026 revenue growth in a range of 32% to 34%, an increase from 30% to 32% previously."
- "These performance-based incentive programs are tied to stock price, operational, and time-based requirements. • 2026 CapEx: Axon expects 2026 CapEx to be in the range of $160 million to $190 million."
- "Our 2026 capital expenditure plans include long-term R&D investment projects, continued capacity expansion, global facility build-outs and new product development costs."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.90 | $2.03 | -6.5% | $937.8M | 18 |
| Next quarter (ends 2026-12-31) | $2.28 | $2.28 | +0.3% | $1.06B | 18 |
| Current fiscal year (ends 2026-12-31) | $7.64 | $7.72 | -1.1% | $3.71B | 20 |
| Next fiscal year (ends 2027-12-31) | $10.51 | $10.52 | -0.1% | $4.79B | 20 |