Axon ENTERPRISE, Inc. (AXON) intrinsic value & 10-year financials
Axon ENTERPRISE, Inc. (AXON) has a Graham intrinsic value of $50.16 per share. At $390.29 on Oct 17, 2026, the stock trades 678% above that value. Over the last 10 fiscal years revenue grew 29.7% a year to $2.8B, with an average return on invested capital of 3.1%.
- Graham intrinsic value
- $50.16
- Share price (Oct 17, 2026)
- $390.29
- Price vs Graham value
- 678% above
- Market cap
- $32.1B
- Revenue (FY2025)
- $2.8B
- Revenue growth (10-yr CAGR)
- 29.7%
- ROIC (10-yr avg)
- 3.1%
- Free cash flow (FY2025)
- $75.1M
AXON 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.8B | $124.7M | $1.51 | $75.1M | -2.2% | -1.9% |
| FY2024 | $2.1B | $377.0M | $4.80 | $329.5M | 2.8% | 2.7% |
| FY2023 | $1.6B | $174.2M | $2.31 | $129.6M | 9.9% | 11.6% |
| FY2022 | $1.2B | $147.1M | $2.03 | $179.6M | 7.8% | 8.4% |
| FY2021 | $863.4M | -$60.0M | -$0.91 | $74.6M | -19.5% | -10.8% |
| FY2020 | $681.0M | -$1.7M | -$0.03 | -$34.1M | -2.1% | -1.2% |
| FY2019 | $530.9M | $882.0K | $0.01 | $49.7M | -1.2% | -0.8% |
| FY2018 | $420.1M | $29.2M | $0.50 | $52.7M | 5.9% | 7.8% |
| FY2017 | $343.8M | $5.2M | $0.10 | $8.1M | 3.8% | 4.1% |
| FY2016 | $268.2M | $17.3M | $0.32 | $13.0M | 11.9% | 11.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Axon Enterprise is a consistent compounder, expanding top-line revenue at 29.7% annually over the past decade.
Axon Enterprise has historically struggled to out-earn its cost of capital, averaging just 1.1% ROIC.
Axon Enterprise has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Axon Enterprise is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $50.16 per share.