Axon Enterprise, Inc. (AXON) Key Metrics
AXON valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $31.71B
- Enterprise value
- $38.45B
- P/E (TTM)
- 161.9 10-yr median 110.9
- Forward P/E
- 58.1
- PEG ratio
- 2.11
- Price / sales
- 9.8 10-yr median 10.6
- Price / book
- 10.2 10-yr median 9.0
- EV / EBITDA
- 94.7 10-yr median 79.8
- Dividend yield
- —
- Beta
- 1.44
AXON key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAXON valuation Price multiples at each fiscal year-end price.
AXON returns How much profit the business earns on the capital it uses.
AXON per-share figures Results divided by the shares outstanding at year-end.
AXON financial health Debt, liquidity and how easily interest is covered.
AXON efficiency & capital use Working capital cycle and where the cash goes.
AXON valuation history
AXON returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AXON debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AXON cash returned to shareholders
AXON price vs earnings per share
AXON key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $56.79B | $46.69B | $19.49B | $12.04B | $10.39B | $7.57B | $4.40B | $2.53B | $1.43B | $1.30B |
| Enterprise value | $57.00B | $47.10B | $18.88B | $11.77B | $9.97B | $7.03B | $4.06B | $2.18B | $1.35B | $1.21B |
| P/E ratio | 454.7 | 123.8 | 110.9 | 81.8 | — | — | — | 86.8 | 274.3 | 75.0 |
| Price / sales | 20.4 | 22.4 | 12.5 | 10.1 | 12.0 | 11.1 | 8.3 | 6.0 | 4.2 | 4.8 |
| Price / book | 17.5 | 20.1 | 12.1 | 9.5 | 9.9 | 7.8 | 8.1 | 5.4 | 8.5 | 8.6 |
| Price / free cash flow | 756.4 | 141.7 | 151.1 | 67.1 | 140.0 | — | 89.2 | 48.6 | 202.7 | 137.0 |
| Price / operating cash flow | 268.7 | 114.3 | 103.0 | 51.1 | 83.5 | 196.7 | 67.0 | 39.7 | 77.2 | 72.4 |
| EV / sales | 20.5 | 22.6 | 12.1 | 9.9 | 11.5 | 10.3 | 7.6 | 5.2 | 3.9 | 4.5 |
| EV / EBITDA | 290.2 | 107.8 | 103.0 | 53.3 | — | — | 302.1 | 56.4 | 56.6 | 34.4 |
| EV / free cash flow | 759.1 | 142.9 | 146.4 | 65.7 | 134.3 | — | 82.3 | 41.9 | 191.1 | 127.6 |
| Earnings yield | 0.2% | 0.8% | 0.9% | 1.2% | −0.6% | −0.0% | 0.0% | 1.2% | 0.4% | 1.3% |
| Free cash flow yield | 0.1% | 0.7% | 0.7% | 1.5% | 0.7% | −0.5% | 1.1% | 2.1% | 0.5% | 0.7% |
| Dividend yield | — | — | — | 5.0% | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | — | — | 0.6% | 5.0% | 3.2% | 0.1% | 0.1% | 0.0% | 0.2% | 2.6% |
| Share price at fiscal year-end | $567.93 | $594.32 | $258.33 | $165.93 | $157.00 | $122.53 | $73.28 | $43.75 | $26.50 | $24.24 |
| Per share | ||||||||||
| Revenue per share | $27.80 | $26.51 | $20.68 | $16.41 | $13.04 | $11.02 | $8.85 | $7.25 | $6.38 | $5.01 |
| Earnings per share | $1.25 | $4.80 | $2.33 | $2.03 | −$0.91 | −$0.03 | $0.01 | $0.50 | $0.10 | $0.32 |
| Operating cash flow per share | $2.11 | $5.20 | $2.51 | $3.24 | $1.88 | $0.62 | $1.09 | $1.10 | $0.34 | $0.33 |
| Free cash flow per share | $0.75 | $4.19 | $1.71 | $2.47 | $1.12 | −$0.56 | $0.82 | $0.90 | $0.13 | $0.18 |
| Cash per share | $17.07 | $12.56 | $17.50 | $13.44 | $6.69 | $9.10 | $5.84 | $6.03 | $1.52 | $1.66 |
| Book value per share | $32.43 | $29.63 | $21.36 | $17.49 | $15.83 | $15.80 | $9.06 | $8.07 | $3.11 | $2.82 |
| Tangible book value per share | $16.75 | $17.77 | $20.34 | $16.70 | $14.94 | $15.24 | $8.43 | $7.36 | $2.48 | $2.34 |
| Dividends per share | — | — | — | $8.31 | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $1.36 | $1.00 | $0.79 | $0.77 | $0.76 | $1.18 | $0.27 | $0.20 | $0.21 | $0.16 |
