AXON vs HEI: Axon Enterprise and Heico compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Heico is the larger company, worth $41.7B, close to Axon Enterprise's $36.2B.
- Axon Enterprise grew revenue faster over the last year (+35.3% vs +23.1%).
- Heico keeps more of each dollar of revenue as operating profit (24.0% vs 0.7%).
- On earnings, Heico is the cheaper stock (59.1x vs 181.9x).
- Axon Enterprise's price assumes faster free cash flow growth: about 49% a year, against 17% for Heico (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AXON | HEI |
|---|---|---|
| Market cap | $36.2B | $41.7B |
| Share price | $422.89 | $298.28 |
| Revenue (last fiscal year) | $2.8B | $4.5B |
| Free cash flow (last fiscal year) | $75M | $861M |
| Revenue growth, last year | +35.3% | +23.1% |
| Revenue growth per year, last 5 fiscal years | +33.9% | +24.5% |
| Operating margin | 0.74% | 24.0% |
| Net margin | 6.2% | 16.4% |
| Return on equity | 5.4% | 17.1% |
| P/E (trailing) | 181.9x | 59.1x |
| Price / free cash flow | 482.4x | 48.4x |
| EV / EBITDA | 92.5x | 25.9x |
| FCF growth the price implies | 49.3% | 16.6% |
| Dividend yield | — | 0.08% |
| Debt / equity | 1.04x | 0.87x |
| Fundamental grade | D | C |
| Superinvestors holding it | 5 | 4 |
| Insider purchases, last 12 months | 0 | 1 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Axon Enterprise
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $866M | $75M | -18.8% |
| 2022 | $1.2B | $180M | 7.8% |
| 2023 | $1.6B | $130M | 10.0% |
| 2024 | $2.1B | $330M | 2.8% |
| 2025 | $2.8B | $75M | -2.2% |
Heico
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | $408M | 21.1% |
| 2022 | $2.2B | $436M | 22.5% |
| 2023 | $3.0B | $399M | 21.1% |
| 2024 | $3.9B | $614M | 21.4% |
| 2025 | $4.5B | $861M | 22.7% |
Where the revenue comes from
Axon Enterprise · by segments, 2025
Connected Devices$1.6B57%
Software and Services$1.2B43%
Heico · by segments, 2025
Flight Support Group$3.1B69%
Electronic Technologies Group$1.4B31%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AXON in InvestinglyQuestions
Which is bigger, Axon Enterprise or Heico?
Heico (HEI), at $41.7B against $36.2B.
Is AXON or HEI cheaper?
By trailing P/E, Heico (59.1x) is cheaper than Axon Enterprise (181.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, AXON or HEI?
Axon Enterprise: revenue grew +35.3% over the last year, against +23.1%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.