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Side-by-side financial comparison of Axon Enterprise (AXON) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
Axon Enterprise is the larger business by last-quarter revenue ($796.7M vs $789.0M, roughly 1.0× UL Solutions Inc.). UL Solutions Inc. runs the higher net margin — 8.5% vs 0.3%, a 8.1% gap on every dollar of revenue. On growth, Axon Enterprise posted the faster year-over-year revenue change (38.9% vs 6.8%). Axon Enterprise produced more free cash flow last quarter ($155.4M vs $86.0M). Over the past eight quarters, Axon Enterprise's revenue compounded faster (31.5% CAGR vs 8.5%).
Axon Enterprise, Inc. is an American company based in Scottsdale, Arizona, that develops weapons and technology products for military, law enforcement, and civilians.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
AXON vs ULS — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $796.7M | $789.0M |
| Net Profit | $2.7M | $67.0M |
| Gross Margin | 57.9% | 49.7% |
| Operating Margin | -6.3% | 15.0% |
| Net Margin | 0.3% | 8.5% |
| Revenue YoY | 38.9% | 6.8% |
| Net Profit YoY | -98.0% | -17.3% |
| EPS (diluted) | $0.02 | $0.33 |
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 | $789.0M | ||
| Q3 25 | $710.6M | $783.0M | ||
| Q2 25 | $668.5M | $776.0M | ||
| Q1 25 | $603.6M | $705.0M | ||
| Q4 24 | $573.4M | $739.0M | ||
| Q3 24 | $544.3M | $731.0M | ||
| Q2 24 | $504.1M | $730.0M | ||
| Q1 24 | $460.7M | $670.0M |
| Q4 25 | $2.7M | $67.0M | ||
| Q3 25 | $-2.2M | $100.0M | ||
| Q2 25 | $36.1M | $91.0M | ||
| Q1 25 | $88.0M | $67.0M | ||
| Q4 24 | $136.0M | $81.0M | ||
| Q3 24 | $67.0M | $88.0M | ||
| Q2 24 | $40.8M | $101.0M | ||
| Q1 24 | $133.2M | $56.0M |
| Q4 25 | 57.9% | 49.7% | ||
| Q3 25 | 60.1% | 50.3% | ||
| Q2 25 | 60.4% | 49.4% | ||
| Q1 25 | 60.6% | 48.4% | ||
| Q4 24 | 60.5% | 47.4% | ||
| Q3 24 | 60.8% | 49.0% | ||
| Q2 24 | 60.3% | 50.1% | ||
| Q1 24 | 56.4% | 47.6% |
| Q4 25 | -6.3% | 15.0% | ||
| Q3 25 | -0.3% | 19.9% | ||
| Q2 25 | -0.2% | 17.9% | ||
| Q1 25 | -1.5% | 15.5% | ||
| Q4 24 | -2.6% | 15.6% | ||
| Q3 24 | 4.4% | 17.8% | ||
| Q2 24 | 6.5% | 17.3% | ||
| Q1 24 | 3.5% | 13.6% |
| Q4 25 | 0.3% | 8.5% | ||
| Q3 25 | -0.3% | 12.8% | ||
| Q2 25 | 5.4% | 11.7% | ||
| Q1 25 | 14.6% | 9.5% | ||
| Q4 24 | 23.7% | 11.0% | ||
| Q3 24 | 12.3% | 12.0% | ||
| Q2 24 | 8.1% | 13.8% | ||
| Q1 24 | 28.9% | 8.4% |
| Q4 25 | $0.02 | $0.33 | ||
| Q3 25 | $-0.03 | $0.49 | ||
| Q2 25 | $0.44 | $0.45 | ||
| Q1 25 | $1.08 | $0.33 | ||
| Q4 24 | $1.68 | $0.40 | ||
| Q3 24 | $0.86 | $0.44 | ||
| Q2 24 | $0.53 | $0.50 | ||
| Q1 24 | $1.73 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | $1.8B | $491.0M |
