Axon Enterprise Inc., FCFE calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	147,139)	(60,018)	(1,724)	882)	29,205)
Net noncash charges	69,169)	227,795)	140,983)	89,389)	32,500)
Change in assets and liabilities	19,053)	(43,283)	(100,778)	(24,598)	2,170)
Net cash provided by operating activities	235,361)	124,494)	38,481)	65,673)	63,875)
Purchases of property and equipment	(55,802)	(49,886)	(72,629)	(15,939)	(11,139)
Proceeds from disposal of property and equipment	287)	43)	95)	—)	—)
Purchases of intangible assets	(307)	(392)	(241)	(404)	(558)
Net proceeds from issuance of convertible senior notes	673,769)	—)	—)	—)	—)
Purchase of convertible note hedge	(194,994)	—)	—)	—)	—)
Free cash flow to equity (FCFE)	658,314)	74,259)	(34,294)	49,330)	52,178)

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).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Axon Enterprise Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Axon Enterprise Inc. FCFE increased from 2020 to 2021 and from 2021 to 2022.

Axon Enterprise Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	73,885,305
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	658,314)
FCFE per share	8.91
Current share price (P)	226.88
Valuation Ratio
P/FCFE	25.46
Benchmarks
P/FCFE, Competitors¹
Boeing Co.	—
Caterpillar Inc.	16.84
Eaton Corp. plc	42.73
GE Aerospace	293.04
Honeywell International Inc.	29.84
Lockheed Martin Corp.	15.88
RTX Corp.	9.24
P/FCFE, Sector
Capital Goods	33.85
P/FCFE, Industry
Industrials	30.10

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Axon Enterprise Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
No. shares of common stock outstanding¹	72,862,227	70,931,874	63,783,849	59,528,200	58,829,384
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	658,314)	74,259)	(34,294)	49,330)	52,178)
FCFE per share³	9.04	1.05	-0.54	0.83	0.89
Share price^1, 4	200.31	134.14	165.49	77.37	55.49
Valuation Ratio
P/FCFE⁵	22.17	128.13	—	93.37	62.56
Benchmarks
P/FCFE, Competitors⁶
Boeing Co.	120.43	—	6.78	19.60	—
Caterpillar Inc.	24.03	16.36	25.22	11.07	—
Eaton Corp. plc	28.68	24.43	25.59	11.12	—
GE Aerospace	44.45	—	—	—	—
Honeywell International Inc.	27.59	46.23	12.59	21.75	—
Lockheed Martin Corp.	11.63	14.65	15.57	28.62	—
RTX Corp.	26.71	35.07	—	28.09	—
P/FCFE, Sector
Capital Goods	25.94	—	74.91	27.54	—
P/FCFE, Industry
Industrials	23.85	—	49.40	28.48	—

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 Data adjusted for splits and stock dividends.

² See details »

³ 2022 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 658,314,000 ÷ 72,862,227 = 9.04

⁴ Closing price as at the filing date of Axon Enterprise Inc. Annual Report.

⁵ 2022 Calculation
P/FCFE = Share price ÷ FCFE per share
= 200.31 ÷ 9.04 = 22.17

⁶ Click competitor name to see calculations.

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Axon Enterprise Inc. (NASDAQ:AXON)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical