Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Axon Enterprise Inc., historical price multiples (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).
The analysis of the quarterly financial ratios reveals several distinct trends over the observed periods. The data covers metrics including Price to Earnings (P/E), Price to Operating Profit (P/OP), Price to Sales (P/S), and Price to Book Value (P/BV), showcasing fluctuations possibly indicative of shifts in market valuation and internal performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio displayed substantial volatility, with particularly elevated values in late 2019, reaching as high as 5221.88, suggesting an extreme overvaluation or possibly anomalous earnings during that quarter. After a period with missing data, the ratio reemerged in early 2022 with considerably lower yet still variable values ranging approximately between 56.33 and 148.53. This pattern implies increased market confidence relative to earnings compared to the spike in 2019, but with sustained fluctuations indicating varied investor sentiment or episodic earnings results.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio was initially high in early 2019, peaking at 469.28 and exhibiting a declining trend through 2019 before data gaps appeared. In 2022 and 2023, the ratio resumed with notably elevated levels, reaching nearly 550 by the end of the period observed. This resurgence and elevated valuation relative to operating profit could reflect heightened expectations of future profitability or a market premium on operational earnings stability and growth potential.
- Price to Sales (P/S) Ratio
- The P/S ratio remained relatively stable with moderate fluctuations over the years. Starting near 8.67 in early 2019, it rose steadily reaching a peak above 15 in the second half of 2020 and mid-2021, indicating increasing investor valuation relative to sales revenue. Following this peak, the ratio decreased in early 2022 to a low of 6.87 but steadily climbed again through 2023, ending around 13.13. The pattern suggests periods of fluctuating market optimism towards sales efficiency or growth prospects mitigating any declining momentum during early 2022.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed variability with moderate peaks and troughs. Initially positioned between 7.04 and 10.81 from 2019 through 2020, the ratio fluctuated further from 2021 onward. Early 2022 reflected a dip to around 5.65, followed by a rebound trending upwards through 2023 to near 12, indicating strengthening asset valuation by the market or improvements in book equity relative to market price. This oscillation points to adjustments in perceived net asset worth or changes in investor confidence regarding balance sheet strength.
Overall, the financial ratios depict a company experiencing significant valuation shifts, characterized by periods of high investor optimism particularly around late 2019 and mid-2020 to early 2021, followed by relative stabilization and renewed confidence in 2022 and early 2023. The pronounced spikes and subsequent declines, especially in P/E and P/OP ratios, warrant deeper inquiry into the underlying earnings and operating profit drivers during those quarters. The consistent rebound in P/S and P/BV ratios toward the latest quarters suggests enduring market interest grounded in sales growth and asset value improvements.
Price to Earnings (P/E)
Axon Enterprise Inc., historical P/E 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 73,885,305 | 72,862,227 | 71,165,354 | 71,077,807 | 71,011,451 | 70,931,874 | 68,467,571 | 65,675,685 | 64,684,364 | 63,783,849 | 63,549,898 | 63,475,579 | 59,825,208 | 59,528,200 | 59,340,965 | 59,255,274 | 59,127,439 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) (in thousands) | 45,139) | 29,175) | 12,131) | 50,962) | 54,871) | (13,508) | 48,524) | (47,117) | (47,917) | 25,834) | (873) | (30,759) | 4,074) | (12,379) | 6,104) | 738) | 6,419) | ||||||
| Earnings per share (EPS)2 | 1.86 | 2.02 | 1.47 | 1.98 | 0.60 | -0.85 | -0.30 | -1.07 | -0.83 | -0.03 | -0.63 | -0.52 | -0.02 | 0.01 | 0.26 | 0.25 | 0.38 | ||||||