| Stockholders' EquityBook value | $3.2B | $1.3B |
| Total Assets | $7.0B | $2.9B |
| Debt / EquityLower = less leverage | 0.56× | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7B | $295.0M | ||
| Q3 25 | $2.4B | $255.0M | ||
| Q2 25 | $2.1B | $272.0M | ||
| Q1 25 | $2.2B | $267.0M | ||
| Q4 24 | $788.1M | $298.0M | ||
| Q3 24 | $1.0B | $327.0M | ||
| Q2 24 | $968.9M | $295.0M | ||
| Q1 24 | $964.1M | $344.0M |
| Q4 25 | $1.8B | $491.0M | ||
| Q3 25 | $2.0B | $544.0M | ||
| Q2 25 | $2.0B | $608.0M | ||
| Q1 25 | $2.0B | $653.0M | ||
| Q4 24 | $680.3M | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $3.2B | $1.3B | ||
| Q3 25 | $3.0B | $1.2B | ||
| Q2 25 | $2.7B | $1.1B | ||
| Q1 25 | $2.6B | $970.0M | ||
| Q4 24 | $2.3B | $904.0M | ||
| Q3 24 | $2.1B | $872.0M | ||
| Q2 24 | $1.9B | $769.0M | ||
| Q1 24 | $1.8B | $671.0M |
| Q4 25 | $7.0B | $2.9B | ||
| Q3 25 | $6.7B | $2.9B | ||
| Q2 25 | $6.2B | $2.9B | ||
| Q1 25 | $6.1B | $2.9B | ||
| Q4 24 | $4.5B | $2.8B | ||
| Q3 24 | $4.0B | $2.9B | ||
| Q2 24 | $3.7B | $2.7B | ||
| Q1 24 | $3.6B | $2.8B |
| Q4 25 | 0.56× | 0.39× | ||
| Q3 25 | 0.66× | 0.46× | ||
| Q2 25 | 0.73× | 0.56× | ||
| Q1 25 | 0.79× | 0.67× | ||
| Q4 24 | 0.29× | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $155.4M | $86.0M |
| FCF MarginFCF / Revenue | 19.5% | 10.9% |
| Capex IntensityCapex / Revenue | 7.8% | 7.4% |
| Cash ConversionOCF / Net Profit | 79.14× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $75.1M | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $217.2M | $144.0M | ||
| Q3 25 | $60.0M | $155.0M | ||
| Q2 25 | $-91.7M | $147.0M | ||
| Q1 25 | $25.8M | $154.0M | ||
| Q4 24 | $250.2M | $130.0M | ||
| Q3 24 | $91.3M | $150.0M | ||
| Q2 24 | $82.8M | $103.0M | ||
| Q1 24 | $-15.9M | $141.0M |
| Q4 25 | $155.4M | $86.0M | ||
| Q3 25 | $33.4M | $109.0M | ||
| Q2 25 | $-114.7M | $105.0M | ||
| Q1 25 | $932.0K | $103.0M | ||
| Q4 24 | $225.4M | $72.0M | ||
| Q3 24 | $64.8M | $84.0M | ||
| Q2 24 | $71.4M | $47.0M | ||
| Q1 24 | $-32.1M | $84.0M |
| Q4 25 | 19.5% | 10.9% | ||
| Q3 25 | 4.7% | 13.9% | ||
| Q2 25 | -17.2% | 13.5% | ||
| Q1 25 | 0.2% | 14.6% | ||
| Q4 24 | 39.3% | 9.7% | ||
| Q3 24 | 11.9% | 11.5% | ||
| Q2 24 | 14.2% | 6.4% | ||
| Q1 24 | -7.0% | 12.5% |
| Q4 25 | 7.8% | 7.4% | ||
| Q3 25 | 3.7% | 5.9% | ||
| Q2 25 | 3.4% | 5.4% | ||
| Q1 25 | 4.1% | 7.2% | ||
| Q4 24 | 4.3% | 7.8% | ||
| Q3 24 | 4.9% | 9.0% | ||
| Q2 24 | 2.2% | 7.7% | ||
| Q1 24 | 3.5% | 8.5% |
| Q4 25 | 79.14× | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | -2.54× | 1.62× | ||
| Q1 25 | 0.29× | 2.30× | ||
| Q4 24 | 1.84× | 1.60× | ||
| Q3 24 | 1.36× | 1.70× | ||
| Q2 24 | 2.03× | 1.02× | ||
| Q1 24 | -0.12× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
