Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
Axon Enterprise Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
The analysis of the quarterly financial ratios reveals distinct patterns and fluctuations over the observed periods.
- Net Fixed Asset Turnover
- The ratio began reporting from the quarter ending March 31, 2019, with values around 11.09, showing a slight decline to 10.51 before recuperating to approximately 13.05 by June 30, 2020. A significant drop occurred in the subsequent quarter to 6.1, maintaining a relatively lower range near 6.5 to 7.39 in following quarters up to March 31, 2023. This suggests an initial strong utilization of fixed assets which sharply decreased and stabilized at a lower turnover level, indicating changes in either asset base or revenue generation efficiency related to fixed assets.
- Total Asset Turnover
- This ratio shows a modest upward trend initially, starting around 0.58 at March 31, 2019, and slightly increasing to 0.64 by June 30, 2020. It then dips to 0.48, stabilizing between 0.49 to 0.53 through subsequent quarters. A notable decline is observed towards the end of the period, dropping to 0.42 by March 31, 2023. This pattern indicates a general moderate efficiency in using total assets to generate revenue, with some volatility and a recent downturn that might point to asset growth outpacing sales or operational challenges.
- Equity Turnover
- Equity turnover shows a gradual increase from roughly 0.9 in early 2019 to 1.0 by June 30, 2019, followed by a dip to approximately 0.68 and stabilization between 0.7 and 0.94 in subsequent quarters. An upward trend is visible in the latter periods, suggesting an improving ability to generate sales relative to shareholders' equity. The fluctuations indicate variability in equity utilization efficiency, possibly influenced by changes in equity base or sales volumes over time.
Net Fixed Asset Turnover
Axon Enterprise Inc., net fixed asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Property and equipment, net | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Net fixed asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Net fixed asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Property and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data reveals several key trends over the given quarters. Net sales exhibit an overall upward trajectory from March 2018 to March 2023, showing notable growth particularly after mid-2020. Although there are some fluctuations, the general pattern reflects increasing revenue, with net sales rising from approximately 101 million USD in early 2018 to over 343 million USD by the first quarter of 2023.
Property and equipment, net, demonstrates a consistent increase throughout the period. The asset base grew steadily from around 31 million USD in early 2018 to nearly 173 million USD by the first quarter of 2023. There is a significant jump in this figure during late 2020, indicating substantial investment or capital expenditures during that time.
The net fixed asset turnover ratio, which measures how efficiently the company utilizes fixed assets to generate sales, shows varied performance. Earlier data is missing, but from late 2018 through 2019, the ratio was relatively high, ranging roughly between 10.5 and 13.0. However, starting in late 2020, this ratio declined sharply to values between 6.1 and 7.4, suggesting a decrease in asset utilization efficiency despite rising sales and asset values. This decline might be linked to the pronounced increase in fixed assets during that period, possibly indicating that the company's asset base expanded faster than sales growth in the short term.
In summary, the company experienced strong and sustained growth in sales and invested significantly in property and equipment over the period. Nevertheless, this asset expansion has been accompanied by a notable decline in fixed asset turnover efficiency, highlighting a potential challenge in maintaining operational efficiency relative to asset size in recent years.
- Net Sales
- Consistent upward trend from 101 million USD (Q1 2018) to 343 million USD (Q1 2023) with accelerated growth post mid-2020.
- Property and Equipment, Net
- Steady growth from 31 million USD to nearly 173 million USD, with significant increases observed in late 2020, indicating major capital investment.
- Net Fixed Asset Turnover Ratio
- High efficiency in asset utilization during 2018-2019 (approximately 10.5 to 13.0), followed by a marked decline to 6.1-7.4 from late 2020 onward, suggesting reduced efficiency despite increased assets.
Total Asset Turnover
Axon Enterprise Inc., total asset turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Total asset turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Total asset turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Sales Trends
- Net sales exhibit a general upward trajectory over the analyzed periods. Starting at approximately $101 million in March 2018, the sales figures show steady growth with some fluctuations. There is a notable acceleration in growth from late 2019 onward, with net sales increasing from around $171 million in December 2019 to over $340 million by March 2023. This reflects substantial expansion in revenue over the five-year span.
