Latest Ratios: P/E Ratio 298.4x · EV/EBITDA 1756.2x · ROE 4.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.3B | $56.8B | $46.7B | $19.5B | $12.0B | $10.4B | $7.6B | $4.4B | $2.5B | $1.4B | $1.3B |
| Enterprise Value | $37.0B | $57.5B | $47.6B | $19.6B | $12.4B | $10.1B | $7.4B | $4.2B | $2.2B | $1.4B | $1.3B |
| P/E Ratio → | 298.42 | 376.11 | 123.82 | 110.87 | 81.74 | — | — | 4985.03 | 87.50 | 265.00 | 75.75 |
| P/S Ratio | 13.07 | 20.43 | 22.42 | 12.49 | 10.11 | 12.04 | 11.12 | 8.28 | 6.03 | 4.15 | 4.84 |
| P/B Ratio | 13.90 | 17.51 | 20.06 | 12.06 | 9.49 | 9.92 | 7.75 | 8.09 | 5.42 | 8.53 | 8.60 |
| P/FCF | 483.75 | 756.42 | 141.68 | 151.11 | 67.14 | 140.02 | — | 89.16 | 48.57 | 202.68 | 136.99 |
| P/OCF | 171.86 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 1756.16 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 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 |
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying AXON stock.
Axon Enterprise, Inc.'s current P/E ratio is 298.4x. The historical average is 76.8x. This places it at the 100th percentile of its historical range.
Axon Enterprise, Inc.'s current EV/EBITDA is 1756.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.1x.
Axon Enterprise, Inc.'s return on equity (ROE) is 4.5%. The historical average is 10.0%.
Based on historical data, Axon Enterprise, Inc. is trading at a P/E of 298.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axon Enterprise, Inc. has 59.7% gross margin and -2.2% operating margin.
Axon Enterprise, Inc.'s Debt/EBITDA ratio is 90.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Regulatory bundling scrutiny
Metrics are mathematically derived from official filings.
Margin Expansion Masked by SBC
Gross margin held at 60.4% in 2026Q2, yet operating margin of 5.2% and net margin of 3.3% reflect heavy SBC and investment, per recent SEC filings.
The 60.4% gross margin is stable and reflects a favorable mix shift toward software, but the gap to operating margin is wide due to elevated R&D and SG&A, which consumed 55% of revenue. Stock-based compensation of $144M in 2026Q2 nearly tripled net income, suggesting reported profitability understates cash earnings. Investors should monitor whether operating leverage materializes as revenue scales, or if SBC continues to suppress GAAP margins.
ROIC Trapped by Acquisition Spend
ROIC improved to 0.7% in 2026Q2 from negative levels a year ago, but remains far below cost of capital, as per reported figures.
ROIC has been consistently below 1% over the past ten quarters, despite strong revenue growth, because the capital base has expanded rapidly through acquisitions and intangible accumulation. The 0.7% ROIC in 2026Q2 is a marginal improvement but still indicates that the company is not yet generating returns that exceed its cost of capital. This suggests that the market's valuation premium is based on future profitability, not current capital efficiency.
Working Capital Drag Intensifies
Cash conversion cycle stretched to 140 days in 2026Q2, up from 232 days in 2024Q1, driven by rising DSO and DIO, according to financial statements.
DSO has improved to 82 days from 143 days, but DIO remains elevated at 114 days, and DPO at 57 days is relatively low, leaving the company to finance inventory and receivables. The CCC of 140 days is still high, indicating that working capital is a significant cash drag, which explains the volatile free cash flow. As the company grows, efficient working capital management will be critical to avoid further cash strain.
Debt Rises but Coverage Thin
D/E climbed to 0.50 in 2026Q2 from 0.39 in 2024Q1, while interest coverage fell to 2.16x, based on reported balance sheet data.
Total debt increased to $1.8B, largely funding acquisitions, but interest coverage of 2.16x is modest and could become strained if operating income does not grow. The D/EBITDA ratio of 30.16x is elevated, though this is distorted by low EBITDA due to heavy SBC and investment. While leverage remains moderate versus peers like MSI, the trend warrants monitoring as debt service becomes less comfortable.
Liquidity Cushion Thins Slightly
Current ratio eased to 2.15 in 2026Q2 from 2.91 in 2024Q1, but quick ratio of 1.80 still provides a solid buffer, per recent filings.
The current ratio remains above 2, indicating adequate short-term liquidity, but the decline suggests that working capital needs are absorbing cash. The quick ratio of 1.80 shows that inventory is not a major liquidity concern, as most current assets are receivables and cash. Under a severe stress scenario, the $597.7M cash balance and strong receivables collection would likely cover obligations, though the trend bears watching.
EV/EBITDA Misleads on Value
EV/EBITDA of 2216x is distorted by SBC and acquisition-related charges, making P/S or EV/Sales more relevant, as per reported figures.
The EV/EBITDA multiple is astronomically high because EBITDA is depressed by stock-based compensation and heavy investment, which are non-cash but real economic costs. This ratio is commonly misapplied to Axon, as it suggests an impossible valuation, whereas P/S of 16.56x better reflects the market's pricing of its revenue growth. Investors should adjust EBITDA for SBC or use EV/Sales to compare against SaaS peers, as the current multiple obscures the underlying business value.