AXONAXON ENTERPRISE, INC.
Ordnance & Accessories, (no Vehicles/guided Missiles)
- Revenue
- $2.8B
- 33% YoY
- Operating margin
- -2.2%
- 179% YoY
- EBITDA
- $21M
- 80% YoY
- Market cap
- $34.8B
- Employees
- 5,100
- $545K revenue each
- Net debt / EBITDA
- -28.3×
- −$598M net debt
- AI in 10-K
- 9.2
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$40K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo170% of net incomeCash flow under 80% of net income
- Dilutive SBCYes23% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo25% of assetsOver 40% of assets
- Shareholder dissentNo90% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$545K · 70th pctBottom quartile of its SIC industry
- Quiet on AINo9.2 per 10K words · 92nd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 28.3× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedNo$34.8B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$130M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $866M | $1.2B | $1.6B | $2.1B | $2.8B | 33% |
| Operating income | −$163M | $93M | $157M | $59M | −$62M | 206% |
| Net income | −$56M | $147M | $176M | $377M | $125M | 67% |
| Operating cash flow | $124M | $235M | $189M | $408M | $211M | 48% |
| Capex | $50M | $56M | $60M | $79M | $136M | 73% |
| Stock-based comp | $303M | $106M | $131M | $383M | $634M | 66% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $130M · 281
- Net
- −$130M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $40K | −$13M | 463 | 187 |
| FY2024 | $165M | $385M | 485 | 154 |
| FY2023 | $40K | $44M | 211 | 119 |
| FY2022 | $33K | $14M | 135 | 82 |
| FY2021 | $33K | $254M | 128 | 122 |