AXON vs. LMT: Axon Enterprise vs. Lockheed Martin Stock Comparison

November 11, 2026

How do Axon Enterprise (AXON) and Lockheed Martin (LMT) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Axon Enterprise (AXON) and Lockheed Martin (LMT) are both classified in the Aerospace & Defense sub-industry within the broader Aerospace & Defense industry, placing them in the closest GICS peer bucket.

Company profile comparison for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Profile Item	AXON	LMT
Name	Axon Enterprise, Inc.	Lockheed Martin Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Aerospace & Defense	Aerospace & Defense
GICS Sub-Industry	Aerospace & Defense	Aerospace & Defense
Market Capitalization	25.49 billion USD	131.00 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	June 19, 2001	January 2, 1962
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AXON

LMT

GSPC

Axon Enterprise (AXON) vs. Lockheed Martin (LMT), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Axon Enterprise (AXON) and Lockheed Martin (LMT). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Axon Enterprise (AXON) and Lockheed Martin (LMT). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Total Return (1Y)	-48.97%	31.17%
Total Return (3Y, Annualized)	12.54%	12.79%
Total Return (5Y, Annualized)	11.75%	14.65%

Risk Profile

Drawdown History

AXON

LMT

GSPC

Axon Enterprise (AXON) vs. Lockheed Martin (LMT), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Axon Enterprise (AXON) and Lockheed Martin (LMT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Axon Enterprise (AXON) has an aggressive beta of 1.55, indicating higher sensitivity to broad-market moves, while Lockheed Martin (LMT) is defensive at 0.10 and tends to be less market-sensitive — they sit on opposite ends of the beta spectrum.

Risk profile metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Volatility (1Y, Annualized)	64.30%	31.09%
Beta (5Y)	1.55	0.10
Max Drawdown (5Y)	-64.70%	-31.79%
Avg. Volume (3M)	1.06M	1.29M

Risk-Adjusted Performance

Risk-Return Positioning

AXON and LMT are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Sharpe Ratio (1Y)	-0.83	0.86
Sortino Ratio (1Y)	-1.14	1.38

Profitability

ROE (TTM)

Lockheed Martin (LMT) at 80.19% clears its industry range for ROE, a sharper capital-efficiency signal than Axon Enterprise (AXON) at 7.61%, which is closer to a typical peer reading.

AXON

Capital Goods industry group

7.61%

Max: 40.55%
Q3: 19.29%
Median: 12.12%
AXON: 7.61%
Q1: 4.08%
Min: -17.12%

LMT

Capital Goods industry group

80.19%

LMT: 80.19%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Both Axon Enterprise (AXON) at 7.57% and Lockheed Martin (LMT) at 8.23% keep about the typical share of revenue as profit for their industries — neither bottom line stands out from peers.

AXON

Capital Goods industry group

7.57%

Max: 27.47%
Q3: 12.10%
AXON: 7.57%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

LMT

Capital Goods industry group

8.23%

Max: 27.47%
Q3: 12.10%
LMT: 8.23%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Lockheed Martin (LMT) at 11.41% runs core operations around its industry’s norm, while Axon Enterprise (AXON) at 4.63% operates in the bottom quartile.

AXON

Capital Goods industry group

4.63%

Max: 36.60%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
AXON: 4.63%
Min: -12.63%

LMT

Capital Goods industry group

11.41%

Max: 36.60%
Q3: 18.33%
LMT: 11.41%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
ROE (TTM)	7.61%	80.19%
ROA (TTM)	0.81%	8.58%
Net Margin (TTM)	7.57%	8.23%
Operating Margin (TTM)	4.63%	11.41%
Gross Margin (TTM)	58.64%	11.73%

Growth

Revenue Growth

Axon Enterprise (AXON) at 33.47% sits in the top revenue growth quartile, while Lockheed Martin (LMT) at 5.64% is closer to the peer norm — faster top-line expansion for AXON.

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Lockheed Martin (LMT) at -3.68% is around its peer norm for EPS growth, while Axon Enterprise (AXON) at -68.54% drops into the bottom quartile, signaling weaker earnings momentum.

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Revenue Growth (YoY)	33.47%	5.64%
Revenue Growth (3Y CAGR)	32.79%	4.38%
EPS Growth (YoY)	-68.54%	-3.68%
EPS Growth (3Y CAGR)	-9.39%	-0.26%

Financial Strength

Current Ratio (MRQ)

Axon Enterprise (AXON) at 3.00 carries current ratio above its industry’s typical mid-range, while Lockheed Martin (LMT) at 1.26 runs in the tighter-liquidity quartile — different working-capital profiles, both worth examining.

AXON

Capital Goods industry group

3.00

Max: 5.22
AXON: 3.00
Q3: 2.95
Median: 2.08
Q1: 1.43
Min: 0.36

LMT

Capital Goods industry group

1.26

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
LMT: 1.26
Min: 0.36

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Axon Enterprise (AXON) at 0.79 carries an industry-typical debt-to-equity mix, while Lockheed Martin (LMT) at 2.04 uses more debt funding than most peers.

AXON

Capital Goods industry group

0.79

Max: 2.33
Q3: 1.12
AXON: 0.79
Median: 0.60
Q1: 0.29
Min: 0.00

LMT

Capital Goods industry group

2.04

Max: 2.33
LMT: 2.04
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Current Ratio (MRQ)	3.00	1.26
Debt / Equity (MRQ)	0.79	2.04
Net Debt / EBITDA	5.98	1.47

Dividends

Dividend Yield (TTM)

Axon Enterprise (AXON) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lockheed Martin (LMT) reports a yield of 2.40%, ranking against industry peers normally.

AXON

Capital Goods industry group

0.00%

Max: 2.66%
Q3: 1.14%
Median: 0.24%
AXON: 0.00%
Q1: 0.00%
Min: 0.00%

LMT

Capital Goods industry group

2.40%

Max: 2.66%
LMT: 2.40%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Axon Enterprise (AXON) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lockheed Martin (LMT) reports a payout of 49.01%, ranking against industry peers normally.

AXON

Capital Goods industry group

0.00%

Max: 67.39%
Q3: 28.02%
Median: 6.86%
AXON: 0.00%
Q1: 0.00%
Min: 0.00%

LMT

Capital Goods industry group

49.01%

Max: 67.39%
LMT: 49.01%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
Dividend Yield (TTM)	0.00%	2.40%
Dividend Payout Ratio (TTM)	0.00%	49.01%

Valuation

P/E Ratio (TTM)

Lockheed Martin (LMT) at 20.14 is near its industry’s usual P/E ratio, while Axon Enterprise (AXON) at 100.64 sits above its peer range — an unusually expensive price for AXON’s trailing earnings.

AXON

Capital Goods industry group

100.64

AXON: 100.64
Max: 59.38
Q3: 35.92
Median: 25.41
Q1: 19.47
Min: 3.03

LMT

Capital Goods industry group

20.14

Max: 59.38
Q3: 35.92
Median: 25.41
LMT: 20.14
Q1: 19.47
Min: 3.03

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

Lockheed Martin (LMT) at 1.66 is priced about in line with its industry on P/S ratio, while Axon Enterprise (AXON) at 7.46 sits in the pricier quartile — AXON costs more per dollar of sales.

AXON

Capital Goods industry group

7.46

Max: 7.54
AXON: 7.46
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

LMT

Capital Goods industry group

1.66

Max: 7.54
Q3: 3.76
Median: 2.15
LMT: 1.66
Q1: 1.03
Min: 0.03

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Both look rich against book: Axon Enterprise (AXON) at 6.74 sits in the upper P/B ratio quartile, and Lockheed Martin (LMT) at 12.96 prices even higher, above its industry range.

AXON

Capital Goods industry group

6.74

Max: 9.66
AXON: 6.74
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

LMT

Capital Goods industry group

12.96

LMT: 12.96
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

Axon Enterprise (AXON) vs. Lockheed Martin (LMT): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Axon Enterprise (AXON) and Lockheed Martin (LMT)
Metric	AXON	LMT
P/E Ratio (TTM)	100.64	20.14
P/S Ratio (TTM)	7.46	1.66
P/B Ratio (MRQ)	6.74	12.96
Free Cash Flow Yield (TTM)	0.38%	4.31%