Axon Enterprise vs Kratos Defense & Security Solutions
Axon Enterprise reported revenue of $2.8 billion in fiscal 2025, 2.1 times Kratos Defense & Security Solutions' $1.3 billion in fiscal 2025. Axon Enterprise's revenue grew 33.5% in its latest year, and Kratos Defense & Security Solutions' grew 18.5%. Axon Enterprise had an operating margin of -2.2%, against 1.9% at Kratos Defense & Security Solutions. Free cash flow was $75 million at Axon Enterprise and −$137 million at Kratos Defense & Security Solutions. Their fiscal years end in different months (December 31 and December 28), so the periods don't line up exactly.
Side by side
| Axon Enterprise | Kratos Defense & Security Solutions | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 28, 2025 |
| Revenue | $2.8B | $1.3B |
| Revenue growth | 33.5% | 18.5% |
| Revenue growth a year, last 5 years | 32.5% | 12.5% |
| Gross margin | 59.6% | 22.9% |
| Operating margin | −2.2% | 1.9% |
| Net margin | 4.5% | 1.6% |
| Free cash flow | $75M | −$137M |
| Free cash flow margin | 2.7% | −10.2% |
| Return on capital | −2.2% | 1.2% |
| Net debt to EBITDA | 4.9x | −6.3x |
| Dividends and buybacks | $0M | $0M |
| Change in diluted share count | 4.8% | 9.5% |
| Last close | $424.77 | $40.43 |
| P/E at the last close | 176.3× | — |
| Insider trades, last 12 months | sold $129.6 million | sold $135.6 million |
| Piotroski F-score | 6 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Axon EnterpriseKratos Defense & Security Solutions
Operating margin
Percent of revenue
Axon EnterpriseKratos Defense & Security Solutions
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Axon EnterpriseKratos Defense & Security Solutions
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Axon Enterprise and Kratos Defense & Security Solutions pages.