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Side-by-side financial comparison of Axon Enterprise (AXON) and MATERION Corp (MTRN). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $489.8M, roughly 1.6× MATERION Corp). MATERION Corp runs the higher net margin — 1.3% vs 0.3%, a 1.0% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 12.1%). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 12.7%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Materion Corp. is a multinational company specializing in high-performance advanced materials. Among its products are advanced beryllium metals, thin film deposition materials, high-performance alloys and composites, specialty engineered beryllium, engineered metals, technical ceramics, tantalum, niobium, other precious and non-precious metals, inorganic chemicals, and specialty coatings.
AXON vs MTRN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $489.8M |
| Net Profit | $2.7M | $6.6M |
| Gross Margin | 57.9% | 13.0% |
| Operating Margin | -6.3% | 2.2% |
| Net Margin | 0.3% | 1.3% |
| Revenue YoY | 38.9% | 12.1% |
| Net Profit YoY | -98.0% | 113.5% |
| EPS (diluted) | $0.02 | $0.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $796.7M | $489.8M | ||
| Q3 25 | $710.6M | $444.8M | ||
| Q2 25 | $668.5M | $431.7M | ||
| Q1 25 | $603.6M | $420.3M | ||
| Q4 24 | $573.4M | $436.9M | ||
| Q3 24 | $544.3M | $436.7M | ||
| Q2 24 | $504.1M | $425.9M | ||
| Q1 24 | $460.7M | $385.3M |
| Q4 25 | $2.7M | $6.6M | ||
| Q3 25 | $-2.2M | $25.4M | ||
| Q2 25 | $36.1M | $25.1M | ||
| Q1 25 | $88.0M | $17.7M | ||
| Q4 24 | $136.0M | $-48.9M | ||
| Q3 24 | $67.0M | $22.3M | ||
| Q2 24 | $40.8M | $19.0M | ||
| Q1 24 | $133.2M | $13.4M |
| Q4 25 | 57.9% | 13.0% | ||
| Q3 25 | 60.1% | 19.4% | ||
| Q2 25 | 60.4% | 19.1% | ||
| Q1 25 | 60.6% | 18.1% | ||
| Q4 24 | 60.5% | 21.3% | ||
| Q3 24 | 60.8% | 18.5% | ||
| Q2 24 | 60.3% | 19.0% | ||
| Q1 24 | 56.4% | 18.5% |
| Q4 25 | -6.3% | 2.2% | ||
| Q3 25 | -0.3% | 7.9% | ||
| Q2 25 | -0.2% | 8.5% | ||
| Q1 25 | -1.5% | 6.5% | ||
| Q4 24 | -2.6% | -8.8% | ||
| Q3 24 | 4.4% | 7.2% | ||
| Q2 24 | 6.5% | 7.5% | ||
| Q1 24 | 3.5% | 5.8% |
| Q4 25 | 0.3% | 1.3% | ||
| Q3 25 | -0.3% | 5.7% | ||
| Q2 25 | 5.4% | 5.8% | ||
| Q1 25 | 14.6% | 4.2% | ||
| Q4 24 | 23.7% | -11.2% | ||
| Q3 24 | 12.3% | 5.1% | ||
| Q2 24 | 8.1% | 4.5% | ||
| Q1 24 | 28.9% | 3.5% |
| Q4 25 | $0.02 | $0.30 | ||
| Q3 25 | $-0.03 | $1.22 | ||
| Q2 25 | $0.44 | $1.21 | ||
| Q1 25 | $1.08 | $0.85 | ||
| Q4 24 | $1.68 | $-2.34 | ||
| Q3 24 | $0.86 | $1.07 | ||
| Q2 24 | $0.53 | $0.91 | ||
| Q1 24 | $1.73 | $0.64 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7B | $13.7M |
| Total DebtLower is stronger | $1.8B | $460.6M |
| Stockholders' EquityBook value | $3.2B | $943.3M |
| Total Assets | $7.0B | $1.8B |
| Debt / EquityLower = less leverage | 0.56× | 0.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $13.7M | ||