| Share price1, 3 | 226.88 | 200.31 | 171.84 | 111.62 | 89.46 | 134.14 | 167.41 | 192.59 | 134.74 | 165.49 | 122.59 | 83.88 | 86.13 | 77.37 | 65.29 | 58.09 | 63.73 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | 122.00 | 99.19 | 117.07 | 56.33 | 148.53 | — | — | — | — | — | — | — | — | 5,221.88 | 252.50 | 230.23 | 166.01 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 15.65 | 19.15 | 15.15 | 14.29 | 18.28 | 16.82 | 21.38 | 25.50 | 37.92 | — | — | — | — | — | — | — | — | ||||||
| Eaton Corp. plc | 26.89 | 27.93 | 26.32 | 25.21 | 26.37 | 27.77 | 33.08 | 34.43 | 40.32 | — | — | — | — | — | — | — | — | ||||||
| GE Aerospace | 12.78 | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Honeywell International Inc. | 25.30 | 26.97 | 24.58 | 25.26 | 25.10 | 23.14 | 27.35 | 31.83 | 33.71 | — | — | — | — | — | — | — | — | ||||||
| Lockheed Martin Corp. | 22.32 | 20.48 | 19.28 | 22.00 | 19.45 | 16.70 | 15.11 | 14.27 | 15.48 | — | — | — | — | — | — | — | — | ||||||
| RTX Corp. | 26.67 | 27.59 | 29.12 | 29.83 | 35.16 | 36.79 | 40.28 | 60.91 | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
EPS
= (Net income (loss)Q1 2023
+ Net income (loss)Q4 2022
+ Net income (loss)Q3 2022
+ Net income (loss)Q2 2022)
÷ No. shares of common stock outstanding
= (45,139,000 + 29,175,000 + 12,131,000 + 50,962,000)
÷ 73,885,305 = 1.86
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/E ratio = Share price ÷ EPS
= 226.88 ÷ 1.86 = 122.00
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits notable fluctuations over the analyzed periods, beginning at $63.73 and initially declining to $58.09 before recovering and increasing steadily to a peak of $165.49 by the end of 2020. The price demonstrates volatility in 2021, with values ranging between $134.14 and $192.59. In 2022, the share price experienced a dip reaching a low of $89.46, but subsequently recovered sharply to $200.31 by the end of the year and continued its upward trajectory to $226.88 by the first quarter of 2023. Overall, the share price shows a strong upward trend with periods of volatility.
- Earnings Per Share (EPS) Performance
- The EPS figures show significant variability and some periods of losses. Initially, EPS ranged between positive values of $0.38 and $0.25 in early 2019, but it declined sharply to nearly zero and then turned negative through most of 2020 and 2021, reaching its lowest point at -$1.07 in the second quarter of 2021. The trend reverses starting in the first quarter of 2022 with EPS turning positive again and increasing substantially, peaking at $2.02 in the fourth quarter of 2022 and slightly declining to $1.86 in the first quarter of 2023. This suggests a recovery in profitability following a period of operational challenges.
- Price-to-Earnings Ratio (P/E)
- P/E ratio data is sporadic but reflects extreme volatility corresponding to the fluctuating EPS. The ratio started at very high levels between 166 and 5221 in 2019, reflecting inflated valuation during periods of very low earnings or losses, especially as EPS approached zero or negative values. No P/E ratio data is reported during the prolonged negative EPS period in 2020 and 2021, likely due to the inability to calculate meaningful P/E ratios on negative earnings. The P/E values reappear in 2022 and 2023 at more moderate levels ranging from 56.33 to 148.53, indicating a normalization relative to resumed profitability. This dynamic illustrates the strong sensitivity of market valuation to earnings fluctuations during this period.
- Overall Financial Insights
- The data reveals a company undergoing significant financial transformation. The initial period is marked by volatile but generally rising share prices despite fluctuating and often negative earnings, suggesting strong investor interest or growth expectations. Negative EPS and absent P/E ratios during key quarters underline operational or profitability challenges. However, from 2022 onward, notable improvements in earnings and normalization of valuation metrics indicate a recovery phase. The alignment of increasing EPS with rising share prices towards 2023 supports a positive outlook on financial health and market confidence.
