Price to Book Value (P/BV)
since 2005
Calculation
Axon Enterprise Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 11.51 | = | 200.31 | ÷ | 17.41 | 17.41 | = | 1,268,491 | ÷ | 72,862,227 | |
| Feb 25, 2022 | 9.08 | = | 134.14 | ÷ | 14.77 | 14.77 | = | 1,047,849 | ÷ | 70,931,874 | |
| Feb 26, 2021 | 10.81 | = | 165.49 | ÷ | 15.31 | 15.31 | = | 976,255 | ÷ | 63,783,849 | |
| Feb 28, 2020 | 8.47 | = | 77.37 | ÷ | 9.13 | 9.13 | = | 543,495 | ÷ | 59,528,200 | |
| Feb 27, 2019 | 6.99 | = | 55.49 | ÷ | 7.94 | 7.94 | = | 467,324 | ÷ | 58,829,384 | |
| Mar 1, 2018 | 11.94 | = | 37.69 | ÷ | 3.16 | 3.16 | = | 167,444 | ÷ | 53,034,299 | |
| Mar 6, 2017 | 7.81 | = | 22.53 | ÷ | 2.88 | 2.88 | = | 150,888 | ÷ | 52,334,648 | |
| Mar 7, 2016 | 6.79 | = | 19.85 | ÷ | 2.92 | 2.92 | = | 157,004 | ÷ | 53,694,071 | |
| Mar 12, 2015 | 9.92 | = | 24.13 | ÷ | 2.43 | 2.43 | = | 129,106 | ÷ | 53,086,538 | |
| Mar 10, 2014 | 9.34 | = | 19.50 | ÷ | 2.09 | 2.09 | = | 108,347 | ÷ | 51,872,391 | |
| Mar 8, 2013 | 4.77 | = | 7.87 | ÷ | 1.65 | 1.65 | = | 87,285 | ÷ | 52,852,256 | |
| Mar 13, 2012 | 3.26 | = | 4.12 | ÷ | 1.26 | 1.26 | = | 82,456 | ÷ | 65,253,641 | |
| Mar 14, 2011 | 2.13 | = | 4.00 | ÷ | 1.88 | 1.88 | = | 117,564 | ÷ | 62,625,936 | |
| Mar 15, 2010 | 3.66 | = | 6.89 | ÷ | 1.88 | 1.88 | = | 117,701 | ÷ | 62,455,900 | |
| Mar 16, 2009 | 2.25 | = | 4.09 | ÷ | 1.82 | 1.82 | = | 112,526 | ÷ | 61,843,295 | |
| Feb 29, 2008 | 5.92 | = | 11.27 | ÷ | 1.91 | 1.91 | = | 120,637 | ÷ | 63,321,312 | |
| Mar 15, 2007 | 4.93 | = | 7.89 | ÷ | 1.60 | 1.60 | = | 99,329 | ÷ | 62,054,907 | |
| Mar 16, 2006 | 6.03 | = | 10.11 | ÷ | 1.68 | 1.68 | = | 103,866 | ÷ | 61,949,254 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Axon Enterprise Inc. Annual Report.
The Price to Book Value (P/BV) ratio exhibited significant volatility during the initial period from 2006 to 2013, followed by a structural shift toward higher valuation multiples beginning in 2014. This evolution reflects a transition from a period of fluctuating market confidence to a sustained premium valuation based on growth expectations.
- Early Valuation Phase (2006–2013)
- During this interval, the P/BV ratio demonstrated instability, ranging from a low of 2.13 in 2011 to a high of 6.03 in 2006. The book value per share remained relatively stagnant, fluctuating primarily between 1.26 and 1.91, while the share price experienced sharp declines and recoveries, contributing to the erratic nature of the ratio.
- Valuation Expansion (2014–2018)
- A distinct upward trend emerged in 2014, where the P/BV ratio jumped to 9.34. This trajectory continued toward a peak of 11.94 in 2018. This period indicates that the market began assigning a significantly higher premium to the company's assets, suggesting that value creation was being driven by intangible assets or projected earnings rather than tangible book value.
- Recent Valuation Baseline (2019–2023)
- Despite a temporary contraction to 6.99 in 2019, the P/BV ratio remained elevated, ending at 11.51 in 2023. This phase is characterized by a substantial increase in the underlying book value per share, which rose from 3.16 in 2018 to 17.41 in 2023. The concurrent rise in share price to 200.31 demonstrates that the high valuation multiple has been sustained even as the company's equity base expanded significantly.
Overall, the data indicates a shift in market perception, moving from a low-multiple asset valuation to a high-multiple growth valuation. The ability to maintain a P/BV ratio above 11.00 by 2023, while simultaneously growing the book value per share, suggests strong market confidence in the company's long-term value proposition.