- Total Assets Trends
- Total assets have similarly increased significantly during the period. Beginning at close to $393 million in March 2018, assets grew sharply in mid-2018 and continued to expand steadily, reaching nearly $3 billion by March 2023. The asset base more than septuplied in five years, indicating aggressive asset accumulation and possibly investment or acquisition activity driving balance sheet growth.
- Total Asset Turnover Trends
- The total asset turnover ratio, available from September 2018 onwards, shows a relatively stable but slightly declining trend. Initially around 0.58-0.60, the ratio hovers near 0.50 throughout the later periods, dipping further to approximately 0.42 by early 2023. This indicates that although total assets have grown substantially, the efficiency of generating sales from assets has diminished somewhat in recent quarters.
- Insights and Interpretation
- The data depicts a company experiencing robust growth in sales and asset base over the five years. However, the declining asset turnover ratio suggests that asset growth outpaces sales growth, which may imply either heavier capital investment or less efficient use of assets. Management might need to evaluate asset utilization and operational efficiency to sustain profitability and return on assets.
Equity Turnover
Axon Enterprise Inc., equity turnover calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||||||
| Net sales | ||||||||||||||||||||||||||||
| Stockholders’ equity | ||||||||||||||||||||||||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||||||
| Equity turnover1 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||||||
| Boeing Co. | ||||||||||||||||||||||||||||
| Caterpillar Inc. | ||||||||||||||||||||||||||||
| Eaton Corp. plc | ||||||||||||||||||||||||||||
| GE Aerospace | ||||||||||||||||||||||||||||
| Honeywell International Inc. | ||||||||||||||||||||||||||||
| Lockheed Martin Corp. | ||||||||||||||||||||||||||||
| RTX Corp. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).
1 Q1 2023 Calculation
Equity turnover
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
The financial data exhibits a generally positive trend in net sales over the analyzed period, with some fluctuations observed in individual quarters. Starting from just over $101 million in March 2018, net sales increased steadily, reaching a notable peak in December 2019 at approximately $172 million. Despite a subsequent decline in early 2020 coinciding with the onset of the global pandemic, net sales rebounded strongly, hitting the highest recorded value of $343 million in March 2023. This trajectory indicates sustained sales growth, reflecting expanding business operations or improved market conditions.
Stockholders’ equity shows a significant upward trend, growing from around $199 million in March 2018 to approximately $1.4 billion by March 2023. The data reveals marked increases especially noticeable around mid-2020, where equity surged from roughly $560 million to over $869 million, maintaining consistent growth thereafter. This progressive rise suggests strong capital accumulation, possibly driven by retained earnings, equity financing, or asset appreciation, indicating enhanced financial stability and shareholder value over time.
The equity turnover ratio, representing net sales relative to shareholders’ equity, begins with limited data but displays a general pattern of gradual increase from 0.9 in late 2018 to around 0.9 in early 2023, peaking briefly near 1 in June 2019. A notable dip is seen during mid to late 2020, where the ratio drops below 0.7, possibly reflecting rapid equity growth outpacing sales increases during that period. Following this, the ratio recovers steadily, indicating that sales growth has again started to keep pace with the equity base.
- Net Sales Trends
- Consistent overall increase from Q1 2018 to Q1 2023 with a peak in Q4 2019, a mid-2020 dip, and strong recovery thereafter.
- March 2023 figures represent a more than threefold increase compared to March 2018.
- Stockholders’ Equity Trends
- Marked growth over the five-year period, quadrupling from 2018 to 2023.
- Substantial jump around mid-2020 aligns with general market recovery patterns.
- Equity Turnover Ratio
- Fluctuated between 0.68 and 1.0, signaling changes in the relationship between sales and equity.
- Dips correlate with periods of rapid equity increase and slower sales growth, while rises indicate improving sales efficiency relative to equity.
In summary, the data reveals strong and sustained financial growth with solid increases in both net sales and stockholders' equity. The equity turnover ratio's fluctuations indicate periods of adjustment in balancing asset base expansions with sales performance. Overall, these patterns reflect robust operational scaling and capital strengthening over the evaluated quarters.