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Axon Enterprise

AXON on Nasdaq. Axon sells body cameras, tasers, and software to police and government agencies. Market value $33.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Look carefully before going further

Why it could be worth it

What to watch out for

Read the warning sign in its own filings

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
0.4%low

For every $100 of what the whole company costs, it produced $0.39 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
1478.2×full

You pay 1478.2 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
1.8%five-year median

Each dollar kept in the business earns 2 cents a year. Above 10 is good.

Quality score: 66 of 100. Price score: 5 of 100. Our list needs 70 on quality and 60 on price.

$418.62 a share, 23% above its 1-year low

Over the past year the price has ranged from $339.01 to $764.02.

Pays no dividend

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.1
0.2
0.1
0.3
0.1
0.1
2021202220232024202512 monthsto Jun '26

Spare cash swings from quarter to quarter here: $133 million in the past 12 months, $75 million in the year to December 2025.

Revenue
$863m$1.2bn$1.6bn$2.1bn$2.8bn
Operating margin
-19.5%7.8%10.0%2.8%-2.2%
Debt to equity
n/an/a0.420.290.56
Shares outstanding
0.07bn0.07bn0.08bn0.08bn0.08bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.56× equity
  • Revenue growth, five yearsStrong, 32.5% a year
  • Buying back its own sharesNo, 14% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $904 million last quarter, up 35% on a year ago.
  • Profit: $29 million, down 19% on a year ago.
  • It keeps 1 cents of each $1 of sales as operating profit, up from 0 cents a year earlier.
  • Spare cash over the past 12 months: $133 million, down from $176 million.
  • 1% more shares than a year ago. Each share owns a bit less of the company.
  • Debt is $1.1 billion more than cash, down from $1.4 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$544m
December 2024$575m
March 2025$604m
June 2025$669m
September 2025$711m
December 2025$797m
March 2026$807m
June 2026$904m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$67m
December 2024Not reported
March 2025$88m
June 2025$36m
September 2025-$2m
December 2025$3m
March 2026$169m
June 2026$29m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
3 November 2026
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
5 November 2026

Who owns it

1 long-term investor we follow owns it, unchanged from 1 last quarter. 1,124 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 11 sold $137m, $88m of it under preset trading plans.

  • Fields Isaiah
    Chief Legal Officer
    Sold
    under a preset trading plan
    Date
    11 September 2026
    Shares
    1,017
    Price
    $480.45
    Value
    $488,618
  • SMITH PATRICK W
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    10,000
    Price
    $508.99
    Value
    $5m
  • Isner Joshua
    PRESIDENT
    Sold
    under a preset trading plan
    Date
    31 August 2026
    Shares
    16,775
    Price
    $574.43
    Value
    $10m
  • Kunins Jeffrey C
    CPO & CTO
    Sold
    under a preset trading plan
    Date
    21 August 2026
    Shares
    9,605
    Price
    $626.70
    Value
    $6m
  • SMITH PATRICK W
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    70
    Price
    $566.62
    Value
    $39,663
  • SMITH PATRICK W
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    9,930
    Price
    $548.77
    Value
    $5m
  • SMITH PATRICK W
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    7 July 2026
    Shares
    10,000
    Price
    $643.79
    Value
    $6m
  • SMITH PATRICK W
    CHIEF EXECUTIVE OFFICER, Director
    Sold
    under a preset trading plan
    Date
    29 June 2026
    Shares
    10,000
    Price
    $500.00
    Value
    $5m
  • Isner Joshua
    PRESIDENT
    Sold
    Date
    5 June 2026
    Shares
    13,000
    Price
    $488.45
    Value
    $6m
  • Coughlin Elizabeth Reid
    Chief Human Officer
    Sold
    Date
    4 June 2026
    Shares
    1,554
    Price
    $485.00
    Value
    $753,690

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

1 serious warning sign in Axon Enterprise’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 7 May 2025: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 7 May 2025: Previously issued accounts should no longer be relied on. Open the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 1478.2× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.