Latest Ratios: P/E Ratio 395.4x · EV/EBITDA 2315.1x · ROE 4.5%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $48.1B | $56.8B | $46.7B | $19.5B | $12.0B | $10.4B | $7.6B | $4.4B | $2.5B | $1.4B | $1.3B |
| Enterprise Value | $48.8B | $57.5B | $47.6B | $19.6B | $12.4B | $10.1B | $7.4B | $4.2B | $2.2B | $1.4B | $1.3B |
| P/E Ratio → | 395.39 | 376.11 | 123.82 | 110.87 | 81.74 | — | — | 4985.03 | 87.50 | 265.00 | 75.75 |
| P/S Ratio | 17.31 | 20.43 | 22.42 | 12.49 | 10.11 | 12.04 | 11.12 | 8.28 | 6.03 | 4.15 | 4.84 |
| P/B Ratio | 18.41 | 17.51 | 20.06 | 12.06 | 9.49 | 9.92 | 7.75 | 8.09 | 5.42 | 8.53 | 8.60 |
| P/FCF | 640.71 | 756.42 | 141.68 | 151.11 | 67.14 | 140.02 | — | 89.16 | 48.57 | 202.68 | 136.99 |
| P/OCF | 227.62 | 268.73 | 114.35 | 102.99 | 51.14 | 83.47 | 196.72 | 66.97 | 39.67 | 77.25 | 72.40 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 20.69 | 22.87 | 12.56 | 10.41 | 11.65 | 10.89 | 7.96 | 5.20 | 3.94 | 4.69 |
| EV / EBITDA | 2315.07 | 2727.13 | 445.34 | 109.67 | 99.65 | — | — | 674.30 | 58.33 | 64.24 | 35.11 |
| EV / EBIT | — | 507.91 | 122.58 | 119.50 | 63.06 | — | — | 2041.48 | 77.73 | 85.86 | 39.91 |
| EV / FCF | — | 765.86 | 144.56 | 151.98 | 69.14 | 135.50 | — | 85.67 | 41.87 | 192.03 | 132.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.7% | 59.7% | 59.6% | 61.2% | 61.2% | 61.5% | 61.1% | 57.9% | 61.6% | 60.2% | 63.6% |
| Operating Margin | -2.2% | -2.2% | 2.8% | 10.2% | 7.8% | -19.3% | -2.1% | -1.0% | 6.4% | 3.8% | 12.0% |
| Net Profit Margin | 4.5% | 4.5% | 18.1% | 11.3% | 12.4% | -7.0% | -0.3% | 0.2% | 7.0% | 1.5% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 4.5% | 4.5% | 19.1% | 12.2% | 12.7% | -5.9% | -0.2% | 0.2% | 9.2% | 3.3% | 11.2% |
| ROA | 2.2% | 2.2% | 9.6% | 5.6% | 6.5% | -3.9% | -0.2% | 0.1% | 5.5% | 1.7% | 6.8% |
| ROIC | -1.3% | -1.3% | 1.8% | 7.1% | 6.0% | -16.3% | -1.8% | -1.6% | 19.2% | 9.6% | 23.2% |
| ROCE | -1.5% | -1.5% | 2.2% | 6.5% | 5.3% | -13.9% | -1.6% | -0.8% | 6.8% | 6.1% | 16.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.59 | 0.59 | 0.60 | 0.44 | 0.56 | 0.02 | — | — | — | 0.00 | 0.00 |
| Debt / EBITDA | 90.57 | 90.57 | 13.11 | 3.98 | 5.72 | — | — | — | — | 0.00 | 0.00 |
| Net Debt / Equity | — | 0.22 | 0.41 | 0.07 | 0.28 | -0.32 | -0.16 | -0.32 | -0.75 | -0.45 | -0.27 |
| Net Debt / EBITDA | 33.60 | 33.60 | 8.85 | 0.63 | 2.87 | — | — | -27.49 | -9.33 | -3.56 | -1.13 |
| Debt / FCF | — | 9.44 | 2.87 | 0.87 | 1.99 | -4.53 | — | -3.49 | -6.70 | -10.65 | -4.28 |
| Interest Coverage | 1.20 | 1.20 | 54.75 | 23.45 | — | — | -61.91 | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.53 | 2.53 | 1.37 | 3.14 | 3.00 | 2.65 | 3.83 | 3.17 | 3.36 | 1.90 | 2.27 |
| Quick Ratio | 2.29 | 2.29 | 1.21 | 2.79 | 2.66 | 2.39 | 3.48 | 2.97 | 3.16 | 1.48 | 1.82 |
| Cash Ratio | 1.16 | 1.16 | 0.59 | 1.73 | 1.62 | 1.06 | 2.19 | 1.79 | 2.11 | 0.76 | 1.14 |
| Asset Turnover | — | 0.40 | 0.47 | 0.46 | 0.42 | 0.51 | 0.49 | 0.63 | 0.58 | 1.02 | 0.96 |
| Inventory Turnover | 3.28 | 3.28 | 3.17 | 2.24 | 2.28 | 3.06 | 2.94 | 5.76 | 4.78 | 3.01 | 2.80 |
| Days Sales Outstanding | — | 125.50 | 160.46 | 163.75 | 170.27 | 211.90 | 157.12 | 127.19 | 125.59 | 59.52 | 53.70 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 0.3% | 0.3% | 0.8% | 0.9% | 1.2% | — | — | 0.0% | 1.1% | 0.4% | 1.3% |
| FCF Yield | 0.2% | 0.1% | 0.7% | 0.7% | 1.5% | 0.7% | — | 1.1% | 2.1% | 0.5% | 0.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.6% |
| Shares Outstanding | — | $100M | $79M | $75M | $73M | $66M | $62M | $60M | $58M | $54M | $54M |
High stock-based compensation dilution
According to current market data, Axon trades at a P/E of 307.83 and an EV/EBITDA of 1809.86, suggesting that investors are pricing the company as a high-growth software platform rather than a traditional industrial manufacturer, despite the significant volatility in its underlying GAAP earnings.