Price to Operating Profit (P/OP)
Axon Enterprise Inc., historical P/OP 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 73,885,305 | 72,862,227 | 71,165,354 | 71,077,807 | 71,011,451 | 70,931,874 | 68,467,571 | 65,675,685 | 64,684,364 | 63,783,849 | 63,549,898 | 63,475,579 | 59,825,208 | 59,528,200 | 59,340,965 | 59,255,274 | 59,127,439 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in thousands) | 16,608) | 22,541) | 32,107) | 21,411) | 17,194) | (27,066) | 2,890) | (93,685) | (50,262) | 5,775) | (5,449) | (13,676) | (800) | (14,386) | 6,616) | (1,295) | 2,671) | ||||||
| Operating profit per share2 | 1.25 | 1.28 | 0.61 | 0.20 | -1.42 | -2.37 | -1.98 | -2.19 | -0.98 | -0.22 | -0.54 | -0.35 | -0.16 | -0.11 | 0.17 | 0.12 | 0.24 | ||||||
| Share price1, 3 | 226.88 | 200.31 | 171.84 | 111.62 | 89.46 | 134.14 | 167.41 | 192.59 | 134.74 | 165.49 | 122.59 | 83.88 | 86.13 | 77.37 | 65.29 | 58.09 | 63.73 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | 180.90 | 156.51 | 280.19 | 549.84 | — | — | — | — | — | — | — | — | — | — | 388.02 | 469.28 | 270.53 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 12.67 | 16.25 | 14.25 | 13.65 | 17.16 | 15.87 | 16.57 | 18.76 | 26.25 | — | — | — | — | — | — | — | — | ||||||
| Eaton Corp. plc | 21.74 | 22.78 | 21.52 | 18.06 | 18.52 | 19.33 | 22.62 | 27.06 | 30.03 | — | — | — | — | — | — | — | — | ||||||
| GE Aerospace | 20.39 | 19.88 | 15.70 | 13.51 | 17.08 | 17.46 | 20.90 | 23.40 | 35.58 | — | — | — | — | — | — | — | — | ||||||
| Honeywell International Inc. | 19.31 | 20.84 | 21.54 | 21.51 | 22.09 | 20.68 | 23.54 | 25.98 | 28.28 | — | — | — | — | — | — | — | — | ||||||
| Lockheed Martin Corp. | 15.02 | 14.06 | 13.30 | 11.97 | 13.61 | 11.56 | 10.22 | 11.57 | 12.37 | — | — | — | — | — | — | — | — | ||||||
| RTX Corp. | 24.68 | 26.48 | 24.82 | 26.15 | 29.36 | 28.68 | 35.30 | 46.33 | — | — | — | — | — | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2023
+ Income (loss) from operationsQ4 2022
+ Income (loss) from operationsQ3 2022
+ Income (loss) from operationsQ2 2022)
÷ No. shares of common stock outstanding
= (16,608,000 + 22,541,000 + 32,107,000 + 21,411,000)
÷ 73,885,305 = 1.25
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 226.88 ÷ 1.25 = 180.90
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several key trends in the company's financial performance and market valuation over the observed periods.
- Share Price Trends
- The share price demonstrates a generally upward trajectory from March 2019 to March 2023, with notable volatility. Starting at $63.73 in March 2019, the price fluctuated moderately through 2019 and early 2020, then exhibited a significant increase beginning in the second half of 2020, peaking at $200.31 in December 2022 and further rising to $226.88 by March 2023. This upward trend suggests increasing investor confidence or growth expectations, despite short-term fluctuations.
- Operating Profit Per Share (OPPS) Movements
- Operating profit per share showed an initial positive but small value in early 2019, followed by a decline into negative territory from late 2019 through 2021. The lowest points were reached during mid-2021, indicating operational challenges or reduced profitability during this period. Starting in mid-2022, there is a clear recovery with operating profit per share returning to positive figures and improving steadily into 2023, reflecting a possible turnaround in operational efficiency or profitability.
- Price-to-Operating Profit (P/OP) Ratio Dynamics
- The P/OP ratio exhibited very high values when operating profits were negative or close to zero, indicating valuation challenges or disconnect during periods of low profitability. In 2019, the ratio ranged widely but was notably high, and there are missing values where operating profit was negative, precluding meaningful calculation. By 2022 and early 2023, with operating profits positive and growing, the P/OP ratio decreased substantially from extremely inflated levels to a more moderate range (around 156–280), suggesting that the market valuation became more aligned with operating profitability improvements.
- Overall Interpretation
- The data suggests that the company experienced a period of operational difficulties marked by negative operating profits from late 2019 through 2021, impacting valuation ratios. Despite these challenges, the share price rose significantly, possibly due to growth expectations or market sentiment. The recovery of operating profits from mid-2022 onward is matched by a normalization of valuation ratios, indicating improved operational performance and potentially increased investor confidence reflected in the share price acceleration in late 2022 and early 2023.
