Axon Enterprise, Inc.

AI-generated fair value estimate for this company.

Method: 10-year, two-stage unlevered FCF DCF off management's FY2026 guidance (30-32% revenue growth, ~$450M FCF), decelerating growth from 31% to 6% and expanding FCF margin from ~11% to 24% by Yr10, 9% WACC, 4.5% terminal growth, less $1.16B net debt, over 81.24M diluted shares.

Reasoning: Axon is a hardware+SaaS public-safety platform still scaling GAAP margins while guiding to much higher underlying free cash flow, so a multi-stage FCF DCF anchored on guided FCF rather than the depressed GAAP operating margin is most appropriate.