AAR vs Axon Enterprise
AAR is the larger business, with $3.31bn of revenue in fiscal 2026 against $2.78bn for Axon Enterprise (1.2 times as much). Axon Enterprise grew faster (33.5% against 19.0%). AAR kept more of each dollar of sales as profit: a net margin of 5.7% against 4.5%. AAR carries less debt relative to equity (52.5% against 58.3%).
| Latest fiscal year | AARAIR, 2026 | Axon EnterpriseAXON, 2025 |
|---|---|---|
| Revenue | $3.31bn | $2.78bn |
| Revenue growth | 19.0% | 33.5% |
| Net income | $188m | $125m |
| Operating margin | — | -2.2% |
| Net margin | 5.7% | 4.5% |
| Return on equity | 12.9% | 4.5% |
| Free cash flow | $62.1m | $75.1m |
| Cash | $84.0m | $1.20bn |
| Total debt | $894m | $1.89bn |
| Debt to equity | 52.5% | 58.3% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 7,100 | — |
| Market value | $4.37bn | $33.93bn |
| Price vs our value range | Within our value range | — |
| Moat score | 32 (Weak) | 35 (Weak) |
| Insider trades, 12 months | 0 buys, 25 sales | 0 buys, 281 sales |