AXONAxon Enterprise
Is the business good?
The checks split: nothing decisive, though margins compressing.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 6% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AXON?
Axon Enterprise earns 0.40% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 8.6 points below what the capital costs: growth destroys value
- Operating margin
- 0.74%
Operating margin · Aerospace & Defense median 9.6% · 12 months to Q2 2026
- Share count, year on year
- +0.58%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 24%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −2.1% |
| FY2021 | −19% |
| FY2022 | 7.8% |
| FY2023 | 10% |
| FY2024 | 2.8% |
| FY2025 | −2.2% |
Details›
- Gross margin12 months to Q2 2026
- 59%
- Operating margin12 months to Q2 2026
- 0.74%
- Net margin12 months to Q2 2026
- 6.2%
- Free cash flow margin
- 4.1%
- R&D as % of revenue
- 24%
- Revenue, trailing twelve months
- $3.22B
- Free cash flow, trailing twelve months
- $133M
- Net income, trailing twelve months
- $199M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 0.40%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Aerospace & Defense
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