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Axon Enterprise（AXON）与北极星（PII）财务数据对比。点击上方公司名可切换其他公司
北极星的季度营收约是Axon Enterprise的2.4倍（$1.9B vs $796.7M）。Axon Enterprise净利率更高（0.3% vs -15.8%，领先16.1%）。Axon Enterprise同比增速更快（38.9% vs 9.5%）。Axon Enterprise自由现金流更多（$155.4M vs $114.0M）。过去两年Axon Enterprise的营收复合增速更高（31.5% vs 5.2%）
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
AXON vs PII — 直观对比
营收规模更大
PII
是对方的2.4倍
$796.7M
营收增速更快
AXON
高出29.5%
9.5%
净利率更高
AXON
高出16.1%
-15.8%
自由现金流更多
AXON
多$41.4M
$114.0M
两年增速更快
AXON
近两年复合增速
5.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $796.7M | $1.9B |
| 净利润 | $2.7M | $-303.6M |
| 毛利率 | 57.9% | 20.0% |
| 营业利润率 | -6.3% | -16.7% |
| 净利率 | 0.3% | -15.8% |
| 营收同比 | 38.9% | 9.5% |
| 净利润同比 | -98.0% | -2964.2% |
| 每股收益（稀释后） | $0.02 | $-5.34 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AXONPII
| Q4 25 | $796.7M | $1.9B | ||
| Q3 25 | $710.6M | $1.8B | ||
| Q2 25 | $668.5M | $1.9B | ||
| Q1 25 | $603.6M | $1.5B | ||
| Q4 24 | $573.4M | $1.8B | ||
| Q3 24 | $544.3M | $1.7B | ||
| Q2 24 | $504.1M | $2.0B | ||
| Q1 24 | $460.7M | $1.7B |
净利润AXONPII
| Q4 25 | $2.7M | $-303.6M | ||
| Q3 25 | $-2.2M | $-15.8M | ||
| Q2 25 | $36.1M | $-79.3M | ||
| Q1 25 | $88.0M | $-66.8M | ||
| Q4 24 | $136.0M | $10.6M | ||
| Q3 24 | $67.0M | $27.7M | ||
| Q2 24 | $40.8M | $68.7M | ||
| Q1 24 | $133.2M | $3.8M |
毛利率AXONPII
| Q4 25 | 57.9% | 20.0% | ||
| Q3 25 | 60.1% | 20.7% | ||
| Q2 25 | 60.4% | 19.4% | ||
| Q1 25 | 60.6% | 16.0% | ||
| Q4 24 | 60.5% | 20.4% | ||
| Q3 24 | 60.8% | 20.6% | ||
| Q2 24 | 60.3% | 21.6% | ||
| Q1 24 | 56.4% | 19.0% |
营业利润率AXONPII
| Q4 25 | -6.3% | -16.7% | ||
| Q3 25 | -0.3% | 1.1% | ||
| Q2 25 | -0.2% | -0.7% | ||
| Q1 25 | -1.5% | -2.4% | ||
| Q4 24 | -2.6% | 3.7% | ||
| Q3 24 | 4.4% | 3.8% | ||
| Q2 24 | 6.5% | 6.1% | ||
| Q1 24 | 3.5% | 2.2% |
净利率AXONPII
| Q4 25 | 0.3% | -15.8% | ||
| Q3 25 | -0.3% | -0.9% | ||
| Q2 25 | 5.4% | -4.3% | ||
| Q1 25 | 14.6% | -4.3% | ||
| Q4 24 | 23.7% | 0.6% | ||
| Q3 24 | 12.3% | 1.6% | ||
| Q2 24 | 8.1% | 3.5% | ||
| Q1 24 | 28.9% | 0.2% |
每股收益（稀释后）AXONPII
| Q4 25 | $0.02 | $-5.34 | ||
| Q3 25 | $-0.03 | $-0.28 | ||
| Q2 25 | $0.44 | $-1.39 | ||
| Q1 25 | $1.08 | $-1.17 | ||
| Q4 24 | $1.68 | $0.18 | ||
| Q3 24 | $0.86 | $0.49 | ||
| Q2 24 | $0.53 | $1.21 | ||
| Q1 24 | $1.73 | $0.07 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.7B | $138.0M |
| 总债务越低越好 | $1.8B | $1.5B |
| 股东权益账面价值 | $3.2B | $828.4M |
| 总资产 | $7.0B | $4.9B |
| 负债/权益比越低杠杆越低 | 0.56× | 1.82× |
8季度趋势，按日历期对齐
现金及短期投资AXONPII
| Q4 25 | $1.7B | $138.0M | ||
| Q3 25 | $2.4B | $335.5M | ||
| Q2 25 | $2.1B | $324.3M | ||
| Q1 25 | $2.2B | $291.7M | ||
| Q4 24 | $788.1M | $287.8M | ||
| Q3 24 | $1.0B | $291.3M | ||
