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Side-by-side financial comparison of Axon Enterprise (AXON) and TECOGEN INC. (TGEN). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $5.3M, roughly 149.8× TECOGEN INC.). Axon Enterprise runs the higher net margin — 0.3% vs -75.1%, a 75.4% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs -12.5%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $-2.6M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs -7.3%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
AXON vs TGEN — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $5.3M |
| Net Profit | $2.7M | $-4.0M |
| Gross Margin | 57.9% | 36.8% |
| Operating Margin | -6.3% | -77.8% |
| Net Margin | 0.3% | -75.1% |
| Revenue YoY | 38.9% | -12.5% |
| Net Profit YoY | -98.0% | -236.7% |
| EPS (diluted) | $0.02 | $-0.14 |
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 | $5.3M | ||
| Q3 25 | $710.6M | $7.2M | ||
| Q2 25 | $668.5M | $7.3M | ||
| Q1 25 | $603.6M | $7.3M | ||
| Q4 24 | $573.4M | $6.1M | ||
| Q3 24 | $544.3M | $5.6M | ||
| Q2 24 | $504.1M | $4.7M | ||
| Q1 24 | $460.7M | $6.2M |
| Q4 25 | $2.7M | $-4.0M | ||
| Q3 25 | $-2.2M | $-2.1M | ||
| Q2 25 | $36.1M | $-1.5M | ||
| Q1 25 | $88.0M | $-659.9K | ||
| Q4 24 | $136.0M | $-1.2M | ||
| Q3 24 | $67.0M | $-930.4K | ||
| Q2 24 | $40.8M | $-1.5M | ||
| Q1 24 | $133.2M | $-1.1M |
| Q4 25 | 57.9% | 36.8% | ||
| Q3 25 | 60.1% | 30.4% | ||
| Q2 25 | 60.4% | 33.8% | ||
| Q1 25 | 60.6% | 44.3% | ||
| Q4 24 | 60.5% | 45.0% | ||
| Q3 24 | 60.8% | 44.1% | ||
| Q2 24 | 60.3% | 44.0% | ||
| Q1 24 | 56.4% | 41.6% |
| Q4 25 | -6.3% | -77.8% | ||
| Q3 25 | -0.3% | -29.2% | ||
| Q2 25 | -0.2% | -19.4% | ||
| Q1 25 | -1.5% | -8.2% | ||
| Q4 24 | -2.6% | -18.7% | ||
| Q3 24 | 4.4% | -15.5% | ||
| Q2 24 | 6.5% | -31.2% | ||
| Q1 24 | 3.5% | -17.0% |
| Q4 25 | 0.3% | -75.1% | ||
| Q3 25 | -0.3% | -29.7% | ||
| Q2 25 | 5.4% | -20.1% | ||
| Q1 25 | 14.6% | -9.1% | ||
| Q4 24 | 23.7% | -19.5% | ||
| Q3 24 | 12.3% | -16.5% | ||
| Q2 24 | 8.1% | -32.5% | ||
| Q1 24 | 28.9% | -17.9% |
| Q4 25 | $0.02 | $-0.14 | ||
| Q3 25 | $-0.03 | $-0.07 | ||
| Q2 25 | $0.44 | $-0.06 | ||
| Q1 25 | $1.08 | $-0.03 | ||
| Q4 24 | $1.68 | $-0.05 | ||
| Q3 24 | $0.86 | $-0.04 | ||
| Q2 24 | $0.53 | $-0.06 | ||
| Q1 24 | $1.73 | $-0.04 |
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 | $12.4M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.2B | $21.6M |
| Total Assets | $7.0B | $37.0M |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $12.4M | ||
| Q3 25 | $2.4B | $15.3M | ||
| Q2 25 | $2.1B | $1.6M | ||
| Q1 25 | $2.2B | $4.1M | ||
| Q4 24 | $788.1M | $5.4M | ||
| Q3 24 | $1.0B | $1.3M | ||
| Q2 24 | $968.9M | $841.9K | ||
| Q1 24 | $964.1M | $1.5M |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $3.2B | $21.6M | ||
| Q3 25 | $3.0B | $25.5M | ||
| Q2 25 | $2.7B | $9.1M | ||
| Q1 25 | $2.6B | $9.6M | ||
| Q4 24 | $2.3B | $10.2M | ||
| Q3 24 | $2.1B | $11.3M | ||
| Q2 24 | $1.9B | $12.2M | ||
| Q1 24 | $1.8B | $13.7M |
| Q4 25 | $7.0B | $37.0M | ||
| Q3 25 | $6.7B | $41.5M | ||
| Q2 25 | $6.2B | $28.4M | ||
| Q1 25 | $6.1B | $29.7M | ||
| Q4 24 | $4.5B | $31.1M | ||
| Q3 24 | $4.0B | $27.5M | ||
| Q2 24 | $3.7B | $27.2M | ||
| Q1 24 | $3.6B | $28.5M |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-2.6M |
| Free Cash FlowOCF − Capex | $155.4M | $-2.6M |
| FCF MarginFCF / Revenue | 19.5% | -49.3% |
| Capex IntensityCapex / Revenue | 7.8% | 0.9% |
| Cash ConversionOCF / Net Profit | 79.14× | — |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $-10.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $-2.6M | ||
| Q3 25 | $60.0M | $-3.6M | ||
| Q2 25 | $-91.7M | $-2.6M | ||
| Q1 25 | $25.8M | $-1.2M | ||
| Q4 24 | $250.2M | $4.2M | ||
| Q3 24 | $91.3M | $-207.3K | ||
| Q2 24 | $82.8M | $-157.9K | ||
| Q1 24 | $-15.9M | $248.2K |
| Q4 25 | $155.4M | $-2.6M | ||
| Q3 25 | $33.4M | $-3.6M | ||
| Q2 25 | $-114.7M | $-2.7M | ||
| Q1 25 | $932.0K | $-1.3M | ||
| Q4 24 | $225.4M | $4.0M | ||
| Q3 24 | $64.8M | $-489.6K | ||
| Q2 24 | $71.4M | $-609.6K | ||
| Q1 24 | $-32.1M | $143.3K |
| Q4 25 | 19.5% | -49.3% | ||
| Q3 25 | 4.7% | -50.6% | ||
| Q2 25 | -17.2% | -37.7% | ||
| Q1 25 | 0.2% | -17.9% | ||
| Q4 24 | 39.3% | 66.6% | ||
| Q3 24 | 11.9% | -8.7% | ||
| Q2 24 | 14.2% | -12.9% | ||
| Q1 24 | -7.0% | 2.3% |
| Q4 25 | 7.8% | 0.9% | ||
| Q3 25 | 3.7% | 1.0% | ||
| Q2 25 | 3.4% | 2.0% | ||
| Q1 25 | 4.1% | 1.8% | ||
| Q4 24 | 4.3% | 2.1% | ||
| Q3 24 | 4.9% | 5.0% | ||
| Q2 24 | 2.2% | 9.6% | ||
| Q1 24 | 3.5% | 1.7% |
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | — | ||
| Q3 24 | 1.36× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | -0.12× | — |
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% |
TGEN
| Installation Services | $4.5M | 84% |
| Products Segment | $460.5K | 9% |
| Other | $394.7K | 7% |
