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 financial data reveals a significant divergence between the growth of the share price and the stability of operating profit per share over the analyzed period. While the equity value experienced exponential growth, operating profitability remained volatile, characterized by intermittent periods of losses and recovery.
- Share Price Trajectory
- The share price exhibited three distinct phases: a period of relative stagnation and fluctuation between 2006 and 2012, a steady ascent from 2013 to 2017, and a period of rapid acceleration from 2018 through 2023. The price rose from a low of 4.00 in 2011 to a peak of 200.31 in 2023, reflecting a substantial increase in market valuation over the long term.
- Operating Profitability Performance
- Operating profit per share demonstrated high variability and lack of consistency. The period between 2006 and 2013 was marked by instability, with losses recorded in 2007, 2011, and 2012. A phase of sustained profitability occurred between 2014 and 2017, peaking at 0.66 in 2016. This was followed by a sharp downturn into negative territory between 2020 and 2022, including a significant loss of 2.37 per share in 2022, before a strong recovery to 1.28 in 2023.
- Price to Operating Profit (P/OP) Trends
- The P/OP ratio indicates extreme valuation shifts. An initial outlier of 403.81 in 2006 was followed by a more moderate valuation range between 18.46 and 48.41 from 2008 to 2012. Starting in 2018, the ratio entered a high-valuation regime, with values exceeding 130 in 2018, 2019, and 2023. The gaps in P/OP reporting correlate precisely with years of negative operating profit, during which the ratio cannot be meaningfully calculated.
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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).