Stock Analysis on Net

Axon Enterprise Inc. (NASDAQ:AXON)

This company has been moved to the archive! The financial data has not been updated since May 9, 2023.

Analysis of Solvency Ratios 

Microsoft Excel

Solvency Ratios (Summary)

Axon Enterprise Inc., solvency ratios

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Debt Ratios
Debt to equity 0.53 0.00 0.00 0.00 0.00
Debt to equity (including operating lease liability) 0.57 0.03 0.02 0.02 0.00
Debt to capital 0.35 0.00 0.00 0.00 0.00
Debt to capital (including operating lease liability) 0.36 0.03 0.02 0.02 0.00
Debt to assets 0.24 0.00 0.00 0.00 0.00
Debt to assets (including operating lease liability) 0.25 0.02 0.02 0.01 0.00
Financial leverage 2.25 1.61 1.41 1.56 1.54
Coverage Ratios
Interest coverage 403.70 -5,048.11 -113.38 46.00 327.79
Fixed charge coverage 22.38 -17.79 0.08 1.44 7.56

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Axon Enterprise Inc. debt to equity ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Axon Enterprise Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Axon Enterprise Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Axon Enterprise Inc. financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Axon Enterprise Inc. interest coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Axon Enterprise Inc. fixed charge coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Debt to Equity

Axon Enterprise Inc., debt to equity calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
 
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Solvency Ratio
Debt to equity1 0.53 0.00 0.00 0.00 0.00
Benchmarks
Debt to Equity, Competitors2
Boeing Co.
Caterpillar Inc. 2.33 2.29 2.42 2.58
Eaton Corp. plc 0.51 0.52 0.54 0.52
GE Aerospace 0.89 0.87 2.11 3.21
Honeywell International Inc. 1.17 1.06 1.28 0.87
Lockheed Martin Corp. 1.68 1.07 2.02 4.05
RTX Corp. 0.44 0.43 0.44 1.04
Debt to Equity, Sector
Capital Goods 1.33 1.26 1.75 2.08
Debt to Equity, Industry
Industrials 1.32 1.25 1.73 1.86

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 673,967 ÷ 1,268,491 = 0.53

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio A solvency ratio calculated as total debt divided by total shareholders’ equity.

Debt to Equity (including Operating Lease Liability)

Axon Enterprise Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
Current operating lease liabilities (classified in Other current liabilities) 6,357 6,540 5,431 3,817
Long-term operating lease liabilities 37,143 20,439 18,952 6,792
Total debt (including operating lease liability) 717,467 26,979 24,383 10,609
 
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Solvency Ratio
Debt to equity (including operating lease liability)1 0.57 0.03 0.02 0.02 0.00
Benchmarks
Debt to Equity (including Operating Lease Liability), Competitors2
Boeing Co.
Caterpillar Inc. 2.37 2.33 2.46 2.62
Eaton Corp. plc 0.54 0.55 0.57 0.55
GE Aerospace 0.96 0.94 2.20 3.32
Honeywell International Inc. 1.23 1.11 1.32 0.90
Lockheed Martin Corp. 1.81 1.19 2.21 4.40
RTX Corp. 0.47 0.46 0.47 1.11
Debt to Equity (including Operating Lease Liability), Sector
Capital Goods 1.39 1.32 1.81 2.17
Debt to Equity (including Operating Lease Liability), Industry
Industrials 1.47 1.39 1.89 1.96

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 717,467 ÷ 1,268,491 = 0.57

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to equity ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. Axon Enterprise Inc. debt to equity ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.

Debt to Capital

Axon Enterprise Inc., debt to capital calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Total capital 1,942,458 1,047,849 976,255 543,495 467,324
Solvency Ratio
Debt to capital1 0.35 0.00 0.00 0.00 0.00
Benchmarks
Debt to Capital, Competitors2
Boeing Co. 1.39 1.35 1.40 1.46
Caterpillar Inc. 0.70 0.70 0.71 0.72
Eaton Corp. plc 0.34 0.34 0.35 0.34
GE Aerospace 0.47 0.47 0.68 0.76
Honeywell International Inc. 0.54 0.51 0.56 0.46
Lockheed Martin Corp. 0.63 0.52 0.67 0.80
RTX Corp. 0.31 0.30 0.31 0.51
Debt to Capital, Sector
Capital Goods 0.57 0.56 0.64 0.68
Debt to Capital, Industry
Industrials 0.57 0.56 0.63 0.65

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 673,967 ÷ 1,942,458 = 0.35

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.