| Debt per share | $19.10 | $17.85 | $9.42 | $9.80 | $0.31 | $0.39 | $0.18 | $0.00 | $0.00 | $0.00 |
| Shares outstanding | 100.0M | 78.6M | 75.5M | 72.5M | 66.2M | 61.8M | 60.0M | 57.9M | 53.9M | 53.5M |
| Change in shares outstanding | +27.3% | +4.1% | +4.0% | +9.6% | +7.1% | +2.9% | +3.6% | +7.5% | +0.7% | −2.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 4.5% | 19.1% | 12.2% | 12.7% | −5.9% | −0.2% | 0.2% | 9.2% | 3.3% | 11.2% |
| Return on invested capital (ROIC) | −2.0% | 3.1% | 15.9% | 8.6% | −24.8% | −3.5% | −1.6% | 26.4% | 8.8% | 32.3% |
| Return on assets (ROA) | 2.2% | 9.6% | 5.6% | 6.5% | −3.9% | −0.2% | 0.1% | 5.5% | 1.7% | 6.8% |
| Return on tangible assets | 2.3% | 10.6% | 5.3% | 5.3% | −3.7% | −0.1% | 0.1% | 4.3% | 1.7% | 6.9% |
| Free cash flow margin | 2.7% | 15.8% | 8.3% | 15.1% | 8.6% | −5.0% | 9.3% | 12.4% | 2.0% | 3.5% |
| Income quality (OCF / net income) | 1.69 | 1.08 | 1.08 | 1.60 | — | — | 74.46 | 2.19 | 3.55 | 1.04 |
| Financial health | ||||||||||
| Total debt | $1.91B | $1.40B | $710.7M | $711.1M | $20.4M | $24.4M | $10.6M | $37,000 | $41,000 | $118,000 |
| Cash & short-term investments | $1.71B | $986.3M | $1.32B | $974.7M | $443.0M | $562.0M | $350.8M | $349.5M | $82.0M | $89.1M |
| Net debt | $203.1M | $415.6M | −$609.9M | −$263.6M | −$422.6M | −$537.6M | −$340.2M | −$349.4M | −$81.9M | −$88.9M |
| Debt / equity | 0.59 | 0.60 | 0.44 | 0.56 | 0.02 | 0.02 | 0.02 | 0.00 | 0.00 | 0.00 |
| Debt / assets | 0.27 | 0.31 | 0.21 | 0.25 | 0.01 | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 |
| Net debt / EBITDA | 1.03 | 0.95 | −3.33 | −1.19 | — | −85.55 | −25.33 | −9.02 | −3.44 | −2.53 |
| Current ratio | 2.53 | 1.37 | 3.14 | 3.00 | 2.65 | 3.83 | 3.17 | 3.36 | 1.90 | 2.27 |
| Quick ratio | 2.29 | 1.21 | 2.79 | 2.66 | 2.39 | 3.48 | 2.97 | 3.16 | 1.48 | 1.82 |
| Interest coverage | -0.7 | 8.2 | 22.8 | 0.9 | -6.2 | -141.5 | -0.6 | 8.2 | 4.8 | 90.8 |
| Working capital | $2.24B | $619.6M | $1.63B | $1.20B | $691.0M | $725.6M | $423.5M | $392.1M | $97.2M | $99.2M |
| Invested capital | $3.45B | $2.74B | $1.00B | $1.00B | $625.3M | $438.7M | $203.3M | $117.9M | $85.5M | $61.9M |
| Tangible asset value | $1.68B | $1.40B | $1.54B | $1.21B | $988.8M | $941.6M | $505.7M | $426.4M | $133.7M | $125.2M |
| Net current asset value | −$44.6M | $150.6M | $600.2M | $221.9M | $469.1M | $577.2M | $316.9M | $305.9M | $34.5M | $50.0M |
| Graham number | $30.19 | $56.57 | $33.46 | $28.25 | — | — | $1.73 | $9.57 | $2.60 | $4.53 |
| Graham net-net per share | −$11.63 | −$4.34 | $2.48 | −$1.26 | $3.52 | $6.83 | $3.45 | $3.84 | −$0.44 | $0.16 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $603.0M | — | — | — | — | $0 | $0 |
| Share buybacks (net) | — | — | $107.9M | $74,000 | $331.3M | $7.8M | $4.1M | $0 | $3.5M | $33.7M |
| Dividend payout ratio | — | — | — | 409.8% | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | 83.6% | 336.4% | 446.4% | — | 8.2% | 0.0% | 49.0% | 356.2% |
| Capex / revenue | 4.9% | 3.8% | 3.8% | 4.7% | 5.8% | 10.7% | 3.1% | 2.8% | 3.3% | 3.2% |
| Capex / operating cash flow | 64.5% | 19.3% | 31.5% | 23.8% | 40.4% | 189.4% | 24.9% | 18.3% | 61.9% | 47.2% |
| Capex / depreciation | 1.64 | 1.63 | 3.09 | 2.30 | 2.69 | 5.84 | 1.44 | 1.10 | 1.42 | 2.31 |
| Stock-based compensation / revenue | 22.8% | 18.4% | 8.4% | 8.9% | 35.1% | 19.6% | 14.8% | 5.2% | 4.5% | 3.5% |
