Axon Enterprise (AXON) stock
Industrials · Aerospace & Defense
Axon Enterprise (AXON) is an Aerospace & Defense company in the Industrials sector, headquartered in Scottsdale, Arizona. As of October 23, 2026, AXON closed at $420.37, a market capitalization of $34.15 billion, the 302nd largest company in the S&P 500. Over the last twelve months it generated $3.22 billion in revenue (+35% year over year) and $133.19 million in free cash flow. The stock trades at 174.4x trailing earnings and 40.0x forward earnings.
- 1-year total return: -41.3% (dividends reinvested)
- 5-year return: +18.1% a year
- 52-week range: $339.01 – $764.02
- Gross margin 59.5%, operating margin 5.2%
- FI Handbook report card: D+ across 10 metrics
- 49th largest of 83 Industrials stocks in the S&P 500
AXON price chart
1Y price change: -41.3% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AXON | -6.7% | -26.0% | -41.3% | +26.0% | +18.1% | +33.6% | +30.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2001.
AXON key statistics
- Market cap
- $34.1B
- #302 in S&P 500
- P/E (TTM)
- 174.4x
- Forward P/E
- 40.0x
- EPS (TTM)
- $2.41
- Revenue (TTM)
- $3.2B
- +35%
- Free cash flow
- $133.2M
- Gross margin
- 59.5%
- Operating margin
- 5.2%
- Return on equity
- 6.2%
- Dividend yield
- None
- 52-week range
- $339.01 – $764.02
- Beta
- 1.44
- Price / sales
- 10.6x
- EV / EBITDA
- 213.8x
- Debt / equity
- 0.50x
- Employees
- 5,100
AXON report card
D+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth35.3%A
- Gross margin59.5%B
- Operating margin5.2%D
- FCF margin4.1%D
- Return on equity6.2%D
- Net debt / EBITDA7.0xF
- Forward P/E40.0xD
- PEG ratio2.1xD
- Shareholder yield0.0%F
- Share count change / yr5.9%F
Axon Enterprise financials
Revenue went from $268.2M in fiscal 2016 to $2.8B in fiscal 2025, growing 29.7% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $268.2M | $343.8M | $420.1M | $530.9M | $681.0M | $863.4M | $1.2B | $1.6B | $2.1B | $2.8B |
| Gross profit | $170.5M | $207.1M | $258.6M | $307.3M | $416.3M | $540.9M | $726.1M | $955.5M | $1.2B | $1.7B |
| Operating income | $31.9M | $13.0M | $24.8M | -$6.4M | -$14.2M | -$168.1M | $93.0M | $156.8M | $58.5M | -$62.1M |
| Net income | $17.3M | $5.2M | $29.2M | $882.0K | -$1.7M | -$60.0M | $146.9M | $175.8M | $377.0M | $124.7M |
| EPS (diluted) | $0.32 | $0.10 | $0.50 | $0.01 | $-0.03 | $-0.91 | $2.03 | $2.33 | $4.80 | $1.51 |
| Free cash flow | $16.2M | $8.1M | $52.7M | $49.7M | -$34.1M | $74.6M | $179.6M | $129.6M | $329.5M | $75.1M |
| Buybacks | $33.7M | $0 | $0 | — | — | — | — | — | — | — |
| Diluted shares | 53.5M | 53.9M | 57.9M | 60.0M | 61.8M | 66.2M | 72.5M | 75.5M | 78.6M | 82.4M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AXON?
A reverse DCF asks what growth the current price requires. With an enterprise value of $35.3B and $133.2M of trailing free cash flow, Axon Enterprise needs to grow free cash flow about 84.8% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 278.4x vs. median 109.2x (10th–90th percentile 50.2x–679.6x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AXON analyst price targets
19 analysts' average 12-month target is $681.68 (+62% vs. $420.37). Targets range from $440.00 to $830.00. 86% rate it a buy.
AXON earnings
Next report: November 5, 2026. Axon Enterprise has beaten EPS estimates 3 quarters in a row. Last quarter's revenue was $904.4M (+35% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 5, 2026 | $1.84 | $1.88 | +2.0% |
| May 6, 2026 | $1.60 | $1.61 | +0.8% |
| Feb 24, 2026 | $1.60 | $2.15 | +34.5% |
| Nov 4, 2025 | $1.54 | $1.17 | -24.1% |
| Aug 4, 2025 | $1.46 | $2.12 | +45.0% |
| May 7, 2025 | $1.28 | $1.41 | +10.3% |
| Feb 25, 2025 | $1.40 | $2.08 | +48.2% |
| Nov 7, 2024 | $1.20 | $1.45 | +21.0% |
Stocks like AXON
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 GE GE Aerospace | -2.69% | -6% | $296.4B | 32.6x | Compare |
 RTX RTX | -1.90% | +8% | $257.8B | 31.1x | Compare |
 BA Boeing | +0.43% | -14% | $148.9B | 67.3x | Compare |
 LMT Lockheed Martin | +2.42% | +27% | $139.6B | 21.5x | Compare |
 GD General Dynamics | -0.41% | +4% | $94.5B | 21.3x | Compare |
 NOC Northrop Grumman | -0.16% | -7% | $78.3B | 17.4x | Compare |
 HWM Howmet Aerospace | -3.82% | -7% | $74.1B | 40.1x | Compare |
 TDG Transdigm | -3.23% | -18% | $61.1B | 33.5x | Compare |
AXON news
- Axon Announces Body 5: Next-Generation Camera Built for the AI Era · Oct 24, 2026
- Axon Stock Rebounded After a Sharp Selloff. Raymond James Still Sees 61% Upside · Oct 24, 2026
- Axon to Release Third Quarter 2026 Earnings on November 5, 2026 · Oct 22, 2026
- Why Axon Enterprise (AXON) Outpaced the Stock Market Today · Oct 21, 2026
- Gather AI Recognized as a 2026 Inc. Power Partner Award Honoree · Oct 21, 2026
AXON stock FAQ
What is AXON's market cap?
Axon Enterprise's market capitalization is $34.15 billion as of October 23, 2026, ranking 302nd in the S&P 500.
What is AXON's P/E ratio?
AXON trades at a trailing price-to-earnings ratio of 174.4x and a forward P/E of 40.0x. Its median P/E over the period we track is 109.2x.
Does AXON pay a dividend?
No. Axon Enterprise does not currently pay a regular cash dividend.
How much has AXON stock returned?
Including reinvested dividends, AXON returned -41.3% over one year, +18.1% a year over five years, +33.6% a year over ten years through October 23, 2026.
Is AXON stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Axon Enterprise must grow free cash flow about 85% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the AXON price target?
19 analysts cover AXON with an average 12-month price target of $681.68, +62% from the current price. 86% of them rate it a buy.
When does AXON report earnings?
Axon Enterprise is expected to report earnings on November 5, 2026. It has beaten EPS estimates 3 quarters in a row.
How many employees does Axon Enterprise have?
Axon Enterprise has about 5,100 full-time employees, or $631,196 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology