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 share price exhibited significant volatility over the analyzed period, with notable fluctuations particularly between 2006 and 2013. Initially, the price decreased from $10.11 in 2006 to a low of $4.00 in 2011, reflecting a downward trend. However, from 2012 onward, the share price consistently increased, reaching a peak of $200.31 by early 2023. This growth phase suggests strengthening market confidence or improved company performance in the latter years.
The book value per share (BVPS) showed a generally positive trend with some variability in earlier years. BVPS started at $1.68 in 2006, experienced a slight decline during 2011-2012, and then steadily increased, achieving $17.41 in 2023. This upward trajectory in book value per share indicates an accumulation of net assets or retained earnings over time, underlying the company’s growing intrinsic value.
The price-to-book value (P/BV) ratio revealed pronounced fluctuations throughout the duration analyzed. Early years exhibited moderate P/BV values ranging from approximately 2.13 to 6.03, suggesting that in some years, shares traded close to or moderately above book value. From 2013 onward, the ratio generally increased, peaking at 11.94 in 2018 and maintaining elevated levels near 10 to 11 in subsequent years.
The rising P/BV ratio combined with increasing share price and book value per share emphasizes substantial market optimism and possibly expectations of future earnings growth or intangible asset value beyond book value. However, such elevated P/BV ratios could also imply shares are priced significantly above net asset value, which warrants consideration of valuation risks.
- Share Price Trend
- Initial decline from 2006 to 2011, followed by a strong and sustained increase from 2012 through 2023, peaking at $200.31.
- Book Value per Share Trend
- Relatively stable with minor dips around 2011-2012, and then steady growth reaching $17.41 by 2023, reflecting increased net asset value.
- Price-to-Book Ratio (P/BV) Trend
- Moderate and variable before 2013, with significant rise and generally high ratios afterward, indicating market valuation premiums over book value.
- Insights
- The combined growth in share price and book value per share suggests improved company fundamentals. Elevated P/BV ratios imply investor confidence or expectations of substantial future performance but may also highlight potential overvaluation.
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).