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Axon Enterprise（AXON）与UL Solutions Inc.（ULS）财务数据对比。点击上方公司名可切换其他公司
Axon Enterprise的季度营收约是UL Solutions Inc.的1.0倍（$796.7M vs $789.0M）。UL Solutions Inc.净利率更高（8.5% vs 0.3%，领先8.1%）。Axon Enterprise同比增速更快（38.9% vs 6.8%）。Axon Enterprise自由现金流更多（$155.4M vs $86.0M）。过去两年Axon Enterprise的营收复合增速更高（31.5% vs 8.5%）
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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
AXON vs ULS — 直观对比
营收规模更大
AXON
是对方的1.0倍
$789.0M
营收增速更快
AXON
高出32.2%
6.8%
净利率更高
ULS
高出8.1%
0.3%
自由现金流更多
AXON
多$69.4M
$86.0M
两年增速更快
AXON
近两年复合增速
8.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $796.7M | $789.0M |
| 净利润 | $2.7M | $67.0M |
| 毛利率 | 57.9% | 49.7% |
| 营业利润率 | -6.3% | 15.0% |
| 净利率 | 0.3% | 8.5% |
| 营收同比 | 38.9% | 6.8% |
| 净利润同比 | -98.0% | -17.3% |
| 每股收益（稀释后） | $0.02 | $0.33 |
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AXONULS
| 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 |
净利润AXONULS
| 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 |
毛利率AXONULS
| 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% |
营业利润率AXONULS
| 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% |
净利率AXONULS
| 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% |
每股收益（稀释后）AXONULS
| 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 |
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 | $295.0M |
| 总债务越低越好 | $1.8B | $491.0M |
| 股东权益账面价值 | $3.2B | $1.3B |
| 总资产 | $7.0B | $2.9B |
| 负债/权益比越低杠杆越低 | 0.56× | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资AXONULS
| 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 |
总债务AXONULS
| 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 |
股东权益AXONULS
| 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 |
总资产AXONULS
| 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 |
负债/权益比AXONULS
| 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× |
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 | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $155.4M | $86.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 10.9% |
| 资本支出强度资本支出/营收 | 7.8% | 7.4% |
| 现金转化率经营现金流/净利润 | 79.14× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $75.1M | $403.0M |
8季度趋势，按日历期对齐
经营现金流AXONULS
| 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 |
自由现金流AXONULS
| 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 |
自由现金流率AXONULS
| 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% |
资本支出强度AXONULS
| 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% |
现金转化率AXONULS
| 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× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