Debt to Capital (including Operating Lease Liability)

Axon Enterprise Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
Current operating lease liabilities (classified in Other current liabilities) 6,357 6,540 5,431 3,817
Long-term operating lease liabilities 37,143 20,439 18,952 6,792
Total debt (including operating lease liability) 717,467 26,979 24,383 10,609
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Total capital (including operating lease liability) 1,985,958 1,074,828 1,000,638 554,104 467,324
Solvency Ratio
Debt to capital (including operating lease liability)1 0.36 0.03 0.02 0.02 0.00
Benchmarks
Debt to Capital (including Operating Lease Liability), Competitors2
Boeing Co. 1.37 1.34 1.39 1.43
Caterpillar Inc. 0.70 0.70 0.71 0.72
Eaton Corp. plc 0.35 0.36 0.36 0.35
GE Aerospace 0.49 0.49 0.69 0.77
Honeywell International Inc. 0.55 0.53 0.57 0.47
Lockheed Martin Corp. 0.64 0.54 0.69 0.81
RTX Corp. 0.32 0.31 0.32 0.53
Debt to Capital (including Operating Lease Liability), Sector
Capital Goods 0.58 0.57 0.64 0.68
Debt to Capital (including Operating Lease Liability), Industry
Industrials 0.60 0.58 0.65 0.66

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 717,467 ÷ 1,985,958 = 0.36

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to capital ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. Axon Enterprise Inc. debt to capital ratio (including operating lease liability) deteriorated from 2020 to 2021 and from 2021 to 2022.

Debt to Assets

Axon Enterprise Inc., debt to assets calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
 
Total assets 2,851,894 1,688,210 1,381,023 845,639 719,540
Solvency Ratio
Debt to assets1 0.24 0.00 0.00 0.00 0.00
Benchmarks
Debt to Assets, Competitors2
Boeing Co. 0.42 0.42 0.42 0.20
Caterpillar Inc. 0.45 0.46 0.47 0.48
Eaton Corp. plc 0.25 0.25 0.25 0.25
GE Aerospace 0.17 0.18 0.30 0.34
Honeywell International Inc. 0.31 0.30 0.35 0.27
Lockheed Martin Corp. 0.29 0.23 0.24 0.27
RTX Corp. 0.20 0.20 0.20 0.31
Debt to Assets, Sector
Capital Goods 0.28 0.28 0.32 0.31
Debt to Assets, Industry
Industrials 0.29 0.29 0.32 0.32

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= 673,967 ÷ 2,851,894 = 0.24

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio A solvency ratio calculated as total debt divided by total assets.

Debt to Assets (including Operating Lease Liability)

Axon Enterprise Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Convertible notes, net 673,967
Total debt 673,967
Current operating lease liabilities (classified in Other current liabilities) 6,357 6,540 5,431 3,817
Long-term operating lease liabilities 37,143 20,439 18,952 6,792
Total debt (including operating lease liability) 717,467 26,979 24,383 10,609
 
Total assets 2,851,894 1,688,210 1,381,023 845,639 719,540
Solvency Ratio
Debt to assets (including operating lease liability)1 0.25 0.02 0.02 0.01 0.00
Benchmarks
Debt to Assets (including Operating Lease Liability), Competitors2
Boeing Co. 0.43 0.43 0.43 0.21
Caterpillar Inc. 0.46 0.46 0.48 0.49
Eaton Corp. plc 0.26 0.27 0.27 0.27
GE Aerospace 0.19 0.19 0.31 0.35
Honeywell International Inc. 0.33 0.32 0.36 0.28
Lockheed Martin Corp. 0.32 0.26 0.26 0.29
RTX Corp. 0.21 0.21 0.21 0.33
Debt to Assets (including Operating Lease Liability), Sector
Capital Goods 0.30 0.29 0.33 0.33
Debt to Assets (including Operating Lease Liability), Industry
Industrials 0.33 0.32 0.35 0.34

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 717,467 ÷ 2,851,894 = 0.25

2 Click competitor name to see calculations.

Solvency ratio Description The company
Debt to assets ratio (including operating lease liability) A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. Axon Enterprise Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Financial Leverage

