AXON vs RKLB: Axon Enterprise and Rocket Lab USA compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Rocket Lab USA is the larger company, worth $41.1B, close to Axon Enterprise's $36.2B.
- Rocket Lab USA grew revenue faster over the last year (+62.0% vs +35.3%).
- Axon Enterprise keeps more of each dollar of revenue as operating profit (0.7% vs -29.1%).
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 | RKLB |
|---|---|---|
| Market cap | $36.2B | $41.1B |
| Share price | $422.89 | $68.21 |
| Revenue (last fiscal year) | $2.8B | $602M |
| Free cash flow (last fiscal year) | $75M | -$322M |
| Revenue growth, last year | +35.3% | +62.0% |
| Revenue growth per year, last 5 fiscal years | +33.9% | +76.3% |
| Operating margin | 0.74% | -29.1% |
| Net margin | 6.2% | -21.5% |
| Return on equity | 5.4% | -4.7% |
| P/E (trailing) | 181.9x | — |
| Price / free cash flow | 482.4x | — |
| EV / EBITDA | 92.5x | — |
| FCF growth the price implies | 49.3% | — |
| Dividend yield | — | — |
| Debt / equity | 1.04x | 0.20x |
| Fundamental grade | D | D |
| Superinvestors holding it | 5 | 3 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
Rocket Lab USA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $62M | -$97M | -164.0% |
| 2022 | $211M | -$149M | -64.1% |
| 2023 | $245M | -$154M | -72.7% |
| 2024 | $436M | -$116M | -43.5% |
| 2025 | $602M | -$322M | -38.0% |
Where the revenue comes from
Axon Enterprise · by segments, 2025
Connected Devices$1.6B57%
Software and Services$1.2B43%
Rocket Lab USA · by segments, 2025
Space Systems$403M67%
Launch Services$199M33%
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 Rocket Lab USA?
Rocket Lab USA (RKLB), at $41.1B against $36.2B.
Which grows faster, AXON or RKLB?
Rocket Lab USA: revenue grew +62.0% over the last year, against +35.3%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.