Price to Sales (P/S)
since 2005
Calculation
Axon Enterprise Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 12.27 | = | 200.31 | ÷ | 16.33 | 16.33 | = | 1,189,935 | ÷ | 72,862,227 | |
| Feb 25, 2022 | 11.02 | = | 134.14 | ÷ | 12.17 | 12.17 | = | 863,381 | ÷ | 70,931,874 | |
| Feb 26, 2021 | 15.50 | = | 165.49 | ÷ | 10.68 | 10.68 | = | 681,003 | ÷ | 63,783,849 | |
| Feb 28, 2020 | 8.68 | = | 77.37 | ÷ | 8.92 | 8.92 | = | 530,860 | ÷ | 59,528,200 | |
| Feb 27, 2019 | 7.77 | = | 55.49 | ÷ | 7.14 | 7.14 | = | 420,068 | ÷ | 58,829,384 | |
| Mar 1, 2018 | 5.81 | = | 37.69 | ÷ | 6.48 | 6.48 | = | 343,798 | ÷ | 53,034,299 | |
| Mar 6, 2017 | 4.40 | = | 22.53 | ÷ | 5.13 | 5.13 | = | 268,245 | ÷ | 52,334,648 | |
| Mar 7, 2016 | 5.39 | = | 19.85 | ÷ | 3.69 | 3.69 | = | 197,892 | ÷ | 53,694,071 | |
| Mar 12, 2015 | 7.79 | = | 24.13 | ÷ | 3.10 | 3.10 | = | 164,525 | ÷ | 53,086,538 | |
| Mar 10, 2014 | 7.34 | = | 19.50 | ÷ | 2.66 | 2.66 | = | 137,831 | ÷ | 51,872,391 | |
| Mar 8, 2013 | 3.62 | = | 7.87 | ÷ | 2.17 | 2.17 | = | 114,753 | ÷ | 52,852,256 | |
| Mar 13, 2012 | 2.99 | = | 4.12 | ÷ | 1.38 | 1.38 | = | 90,028 | ÷ | 65,253,641 | |
| Mar 14, 2011 | 2.88 | = | 4.00 | ÷ | 1.39 | 1.39 | = | 86,930 | ÷ | 62,625,936 | |
| Mar 15, 2010 | 4.13 | = | 6.89 | ÷ | 1.67 | 1.67 | = | 104,252 | ÷ | 62,455,900 | |
| Mar 16, 2009 | 2.72 | = | 4.09 | ÷ | 1.50 | 1.50 | = | 92,845 | ÷ | 61,843,295 | |
| Feb 29, 2008 | 7.08 | = | 11.27 | ÷ | 1.59 | 1.59 | = | 100,727 | ÷ | 63,321,312 | |
| Mar 15, 2007 | 7.23 | = | 7.89 | ÷ | 1.09 | 1.09 | = | 67,718 | ÷ | 62,054,907 | |
| Mar 16, 2006 | 13.13 | = | 10.11 | ÷ | 0.77 | 0.77 | = | 47,694 | ÷ | 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 from 2006 to 2023 is characterized by a consistent expansion in operational scale and a volatile but ultimately upward shift in market valuation. While revenue generation per share grew steadily throughout the period, the market multiple fluctuated significantly, reflecting changing investor sentiment and growth expectations.
- Revenue Generation Trends
- Sales per share demonstrated a persistent and nearly linear upward trend, rising from 0.77 USD in 2006 to 16.33 USD in 2023. This consistent growth indicates a strong and sustained increase in the company's ability to generate revenue on a per-share basis over the seventeen-year period.
- Share Price Evolution
- The share price experienced high volatility during the first several years, dropping from 10.11 USD in 2006 to a low of 4.00 USD in 2011. Following this trough, a sustained bullish trend emerged, with the price accelerating sharply after 2018 to reach a peak of 200.31 USD by February 2023.
- Price-to-Sales (P/S) Ratio Fluctuations
- The P/S ratio exhibited three distinct phases. The first phase, from 2006 to 2012, was marked by a sharp contraction from a high of 13.13 to a low of 2.72 in 2009. The second phase, between 2013 and 2017, showed moderate volatility with a peak of 7.79 in 2015 followed by a dip to 4.40 in 2017. The third phase, from 2018 to 2023, was characterized by aggressive valuation expansion, peaking at 15.50 in 2021 before settling at 12.27 in 2023.
- Correlation Analysis
- A divergence is observed between the steady growth of sales per share and the fluctuating P/S ratio. The fact that the P/S ratio reached historic highs in 2021 despite the consistent growth in sales suggests that the market applied a significant growth premium to the company's valuation in later years. This indicates that the increase in share price was driven not only by fundamental revenue growth but also by a substantial re-rating of the company's future earning potential by investors.
