Return on Assets (ROA)
since 2005
Calculation
Axon Enterprise Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss)1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 5.16% | = | 100 | × | 147,139) | ÷ | 2,851,894) |
| Dec 31, 2021 | -3.56% | = | 100 | × | (60,018) | ÷ | 1,688,210) |
| Dec 31, 2020 | -0.12% | = | 100 | × | (1,724) | ÷ | 1,381,023) |
| Dec 31, 2019 | 0.10% | = | 100 | × | 882) | ÷ | 845,639) |
| Dec 31, 2018 | 4.06% | = | 100 | × | 29,205) | ÷ | 719,540) |
| Dec 31, 2017 | 1.54% | = | 100 | × | 5,207) | ÷ | 338,112) |
| Dec 31, 2016 | 6.22% | = | 100 | × | 17,297) | ÷ | 278,163) |
| Dec 31, 2015 | 8.67% | = | 100 | × | 19,933) | ÷ | 229,881) |
| Dec 31, 2014 | 10.75% | = | 100 | × | 19,918) | ÷ | 185,368) |
| Dec 31, 2013 | 12.30% | = | 100 | × | 18,244) | ÷ | 148,382) |
| Dec 31, 2012 | 12.68% | = | 100 | × | 14,738) | ÷ | 116,236) |
| Dec 31, 2011 | -6.71% | = | 100 | × | (7,040) | ÷ | 104,963) |
| Dec 31, 2010 | -3.22% | = | 100 | × | (4,384) | ÷ | 136,187) |
| Dec 31, 2009 | 0.00% | = | 100 | × | (1) | ÷ | 138,426) |
| Dec 31, 2008 | 2.80% | = | 100 | × | 3,637) | ÷ | 130,016) |
| Dec 31, 2007 | 10.91% | = | 100 | × | 15,026) | ÷ | 137,763) |
| Dec 31, 2006 | -3.41% | = | 100 | × | (4,088) | ÷ | 119,838) |
| Dec 31, 2005 | 0.95% | = | 100 | × | 1,063) | ÷ | 112,338) |
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$ in thousands
The financial performance from 2005 to 2022 is characterized by three distinct phases: initial volatility, a period of high operational efficiency, and a subsequent phase of aggressive asset expansion followed by a sharp recovery in profitability.
- Early Performance Volatility (2005–2011)
- The initial period was marked by significant fluctuations in profitability. Return on assets (ROA) exhibited extreme variance, swinging from a high of 10.91% in 2007 to a low of -6.71% in 2011. Net income during this timeframe remained inconsistent, reflecting instability in early asset utilization and operational scaling.
- Peak Asset Efficiency (2012–2015)
- A period of sustained profitability was observed beginning in 2012, during which ROA reached its historical peak of 12.68%. For four consecutive years, the ROA remained high, staying above 8% through 2015. This indicates a period where net income growth was well-aligned with the growth of the asset base.
- Asset Scaling and Margin Compression (2016–2021)
- A long-term downward trend in ROA occurred as total assets expanded exponentially, growing from approximately 278 million in 2015 to over 1.68 billion by 2021. The rapid increase in the asset base significantly outpaced income generation, leading to a steady erosion of ROA. This culminated in negative returns in 2020 and 2021, with the ROA reaching -3.56% in 2021, coinciding with a substantial net loss of 60 million.
- Recovery and Profitability Pivot (2022)
- The 2022 fiscal year demonstrated a sharp reversal of the previous negative trend. Despite total assets continuing to climb to 2.85 billion, net income experienced a substantial surge to 147 million. This resulted in a recovery of the ROA to 5.16%, suggesting that the company successfully began to leverage its expanded asset base to generate significant bottom-line growth.
