Price to Earnings (P/E)
since 2005
Calculation
Axon Enterprise Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 99.19 | = | 200.31 | ÷ | 2.02 | 2.02 | = | 147,139 | ÷ | 72,862,227 | |
| Feb 25, 2022 | — | = | 134.14 | ÷ | -0.85 | -0.85 | = | -60,018 | ÷ | 70,931,874 | |
| Feb 26, 2021 | — | = | 165.49 | ÷ | -0.03 | -0.03 | = | -1,724 | ÷ | 63,783,849 | |
| Feb 28, 2020 | 5,221.88 | = | 77.37 | ÷ | 0.01 | 0.01 | = | 882 | ÷ | 59,528,200 | |
| Feb 27, 2019 | 111.78 | = | 55.49 | ÷ | 0.50 | 0.50 | = | 29,205 | ÷ | 58,829,384 | |
| Mar 1, 2018 | 383.88 | = | 37.69 | ÷ | 0.10 | 0.10 | = | 5,207 | ÷ | 53,034,299 | |
| Mar 6, 2017 | 68.17 | = | 22.53 | ÷ | 0.33 | 0.33 | = | 17,297 | ÷ | 52,334,648 | |
| Mar 7, 2016 | 53.47 | = | 19.85 | ÷ | 0.37 | 0.37 | = | 19,933 | ÷ | 53,694,071 | |
| Mar 12, 2015 | 64.31 | = | 24.13 | ÷ | 0.38 | 0.38 | = | 19,918 | ÷ | 53,086,538 | |
| Mar 10, 2014 | 55.44 | = | 19.50 | ÷ | 0.35 | 0.35 | = | 18,244 | ÷ | 51,872,391 | |
| Mar 8, 2013 | 28.22 | = | 7.87 | ÷ | 0.28 | 0.28 | = | 14,738 | ÷ | 52,852,256 | |
| Mar 13, 2012 | — | = | 4.12 | ÷ | -0.11 | -0.11 | = | -7,040 | ÷ | 65,253,641 | |
| Mar 14, 2011 | — | = | 4.00 | ÷ | -0.07 | -0.07 | = | -4,384 | ÷ | 62,625,936 | |
| Mar 15, 2010 | — | = | 6.89 | ÷ | 0.00 | 0.00 | = | -1 | ÷ | 62,455,900 | |
| Mar 16, 2009 | 69.55 | = | 4.09 | ÷ | 0.06 | 0.06 | = | 3,637 | ÷ | 61,843,295 | |
| Feb 29, 2008 | 47.49 | = | 11.27 | ÷ | 0.24 | 0.24 | = | 15,026 | ÷ | 63,321,312 | |
| Mar 15, 2007 | — | = | 7.89 | ÷ | -0.07 | -0.07 | = | -4,088 | ÷ | 62,054,907 | |
| Mar 16, 2006 | 589.19 | = | 10.11 | ÷ | 0.02 | 0.02 | = | 1,063 | ÷ | 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 financial trajectory between 2006 and 2023 is characterized by a significant divergence between share price appreciation and earnings consistency, leading to extreme volatility in the Price to Earnings (P/E) ratio.
- Share Price Evolution
- A prolonged period of relative stagnation occurred between 2006 and 2012, with prices fluctuating between 4.00 and 11.27 US$. Beginning in 2013, a sustained upward trend emerged, with the share price accelerating rapidly from 7.87 US$ in 2013 to a peak of 200.31 US$ by February 2023, despite a temporary correction in 2022.
- Earnings Per Share (EPS) Performance
- Earnings remained marginal and volatile for the first decade of the period, frequently oscillating between slight profits and net losses. A period of relative stability was observed from 2013 to 2017, with EPS holding between 0.33 and 0.38 US$. However, a subsequent decline occurred between 2018 and 2022, culminating in a significant loss of 0.85 US$ per share in 2022, before a sharp recovery to 2.02 US$ in 2023.
- P/E Ratio Analysis
- The P/E ratio exhibited extreme fluctuations, reflecting the market's high growth expectations relative to realized earnings. While the ratio remained moderate between 28.22 and 69.55 from 2008 to 2017, it spiked to 383.88 in 2018 and reached an anomalous peak of 5,221.88 in 2020. These spikes occurred as the share price continued to climb while EPS contracted toward zero. The ratio became undefined during 2021 and 2022 due to negative earnings, before normalizing to 99.19 in 2023 following the substantial increase in EPS.
The relationship between price and earnings suggests a valuation driven by anticipated future growth rather than current profitability. The convergence in 2023, where a high share price was finally supported by a significant increase in EPS, indicates a transition toward a more fundamentally supported valuation model.
