Axon Enterprise, Inc. (AXON) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-118.3%

-$79.30

vs $433.73 price

Levered DCF

$86.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.54

Safe zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	354.96×	119.34×	109×	80.16×	-172.53×	-4,391.76×	4,918.12×	84.13×
P/B	14.08×	19.34×	11.89×	9.3×	9.92×	7.75×	7.98×	5.28×
P/S	16.43×	21.62×	12.28×	9.91×	12.04×	11.12×	8.17×	5.87×
EV / EBITDA	236.13×	105.18×	105.14×	55.02×	-81.97×	1,179.93×	310.12×	54.69×
Gross margin	59.7%	59.6%	61.2%	61.2%	61.5%	61.1%	57.9%	61.6%
Operating margin	-2.2%	2.8%	10.2%	7.8%	-19.3%	-2.1%	-1.0%	6.4%
Net margin	4.5%	18.1%	11.3%	12.4%	-7.0%	-0.3%	0.2%	7.0%
Current ratio	2.53×	1.37×	3.14×	3×	2.65×	3.83×	3.17×	3.36×
Debt / equity	0.59×	0.6×	0.44×	0.56×	0.02×	0×	0×	0×
Interest coverage	-0.66×	8.25×	22.79×	0×	0×	-141.5×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.9%	16.2%	10.9%	11.6%	-5.7%	-0.2%	0.2%	6.2%
Return on invested capital	-1.1%	1.7%	6.0%	3.1%	-5.6%	-0.3%	-0.3%	4.8%
Return on assets	1.8%	8.4%	5.2%	5.2%	-3.6%	-0.1%	0.1%	4.1%
Free cash flow yield	0.2%	0.7%	0.7%	1.5%	0.7%	-0.5%	1.1%	2.1%
Earnings yield	0.3%	0.8%	0.9%	1.2%	-0.6%	-0.0%	0.0%	1.2%
Enterprise value	$46.4B	$46B	$19.3B	$12.2B	$10.1B	$7.4B	$4.2B	$2.1B
Net debt / EBITDA	3.61×	2.17×	0.61×	1.62×	2.74×	-24.74×	-12.82×	-9.03×
Cash conversion cycle (days)	191	244	287	283	296	248	148	168