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Comparison to Competitors
Axon Enterprise Inc., P/S, 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 | 12.27 | 1.90 | 2.27 | 3.31 | 1.20 | 3.78 | 1.78 | 2.14 |
| Feb 25, 2022 | 11.02 | 1.87 | 2.26 | 3.03 | 1.50 | 3.73 | 1.57 | 2.21 |
| Feb 26, 2021 | 15.50 | 1.96 | 2.83 | 2.96 | 1.41 | 4.34 | 1.40 | 1.95 |
| Feb 28, 2020 | 8.68 | 2.34 | 1.48 | 1.87 | 1.18 | 3.51 | 2.07 | 1.75 |
| Feb 27, 2019 | 7.77 | 2.26 | 1.47 | 1.58 | 0.82 | 2.59 | 1.58 | 1.56 |
| Mar 1, 2018 | 5.81 | 2.17 | 2.24 | 1.74 | 1.11 | 2.74 | 1.91 | 1.67 |
| Mar 6, 2017 | 4.40 | 1.06 | 1.62 | 1.65 | 2.39 | 2.36 | 1.59 | 1.55 |
| Mar 7, 2016 | 5.39 | 0.80 | 0.86 | 1.25 | 2.59 | 2.06 | 1.43 | 1.26 |
| Mar 12, 2015 | 7.79 | 1.15 | 0.99 | 1.49 | 2.45 | 2.03 | 1.34 | 1.67 |
| Mar 10, 2014 | 7.34 | 1.12 | 1.17 | 1.63 | 2.54 | 1.90 | 1.15 | 1.60 |
| Mar 8, 2013 | 3.62 | 0.70 | 0.99 | 1.79 | 2.39 | 1.46 | 0.60 | 1.43 |
| Mar 13, 2012 | 2.99 | 0.82 | 1.30 | 1.08 | 2.15 | 1.28 | 0.62 | 1.31 |
| Mar 14, 2011 | 2.88 | 0.83 | 1.63 | 1.33 | 2.20 | 1.36 | 0.61 | 1.44 |
| Mar 15, 2010 | 4.13 | 0.64 | 1.23 | 0.95 | 1.66 | 0.94 | 0.64 | 1.19 |
| Mar 16, 2009 | 2.72 | 0.51 | 0.33 | 0.39 | 1.02 | 0.66 | 0.64 | 0.77 |
| Feb 29, 2008 | 7.08 | 0.98 | 1.06 | 0.91 | 3.45 | 1.21 | 1.03 | 1.30 |
| Mar 15, 2007 | 7.23 | 1.17 | 1.12 | 0.96 | 3.54 | 1.22 | 1.08 | 1.44 |
| Mar 16, 2006 | 13.13 | 1.06 | 1.44 | 0.93 | 3.72 | 1.24 | 0.86 | 1.36 |
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/S, long-term trends, comparison to sector (capital goods)
| Axon Enterprise Inc. | Capital Goods | |
|---|---|---|
| Feb 28, 2023 | 12.27 | 2.09 |
| Feb 25, 2022 | 11.02 | 2.09 |
| Feb 26, 2021 | 15.50 | 2.11 |
| Feb 28, 2020 | 8.68 | 1.92 |
| Feb 27, 2019 | 7.77 | 1.62 |
| Mar 1, 2018 | 5.81 | 1.82 |
| Mar 6, 2017 | 4.40 | 1.76 |
| Mar 7, 2016 | 5.39 | 1.55 |
| Mar 12, 2015 | 7.79 | 1.66 |
| Mar 10, 2014 | 7.34 | 1.66 |
| Mar 8, 2013 | 3.62 | 1.37 |
| Mar 13, 2012 | 2.99 | 1.33 |
| Mar 14, 2011 | 2.88 | 1.45 |
| Mar 15, 2010 | 4.13 | 1.12 |
| Mar 16, 2009 | 2.72 | 0.71 |
| Feb 29, 2008 | 7.08 | 1.76 |
| Mar 15, 2007 | 7.23 | 1.91 |
| Mar 16, 2006 | 13.13 | 1.95 |
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).
Comparison to Industry (Industrials)
Axon Enterprise Inc., P/S, long-term trends, comparison to industry (industrials)
| Axon Enterprise Inc. | Industrials | |
|---|---|---|
| Feb 28, 2023 | 12.27 | 1.80 |
| Feb 25, 2022 | 11.02 | 2.07 |
| Feb 26, 2021 | 15.50 | 2.14 |
| Feb 28, 2020 | 8.68 | 1.77 |
| Feb 27, 2019 | 7.77 | 1.58 |
| Mar 1, 2018 | 5.81 | 1.71 |
| Mar 6, 2017 | 4.40 | 1.68 |
| Mar 7, 2016 | 5.39 | 1.48 |
| Mar 12, 2015 | 7.79 | 1.65 |
| Mar 10, 2014 | 7.34 | 1.57 |
| Mar 8, 2013 | 3.62 | 1.31 |
| Mar 13, 2012 | 2.99 | 1.27 |
| Mar 14, 2011 | 2.88 | 1.39 |
| Mar 15, 2010 | 4.13 | 1.09 |
| Mar 16, 2009 | 2.72 | 0.71 |
| Feb 29, 2008 | 7.08 | 1.62 |
| Mar 15, 2007 | 7.23 | 1.73 |
| Mar 16, 2006 | 13.13 | 1.80 |
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).