Price to Sales (P/S)
Axon Enterprise Inc., historical P/S 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 73,885,305 | 72,862,227 | 71,165,354 | 71,077,807 | 71,011,451 | 70,931,874 | 68,467,571 | 65,675,685 | 64,684,364 | 63,783,849 | 63,549,898 | 63,475,579 | 59,825,208 | 59,528,200 | 59,340,965 | 59,255,274 | 59,127,439 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net sales (in thousands) | 343,043) | 336,142) | 311,754) | 285,613) | 256,426) | 217,578) | 231,989) | 218,795) | 195,019) | 226,140) | 166,442) | 141,259) | 147,162) | 171,851) | 130,837) | 112,362) | 115,810) | ||||||
| Sales per share2 | 17.28 | 16.33 | 15.05 | 13.95 | 13.02 | 12.17 | 12.74 | 12.28 | 11.27 | 10.68 | 9.86 | 9.31 | 9.40 | 8.92 | 7.98 | 7.56 | 7.35 | ||||||
| Share price1, 3 | 226.88 | 200.31 | 171.84 | 111.62 | 89.46 | 134.14 | 167.41 | 192.59 | 134.74 | 165.49 | 122.59 | 83.88 | 86.13 | 77.37 | 65.29 | 58.09 | 63.73 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | 13.13 | 12.27 | 11.41 | 8.00 | 6.87 | 11.02 | 13.15 | 15.69 | 11.96 | 15.50 | 12.43 | 9.01 | 9.17 | 8.68 | 8.18 | 7.69 | 8.67 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | 1.73 | 1.90 | 1.30 | 1.53 | 1.50 | 1.87 | 1.93 | 2.20 | 2.44 | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 1.89 | 2.27 | 2.08 | 1.88 | 2.38 | 2.26 | 2.41 | 2.59 | 3.23 | — | — | — | — | — | — | — | — | ||||||
| Eaton Corp. plc | 3.23 | 3.31 | 2.99 | 2.95 | 2.96 | 3.03 | 3.51 | 3.39 | 3.25 | — | — | — | — | — | — | — | — | ||||||
| GE Aerospace | 1.51 | 1.20 | 1.11 | 1.10 | 1.25 | 1.50 | 1.64 | 1.60 | 1.68 | — | — | — | — | — | — | — | — | ||||||
| Honeywell International Inc. | 3.68 | 3.78 | 3.78 | 3.72 | 3.84 | 3.73 | 4.32 | 4.66 | 4.78 | — | — | — | — | — | — | — | — | ||||||
| Lockheed Martin Corp. | 1.92 | 1.78 | 1.75 | 1.61 | 1.84 | 1.57 | 1.38 | 1.53 | 1.63 | — | — | — | — | — | — | — | — | ||||||
| RTX Corp. | 2.15 | 2.14 | 1.97 | 2.04 | 2.27 | 2.21 | 2.09 | 2.14 | 2.07 | — | — | — | — | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
Sales per share
= (Net salesQ1 2023
+ Net salesQ4 2022
+ Net salesQ3 2022
+ Net salesQ2 2022)
÷ No. shares of common stock outstanding
= (343,043,000 + 336,142,000 + 311,754,000 + 285,613,000)
÷ 73,885,305 = 17.28
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 226.88 ÷ 17.28 = 13.13
5 Click competitor name to see calculations.
The analysis of the financial data reveals multiple trends in the company's market valuation and sales performance over the observed quarters.
- Share Price
- The share price exhibited a general upward trend from March 2019 through March 2023. Starting at $63.73 in March 2019, there was a moderate increase with periods of both growth and slight declines until reaching a significant peak of $200.31 in December 2022. The price further increased to $226.88 by March 2023. Notable volatility occurred particularly after mid-2020, with rapid rises and some retracements, indicating heightened market activity and investor interest.
- Sales Per Share
- Sales per share consistently increased across all quarters, reflecting steady growth in revenue generation relative to share count. Beginning at $7.35 in March 2019, sales per share rose incrementally each period, reaching $17.28 by March 2023. This progression denotes an expanding revenue base and potentially improving operational efficiency over time.
- Price-to-Sales (P/S) Ratio
- The P/S ratio showed significant fluctuations throughout the timeline. Initial values were around 8.67 in March 2019, decreasing somewhat before rising sharply from mid-2020 to reach a peak of 15.5 in December 2020. Subsequent quarters experienced volatility, with a marked decline to 6.87 in March 2022, followed by a resurgence reaching 13.13 at the end of the observation period in March 2023. These changes suggest variations in market valuation relative to sales, influenced by investor perceptions, market conditions, or company-specific factors.
