vs
Side-by-side financial comparison of Axon Enterprise (AXON) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $61.1M, roughly 13.0× Perma-Pipe International Holdings, Inc.). Perma-Pipe International Holdings, Inc. runs the higher net margin — 10.3% vs 0.3%, a 10.0% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 38.9%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $12.4M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 23.4%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
AXON vs PPIH — Head-to-Head
Income Statement — Q4 2025 vs Q3 2026
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $61.1M |
| Net Profit | $2.7M | $6.3M |
| Gross Margin | 57.9% | 34.4% |
| Operating Margin | -6.3% | 18.6% |
| Net Margin | 0.3% | 10.3% |
| Revenue YoY | 38.9% | 47.1% |
| Net Profit YoY | -98.0% | 153.5% |
| EPS (diluted) | $0.02 | $0.77 |
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 | $61.1M | ||
| Q3 25 | $710.6M | $47.9M | ||
| Q2 25 | $668.5M | $46.7M | ||
| Q1 25 | $603.6M | $45.0M | ||
| Q4 24 | $573.4M | $41.6M | ||
| Q3 24 | $544.3M | $37.5M | ||
| Q2 24 | $504.1M | $34.3M | ||
| Q1 24 | $460.7M | $40.2M |
| Q4 25 | $2.7M | $6.3M | ||
| Q3 25 | $-2.2M | $851.0K | ||
| Q2 25 | $36.1M | $5.0M | ||
| Q1 25 | $88.0M | $1.8M | ||
| Q4 24 | $136.0M | $2.5M | ||
| Q3 24 | $67.0M | $3.3M | ||
| Q2 24 | $40.8M | $1.4M | ||
| Q1 24 | $133.2M | $8.6M |
| Q4 25 | 57.9% | 34.4% | ||
| Q3 25 | 60.1% | 30.1% | ||
| Q2 25 | 60.4% | 35.8% | ||
| Q1 25 | 60.6% | 33.7% | ||
| Q4 24 | 60.5% | 33.9% | ||
| Q3 24 | 60.8% | 35.9% | ||
| Q2 24 | 60.3% | 30.6% | ||
| Q1 24 | 56.4% | 30.0% |
| Q4 25 | -6.3% | 18.6% | ||
| Q3 25 | -0.3% | 6.7% | ||
| Q2 25 | -0.2% | 16.9% | ||
| Q1 25 | -1.5% | 12.1% | ||
| Q4 24 | -2.6% | 13.4% | ||
| Q3 24 | 4.4% | 16.4% | ||
| Q2 24 | 6.5% | 9.1% | ||
| Q1 24 | 3.5% | 11.3% |
| Q4 25 | 0.3% | 10.3% | ||
| Q3 25 | -0.3% | 1.8% | ||
| Q2 25 | 5.4% | 10.6% | ||
| Q1 25 | 14.6% | 3.9% | ||
| Q4 24 | 23.7% | 6.0% | ||
| Q3 24 | 12.3% | 8.8% | ||
| Q2 24 | 8.1% | 4.2% | ||
| Q1 24 | 28.9% | 21.5% |
| Q4 25 | $0.02 | $0.77 | ||
| Q3 25 | $-0.03 | $0.10 | ||
| Q2 25 | $0.44 | $0.61 | ||
| Q1 25 | $1.08 | $0.23 | ||
| Q4 24 | $1.68 | $0.31 | ||
| Q3 24 | $0.86 | $0.40 | ||
| Q2 24 | $0.53 | $0.18 | ||
| Q1 24 | $1.73 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | $1.8B | $12.7M |
| Stockholders' EquityBook value | $3.2B | $85.8M |
| Total Assets | $7.0B | $217.0M |
