ValeriusBeta - Not investment advice

Research · S&P 500 · Industrials

AXON · Axon Enterprise

The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.

Price · last 3 months · daily close

AXON price

Loading the price chart...

Daily closing prices via yfinance. Quotes are delayed. Past prices are not a guarantee of future results.

Value Scorecard · run 2026-10-18

13 value checks: 12 scored 1 to 5, plus moat evidence

25/60
low-moderate value score

Earnings & returns

EPS Trend

2/5

Diluted EPS: $2.03 (2022), $2.33 (2023), $4.80 (2024), $1.51 (2025). It ended at or below 2022; the framework scores that as 2.

ROE Trend

3/5

ROE (net income / common equity): 11.6% (2022), 10.9% (2023), 16.2% (2024), 3.8% (2025). Median 11.2%, lowest 3.8%; the framework scores a median 10-15% as 3.

ROIC

1/5

ROIC of -1.1%: operating income of -$62.08M divided by $5.53B of capital (total assets $7.00B minus current liabilities $1.47B), fiscal year to Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores below 5% as 1.

Profit Margins

3/5

Net margin of 6.2%; the framework scores 5-10% as 3; gross margin 59.5%, operating margin 5.2%.

Balance sheet & cash

Debt-to-Equity

4/5

Debt-to-equity of 0.50; the framework scores 0.3-0.8 as 4 (total debt $1.85B, total cash $692.53M).

Free Cash Flow

1/5

Free cash flow (operating cash flow minus capital expenditure): $179.56M (2022), $129.63M (2023), $329.53M (2024), $75.08M (2025). The latest figure is half the 2022 figure or less; the framework scores that as 1.

Retained Earnings

5/5

Retained earnings, as filed in the 10-Ks (SEC EDGAR): $257.02M (2022), $434.98M (2023), $812.01M (2024), $936.67M (2025). It rose every year; the framework scores that as 5.

Valuation models

Graham IV

1/5

IV = EPS x (8.5 + 2g) x (4.4 / Y) = $2.41 x (8.5 + 2 x 0.0) x (4.4 / 4.5) = $20.03 (EPS CAGR -19.5% floored at 0%; the formula returns a negative value below -4.25% growth). Current price $390.29; price is 1848.5% above the model value.

DCF Value

1/5

FCF/share = $2.735, stage 1 growth = 20.0% (revenue CAGR 33.5% capped at 20%) for 5 years, terminal growth = 3%, discount rate = 10%. Stage 1 PV = $17.89, PV of terminal value = $62.17, DCF value = $80.06. Current price $390.29; price is 387.5% above the model value.

Margin of Safety

1/5

Graham value $20.03 (price is 1848.5% above the model value); DCF value $80.06 (price is 387.5% above the model value).

Price-to-Book

1/5

P/B of 8.63; the framework scores above 5.0 as 1.

Business quality

Moat Evidence

Not scored

A moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.

Return on capital, each year

Above 15% in 1 of 10 years (2016-2025); lowest -13.2%, highest 15.9%.

2016: 15.9%, 2017: 5.7%, 2018: 4.5%, 2019: -1.0%, 2020: -1.3%, 2021: -13.2%, 2022: 4.1%, 2023: 5.9%, 2024: 2.1%, 2025: -1.1%

Gross margin, each year

Between 57.9% and 63.6% over 10 years (a range of 5.7 points).

2016: 63.6%, 2017: 60.2%, 2018: 61.6%, 2019: 57.9%, 2020: 61.1%, 2021: 62.7%, 2022: 61.2%, 2023: 61.2%, 2024: 59.6%, 2025: 59.7%

Competition, in the company’s own words · 10-K filed Feb 25, 2026

Sensors — Connected Cameras and Digital Evidence Management Software: The body camera and in-car video/automatic license plate readers industry is highly competitive. Our competition includes 10-8 Video Systems, 365Labs, Applied Concepts, Axis Communications, Coreforce, Digital Ally, Duress, Genetec, Getac, HALOS Body Cameras, Hikvision, Hytera, Insight LPR, IONODES, i-PRO, Kustom Signals, LensLock, Motorola

The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.

Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.

Capital Allocation

2/5

Capital allocation, 2022-2025: dividends or buybacks paid in 1 of 4 years (fail); $74,000 paid out against $713.79M of free cash flow (pass); total debt $711.11M to $1.91B, up 168.5%, 9.7x EBITDA (fail: up more than 10% and above 2x EBITDA); shares outstanding 0.07B to 0.08B, up 12.2% (fail: up more than 2%). 1 of 4 tests passed; the framework scores that as 2.

Filings

Company notices to the SEC

Not scored

Three kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.

Loading...

These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.

How the Graham and DCF values were calculated
  Graham Formula:
    IV = EPS x (8.5 + 2g) x (4.4 / Y)
    EPS = $2.41, g = 0.0%, Y = 4.5
    g floored at 0.0% (3-year EPS CAGR was -19.5%; below -4.25% the formula returns a negative value)
    IV = $20.03
    Current price $390.29 vs Graham value $20.03 — price is 1848.5% above the model value.

  DCF:
    FCF/share = $2.735
    Stage 1 growth = 20.0% for 5 years | terminal growth = 3.0% | discount rate = 10.0%
    Stage 1 g capped at 20.0% (3-year revenue CAGR was 33.5%)
      Y1: $3.282 → PV $2.983
      Y2: $3.938 → PV $3.255
      Y3: $4.726 → PV $3.550
      Y4: $5.671 → PV $3.873
      Y5: $6.805 → PV $4.225
    Stage 1 PV sum = $17.89
    Terminal value at end of Y5 = $100.13
    PV of terminal value = $62.17
    DCF value = $80.06
    Current price $390.29 vs DCF value $80.06 — price is 387.5% above the model value.

Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $390.29. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, ROIC, profit margins, debt-to-equity, price-to-book, EPS trend, ROE trend, free cash flow, retained earnings and capital allocation. No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.

Recent headlines · third-party publishers · not investment advice

In the news

  • Loading headlines...

The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.