Price to Book Value (P/BV)
Axon Enterprise Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 73,885,305 | 72,862,227 | 71,165,354 | 71,077,807 | 71,011,451 | 70,931,874 | 68,467,571 | 65,675,685 | 64,684,364 | 63,783,849 | 63,549,898 | 63,475,579 | 59,825,208 | 59,528,200 | 59,340,965 | 59,255,274 | 59,127,439 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Stockholders’ equity (in thousands) | 1,402,995) | 1,268,491) | 1,231,313) | 1,193,651) | 1,124,789) | 1,047,849) | 1,113,903) | 1,097,699) | 1,010,904) | 976,255) | 895,153) | 869,813) | 559,590) | 543,495) | 507,647) | 488,927) | 480,539) | ||||||
| Book value per share (BVPS)2 | 18.99 | 17.41 | 17.30 | 16.79 | 15.84 | 14.77 | 16.27 | 16.71 | 15.63 | 15.31 | 14.09 | 13.70 | 9.35 | 9.13 | 8.55 | 8.25 | 8.13 | ||||||
| Share price1, 3 | 226.88 | 200.31 | 171.84 | 111.62 | 89.46 | 134.14 | 167.41 | 192.59 | 134.74 | 165.49 | 122.59 | 83.88 | 86.13 | 77.37 | 65.29 | 58.09 | 63.73 | ||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | 11.95 | 11.51 | 9.93 | 6.65 | 5.65 | 9.08 | 10.29 | 11.52 | 8.62 | 10.81 | 8.70 | 6.12 | 9.21 | 8.47 | 7.63 | 7.04 | 7.84 | ||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| Boeing Co. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | 6.13 | 8.09 | 7.16 | 6.14 | 6.96 | 6.62 | 6.61 | 6.65 | 7.86 | — | — | — | — | — | — | — | — | ||||||
| Eaton Corp. plc | 3.96 | 4.04 | 3.75 | 3.56 | 3.52 | 3.63 | 4.28 | 4.21 | 3.84 | — | — | — | — | — | — | — | — | ||||||
| GE Aerospace | 3.39 | 2.43 | 2.53 | 2.26 | 2.27 | 2.64 | 3.15 | 3.43 | 3.53 | — | — | — | — | — | — | — | — | ||||||
| Honeywell International Inc. | 7.81 | 8.02 | 7.46 | 7.31 | 7.17 | 6.91 | 8.39 | 8.83 | 8.67 | — | — | — | — | — | — | — | — | ||||||
| Lockheed Martin Corp. | 13.16 | 12.67 | 9.46 | 9.05 | 12.08 | 9.62 | 9.50 | 15.63 | 17.05 | — | — | — | — | — | — | — | — | ||||||
| RTX Corp. | 2.03 | 1.97 | 1.85 | 1.89 | 2.04 | 1.95 | 1.87 | 1.87 | 1.75 | — | — | — | — | — | — | — | — | ||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q1 2023 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 1,402,995,000 ÷ 73,885,305 = 18.99
3 Closing price as at the filing date of Axon Enterprise Inc. Quarterly or Annual Report.
4 Q1 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 226.88 ÷ 18.99 = 11.95
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends and patterns in the company's share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the examined period.
- Share Price
- The share price shows an overall upward trend from March 2019 to March 2023, starting at US$63.73 and increasing to US$226.88. There are periods of volatility, with sharp increases notably between June 2020 and December 2020, where the price rose from $83.88 to $165.49, and from September 2022 to March 2023, where it climbed from $171.84 to $226.88. Some declines are observed as well, such as from December 2021 to March 2022, where the price dropped from $134.14 to $89.46. Despite fluctuations, the share price more than tripled over the four-year span, reflecting growing market valuation and investor confidence.
- Book Value per Share (BVPS)
- The BVPS consistently increased throughout the period, moving from $8.13 in March 2019 to $18.99 in March 2023. This steady growth indicates progressive accumulation of equity and retained earnings on a per-share basis, suggesting improved financial stability and increased net asset value attributed to shareholders. The growth is relatively smooth without significant drops, which highlights sustained underlying business performance and asset growth over time.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio exhibits considerable fluctuation during the analyzed quarters. It started at a high level of 7.84 in March 2019, exhibited notable volatility with peaks at 10.81 in December 2020 and 11.95 in March 2023. There are marked drops, such as to 5.65 in March 2022, coinciding with the period when the share price saw a decline despite the rising BVPS. The rising peaks suggest periods when the market price considerably outpaced the book value, indicating high investor expectations and potential overvaluation at times. Conversely, the sharp declines in P/BV represent intervals where the share price decreased or lagged relative to book value growth, potentially reflecting market corrections or shifts in investor sentiment.
In summary, the company experienced robust growth in both market valuation and book value per share over the observed four-year period. The share price increase outpaced the growth in BVPS, as reflected in the P/BV ratio's volatility. This suggests varying market perceptions of the company’s future prospects, with periods of both heightened optimism and correction. The sustained rise in BVPS points to improving financial fundamentals, while fluctuations in P/BV highlight the stock’s sensitivity to market dynamics and investor expectations.