Question 1

What is Axon Enterprise's P/FCF ratio?

Accepted Answer

Axon Enterprise (AXON) P/FCF ratio is 2078.1× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Axon Enterprise?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Axon Enterprise specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Axon Enterprise's P/FCF ratio high or low?

Accepted Answer

Axon Enterprise's P/FCF ratio of 2078.1× is above its own 5-year average of 269.2× and above the sector median of 24.3×. That places the current reading at the 98th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Axon Enterprise's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Axon Enterprise (AXON) P/FCF ratio has ranged from a low of 13.5× in 2012 to a high of 2707.9× in 2026. The 5-year average is 269.2× and the 5-year median is 143.3×.

Question 7

What was Axon Enterprise's P/FCF ratio in 2025?

Accepted Answer

Axon Enterprise (AXON) P/FCF ratio at the end of 2025 was 608.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Axon Enterprise's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$45.7B	$75.1M	608.1×	+470.4×	Dec 31, 2025
2024	$45.4B	$330M	137.7×	-12.6×	Dec 31, 2024
2023	$19.4B	$129M	150.3×	+84.3×	Dec 31, 2023
2022	$11.8B	$179M	66.0×	-75.6×	Dec 31, 2022
2021	$10.5B	$74.2M	141.6×	—	Dec 31, 2021
2020	$7.8B	-$34.4M	—	—	Dec 31, 2020
2019	$4.35B	$49.3M	88.2×	+39.2×	Dec 31, 2019
2018	$2.56B	$52.2M	49.1×	-143.8×	Dec 31, 2018
2017	$1.36B	$7.05M	192.8×	+59.0×	Dec 31, 2017
2016	$1.27B	$9.47M	133.8×	+110.6×	Dec 31, 2016
2015	$928M	$39.9M	23.2×	-19.4×	Dec 31, 2015
2014	$1.4B	$32.7M	42.7×	+15.3×	Dec 31, 2014
2013	$831M	$30.3M	27.4×	+8.0×	Dec 31, 2013
2012	$481M	$24.8M	19.4×	-0.9×	Dec 31, 2012
2011	$304M	$15M	20.3×	—	Dec 31, 2011
2010	$294M	-$3.94M	—	—	Dec 31, 2010
2009	$271M	-$4.06M	—	—	Dec 31, 2009
2008	$329M	$1.23M	268.2×	+172.3×	Dec 31, 2008
2007	$901M	$9.4M	95.9×	+8.8×	Dec 31, 2007
2006	$471M	$5.41M	87.1×	—	Dec 31, 2006
2005	$427M	-$6.74M	—	—	Dec 31, 2005
2004	$1.81B	$19M	95.4×	-267.9×	Dec 31, 2004
2003	$260M	$715K	363.3×	—	Dec 31, 2003
2002	$11.3M	-$1.21M	—	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Axon Enterprise (AXON) 2003-2026

P/FCF Ratio daily chart for Axon Enterprise (AXON)

Historical P/FCF Ratio for Axon Enterprise (AXON) from 2002 to 2025

About P/FCF Ratio at Axon Enterprise (AXON)

Axon Enterprise P/FCF Ratio by Year

Axon Enterprise P/FCF Ratio 2025: 608.1×

Axon Enterprise P/FCF Ratio 2024: 137.7×

Axon Enterprise P/FCF Ratio 2023: 150.3×

Axon Enterprise P/FCF Ratio 2022: 66.0×

Axon Enterprise P/FCF Ratio 2021: 141.6×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Axon Enterprise (AXON) Key Financials