Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Axon Enterprise, Inc.AXON · manufacturing | |
|---|---|
| Grade |  Dfourth fifth of 255 graded peers; percentile 74.4, sampling error 3.0 points; lower is stronger |
| Rank | 190 of 255 |
| Profitability | B/Cpercentile 42.6 |
| Solvency | Dpercentile 66.9 |
| Growth and financing | C/Dpercentile 61.1 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $7.0B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none active |
| Inputs computable | 10 of 14 |
| Graded from | filings received through Feb 25, 2026226 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $417.372026-10-08; market equity $33.9B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 25, 2026; the document on sec.gov.
– Governmental Regulation” in this Annual Report on Form 10-K for the year ended December 31, 2025. Uncertainties with complex U.S. federal, state and local and foreign procurement laws and regulations of governments could cause us to incur costs, which could have a material adverse effect on our business, financial position, results of operations and cash flows. We have entered and will enter into contracts with U.S. federal, state and local governments and foreign governments. This subjects us to various statutes and regulations applicable to companies doing business with governments, including the Federal Acquisition Regulation (“FAR”).
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 42.6 | |||||||
| Gross profitability | 23.7% | [1,3] | 21.9% | 39.8 | 275 | 2025-12-31 | |
| Return on invested capital | not computable | 9.7% | |||||
| prior invested-capital observation is 3653 days earlier | |||||||
| Accruals ratio | (1.5%) | [1,4-6] | (3.6%) | 70.4 | 308 | 2025-12-31 | |
| Gross margin stability, five years | 1.1 pts | [2-3,7-14] | 2.1 pts | 17.5 | 229 | 2025-12-31 | |
| Solvency, sleeve percentile 66.9 | |||||||
| Twelve-month failure probability | 0.08% | 0.04% | 81.8 | 34 | 2026-06-30 | ||
| Altman Z double-prime | 3.38 | [1,15-20] | 3.66 | 46.1 | 244 | 2025-12-31 | |
| Net debt to EBITDA | 28.91x | [18,21-23] | 1.78x | 100.0 | 121 | 2025-12-31 | |
| Interest coverage | not computable | 5.09x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 2.53x | [15-16] | 2.25x | 39.5 | 325 | 2025-12-31 | |
| Growth and financing, sleeve percentile 61.1 | |||||||
| Revenue growth, three-year compound | 32.8% | [2,8,10,12] | 2.1% | 3.4 | 269 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (25.2%) | [5,24-30] | 13.9% | 94.9 | 139 | 2025-12-31 | |
| Reinvestment rate | not computable | 26.4% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | not computable | 4.4% | |||||
| four consecutive annual observations are required | |||||||
| Net share issuance, one year | 4.9% | [31-32] | 0.01% | 85.1 | 243 | 2026-02-18 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.153; sampling error 3.0 percentile points on 255 peers.
Among 255 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 185 | Columbus Mckinnon Corp. (CMCO) Columbus Mckinnon Corp. (CMCO) Dfourth fifth; percentile 72.4 Nasdaq · Construction Machinery & Equip market equity $461.3M; last close $15.97 No active warnings; 9 of 14 inputs | 72.4 | D | |
| 186 | Nike, Inc. (NKE) Nike, Inc. (NKE) Dfourth fifth; percentile 72.8 NYSE · Rubber & Plastics Footwear last close $34.75 No active warnings; 7 of 14 inputs | 72.8 | D | |
| 187 | Loar Holdings Inc. (LOAR) Loar Holdings Inc. (LOAR) Dfourth fifth; percentile 73.2 NYSE · Aircraft Parts & Auxiliary Equipment, NEC market equity $5.8B; last close $61.63 No active warnings; 8 of 14 inputs | 73.2 | D | |
| 188 | Illinois Tool Works Inc. (ITW) Illinois Tool Works Inc. (ITW) Dfourth fifth; percentile 73.6 NYSE · General Industrial Machinery & Equipment market equity $75.4B; last close $264.67 No active warnings; 9 of 14 inputs | 73.6 | D | |
| 189 | Trimas Corp. (TRS) Trimas Corp. (TRS) Dfourth fifth; percentile 74.0 Nasdaq · Metal Forgings & Stampings market equity $1.4B; last close $38.47 No active warnings; 10 of 14 inputs | 74.0 | D | |
| 190 | Axon Enterprise, Inc. (AXON) Axon Enterprise, Inc. (AXON) Dfourth fifth; percentile 74.4 Nasdaq · Ordnance & Accessories, (No Vehicles/Guided Missiles) market equity $33.9B; last close $417.37 No active warnings; 10 of 14 inputs | 74.4 | D | |
| 191 | RTX Corp. (RTX) RTX Corp. (RTX) Dfourth fifth; percentile 74.8 NYSE · Aircraft Engines & Engine Parts market equity $248.4B; last close $184.30 No active warnings; 11 of 14 inputs | 74.8 | D | |
| 192 | Entegris Inc. (ENTG) Entegris Inc. (ENTG) Dfourth fifth; percentile 75.2 Nasdaq · Plastics Products, NEC market equity $24.8B; last close $162.22 No active warnings; 10 of 14 inputs | 75.2 | D | |
| 193 | Crown Holdings, Inc. (CCK) Crown Holdings, Inc. (CCK) Dfourth fifth; percentile 75.6 NYSE · Metal Cans market equity $11.8B; last close $108.90 No active warnings; 8 of 14 inputs | 75.6 | D | |
| 194 | Johnson Controls International plc (JCI) Johnson Controls International plc (JCI) Dfourth fifth; percentile 76.0 NYSE · Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip market equity $94.0B; last close $153.97 No active warnings; 8 of 14 inputs | 76.0 | D | |
| 195 | Eastman Kodak Co. (KODK) Eastman Kodak Co. (KODK) Dfourth fifth; percentile 76.4 NYSE · Photographic Equipment & Supplies market equity $938.9M; last close $9.58 Warnings: fortress balance sheet; 11 of 14 inputs | 76.4 | D | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 66.2 | 2204 |
| sector peers, equal sleeves (the grade) | D | 74.4 | 255 |
| same exchange, equal sleeves | D | 66.3 | 1219 |
| sector peers, equal inputs | D | 75.6 | 255 |
Each letter is one fifth of the 255 graded peers, about 51 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (21.1%) | 13.7% | 15 | hotter than 15 of 100 peers |
