Optional product analytics
With your permission, we use privacy-limited analytics to understand which research journeys work. We do not run advertising trackers or session replay. You can change this choice in Preferences. Read the Privacy Policy.
Axon Enterprise Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.
| Market cap | $33.6B |
|---|
| Revenue (ttm) | 3.2B |
|---|
| Net income (ttm) | 199.3M |
|---|
| EPS (ttm) | $2.40 |
|---|
| Shares out | 81.2M |
|---|
| P/E (trailing) | 176.1x |
|---|
| P/E (forward) | 58.1x |
|---|
| Volume | 593,839 |
|---|
| Beta | 1.44 |
|---|
Recent price action with selectable time range.
| Item | P1 | P2 | P3 | P4 | P5 | Trend |
|---|---|---|---|---|---|---|
| Period | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | Trend |
| Revenue | $863.4M | $1.19B | $1.56B | $2.08B | $2.78B | +33.9% |
| Gross profit | $540.9M | $726.1M | $955.5M | $1.24B | $1.66B | +32.3% |
| Operating income | $-168.1M | $93.0M | $156.9M | $58.5M | $-62.1M | — |
| Net income | $-60.0M | $146.9M | $175.8M | $377.0M | $124.7M | — |
| EPS (diluted) | $-0.91 | $2.03 | $2.33 | $4.80 | $1.51 | — |
| EBITDA | $-117.1M | $227.6M | $183.4M | $437.0M | $196.4M | — |
| R&D | $194.0M | $233.8M | $303.7M | $441.6M | $684.3M | +37.0% |
| SG&A | $515.0M | $399.3M | $494.9M | $741.2M | $1.04B | +19.1% |
Recent company headlines from major financial publishers.
The Base case reflects the house forecast schedule where top-line expansion tracks consensus expectations through FY2026 and FY2027. Operating margins expand steadily from the FY2025 operating loss through FY2030 as Software and Sensors continues to outpace Connected Devices. Stock-based compensation expense is absorbed via modeled share count expansion, supporting the Base path target of $219.27.
Under the Bull scenario, Axon accelerates adoption across federal agencies and international law enforcement jurisdictions, expanding non-US revenue as a share of consolidated sales. Accelerated attach of Evidence.com add-on modules, including automated draft reporting and real-time operations, lifts Software and Sensors revenue to become the primary driver of top-line scale. Gross margins expand as cloud software mix increases, while operating leverage drives operating margins higher. Free cash flow conversion expands rapidly as capital expenditures normalize, supporting robust earnings compounding toward the Bull path target of $345.49.
| Ke ↓ / g → | 2.5% | 3.0% | 3.5% | 4.0% | 4.5% |
|---|---|---|---|---|---|
| 9.4% | $246 | $254 | $263 | $273 | $286 |
| 9.9% | $235 | $241 | $249 | $258 | $268 |
| 10.4% | $223 | $228 | $219 | $242 | $251 |
| 10.9% | $216 | $221 | $226 | $232 | $240 |
| 11.4% | $208 | $212 | $217 | $222 | $228 |
Upcoming earnings date and setup when available.
The rating each month's published research edition carried. A rating compares the price at analysis with the Fair value; it is not a record of whether the call was right.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 |