The extreme valuation multiples imply that the market expects sustained, long-term margin expansion driven by the software-as-a-service component of the business. Investors should monitor whether the company can justify these premiums through consistent earnings growth, as the current forward P/E of 60.46 remains highly sensitive to management's ability to convert RPO into realized cash flow.
Based on reported figures, Axon's ROIC has fluctuated significantly, reaching a low of -0.4% in 2024Q4 before recovering to 0.5% in 2026Q1, which indicates that the company's aggressive acquisition strategy is currently suppressing the efficiency of its invested capital base relative to historical performance.
The low ROIC suggests that the substantial goodwill accumulated from recent acquisitions has yet to generate commensurate returns on invested capital. Analysts should investigate whether the integration of these assets will eventually drive a meaningful improvement in capital productivity or if the current capital allocation strategy will continue to dilute shareholder value.
As reported in financial statements, Axon's cash conversion cycle remains elevated at 161 days in 2026Q1, driven by a high DSO of 102 days and DIO of 102 days, which reflects the inherent friction of managing long-term municipal contract fulfillment and complex hardware inventory cycles.
The extended CCC suggests that Axon faces structural challenges in accelerating cash collection from its government customer base. This inefficiency warrants further investigation into whether the shift toward subscription-based bundles will eventually compress these cycles or if the nature of public sector procurement will keep working capital requirements permanently high.
According to recent balance sheet data, Axon maintains a debt-to-equity ratio of 0.52, which, while rising from previous periods, suggests that the company retains a healthy balance sheet capable of supporting further strategic investments without immediate risk of insolvency or excessive interest coverage pressure.
The current leverage profile appears manageable, though the volatility in interest coverage ratios, which swung from 95.47 in 2024Q1 to 1.02 in 2026Q1, warrants close monitoring. Investors should consider whether the company's reliance on debt to fund its growth trajectory could become a liability if municipal procurement cycles face unexpected delays.
The P/E ratio is frequently misapplied to Axon because it fails to account for the massive non-cash impact of stock-based compensation, which significantly distorts GAAP net income and obscures the company's true underlying operational profitability and cash-generating capacity.
Using P/E as a primary valuation metric for Axon is misleading due to the company's aggressive use of equity-based incentives to attract and retain talent. Analysts should instead focus on adjusted EBITDA or free cash flow metrics to better understand the company's actual economic performance and its ability to fund future growth without further shareholder dilution.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying AXON stock.
Axon Enterprise, Inc.'s current P/E ratio is 395.4x. The historical average is 76.8x. This places it at the 100th percentile of its historical range.
Axon Enterprise, Inc.'s current EV/EBITDA is 2315.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 44.1x.
Axon Enterprise, Inc.'s return on equity (ROE) is 4.5%. The historical average is 10.0%.
Based on historical data, Axon Enterprise, Inc. is trading at a P/E of 395.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Axon Enterprise, Inc. has 59.7% gross margin and -2.2% operating margin.
Axon Enterprise, Inc.'s Debt/EBITDA ratio is 90.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.