Axon Enterprise, Inc. (AXON) Financial Ratios
26 years of historical data (2000–2025) · Industrials · Aerospace & Defense
EV/EBITDA
↑
1651.54
↑+95% vs avg
5yr avg: 845.45
30Y Low14.0·High99.7
P/FCF
↑
454.37
↑+81% vs avg
5yr avg: 251.28
30Y Low19.8·High151.1
P/B Ratio
↑
13.06
-5% vs avg
5yr avg: 13.81
30Y Low2.0·High20.3
ROE
↑
4.5%
↑-47% vs avg
5yr avg: 8.5%
30Y Low-7%·High54%
Debt/EBITDA
↑
90.57
↑+220% vs avg
5yr avg: 28.34
30Y Low0.0·High39.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AXON Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Axon Enterprise, Inc. trades at 280.4x earnings, 62% above its 5-year average of 173.1x, sitting at the 100th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a premium of 996%. On a free-cash-flow basis, the stock trades at 454.4x P/FCF, 81% above the 5-year average of 251.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $34.1B | $56.8B | $46.7B | $19.5B | $12.0B | $10.4B | $7.6B | $4.4B | $2.5B | $1.4B | $1.3B |
| Enterprise Value | $34.8B | $57.5B | $47.6B | $19.6B | $12.4B | $10.1B | $7.4B | $4.2B | $2.2B | $1.4B | $1.3B |
| P/E Ratio → | 280.40 | 376.11 | 123.82 | 110.87 | 81.74 | — | — | 4985.03 | 87.50 | 265.00 | 75.75 |
| P/S Ratio | 12.27 | 20.43 | 22.42 | 12.49 | 10.11 | 12.04 | 11.12 | 8.28 | 6.03 | 4.15 | 4.84 |
| P/B Ratio | 13.06 | 17.51 | 20.06 | 12.06 | 9.49 | 9.92 | 7.75 | 8.09 | 5.42 | 8.53 | 8.60 |
| P/FCF | 454.37 | 756.42 | 141.68 | 151.11 | 67.14 | 140.02 | — | 89.16 | 48.57 | 202.68 | 136.99 |
| P/OCF | 161.42 | 268.73 | 114.35 | 102.99 | 51.14 | 83.47 | 196.72 | 66.97 | 39.67 | 77.25 | 72.40 |
P/E links to full P/E history page with 30-year chart
AXON EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Axon Enterprise, Inc.'s enterprise value stands at 1651.5x EBITDA, 95% above its 5-year average of 845.4x. The Industrials sector median is 13.8x, placing the stock at a 11836% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.69 | 22.87 | 12.56 | 10.41 | 11.65 | 10.89 | 7.96 | 5.20 | 3.94 | 4.69 |
| EV / EBITDA | 1651.54 | 2727.13 | 445.34 | 109.67 | 99.65 | — | — | 674.30 | 58.33 | 64.24 | 35.11 |
| EV / EBIT | — | 507.91 | 122.58 | 119.50 | 63.06 | — | — | 2041.48 | 77.73 | 85.86 | 39.91 |
| EV / FCF | — | 765.86 | 144.56 | 151.98 | 69.14 | 135.50 | — | 85.67 | 41.87 | 192.03 | 132.71 |
AXON Profitability
Margins and return-on-capital ratios measuring operating efficiency
Axon Enterprise, Inc. earns an operating margin of -2.2%, below the Industrials sector average of 4.3%. Operating margins have compressed from 10.2% to -2.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 4.5% is modest, trailing the sector median of 8.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.7% | 59.7% | 59.6% | 61.2% | 61.2% | 61.5% | 61.1% | 57.9% | 61.6% | 60.2% | 63.6% |
| Operating Margin | -2.2% | -2.2% | 2.8% | 10.2% | 7.8% | -19.3% | -2.1% | -1.0% | 6.4% | 3.8% | 12.0% |
| Net Profit Margin | 4.5% | 4.5% | 18.1% | 11.3% | 12.4% | -7.0% | -0.3% | 0.2% | 7.0% | 1.5% | 6.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 19.1% | 12.2% | 12.7% | -5.9% | -0.2% | 0.2% | 9.2% | 3.3% | 11.2% |
| ROA | 2.2% | 2.2% | 9.6% | 5.6% | 6.5% | -3.9% | -0.2% | 0.1% | 5.5% | 1.7% | 6.8% |
| ROIC | -1.3% | -1.3% | 1.8% | 7.1% | 6.0% | -16.3% | -1.8% | -1.6% | 19.2% | 9.6% | 23.2% |
| ROCE | -1.5% | -1.5% | 2.2% | 6.5% | 5.3% | -13.9% | -1.6% | -0.8% | 6.8% | 6.1% | 16.4% |
AXON Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Axon Enterprise, Inc. carries a Debt/EBITDA ratio of 90.6x, which is highly leveraged (2698% above the sector average of 3.2x). Net debt stands at $709M ($1.9B total debt minus $1.2B cash). Interest coverage of just 1.2x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.59 | 0.59 | 0.60 | 0.44 | 0.56 | 0.02 | — | — | — | 0.00 | 0.00 |
