Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Axon Enterprise

AXON stock analysis · Industrials · Aerospace & Defense

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$560.61HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$45.5B

Price × SEC outstanding shares. Shares measured 2026-06-30. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

$14.04

Equity cash-flow scenario · SEC outstanding shares at 2026-06-30 · -97.5% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

No solution in −50% to +100% growth, or nonpositive FCF / invalid assumptions.

How this is calculated ↗
Valuation

Relative valuation

-90.8%

11 industry peers · median 33.7×

How this is calculated ↗
Valuation

Historical multiples

195.7×

4 annual observations · snapshot P/E 365.3× · 86.7% versus history

How this is calculated ↗
Valuation

Free cash flow yield

0.2%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

-1.5%

Normalized tax · financing-capital proxy · parent-equity fallback (scope limitation) · short-term borrowing coverage incomplete

How this is calculated ↗
Valuation

Value composite

9/100

Annual basis · read assumptions below

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

56.4%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

-1.5%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

5.5%

Annual basis · read assumptions below

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 408.3M2020-12-31: cfo $38,481,000.002020-12-31: capex $72,629,000.0020202021-12-31: cfo $124,494,000.002021-12-31: capex $49,886,000.0020212022-12-31: cfo $235,361,000.002022-12-31: capex $55,802,000.0020222023-12-31: cfo $189,263,000.002023-12-31: capex $59,635,000.0020232024-12-31: cfo $408,312,000.002024-12-31: capex $78,785,000.0020242025-12-31: cfo $211,339,000.002025-12-31: capex $136,258,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$17.61$19.21$20.94
10.0%$12.90$14.04$15.26
12.0%$10.18$11.05$11.97

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-312.8B124.7M211.3M136.3M7B
2024-12-312.1B377M408.3M78.8M4.5B
2023-12-311.6B175.8M189.3M59.6M3.4B
2022-12-311.2B146.9M235.4M55.8M2.9B
2021-12-31863.4M-60M124.5M49.9M1.7B
2020-12-31681M-1.7M38.5M72.6M1.4B
2019-12-31530.9M882K65.7M15.9M845.6M
2018-12-31420.1M29.2M63.9M11.1M719.5M

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue2.8BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-25
netIncome124.7MNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-25
Parent/common earnings proxy124.7MNetIncomeLoss2026-02-25
cfo211.3MNetCashProvidedByUsedInOperatingActivities2026-02-25
capex136.3MPaymentsToAcquirePropertyPlantAndEquipment2026-02-25
operatingIncome-62.1MOperatingIncomeLoss2026-02-25
assets7BAssets2026-02-25
equity3.2BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-25
Parent book equity proxy3.2BStockholdersEquity2026-02-25
debt1.8BLongTermDebt2026-02-25
shortDebtNot reported under a supported tag
cash1.2BCashAndCashEquivalentsAtCarryingValue2026-02-25
shares82.4MWeightedAverageNumberOfDilutedSharesOutstanding2026-02-25
dividendsNot reported under a supported tag
buybacksNot reported under a supported tag
issuanceNot reported under a supported tag