Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
Axon Enterprise Inc., current price multiples
| Axon Enterprise Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | Capital Goods | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||
| Current share price (P) | |||||||||||||
| No. shares of common stock outstanding | |||||||||||||
| Growth rate (g) | |||||||||||||
| Earnings per share (EPS) | |||||||||||||
| Next year expected EPS | |||||||||||||
| Operating profit per share | |||||||||||||
| Sales per share | |||||||||||||
| Book value per share (BVPS) | |||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||
| Price to earnings (P/E) | |||||||||||||
| Price to next year expected earnings | |||||||||||||
| Price-earnings-growth (PEG) | |||||||||||||
| Price to operating profit (P/OP) | |||||||||||||
| Price to sales (P/S) | |||||||||||||
| Price to book value (P/BV) | |||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Axon Enterprise Inc., historical price multiples
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio displays significant volatility over the periods presented. It starts at a relatively high level of 111.78 in 2018, then surges dramatically to an extreme peak of 5221.88 in 2019. Data for 2020 and 2021 are unavailable, but by 2022 the ratio returns to a much lower, yet still elevated, level of 99.19. This pattern suggests considerable fluctuations in earnings relative to market price, possibly indicating earnings instability or sharp market valuation changes during these years.
- Price to Operating Profit (P/OP) Ratio
- Data for this ratio are sparse, available only in 2018 and 2022. The ratio increases from 131.41 in 2018 to 156.51 in 2022, showing a rising trend over the observed periods. This could imply that the market price has increased relative to operating profit, suggesting an increasing market premium or reduced operating profitability in relation to the company’s valuation.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits a general upward trend with some variability. It rises from 7.77 in 2018 to 8.68 in 2019, jumps substantially to 15.5 in 2020, then declines to 11.02 in 2021 before increasing again to 12.27 in 2022. This pattern indicates that the market valuation per unit of sales has generally increased over time but experienced corrections, possibly due to fluctuating sales growth or changing market sentiment.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a consistent upward trajectory with some fluctuations. Starting at 6.99 in 2018, it increases steadily to 8.47 in 2019 and 10.81 in 2020, then decreases slightly to 9.08 in 2021 before reaching the highest value of 11.51 in 2022. This suggests an increasing market valuation relative to the company's book value, reflecting stronger market confidence or growth expectations over the period.
Price to Earnings (P/E)
Axon Enterprise Inc., historical P/E 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 | ||||||
| Selected Financial Data (US$) | ||||||
| Net income (loss) (in thousands) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
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 2022 Calculation
EPS = Net income (loss) ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Annual Report.
4 2022 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates several notable trends over the five-year period under review.
- Share Price
- The share price of the company shows an overall upward trajectory. Starting at $55.49 at the end of 2018, it exhibits a significant increase to $77.37 in 2019, followed by a sharp rise to $165.49 in 2020. Despite a decrease to $134.14 in 2021, the share price rebounds strongly to reach $200.31 in 2022, marking the highest value during the observed period.
- Earnings per Share (EPS)
- The EPS values reflect considerable volatility and fluctuating profitability. In 2018, the EPS was 0.5 US dollars, which sharply declined to 0.01 US dollars in 2019. The company experienced a marginal loss in 2020 with an EPS of -0.03 US dollars, followed by a more pronounced loss of -0.85 US dollars in 2021. A significant recovery occurs in 2022, with EPS rising to 2.02 US dollars, the highest point within the timeframe.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio presents extreme instability and is incomplete for some years. A notably high P/E ratio of 111.78 was recorded in 2018, which then escalated dramatically to 5221.88 in 2019, indicating an extremely overvalued stock or very low earnings during that year. Data for 2020 and 2021 are unavailable, likely due to negative or near-zero EPS values. In 2022, the P/E ratio falls to 99.19, suggesting a normalization in valuation relative to earnings, though it remains elevated.
In summary, the share price exhibits strong growth despite fluctuations, particularly in 2021. Earnings per share indicate significant financial challenges from 2019 through 2021, with a notable recovery in 2022. The P/E ratio, where available, reflects valuation extremes likely driven by erratic earnings during the period. This pattern suggests that market optimism returned in 2022, aligned with improved profitability.
Price to Operating Profit (P/OP)
Axon Enterprise Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Income (loss) from operations (in thousands) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
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 2022 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Annual Report.
4 2022 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price displayed a consistent upward trajectory over the analyzed periods. Starting at $55.49 at the end of 2018, it increased to $77.37 in 2019 and surged significantly to $165.49 in 2020. Although there was a slight decrease in 2021 to $134.14, the share price rebounded strongly to reach $200.31 by the end of 2022.