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Comparison to Competitors
Axon Enterprise Inc., P/BV, 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. | |
|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 11.51 | — | 8.09 | 4.04 | 2.43 | 8.02 | 12.67 | 1.97 |
| Feb 25, 2022 | 9.08 | — | 6.62 | 3.63 | 2.64 | 6.91 | 9.62 | 1.95 |
| Feb 26, 2021 | 10.81 | — | 7.20 | 3.54 | 2.89 | 8.07 | 15.27 | 1.53 |
| Feb 28, 2020 | 8.47 | — | 5.16 | 2.48 | 3.66 | 6.97 | 39.60 | 3.24 |
| Feb 27, 2019 | 6.99 | 674.83 | 5.44 | 2.12 | 3.00 | 5.96 | 61.11 | 2.71 |
| Mar 1, 2018 | 11.94 | 569.92 | 6.98 | 2.06 | 1.96 | 6.44 | — | 3.38 |
| Mar 6, 2017 | 7.81 | 122.80 | 4.42 | 2.19 | 3.47 | 4.79 | 49.61 | 3.22 |
| Mar 7, 2016 | 6.79 | 12.17 | 2.56 | 1.72 | 2.79 | 4.35 | 21.37 | 2.59 |
| Mar 12, 2015 | 9.92 | 12.04 | 3.09 | 2.13 | 2.04 | 4.63 | 17.92 | 3.49 |
| Mar 10, 2014 | 9.34 | 6.50 | 2.96 | 2.15 | 1.96 | 4.25 | 10.65 | 3.14 |
| Mar 8, 2013 | 4.77 | 9.78 | 3.57 | 1.94 | 1.95 | 4.24 | 727.88 | 3.18 |
| Mar 13, 2012 | 3.26 | 16.10 | 5.78 | 2.32 | 1.75 | 4.31 | 28.67 | 3.48 |
| Mar 14, 2011 | 2.13 | 19.33 | 6.02 | 2.47 | 1.86 | 4.26 | 7.56 | 3.65 |
| Mar 15, 2010 | 3.66 | 20.59 | 4.16 | 1.67 | 1.47 | 3.27 | 7.00 | 3.12 |
| Mar 16, 2009 | 2.25 | — | 2.63 | 0.95 | 1.10 | 3.38 | 9.51 | 2.82 |
| Feb 29, 2008 | 5.92 | 7.24 | 5.00 | 2.28 | 2.97 | 4.52 | 4.38 | 3.28 |
| Mar 15, 2007 | 4.93 | 15.15 | 6.33 | 2.88 | 3.17 | 3.94 | 6.23 | 3.92 |
| Mar 16, 2006 | 6.03 | 5.26 | 5.81 | 2.73 | 3.15 | 3.05 | 4.05 | 3.39 |
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., P/BV, long-term trends, comparison to sector (capital goods)
| Axon Enterprise Inc. | Capital Goods | |
|---|---|---|
| Feb 28, 2023 | 11.51 | 5.31 |
| Feb 25, 2022 | 9.08 | 4.77 |
| Feb 26, 2021 | 10.81 | 5.05 |
| Feb 28, 2020 | 8.47 | 6.91 |
| Feb 27, 2019 | 6.99 | 6.11 |
| Mar 1, 2018 | 11.94 | 5.42 |
| Mar 6, 2017 | 7.81 | 4.64 |
| Mar 7, 2016 | 6.79 | 3.45 |
| Mar 12, 2015 | 9.92 | 3.17 |
| Mar 10, 2014 | 9.34 | 2.85 |
| Mar 8, 2013 | 4.77 | 2.77 |
| Mar 13, 2012 | 3.26 | 2.89 |
| Mar 14, 2011 | 2.13 | 2.90 |
| Mar 15, 2010 | 3.66 | 2.29 |
| Mar 16, 2009 | 2.25 | 1.86 |
| Feb 29, 2008 | 5.92 | 3.46 |
| Mar 15, 2007 | 4.93 | 3.91 |
| Mar 16, 2006 | 6.03 | 3.47 |
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., P/BV, long-term trends, comparison to industry (industrials)
| Axon Enterprise Inc. | Industrials | |
|---|---|---|
| Feb 28, 2023 | 11.51 | 5.50 |
| Feb 25, 2022 | 9.08 | 5.44 |
| Feb 26, 2021 | 10.81 | 5.89 |
| Feb 28, 2020 | 8.47 | 6.28 |
| Feb 27, 2019 | 6.99 | 5.96 |
| Mar 1, 2018 | 11.94 | 5.37 |
| Mar 6, 2017 | 7.81 | 4.89 |
| Mar 7, 2016 | 6.79 | 3.68 |
| Mar 12, 2015 | 9.92 | 3.70 |
| Mar 10, 2014 | 9.34 | 3.14 |
| Mar 8, 2013 | 4.77 | 3.06 |
| Mar 13, 2012 | 3.26 | 3.09 |
| Mar 14, 2011 | 2.13 | 3.05 |
| Mar 15, 2010 | 3.66 | 2.43 |
| Mar 16, 2009 | 2.25 | 2.01 |
| Feb 29, 2008 | 5.92 | 3.45 |
| Mar 15, 2007 | 4.93 | 3.75 |
| Mar 16, 2006 | 6.03 | 3.95 |
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).