| Debt / EBITDA | 90.57 | 90.57 | 13.11 | 3.98 | 5.72 | — | — | — | — | 0.00 | 0.00 |
| Net Debt / Equity | — | 0.22 | 0.41 | 0.07 | 0.28 | -0.32 | -0.16 | -0.32 | -0.75 | -0.45 | -0.27 |
| Net Debt / EBITDA | 33.60 | 33.60 | 8.85 | 0.63 | 2.87 | — | — | -27.49 | -9.33 | -3.56 | -1.13 |
| Debt / FCF | — | 9.44 | 2.87 | 0.87 | 1.99 | -4.53 | — | -3.49 | -6.70 | -10.65 | -4.28 |
| Interest Coverage | 1.20 | 1.20 | 54.75 | 23.45 | — | — | -61.91 | — | — | — | — |
AXON Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Axon Enterprise, Inc.'s current ratio of 2.53x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has declined from 3.14x to 2.53x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.53 | 2.53 | 1.37 | 3.14 | 3.00 | 2.65 | 3.83 | 3.17 | 3.36 | 1.90 | 2.27 |
| Quick Ratio | 2.29 | 2.29 | 1.21 | 2.79 | 2.66 | 2.39 | 3.48 | 2.97 | 3.16 | 1.48 | 1.82 |
| Cash Ratio | 1.16 | 1.16 | 0.59 | 1.73 | 1.62 | 1.06 | 2.19 | 1.79 | 2.11 | 0.76 | 1.14 |
| Asset Turnover | — | 0.40 | 0.47 | 0.46 | 0.42 | 0.51 | 0.49 | 0.63 | 0.58 | 1.02 | 0.96 |
| Inventory Turnover | 3.28 | 3.28 | 3.17 | 2.24 | 2.28 | 3.06 | 2.94 | 5.76 | 4.78 | 3.01 | 2.80 |
| Days Sales Outstanding | — | 125.50 | 160.46 | 163.75 | 170.27 | 211.90 | 157.12 | 127.19 | 125.59 | 59.52 | 53.70 |
AXON Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Axon Enterprise, Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 0.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.4% | 0.3% | 0.8% | 0.9% | 1.2% | — | — | 0.0% | 1.1% | 0.4% | 1.3% |
| FCF Yield | 0.2% | 0.1% | 0.7% | 0.7% | 1.5% | 0.7% | — | 1.1% | 2.1% | 0.5% | 0.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% |
| Shares Outstanding | — | $100M | $79M | $75M | $73M | $66M | $62M | $60M | $58M | $54M | $54M |
Peer Comparison
Compare AXON with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AXONYou | $34B | 280.4 | 1651.5 | 454.4 | 59.7% | -2.2% | 4.5% | -1.3% | 90.6 |
 MSA | $6B | 23.2 | 14.4 | 21.6 | 46.5% | 21.4% | 22.2% | 17.9% | 1.3 |
 VNET | $2B | -65.8 | 13.7 | — | 22.0% | 7.6% | -3.2% | 2.1% | 10.0 |
 MSI | $66B | 31.0 | 21.9 | 25.5 | 50.2% | 25.1% | 103.9% | 25.6% | 2.9 |
 DGLY | $2M | -0.2 | — | — | 27.9% | -77.4% | -1629.9% | -114.7% | — |
 WRAP | $69M | -5.6 | — | — | 57.8% | -288.6% | -176.1% | -218.1% | — |
 SFST | $549M | 15.5 | 17.7 | 18.4 | 51.3% | 17.6% | 8.7% | 4.8% | 6.0 |
 CRNC | $486M | -25.0 | 26.7 | 10.4 | 72.1% | 5.2% | -12.8% | 3.2% | 9.7 |
 SPSC | $2B | 21.6 | 10.5 | 13.0 | 64.2% | 15.7% | 10.2% | 12.2% | 0.1 |
 CDNS | $107B | 95.4 | 56.5 | 67.4 | 86.4% | 31.1% | 21.9% | 25.9% | 1.3 |
 ARLO | $1B | 93.3 | 127.8 | 21.2 | 44.0% | 1.1% | 13.1% | 35.9% | 0.7 |
| Industrials Median | — | 25.6 | 13.8 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 26 years · Updated daily
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AXON — Frequently Asked Questions
Quick answers to the most common questions about buying AXON stock.
What is Axon Enterprise, Inc.'s P/E ratio?
Axon Enterprise, Inc.'s current P/E ratio is 280.4x. The historical average is 76.8x. This places it at the 100th percentile of its historical range.
What is Axon Enterprise, Inc.'s EV/EBITDA?
Axon Enterprise, Inc.'s current EV/EBITDA is 1651.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.1x.
What is Axon Enterprise, Inc.'s ROE?
Axon Enterprise, Inc.'s return on equity (ROE) is 4.5%. The historical average is 10.0%.
Is AXON stock overvalued?
Based on historical data, Axon Enterprise, Inc. is trading at a P/E of 280.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Axon Enterprise, Inc.'s profit margins?
Axon Enterprise, Inc. has 59.7% gross margin and -2.2% operating margin.
How much debt does Axon Enterprise, Inc. have?
Axon Enterprise, Inc.'s Debt/EBITDA ratio is 90.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.