| Debt / EquityLower = less leverage | 0.56× | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $27.2M | ||
| Q3 25 | $2.4B | $17.3M | ||
| Q2 25 | $2.1B | $18.8M | ||
| Q1 25 | $2.2B | $15.7M | ||
| Q4 24 | $788.1M | $13.3M | ||
| Q3 24 | $1.0B | $9.5M | ||
| Q2 24 | $968.9M | $7.7M | ||
| Q1 24 | $964.1M | $5.8M |
| Q4 25 | $1.8B | $12.7M | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | $15.2M | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $3.2B | $85.8M | ||
| Q3 25 | $3.0B | $80.2M | ||
| Q2 25 | $2.7B | $77.9M | ||
| Q1 25 | $2.6B | $72.1M | ||
| Q4 24 | $2.3B | $71.2M | ||
| Q3 24 | $2.1B | $68.6M | ||
| Q2 24 | $1.9B | $65.5M | ||
| Q1 24 | $1.8B | $65.7M |
| Q4 25 | $7.0B | $217.0M | ||
| Q3 25 | $6.7B | $189.0M | ||
| Q2 25 | $6.2B | $178.3M | ||
| Q1 25 | $6.1B | $165.2M | ||
| Q4 24 | $4.5B | $160.7M | ||
| Q3 24 | $4.0B | $157.8M | ||
| Q2 24 | $3.7B | $155.7M | ||
| Q1 24 | $3.6B | $155.7M |
| Q4 25 | 0.56× | 0.15× | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | 0.21× | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $155.4M | $12.4M |
| FCF MarginFCF / Revenue | 19.5% | 20.2% |
| Capex IntensityCapex / Revenue | 7.8% | 8.1% |
| Cash ConversionOCF / Net Profit | 79.14× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $17.3M | ||
| Q3 25 | $60.0M | $-2.0M | ||
| Q2 25 | $-91.7M | $733.0K | ||
| Q1 25 | $25.8M | $6.0M | ||
| Q4 24 | $250.2M | $5.2M | ||
| Q3 24 | $91.3M | $2.8M | ||
| Q2 24 | $82.8M | $-73.0K | ||
| Q1 24 | $-15.9M | $7.1M |
| Q4 25 | $155.4M | $12.4M | ||
| Q3 25 | $33.4M | $-4.6M | ||
| Q2 25 | $-114.7M | $-194.0K | ||
| Q1 25 | $932.0K | $4.7M | ||
| Q4 24 | $225.4M | $4.8M | ||
| Q3 24 | $64.8M | $2.2M | ||
| Q2 24 | $71.4M | $-662.0K | ||
| Q1 24 | $-32.1M | $4.2M |
| Q4 25 | 19.5% | 20.2% | ||
| Q3 25 | 4.7% | -9.6% | ||
| Q2 25 | -17.2% | -0.4% | ||
| Q1 25 | 0.2% | 10.5% | ||
| Q4 24 | 39.3% | 11.6% | ||
| Q3 24 | 11.9% | 5.8% | ||
| Q2 24 | 14.2% | -1.9% | ||
| Q1 24 | -7.0% | 10.5% |
| Q4 25 | 7.8% | 8.1% | ||
| Q3 25 | 3.7% | 5.3% | ||
| Q2 25 | 3.4% | 2.0% | ||
| Q1 25 | 4.1% | 2.9% | ||
| Q4 24 | 4.3% | 0.8% | ||
| Q3 24 | 4.9% | 1.7% | ||
| Q2 24 | 2.2% | 1.7% | ||
| Q1 24 | 3.5% | 7.2% |
| Q4 25 | 79.14× | 2.74× | ||
| Q3 25 | — | -2.40× | ||
| Q2 25 | -2.54× | 0.15× | ||
| Q1 25 | 0.29× | 3.42× | ||
| Q4 24 | 1.84× | 2.07× | ||
| Q3 24 | 1.36× | 0.86× | ||
| Q2 24 | 2.03× | -0.05× | ||
| Q1 24 | -0.12× | 0.82× |
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% |
PPIH
Segment breakdown not available.
