Debt to Equity
since 2005
Calculation
Axon Enterprise Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Convertible notes, net1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2022 | 0.53 | = | 673,967) | ÷ | 1,268,491) |
| Dec 31, 2021 | 0.00 | = | —) | ÷ | 1,047,849) |
| Dec 31, 2020 | 0.00 | = | —) | ÷ | 976,255) |
| Dec 31, 2019 | 0.00 | = | —) | ÷ | 543,495) |
| Dec 31, 2018 | 0.00 | = | —) | ÷ | 467,324) |
| Dec 31, 2017 | 0.00 | = | —) | ÷ | 167,444) |
| Dec 31, 2016 | 0.00 | = | —) | ÷ | 150,888) |
| Dec 31, 2015 | 0.00 | = | —) | ÷ | 157,004) |
| Dec 31, 2014 | 0.00 | = | —) | ÷ | 129,106) |
| Dec 31, 2013 | 0.00 | = | —) | ÷ | 108,347) |
| Dec 31, 2012 | 0.00 | = | —) | ÷ | 87,285) |
| Dec 31, 2011 | 0.00 | = | —) | ÷ | 82,456) |
| Dec 31, 2010 | 0.00 | = | —) | ÷ | 117,564) |
| Dec 31, 2009 | 0.00 | = | —) | ÷ | 117,701) |
| Dec 31, 2008 | 0.00 | = | —) | ÷ | 112,526) |
| Dec 31, 2007 | 0.00 | = | —) | ÷ | 120,637) |
| Dec 31, 2006 | 0.00 | = | —) | ÷ | 99,329) |
| Dec 31, 2005 | 0.00 | = | —) | ÷ | 103,866) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
Stockholders' equity experienced a trajectory of significant long-term expansion, transitioning from a period of relative stability to one of rapid growth. Between 2005 and 2011, equity remained within a narrow range, fluctuating between approximately $82.5 million and $120.6 million. A steady increase followed from 2012 through 2017, during which equity rose to $167.4 million.
A period of accelerated capital accumulation began in 2018, with stockholders' equity jumping to $467.3 million and continuing a steep upward climb to reach $1.27 billion by December 31, 2022. This growth indicates a substantial strengthening of the company's net asset position over the latter part of the observed period.
- Debt Issuance and Financing Shift
- For the vast majority of the period from 2005 through 2021, there were no reported convertible notes. A significant shift in the capital structure occurred in 2022 with the introduction of $673.97 million in convertible notes, indicating a strategic move to utilize debt financing.
- Debt to Equity Ratio Analysis
- The debt to equity ratio stood at 0.53 as of December 31, 2022. This ratio reflects the impact of the new convertible notes balanced against the expanded equity base. The resulting figure suggests a moderate level of leverage, where the company's equity still significantly exceeds its reported debt obligations.
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Comparison to Competitors
Axon Enterprise Inc., debt to equity, long-term trends, comparison to competitors
| Axon Enterprise Inc. | Boeing Co. | Caterpillar Inc. | Eaton Corp. plc | GE Aerospace | Honeywell International Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 0.53 | — | 2.33 | 0.51 | 0.89 | 1.17 | 1.68 | 0.44 |