Axon Enterprise Inc., financial leverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Total assets 2,851,894 1,688,210 1,381,023 845,639 719,540
Stockholders’ equity 1,268,491 1,047,849 976,255 543,495 467,324
Solvency Ratio
Financial leverage1 2.25 1.61 1.41 1.56 1.54
Benchmarks
Financial Leverage, Competitors2
Boeing Co.
Caterpillar Inc. 5.16 5.02 5.11 5.38
Eaton Corp. plc 2.06 2.07 2.13 2.04
GE Aerospace 5.16 4.93 7.13 9.40
Honeywell International Inc. 3.73 3.47 3.68 3.17
Lockheed Martin Corp. 5.71 4.64 8.43 15.20
RTX Corp. 2.19 2.21 2.25 3.34
Financial Leverage, Sector
Capital Goods 4.71 4.55 5.54 6.65
Financial Leverage, Industry
Industrials 4.49 4.33 5.35 5.76

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 2,851,894 ÷ 1,268,491 = 2.25

2 Click competitor name to see calculations.

Solvency ratio Description The company
Financial leverage ratio A solvency ratio calculated as total assets divided by total shareholders’ equity. Axon Enterprise Inc. financial leverage ratio increased from 2020 to 2021 and from 2021 to 2022.

Interest Coverage

Axon Enterprise Inc., interest coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net income (loss) 147,139 (60,018) (1,724) 882 29,205
Add: Income tax expense 49,379 (81,357) (4,567) 1,188 (1,101)
Add: Interest expense 488 28 55 46 86
Earnings before interest and tax (EBIT) 197,006 (141,347) (6,236) 2,116 28,190
Solvency Ratio
Interest coverage1 403.70 -5,048.11 -113.38 46.00 327.79
Benchmarks
Interest Coverage, Competitors2
Boeing Co. -0.98 -0.88 -5.71 -2.19
Caterpillar Inc. 20.80 17.88 8.80 19.62
Eaton Corp. plc 21.22 21.11 12.72 11.98
GE Aerospace 1.88 -0.96 2.59 1.27
Honeywell International Inc. 16.41 22.09 17.75 22.17
Lockheed Martin Corp. 11.72 14.27 14.93 12.09
RTX Corp. 5.64 4.71 -0.65 5.65
Interest Coverage, Sector
Capital Goods 4.84 3.98 1.99 4.85
Interest Coverage, Industry
Industrials 5.53 6.00 2.04 4.37

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= 197,006 ÷ 488 = 403.70

2 Click competitor name to see calculations.

Solvency ratio Description The company
Interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments. Axon Enterprise Inc. interest coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.

Fixed Charge Coverage

Axon Enterprise Inc., fixed charge coverage calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net income (loss) 147,139 (60,018) (1,724) 882 29,205
Add: Income tax expense 49,379 (81,357) (4,567) 1,188 (1,101)
Add: Interest expense 488 28 55 46 86
Earnings before interest and tax (EBIT) 197,006 (141,347) (6,236) 2,116 28,190
Add: Operating lease expense 8,703 7,495 6,757 4,627 4,200
Earnings before fixed charges and tax 205,709 (133,852) 521 6,743 32,390
 
Interest expense 488 28 55 46 86
Operating lease expense 8,703 7,495 6,757 4,627 4,200
Fixed charges 9,191 7,523 6,812 4,673 4,286
Solvency Ratio
Fixed charge coverage1 22.38 -17.79 0.08 1.44 7.56
Benchmarks
Fixed Charge Coverage, Competitors2
Boeing Co. -0.70 -0.64 -4.75 -1.19
Caterpillar Inc. 14.92 12.73 6.58 13.01
Eaton Corp. plc 10.01 10.40 6.24 7.45
GE Aerospace 1.35 -0.22 1.93 1.09
Honeywell International Inc. 11.00 13.67 11.49 14.06
Lockheed Martin Corp. 8.44 9.95 11.12 9.12
RTX Corp. 4.40 3.66 -0.22 4.31
Fixed Charge Coverage, Sector
Capital Goods 3.61 3.06 1.66 3.63
Fixed Charge Coverage, Industry
Industrials 3.58 3.93 1.59 2.96

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

1 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 205,709 ÷ 9,191 = 22.38

2 Click competitor name to see calculations.

Solvency ratio Description The company
Fixed charge coverage ratio A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. Axon Enterprise Inc. fixed charge coverage ratio deteriorated from 2020 to 2021 but then improved from 2021 to 2022 exceeding 2020 level.