AXON
Axon Enterprise, Inc.

Axon Enterprise, Inc.AXON

Industrials · Aerospace & Defense
459.32USD
+1.61%
Sep 23, 2026
AXON overview ready
Axon is a direct platform vendor combining conducted-energy devices, body and fleet cameras, cloud evidence management, records and productivity software, real-time operations capabilities, and AI-assisted public-safety workflows.
Narrative is still early
Exposed to the Public Safety Technology Modernization narrative through AI-Enabled Public-Safety Evidence and Workflow Platforms — pure play.
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of what comparable businesses command.
Fundamentals under pressure
Free cash flow yield is weak.
Primary risk
Regulatory changes reducing equipment or software requirements.
Market Sep 22Filing Jun 30Price action Sep 22Research Sep 15

Conviction Level

NarrativeHeat5.7ThemeHeat6.7PriceAction3.4Valuation0.3CompanyPosition9.3
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryWeak / unconfirmed recovery

The daily chart may be improving, but the weekly fast averages have not been reclaimed — the recovery is not yet confirmed on the higher timeframe.

Key Financials

Market Cap
$37.3B
Avg Volume (60D)
958.5K
60 sessions
Revenue Growth YoY
+33.5%
FY2025 vs FY2024
Gross Margin
+59.4%
Trailing twelve months
Operating Margin
+0.7%
Trailing twelve months
Free Cash Flow Yield
+0.4%
Distance from 200DMA
-8.5%
Next Earnings
2026-11-03
P/E
187.2x
EV / EBITDA
288.2x
EV / Sales
11.9x
Market metrics as of Sep 22, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

Both valuation perspectives agree this company is expensive.
Axon Enterprise, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of what comparable businesses command. It trades at a 0.4% free-cash-flow yield and 288.2x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
Axon is a direct platform vendor combining conducted-energy devices, body and fleet cameras, cloud evidence management, records and productivity software, real-time operations capabilities, and AI-assisted public-safety workflows.
Opportunity
Moderate opportunity
Law-enforcement and emergency-response agencies are consolidating connected devices, digital evidence, records, dispatch/response information, and AI-assisted workflows into cloud software platforms to address evidence volumes, reporting burdens, and real-time operational coordination.
Key risk
Regulatory changes reducing equipment or software requirements.

Narrative & Theme

Public Safety Technology Modernization
Part of AI-Enabled Public-Safety Evidence and Workflow Platforms, with strong fit.
AXON has a specific and direct fit with a real multi-company public-safety digitization narrative that is absent from the promoted research context.
Narrative HeatNeutral5.7 / 10
Theme HeatNeutral6.7 / 10
This is the company’s own research reading. The canonical heat measurement for this story has not run.

Business & Markets

Industrials · Aerospace & Defense
What they do

Axon Enterprise, Inc. develops and sells public safety technology solutions, operating through two segments: Software and Services, which offers cloud-based SaaS for managing digital evidence, and Connected Devices, which develops and sells integrated hardware products.

How it earns

The company generates revenue primarily through subscription-based SaaS offerings and sales of connected hardware devices.

Products & services
Axon Evidence
Draft One
Axon Records
Axon Standards
Axon Fusus
Axon Assistant
Integrated hardware devices
Customers & end markets
Law enforcement agencies
Public safety organizations
Market position

Axon is a market leader in public safety technology solutions, particularly in body cameras and digital evidence management.

Demand drivers
Low cyclicality

Demand is driven by regulatory requirements and public safety budgets, which tend to be stable and less sensitive to economic cycles.