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Comparison to Competitors
Axon Enterprise Inc., P/E, 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 | 99.19 | — | 19.15 | 27.93 | — | 26.97 | 20.48 | 27.59 |
| Feb 25, 2022 | — | — | 16.82 | 27.77 | — | 23.14 | 16.70 | 36.79 |
| Feb 26, 2021 | — | — | 36.80 | 37.46 | 19.67 | 29.63 | 13.44 | — |
| Feb 28, 2020 | 5,221.88 | — | 12.36 | 18.06 | — | 20.97 | 19.87 | 24.41 |
| Feb 27, 2019 | 111.78 | 21.87 | 12.42 | 15.92 | — | 16.02 | 16.88 | 19.74 |
| Mar 1, 2018 | 383.88 | 24.68 | 126.80 | 11.90 | — | 67.20 | 48.70 | 21.97 |
| Mar 6, 2017 | 68.17 | 20.50 | — | 16.96 | 32.22 | 19.29 | 14.14 | 17.55 |
| Mar 7, 2016 | 53.47 | 14.89 | 18.07 | 13.17 | — | 16.70 | 18.36 | 9.31 |
| Mar 12, 2015 | 64.31 | 19.15 | 14.01 | 18.73 | 17.17 | 19.27 | 16.86 | 17.52 |
| Mar 10, 2014 | 55.44 | 21.10 | 16.25 | 19.35 | 19.59 | 18.91 | 17.56 | 17.51 |
| Mar 8, 2013 | 28.22 | 14.71 | 11.02 | 23.99 | 17.57 | 18.78 | 10.34 | 16.07 |
| Mar 13, 2012 | — | 14.09 | 15.11 | 12.83 | 15.52 | 22.54 | 10.81 | 15.29 |
| Mar 14, 2011 | — | 16.17 | 24.14 | 19.59 | 19.49 | 22.48 | 9.58 | 17.84 |
| Mar 15, 2010 | — | 33.40 | 40.66 | 29.60 | 16.09 | 13.44 | 9.56 | 16.33 |
| Mar 16, 2009 | 69.55 | 11.63 | 4.51 | 5.65 | 6.62 | 8.71 | 8.47 | 9.57 |
| Feb 29, 2008 | 47.49 | 15.99 | 12.54 | 11.89 | 15.45 | 17.07 | 14.15 | 16.61 |
| Mar 15, 2007 | — | 32.40 | 12.28 | 12.47 | 17.11 | 18.37 | 16.95 | 18.16 |
| Mar 16, 2006 | 589.19 | 22.62 | 17.17 | 12.82 | 21.07 | 20.71 | 17.45 | 18.76 |
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/E, long-term trends, comparison to sector (capital goods)
| Axon Enterprise Inc. | Capital Goods | |
|---|---|---|
| Feb 28, 2023 | 99.19 | 40.21 |
| Feb 25, 2022 | — | 57.31 |
| Feb 26, 2021 | — | 123.55 |
| Feb 28, 2020 | 5,221.88 | 39.03 |
| Feb 27, 2019 | 111.78 | 56.00 |
| Mar 1, 2018 | 383.88 | 55.16 |
| Mar 6, 2017 | 68.17 | 23.62 |
| Mar 7, 2016 | 53.47 | 33.10 |
| Mar 12, 2015 | 64.31 | 17.47 |
| Mar 10, 2014 | 55.44 | 18.85 |
| Mar 8, 2013 | 28.22 | 15.74 |
| Mar 13, 2012 | — | 15.20 |
| Mar 14, 2011 | — | 18.46 |
| Mar 15, 2010 | — | 17.22 |
| Mar 16, 2009 | 69.55 | 7.48 |
| Feb 29, 2008 | 47.49 | 15.28 |
| Mar 15, 2007 | — | 17.63 |
| Mar 16, 2006 | 589.19 | 20.11 |
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/E, long-term trends, comparison to industry (industrials)
| Axon Enterprise Inc. | Industrials | |
|---|---|---|
| Feb 28, 2023 | 99.19 | 36.06 |
| Feb 25, 2022 | — | 35.59 |
| Feb 26, 2021 | — | — |
| Feb 28, 2020 | 5,221.88 | 43.95 |
| Feb 27, 2019 | 111.78 | 33.70 |
| Mar 1, 2018 | 383.88 | 29.83 |
| Mar 6, 2017 | 68.17 | 22.92 |
| Mar 7, 2016 | 53.47 | 22.89 |
| Mar 12, 2015 | 64.31 | 18.79 |
| Mar 10, 2014 | 55.44 | 19.13 |
| Mar 8, 2013 | 28.22 | 17.77 |
| Mar 13, 2012 | — | 15.75 |
| Mar 14, 2011 | — | 18.72 |
| Mar 15, 2010 | — | 19.17 |
| Mar 16, 2009 | 69.55 | 9.73 |
| Feb 29, 2008 | 47.49 | 16.93 |
| Mar 15, 2007 | — | 11.65 |
| Mar 16, 2006 | 589.19 | 50.62 |
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).