| Q2 24 | $968.9M | $322.7M | ||
| Q1 24 | $964.1M | $318.8M |
总债务AXONPII
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.0B | $1.4B | ||
| Q1 25 | $2.0B | $1.6B | ||
| Q4 24 | $680.3M | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.0B |
股东权益AXONPII
| Q4 25 | $3.2B | $828.4M | ||
| Q3 25 | $3.0B | $1.1B | ||
| Q2 25 | $2.7B | $1.2B | ||
| Q1 25 | $2.6B | $1.2B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.8B | $1.4B |
总资产AXONPII
| Q4 25 | $7.0B | $4.9B | ||
| Q3 25 | $6.7B | $5.3B | ||
| Q2 25 | $6.2B | $5.4B | ||
| Q1 25 | $6.1B | $5.5B | ||
| Q4 24 | $4.5B | $5.5B | ||
| Q3 24 | $4.0B | $5.6B | ||
| Q2 24 | $3.7B | $5.7B | ||
| Q1 24 | $3.6B | $5.6B |
负债/权益比AXONPII
| Q4 25 | 0.56× | 1.82× | ||
| Q3 25 | 0.66× | 1.13× | ||
| Q2 25 | 0.73× | 1.17× | ||
| Q1 25 | 0.79× | 1.32× | ||
| Q4 24 | 0.29× | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× | ||
| Q1 24 | — | 1.46× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $217.2M | $178.7M |
| 自由现金流经营现金流 - 资本支出 | $155.4M | $114.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 5.9% |
| 资本支出强度资本支出/营收 | 7.8% | 3.4% |
| 现金转化率经营现金流/净利润 | 79.14× | — |
| 过去12个月自由现金流最近4个季度 | $75.1M | $558.1M |
8季度趋势，按日历期对齐
经营现金流AXONPII
| Q4 25 | $217.2M | $178.7M | ||
| Q3 25 | $60.0M | $158.8M | ||
| Q2 25 | $-91.7M | $320.3M | ||
| Q1 25 | $25.8M | $83.2M | ||
| Q4 24 | $250.2M | $206.3M | ||
| Q3 24 | $91.3M | $21.0M | ||
| Q2 24 | $82.8M | $146.3M | ||
| Q1 24 | $-15.9M | $-105.4M |
自由现金流AXONPII
| Q4 25 | $155.4M | $114.0M | ||
| Q3 25 | $33.4M | $116.7M | ||
| Q2 25 | $-114.7M | $279.8M | ||
| Q1 25 | $932.0K | $47.6M | ||
| Q4 24 | $225.4M | $137.3M | ||
| Q3 24 | $64.8M | $-32.4M | ||
| Q2 24 | $71.4M | $79.1M | ||
| Q1 24 | $-32.1M | $-177.5M |
自由现金流率AXONPII
| Q4 25 | 19.5% | 5.9% | ||
| Q3 25 | 4.7% | 6.3% | ||
| Q2 25 | -17.2% | 15.1% | ||
| Q1 25 | 0.2% | 3.1% | ||
| Q4 24 | 39.3% | 7.8% | ||
| Q3 24 | 11.9% | -1.9% | ||
| Q2 24 | 14.2% | 4.0% | ||
| Q1 24 | -7.0% | -10.2% |
资本支出强度AXONPII
| Q4 25 | 7.8% | 3.4% | ||
| Q3 25 | 3.7% | 2.3% | ||
| Q2 25 | 3.4% | 2.2% | ||
| Q1 25 | 4.1% | 2.3% | ||
| Q4 24 | 4.3% | 3.9% | ||
| Q3 24 | 4.9% | 3.1% | ||
| Q2 24 | 2.2% | 3.4% | ||
| Q1 24 | 3.5% | 4.2% |
现金转化率AXONPII
| Q4 25 | 79.14× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -2.54× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 1.84× | 19.46× | ||
| Q3 24 | 1.36× | 0.76× | ||
| Q2 24 | 2.03× | 2.13× | ||
| Q1 24 | -0.12× | -27.74× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
PII
| Wholegoods | $1.1B | 58% |
| Other | $243.3M | 13% |
| On Road Segment | $187.2M | 10% |
| Marine Segment | $138.3M | 7% |
| CA | $134.5M | 7% |
| APLA | $76.7M | 4% |
| Financial Service | $19.7M | 1% |
