AXON
Axon Enterprise, Inc.

Axon Enterprise, Inc.AXON

Industrials · Aerospace & Defense
313.00USD
-18.18%
Nov 08, 2026
AXON overview ready
Integrated AI-Enabled Public Safety Platforms for Law Enforcement
Axon is a direct, vertically integrated public-safety platform provider: it combines connected devices and sensors with cloud evidence management, records, real-time operations, emergency communications, productivity software, and AI-enabled workflows sold primarily to public-safety customers.
Theme not measured
Public Safety Technology has no leadership state this session.
Price trend is broken
Longer-term context reads damaged structure, 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 impacting public safety technology adoption.
Market Nov 6Filing Sep 30Price action Nov 7Research Sep 30

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction1.4BusinessPerformance5.0BusinessQuality4.7Valuation0.3ThemeMomentum—Mixed — Revenue is still growing (+28% YoY), but growth has slowed, down from +35%. Earnings turned positive: diluted EPS of $0.68 against a loss of -$0.03 a year earlier. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
Public Safety Technology — Public Safety Technology is tracked (3–4 priced members) — too few for a leadership state
Its economic family, Industrials & Infrastructure, reads Improving (+8.8pp vs SPY) — the family’s reading, not this theme’s.
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads damaged structure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$25.5B
Avg Volume (60D)
1.2M
60 sessions
Revenue Growth YoY
+33.5%
FY2025 vs FY2024
Gross Margin
+58.5%
Trailing twelve months
Operating Margin
+2.0%
Trailing twelve months
Free Cash Flow Yield
+0.3%
Distance from 200DMA
-33.8%
P/E
98.6x
EV / EBITDA
139.9x
EV / Sales
7.8x
Market metrics as of Nov 6, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue is still growing (+28% YoY), but growth has slowed, down from +35%. Earnings turned positive: diluted EPS of $0.68 against a loss of -$0.03 a year earlier.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthSlowing
+28%
$909M in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +39%
  2. +34%
  3. +35%
  4. +28%
Earnings growthTurned profitable
$0.68
Diluted EPS $0.68 vs -$0.03 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. +90%
  3. -18%
  4. n/a
Operating marginExpanding
4.6%
+4.9 pp YoY · gross margin 56.7% (-3.5 pp)
The share count is rising

Business Quality

4.7 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
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 0.3% free-cash-flow yield and 139.9x EBITDA, which require sustained delivery to be justified.

What changed

  • AXON fell 18.2% in one session
    AXON closed -18.2% while the broad market was close to flat (+0.3%).
    2026-11-06

Company Research

Thesis
Axon is a direct, vertically integrated public-safety platform provider: it combines connected devices and sensors with cloud evidence management, records, real-time operations, emergency communications, productivity software, and AI-enabled workflows sold primarily to public-safety customers.
Opportunity
Moderate opportunity
Public-safety agencies are consolidating body-camera, fixed-video, 911, records, digital-evidence, real-time-operations, and investigative workflows into cloud platforms, then applying AI to transcription, report generation, evidence review, situational awareness, and case resolution.
Key risk
Regulatory changes impacting public safety technology adoption.

Economic classification

Loading the economic classification…

Business & Markets

Industrials · Aerospace & Defense
What they do

Axon Enterprise, Inc. develops and sells integrated public safety technology solutions combining connected devices and cloud-based software platforms primarily for law enforcement and public safety agencies.

How it earns

The company generates revenue through a mix of hardware sales and recurring subscription fees for its cloud-based software-as-a-service offerings.

Products & services
Axon Evidence
Draft One
Axon Records
Axon Standards
Axon Fusus
Axon Assistant
Body Cameras
Conducted Energy Devices
Customers & end markets
Public safety agencies
Law enforcement organizations
Market position

Leader in integrated public safety technology platforms combining hardware and cloud software solutions.

Demand drivers
Low cyclicality

Demand is driven by public sector budgets and regulatory requirements rather than economic cycles.