| Dec 31, 2021 | 0.00 | — | 2.29 | 0.52 | 0.87 | 1.06 | 1.07 | 0.43 |
| Dec 31, 2020 | 0.00 | — | 2.42 | 0.54 | 2.11 | 1.28 | 2.02 | 0.44 |
| Dec 31, 2019 | 0.00 | — | 2.58 | 0.52 | 3.21 | 0.87 | 4.05 | 1.04 |
| Dec 31, 2018 | 0.00 | 40.85 | 2.60 | 0.47 | 3.55 | 0.89 | 9.04 | 1.18 |
| Dec 31, 2017 | 0.00 | 31.32 | 2.55 | 0.45 | 2.09 | 1.04 | — | 0.93 |
| Dec 31, 2016 | 0.00 | 12.18 | 2.80 | 0.56 | 1.80 | 0.81 | 9.45 | 0.87 |
| Dec 31, 2015 | 0.00 | 1.57 | 2.57 | 0.56 | 2.02 | 0.66 | 4.62 | 0.75 |
| Dec 31, 2014 | 0.00 | 1.05 | 2.35 | 0.57 | 2.85 | 0.49 | 1.81 | 0.63 |
| Dec 31, 2013 | 0.00 | 0.65 | 1.81 | 0.57 | 2.93 | 0.51 | 1.25 | 0.64 |
| Dec 31, 2012 | 0.00 | 1.77 | 2.29 | 0.72 | 3.37 | 0.58 | 157.90 | 0.90 |
| Dec 31, 2011 | 0.00 | 3.52 | 2.69 | 0.51 | 3.89 | 0.70 | 6.45 | 0.47 |
| Dec 31, 2010 | 0.00 | 4.49 | 2.63 | 0.47 | 4.02 | 0.62 | 1.35 | 0.48 |
| Dec 31, 2009 | 0.00 | 6.07 | 3.62 | 0.51 | 4.35 | 0.86 | 1.22 | 0.49 |
| Dec 31, 2008 | 0.00 | — | 5.84 | 0.68 | 5.00 | 1.17 | 1.24 | 0.72 |
| Dec 31, 2007 | 0.00 | 0.91 | 3.20 | 0.66 | 4.45 | 0.83 | 0.44 | 0.43 |
| Dec 31, 2006 | 0.00 | 2.01 | 3.98 | 0.63 | 3.85 | 0.52 | 0.64 | 0.46 |
| Dec 31, 2005 | 0.00 | 0.97 | 3.05 | 0.65 | 3.39 | 0.45 | 0.61 | 0.48 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Capital Goods)
Axon Enterprise Inc., debt to equity, long-term trends, comparison to sector (capital goods)
| Axon Enterprise Inc. | Capital Goods | |
|---|---|---|
| Dec 31, 2022 | 0.53 | 1.33 |
| Dec 31, 2021 | 0.00 | 1.26 |
| Dec 31, 2020 | 0.00 | 1.75 |
| Dec 31, 2019 | 0.00 | 2.08 |
| Dec 31, 2018 | 0.00 | 2.03 |
| Dec 31, 2017 | 0.00 | 1.74 |
| Dec 31, 2016 | 0.00 | 1.60 |
| Dec 31, 2015 | 0.00 | 1.64 |
| Dec 31, 2014 | 0.00 | 2.06 |
| Dec 31, 2013 | 0.00 | 2.00 |
| Dec 31, 2012 | 0.00 | 2.56 |
| Dec 31, 2011 | 0.00 | 3.04 |
| Dec 31, 2010 | 0.00 | 3.10 |
| Dec 31, 2009 | 0.00 | 3.46 |
| Dec 31, 2008 | 0.00 | 4.19 |
| Dec 31, 2007 | 0.00 | 3.21 |
| Dec 31, 2006 | 0.00 | 3.02 |
| Dec 31, 2005 | 0.00 | 2.53 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Industrials)
Axon Enterprise Inc., debt to equity, long-term trends, comparison to industry (industrials)
| Axon Enterprise Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 0.53 | 1.42 |
| Dec 31, 2021 | 0.00 | 1.37 |
| Dec 31, 2020 | 0.00 | 1.82 |
| Dec 31, 2019 | 0.00 | 1.82 |
| Dec 31, 2018 | 0.00 | 1.85 |
| Dec 31, 2017 | 0.00 | 1.65 |
| Dec 31, 2016 | 0.00 | 1.54 |
| Dec 31, 2015 | 0.00 | 1.51 |
| Dec 31, 2014 | 0.00 | 1.89 |
| Dec 31, 2013 | 0.00 | 1.79 |
| Dec 31, 2012 | 0.00 | 2.29 |
| Dec 31, 2011 | 0.00 | 2.60 |
| Dec 31, 2010 | 0.00 | 2.68 |
| Dec 31, 2009 | 0.00 | 3.01 |
| Dec 31, 2008 | 0.00 | 3.54 |
| Dec 31, 2007 | 0.00 | 2.73 |
| Dec 31, 2006 | 0.00 | 2.49 |
| Dec 31, 2005 | 0.00 | 2.42 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).