| Distance from 52-week high | (45.1%) | (24.3%) | 19 | closer to its high than 19 of 100 peers |
| EBIT to enterprise value | (0.2%) | 4.1% | 19 | pricier than 81 of 100 peers |
| Free cash flow yield | 0.2% | 3.4% | 25 | pricier than 75 of 100 peers |
| Book value to price | 0.11 | 0.34 | 11 | pricier than 89 of 100 peers |
| Sales to price | 0.08 | 0.54 | 5 | pricier than 95 of 100 peers |
| Composite equity issuance, five years | 24.2% | (9.5%) | 84 | more equity-funded than 84 of 100 peers |
| Relative strength against the sector, log excess return | (0.37) | (0.00) | 15 | ahead of 15 of 100 peers |
Inputs: market equity $33.9B; EBIT -$62.1M; free cash flow $75.1M; book equity $3.7B; sales $2.8B; debt $1.7B; cash $597.7M[33].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 2.8% | ✓ pass[4,6] |
| Operating cash flow above zero | $211.3M | ✓ pass[5] |
| Return on assets improved | n/a[4,6,34] | |
| Operating cash flow exceeds net income | $86.7M | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6,35-36] | |
| Current ratio improved | 115.6 pts | ✓ pass[15-16,37-38] |
| No new shares issued | 4.9% | ✗ fail[31-32] |
| Gross margin improved | 0.0 pts | ✓ pass[2-3,7-8] |
| Asset turnover improved | n/a[2,6,8] | |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $597.7M[39] |
| Operating cash flow, four quarters | $265.8M[5,39-43] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 64 |
| 10-Q received Aug 6, 2026 | |
| Median daily dollar volume | $429.1M |
| 63 sessions | |
| Days since newest grade input | 226 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $7.0B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.8B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $1.7B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $124.7M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $211.3M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $4.5B | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $1.2B | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $2.1B | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $955.5M | 2023-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.6B | 2023-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $726.1M | 2022-12-31 | 2025-05-07 | 10-K/A | filing · viewer · series |
| 12 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $1.2B | 2022-12-31 | 2025-05-07 | 10-K/A | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $540.9M | 2021-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $863.4M | 2021-12-31 | 2024-02-27 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $3.7B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $1.5B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $936.7M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 18 | operating income | us-gaap:OperatingIncomeLoss | -$62.1M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 19 | book equity | us-gaap:StockholdersEquity | $3.2B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 20 | liabilities | us-gaap:Liabilities | $3.8B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 21 | total debt | us-gaap:LongTermDebt | $1.8B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 22 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.2B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 23 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $83.2M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 24 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $136.3M | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $408.3M | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 26 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $78.8M | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $189.3M | 2023-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 28 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $59.6M | 2023-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 29 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $235.4M | 2022-12-31 | 2025-05-07 | 10-K/A | filing · viewer · series |
| 30 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $55.8M | 2022-12-31 | 2025-05-07 | 10-K/A | filing · viewer · series |
| 31 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 80,397,675 | 2026-02-18 | 2026-02-25 | 10-K | filing · viewer · series |
| 32 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 76,623,266 | 2025-02-24 | 2025-05-07 | 10-K/A | filing · viewer · series |
| 33 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 81,237,415 | 2026-07-31 | 2026-08-06 | 10-Q | filing · viewer · series |
| 34 | net income | us-gaap:NetIncomeLoss | $377.0M | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 35 | long term debt | us-gaap:LongTermDebtNoncurrent | $1.7B | 2025-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $0 | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 37 | current assets | us-gaap:AssetsCurrent | $2.3B | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 38 | current liabilities | us-gaap:LiabilitiesCurrent | $1.7B | 2024-12-31 | 2026-02-25 | 10-K | filing · viewer · series |
| 39 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $597.7M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$11.4M | 2026-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$31.5M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$5.9M | 2025-09-30 | 2025-11-05 | 10-Q | filing · viewer · series |
| 43 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$65.9M | 2025-06-30 | 2026-08-06 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 74.4 is 5.6 points from the nearest band edge; sampling error is 3.0 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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