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Comparison to Competitors
Axon Enterprise Inc., ROA, 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. | |
|---|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 5.16% | -3.60% | 8.18% | 7.03% | 0.12% | 7.97% | 10.84% | 3.27% |
| Dec 31, 2021 | -3.56% | -3.03% | 7.84% | 6.30% | -3.28% | 8.60% | 12.41% | 2.39% |
| Dec 31, 2020 | -0.12% | -7.80% | 3.83% | 4.43% | 2.25% | 7.40% | 13.47% | -2.17% |
| Dec 31, 2019 | 0.10% | -0.48% | 7.77% | 6.74% | -1.87% | 10.47% | 13.11% | 3.96% |
| Dec 31, 2018 | 4.06% | 8.91% | 7.83% | 6.90% | -7.23% | 11.71% | 11.24% | 3.93% |
| Dec 31, 2017 | 1.54% | 8.88% | 0.98% | 9.15% | -1.53% | 2.79% | 4.30% | 4.70% |
| Dec 31, 2016 | 6.22% | 5.44% | -0.09% | 6.32% | 2.42% | 8.88% | 11.09% | 5.64% |
| Dec 31, 2015 | 8.67% | 5.48% | 2.68% | 6.38% | -1.24% | 9.67% | 7.34% | 8.70% |
| Dec 31, 2014 | 10.75% | 5.49% | 4.36% | 5.35% | 2.35% | 9.33% | 9.75% | 6.81% |
| Dec 31, 2013 | 12.30% | 4.95% | 4.46% | 5.24% | 1.99% | 8.64% | 8.24% | 6.31% |
| Dec 31, 2012 | 12.68% | 4.39% | 6.36% | 3.39% | 1.99% | 6.99% | 7.10% | 5.74% |
| Dec 31, 2011 | -6.71% | 5.02% | 6.05% | 7.55% | 1.97% | 5.19% | 7.00% | 8.10% |
| Dec 31, 2010 | -3.22% | 4.82% | 4.22% | 5.38% | 1.55% | 5.34% | 8.34% | 7.48% |
| Dec 31, 2009 | 0.00% | 2.11% | 1.49% | 2.35% | 1.41% | 5.98% | 8.61% | 6.87% |
| Dec 31, 2008 | 2.80% | 4.97% | 5.25% | 6.35% | 2.18% | 7.87% | 9.62% | 8.30% |
| Dec 31, 2007 | 10.91% | 6.91% | 6.31% | 7.40% | 2.79% | 7.23% | 10.49% | 7.74% |
| Dec 31, 2006 | -3.41% | 4.28% | 6.95% | 8.32% | 2.99% | 6.73% | 8.96% | 7.92% |
| Dec 31, 2005 | 0.95% | 4.28% | 6.06% | 7.88% | 2.43% | 5.12% | 6.58% | 6.68% |
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., ROA, long-term trends, comparison to sector (capital goods)
| Axon Enterprise Inc. | Capital Goods | |
|---|---|---|
| Dec 31, 2022 | 5.16% | 2.84% |
| Dec 31, 2021 | -3.56% | 1.86% |
| Dec 31, 2020 | -0.12% | 0.80% |
| Dec 31, 2019 | 0.10% | 2.72% |
| Dec 31, 2018 | 4.06% | 1.74% |
| Dec 31, 2017 | 1.54% | 1.83% |
| Dec 31, 2016 | 6.22% | 4.09% |
| Dec 31, 2015 | 8.67% | 2.17% |
| Dec 31, 2014 | 10.75% | 3.87% |
| Dec 31, 2013 | 12.30% | 3.45% |
| Dec 31, 2012 | 12.68% | 3.30% |
| Dec 31, 2011 | -6.71% | 3.30% |
| Dec 31, 2010 | -3.22% | 2.70% |
| Dec 31, 2009 | 0.00% | 2.16% |
| Dec 31, 2008 | 2.80% | 3.33% |
| Dec 31, 2007 | 10.91% | 3.89% |
| Dec 31, 2006 | -3.41% | 3.91% |
| Dec 31, 2005 | 0.95% | 3.25% |
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., ROA, long-term trends, comparison to industry (industrials)
| Axon Enterprise Inc. | Industrials | |
|---|---|---|
| Dec 31, 2022 | 5.16% | 3.31% |
| Dec 31, 2021 | -3.56% | 3.40% |
| Dec 31, 2020 | -0.12% | 0.04% |
| Dec 31, 2019 | 0.10% | 2.56% |
| Dec 31, 2018 | 4.06% | 3.16% |
| Dec 31, 2017 | 1.54% | 3.59% |
| Dec 31, 2016 | 6.22% | 4.55% |
| Dec 31, 2015 | 8.67% | 3.52% |
| Dec 31, 2014 | 10.75% | 4.31% |
| Dec 31, 2013 | 12.30% | 3.91% |
| Dec 31, 2012 | 12.68% | 3.38% |
| Dec 31, 2011 | -6.71% | 3.69% |
| Dec 31, 2010 | -3.22% | 3.03% |
| Dec 31, 2009 | 0.00% | 2.24% |
| Dec 31, 2008 | 2.80% | 3.10% |
| Dec 31, 2007 | 10.91% | 3.87% |
| Dec 31, 2006 | -3.41% | 6.41% |
| Dec 31, 2005 | 0.95% | 1.42% |
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).