| Q3 25 | $2.4B | $16.4M | ||
| Q2 25 | $2.1B | $12.6M | ||
| Q1 25 | $2.2B | $15.6M | ||
| Q4 24 | $788.1M | $16.7M | ||
| Q3 24 | $1.0B | $17.9M | ||
| Q2 24 | $968.9M | $17.1M | ||
| Q1 24 | $964.1M | $13.1M |
| Q4 25 | $1.8B | $460.6M | ||
| Q3 25 | $2.0B | $458.9M | ||
| Q2 25 | $2.0B | $427.6M | ||
| Q1 25 | $2.0B | $453.0M | ||
| Q4 24 | $680.3M | $443.9M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $477.9M |
| Q4 25 | $3.2B | $943.3M | ||
| Q3 25 | $3.0B | $934.6M | ||
| Q2 25 | $2.7B | $910.6M | ||
| Q1 25 | $2.6B | $887.9M | ||
| Q4 24 | $2.3B | $868.9M | ||
| Q3 24 | $2.1B | $931.9M | ||
| Q2 24 | $1.9B | $907.1M | ||
| Q1 24 | $1.8B | $889.9M |
| Q4 25 | $7.0B | $1.8B | ||
| Q3 25 | $6.7B | $1.8B | ||
| Q2 25 | $6.2B | $1.7B | ||
| Q1 25 | $6.1B | $1.8B | ||
| Q4 24 | $4.5B | $1.7B | ||
| Q3 24 | $4.0B | $1.9B | ||
| Q2 24 | $3.7B | $1.8B | ||
| Q1 24 | $3.6B | $1.8B |
| Q4 25 | 0.56× | 0.49× | ||
| Q3 25 | 0.66× | 0.49× | ||
| Q2 25 | 0.73× | 0.47× | ||
| Q1 25 | 0.79× | 0.51× | ||
| Q4 24 | 0.29× | 0.51× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.54× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $217.2M | $19.5M |
| Free Cash FlowOCF − Capex | $155.4M | — |
| FCF MarginFCF / Revenue | 19.5% | — |
| Capex IntensityCapex / Revenue | 7.8% | — |
| Cash ConversionOCF / Net Profit | 79.14× | 2.97× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $19.5M | ||
| Q3 25 | $60.0M | $18.3M | ||
| Q2 25 | $-91.7M | $49.9M | ||
| Q1 25 | $25.8M | $15.5M | ||
| Q4 24 | $250.2M | $76.3M | ||
| Q3 24 | $91.3M | $5.1M | ||
| Q2 24 | $82.8M | $20.3M | ||
| Q1 24 | $-15.9M | $-13.8M |
| Q4 25 | $155.4M | — | ||
| Q3 25 | $33.4M | — | ||
| Q2 25 | $-114.7M | — | ||
| Q1 25 | $932.0K | $3.2M | ||
| Q4 24 | $225.4M | — | ||
| Q3 24 | $64.8M | $-24.3M | ||
| Q2 24 | $71.4M | — | ||
| Q1 24 | $-32.1M | $-35.1M |
| Q4 25 | 19.5% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | -17.2% | — | ||
| Q1 25 | 0.2% | 0.8% | ||
| Q4 24 | 39.3% | — | ||
| Q3 24 | 11.9% | -5.6% | ||
| Q2 24 | 14.2% | — | ||
| Q1 24 | -7.0% | -9.1% |
| Q4 25 | 7.8% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.9% | 6.7% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | 3.5% | 5.5% |
| Q4 25 | 79.14× | 2.97× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | -2.54× | 1.99× | ||
| Q1 25 | 0.29× | 0.88× | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.36× | 0.23× | ||
| Q2 24 | 2.03× | 1.07× | ||
| Q1 24 | -0.12× | -1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
MTRN
| Electronic Materials | $313.9M | 64% |
| Aerospaceand Defense | $48.4M | 10% |
| Industrial Components | $34.3M | 7% |
| Precision Optics | $27.5M | 6% |
| Other End Market | $22.3M | 5% |
| Energy | $18.8M | 4% |
| Automotive Electronics | $18.5M | 4% |
| Semiconductor | $3.6M | 1% |
| Consumer Electronics | $362.0K | 0% |
