Price to Operating Profit (P/OP)
since 2005
Calculation
Axon Enterprise Inc., P/OP, long-term trends, calculation
| P/OP | = | Share price1, 2, 3 | ÷ | Operating profit per share1 | Operating profit per share1 | = | Income (loss) from operations1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 156.51 | = | 200.31 | ÷ | 1.28 | 1.28 | = | 93,253 | ÷ | 72,862,227 | |
| Feb 25, 2022 | — | = | 134.14 | ÷ | -2.37 | -2.37 | = | -168,123 | ÷ | 70,931,874 | |
| Feb 26, 2021 | — | = | 165.49 | ÷ | -0.22 | -0.22 | = | -14,150 | ÷ | 63,783,849 | |
| Feb 28, 2020 | — | = | 77.37 | ÷ | -0.11 | -0.11 | = | -6,394 | ÷ | 59,528,200 | |
| Feb 27, 2019 | 131.41 | = | 55.49 | ÷ | 0.42 | 0.42 | = | 24,841 | ÷ | 58,829,384 | |
| Mar 1, 2018 | 153.49 | = | 37.69 | ÷ | 0.25 | 0.25 | = | 13,023 | ÷ | 53,034,299 | |
| Mar 6, 2017 | 37.02 | = | 22.53 | ÷ | 0.61 | 0.61 | = | 31,851 | ÷ | 52,334,648 | |
| Mar 7, 2016 | 30.16 | = | 19.85 | ÷ | 0.66 | 0.66 | = | 35,335 | ÷ | 53,694,071 | |
| Mar 12, 2015 | 39.41 | = | 24.13 | ÷ | 0.61 | 0.61 | = | 32,505 | ÷ | 53,086,538 | |
| Mar 10, 2014 | 36.19 | = | 19.50 | ÷ | 0.54 | 0.54 | = | 27,948 | ÷ | 51,872,391 | |
| Mar 8, 2013 | 18.46 | = | 7.87 | ÷ | 0.43 | 0.43 | = | 22,529 | ÷ | 52,852,256 | |
| Mar 13, 2012 | — | = | 4.12 | ÷ | -0.17 | -0.17 | = | -10,916 | ÷ | 65,253,641 | |
| Mar 14, 2011 | — | = | 4.00 | ÷ | -0.08 | -0.08 | = | -5,140 | ÷ | 62,625,936 | |
| Mar 15, 2010 | — | = | 6.89 | ÷ | 0.00 | 0.00 | = | -79 | ÷ | 62,455,900 | |
| Mar 16, 2009 | 48.41 | = | 4.09 | ÷ | 0.08 | 0.08 | = | 5,225 | ÷ | 61,843,295 | |
| Feb 29, 2008 | 35.03 | = | 11.27 | ÷ | 0.32 | 0.32 | = | 20,374 | ÷ | 63,321,312 | |
| Mar 15, 2007 | — | = | 7.89 | ÷ | -0.11 | -0.11 | = | -6,856 | ÷ | 62,054,907 | |
| Mar 16, 2006 | 403.81 | = | 10.11 | ÷ | 0.03 | 0.03 | = | 1,551 | ÷ | 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 of the company exhibited considerable volatility over the analyzed period. Initially, the share price decreased from $10.11 in 2006 to a low of $4.00-$4.12 range around 2011-2012. Following this low, the share price showed a strong upward trajectory, reaching $77.37 by early 2020 and experiencing a notable peak of $165.49 in 2021. Despite a decline to $134.14 in 2022, the price recovered sharply to $200.31 by early 2023, indicating overall significant growth in market value over the long term.
Operating profit per share (OPPS) displayed a fluctuating pattern with several periods of negative values. Early years include minor positive and negative results, with the most frequent negative OPPS values occurring between 2007 and 2012. Notably, the OPPS improved to consistent positive figures from 2013 through 2017, with a peak of $0.66 in 2016. However, the last five years show instability and volatility, including sharp downturns with a low of -$2.37 recorded in 2022, followed by a recovery to $1.28 in 2023. This suggests challenges with maintaining consistent operating profitability, especially during certain recent years.
The price to operating profit ratio (P/OP) ratio data is incomplete but provides insight into valuation relative to earnings. Early in the period, a very high ratio of 403.81 in 2006 indicates overvaluation relative to operating profit per share at that time. Subsequent years show a decrease with fluctuating values around 30 to 40 in the mid-period, indicating more moderate valuation levels. The ratio spike to 153.49 in 2018 and 156.51 in 2023 correspond to years when operating profit per share suffered declines or volatility, suggesting that share price performance was relatively high compared to profitability during these years.
Overall, the data reveals a company with a volatile profitability profile but with strongly appreciating share price over the nearly two-decade period. The periods of negative operating profit per share correspond to elevated valuation ratios, possibly reflecting investor optimism or expectations of future growth despite short-term operational difficulties.
- Share Price Trend
- Highly volatile initially, with a prolonged period of weakness around 2009-2012, followed by a powerful upward trend and recent record highs.
- Operating Profit Per Share
- Inconsistent with frequent negative results early on, improved profitability from 2013 to 2017, then volatile and negative spikes in recent years with a sharp recovery in the latest period.
- Price to Operating Profit Ratio
- Reflects periods of valuation extremes, with very high ratios when operating profits were poor, and more moderate ratios when profitability was stable.
Comparison to Competitors
Axon Enterprise Inc., P/OP, long-term trends, comparison to competitors
| Axon Enterprise Inc. | Boeing Co. | Caterpillar Inc. | Lockheed Martin Corp. | RTX Corp. | |
|---|---|---|---|---|---|
| Feb 28, 2023 | 156.51 | — | 16.25 | 14.06 | 26.48 |
| Feb 25, 2022 | — | — | 15.87 | 11.56 | 28.68 |
| Feb 26, 2021 | — | — | 24.23 | 10.63 | — |
| Feb 28, 2020 | — | — | 9.08 | 14.49 | 15.07 |
| Feb 27, 2019 | 131.41 | 19.08 | 9.20 | 11.62 | 12.16 |
| Mar 1, 2018 | 153.49 | 19.69 | 21.70 | 16.47 | 11.53 |
| Mar 6, 2017 | 37.02 | 17.20 | 116.61 | 13.51 | 10.86 |
| Mar 7, 2016 | 30.16 | 10.36 | 11.66 | 12.17 | 9.71 |
| Mar 12, 2015 | 39.41 | 13.96 | 9.71 | 10.89 | 11.15 |
| Mar 10, 2014 | 36.19 | 14.75 | 10.94 | 11.62 | 10.88 |
| Mar 8, 2013 | 18.46 | 9.09 | 7.30 | 6.40 | 10.73 |
| Mar 13, 2012 | — | 9.69 | 10.41 | 7.21 | 9.40 |
| Mar 14, 2011 | — | 10.76 | 16.44 | 6.84 | 10.86 |
| Mar 15, 2010 | — | 20.91 | 63.07 | 6.47 | 9.67 |
| Mar 16, 2009 | 48.41 | 7.87 | 3.61 | 5.31 | 5.88 |
| Feb 29, 2008 | 35.03 | 11.17 | 9.03 | 9.48 | 9.95 |
| Mar 15, 2007 | — | 23.81 | 8.83 | 10.84 | 11.11 |
| Mar 16, 2006 | 403.81 | 20.69 | 12.95 | 10.66 | 11.11 |
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).