| R&D / revenue | 24.6% | 21.2% | 19.5% | 19.6% | 22.5% | 18.1% | 19.0% | 18.3% | 16.1% | 11.4% |
| SG&A / revenue | 37.3% | 35.6% | 31.7% | 33.6% | 59.8% | 45.4% | 39.7% | 35.9% | 40.3% | 40.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 122.9 | 141.6 | 146.8 | 162.0 | 167.9 | 128.1 | 113.3 | 87.2 | 50.7 | 45.7 |
| Days of inventory on hand | 98.8 | 116.1 | 142.4 | 123.1 | 109.1 | 88.8 | 59.3 | 89.5 | 107.2 | 94.5 |
| Days payables outstanding | 34.3 | 29.9 | 37.9 | 36.5 | 31.0 | 34.5 | 33.5 | 26.8 | 25.8 | 33.7 |
| Cash conversion cycle (days) | 187.3 | 227.8 | 251.3 | 248.7 | 246.1 | 182.5 | 139.1 | 149.8 | 132.1 | 106.5 |
| Receivables turnover | 2.97 | 2.58 | 2.49 | 2.25 | 2.17 | 2.85 | 3.22 | 4.19 | 7.20 | 7.99 |
| Payables turnover | 10.63 | 12.21 | 9.62 | 10.01 | 11.79 | 10.58 | 10.90 | 13.60 | 14.15 | 10.82 |
| Inventory turnover | 3.69 | 3.14 | 2.56 | 2.97 | 3.35 | 4.11 | 6.16 | 4.08 | 3.40 | 3.86 |
| Asset turnover | 0.48 | 0.53 | 0.50 | 0.52 | 0.56 | 0.61 | 0.68 | 0.79 | 1.12 | 1.06 |
| Average receivables | $935.6M | $807.8M | $627.6M | $528.2M | $397.2M | $239.1M | $164.8M | $100.3M | $47.8M | $33.6M |
| Average payables | $105.5M | $68.9M | $62.9M | $46.1M | $28.2M | $25.0M | $20.5M | $11.9M | $9.7M | $9.0M |
| Average inventory | $303.6M | $267.6M | $236.2M | $155.6M | $99.3M | $64.4M | $36.3M | $39.6M | $40.2M | $25.3M |
| Intangibles / total assets | 22.4% | 20.8% | 2.3% | 2.0% | 3.5% | 2.5% | 4.5% | 5.7% | 10.0% | 9.2% |
Computed from AXON's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AXON valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Axon traded at 454.7 times earnings, against a 10-year median of 110.9. Based on the latest twelve months, the trailing P/E is 161.9 and the forward P/E is 58.1. Axon earned a return on equity of 4.5% and a return on invested capital of −2.0% in fiscal 2025. It ended the year with $1.9 billion of debt and $1.7 billion in cash and short-term investments, net debt of $203.1 million. The share count rose 86.8% from 53.5M to 100.0M over 9 years.
See the AXON income statement, the AXON chart for price history, or the AXON stock overview for the latest quote and news.
AXON key metrics FAQ
What is Axon's P/E ratio?
Axon's trailing P/E ratio is 161.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 58.1. At the end of fiscal 2025 it was 454.7, compared with a 10-year median of 110.9.
What is Axon's EV/EBITDA?
Axon's enterprise value was 290.2 times EBITDA at the end of fiscal 2025 (enterprise value $57.0 billion, EBITDA $196.4 million); the current EV/EBITDA is 94.7.
What is Axon's return on equity?
Axon's return on equity (ROE) was 4.5% in fiscal 2025: net income of $124.9 million on average shareholders' equity of $2.8 billion.
What is Axon's ROIC?
Axon's return on invested capital was −2.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Axon have?
Axon had total debt of $1.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and $203.1 million of net debt (1.03 times EBITDA).
What is Axon's free cash flow yield?
Axon generated $75.1 million of free cash flow in fiscal 2025, a free cash flow yield of 0.1% on its market value at year-end ($56.8 billion).
What is Axon's current ratio?
Axon's current ratio was 2.53 at the end of fiscal 2025: current assets were 2.53 times current liabilities.