- Operating Profit per Share
- Operating profit per share initially showed positive returns at $0.42 in 2018 but deteriorated into negative figures over the next three years, reaching -$0.11 in 2019, -$0.22 in 2020, and notably declining to -$2.37 in 2021. A recovery was observed in 2022 with the operating profit per share improving substantially to $1.28.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio was relatively high at 131.41 in 2018 and increased further to 156.51 in 2022. Data for the intermediate years was not provided. A higher P/OP ratio suggests the market valued the company's shares at a substantial premium compared to its operating profit, indicating strong investor expectation or perceived future growth despite fluctuations in profitability.
- Overall Analysis
- The share price demonstrated strong appreciation over the five-year span, reflecting positive investor sentiment. This appreciation occurred despite significant volatility and negative trends in operating profit per share during the middle years. The improvement in operating profit in 2022 coincided with the peak share price, suggesting a correlation between recovering profitability and market valuation. The elevated P/OP ratios highlight a market tendency to price the stock with an optimistic outlook beyond short-term profit fluctuations.
Price to Sales (P/S)
Axon Enterprise Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Net sales (in thousands) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
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 2022 Calculation
Sales per share = Net sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Annual Report.
4 2022 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a consistent upward trend over the five-year period. Starting at $55.49 in 2018, it increased significantly to $77.37 in 2019, followed by a substantial surge to $165.49 in 2020. There was a slight decline in 2021 to $134.14, but the price rebounded sharply in 2022, reaching its highest value of $200.31. Overall, the share price more than tripled from 2018 to 2022.
- Sales Per Share
- Sales per share showed steady growth throughout the period. Beginning at $7.14 in 2018, sales per share increased progressively each year to $8.92 in 2019, then to $10.68 in 2020. The upward trend continued with $12.17 in 2021 and culminated in $16.33 in 2022. This indicates consistent improvement in revenue generation on a per-share basis.
- Price-to-Sales Ratio (P/S)
- The price-to-sales ratio experienced variability across the years. It rose from 7.77 in 2018 to 8.68 in 2019, and then jumped sharply to 15.5 in 2020, reflecting a notable increase in the valuation relative to sales. The ratio then declined to 11.02 in 2021, indicating a correction or adjustment in valuation relative to sales. In 2022, the ratio slightly increased again to 12.27, suggesting a moderate revaluation.
- Summary
- Overall, the financial data reflects strong performance trends characterized by significant growth in share price and sales per share over the five-year period. The fluctuations in the P/S ratio suggest periods of changing market valuation relative to sales, with a peak in 2020 and some stabilization thereafter. The consistent increase in sales per share supports the share price appreciation, indicating healthy operational growth contributing to market confidence despite some volatility in valuation metrics.
Price to Book Value (P/BV)
Axon Enterprise Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Stockholders’ equity (in thousands) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Boeing Co. | ||||||
| Caterpillar Inc. | ||||||
| Eaton Corp. plc | ||||||
| GE Aerospace | ||||||
| Honeywell International Inc. | ||||||
| Lockheed Martin Corp. | ||||||
| RTX Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Capital Goods | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
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 2022 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Axon Enterprise Inc. Annual Report.
4 2022 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Analysis
- The share price exhibited a consistent upward trend over the five-year period. Starting at $55.49 in 2018, it increased significantly to $77.37 in 2019, followed by a more than doubling to $165.49 in 2020. There was a slight decline to $134.14 in 2021, but the price rebounded again to reach its highest value of $200.31 in 2022. This pattern indicates strong market performance with some volatility, particularly a temporary correction in 2021 before resuming growth.
- Book Value per Share (BVPS)
- The book value per share showed a steady increase throughout the period, reflecting growth in the company’s net asset value per share. The BVPS rose gradually from $7.94 in 2018 to $9.13 in 2019, then experienced a more pronounced increase to $15.31 in 2020. A minor decline to $14.77 occurred in 2021, followed by a further rise to $17.41 in 2022. The overall upward movement suggests an improvement in the company’s equity base over time.
- Price-to-Book Value Ratio (P/BV)
- The P/BV ratio displayed an increasing trend with some fluctuations. It began at 6.99 in 2018 and climbed to 8.47 in 2019, reflecting a growing market premium relative to book value. The ratio peaked at 10.81 in 2020, indicating heightened investor confidence or expectations during that year. Although it dipped to 9.08 in 2021, it subsequently increased to the highest recorded value of 11.51 in 2022. This suggests the market valuation has been rising faster than the book value, pointing to strong growth expectations or perceived intangible value not captured in book value.