Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Warren here, with Charlie looking over my shoulder. Axon is one of the rare businesses we would call genuinely wonderful — a near-monopoly in conducted energy weapons welded to a subscription evidence platform with switching costs as sticky as anything we've seen in enterprise software, run by a founder who has been at it for over thirty years and keeps making his own product obsolete before a competitor can. The company just printed its tenth consecutive quarter of 30%+ revenue growth ($904 million in Q2 2026, up 35%), carries $9.8 billion of contracted future revenue on the books, and raised guidance again. And yet we are not buyers at $571.
Recent filings analysed: FWP (2026-09-16), 8-K (2026-09-15), 10-Q (2026-08-06), 8-K (2026-08-05).
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