AXON Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	34.35B EUR	45.54B EUR	34.22B EUR	45.55B EUR
Enterprise Value	35.06B EUR	46.78B EUR	35.59B EUR	46.26B EUR
Valuation Multiples
Trailing P/E	175.47x	228.51x	166.12x	1,242.08x
Forward P/E	40.11x	--	--	--
Price to Sales	10.67x	14.15x	11.47x	20.94x
Price to Book	9.35x	12.39x	9.68x	14.05x
EV/Revenue	10.89x	14.53x	11.93x	21.26x
EV/EBITDA	212.34x	257.08x	262.42x	708.35x
Price to FCF (P/FCF)	154.64x	341.92x	1,754.15x	614.36x
EV/FCF	157.81x	351.2x	1,824.34x	623.92x
FCF Yield	0.65%	0.29%	0.06%	0.16%