Stock Analysis on Net
Stock Analysis on Net

Axon Enterprise Inc. (NASDAQ:AXON)

This company has been moved to the archive! The financial data has not been updated since May 9, 2023.

Total Asset Turnover
since 2005

Microsoft Excel

Calculation

Axon Enterprise Inc., total asset turnover, long-term trends, calculation

Microsoft Excel
Total asset turnover = Net sales1 ÷ Total assets1
Dec 31, 2022 0.42 = 1,189,935 ÷ 2,851,894
Dec 31, 2021 0.51 = 863,381 ÷ 1,688,210
Dec 31, 2020 0.49 = 681,003 ÷ 1,381,023
Dec 31, 2019 0.63 = 530,860 ÷ 845,639
Dec 31, 2018 0.58 = 420,068 ÷ 719,540
Dec 31, 2017 1.02 = 343,798 ÷ 338,112
Dec 31, 2016 0.96 = 268,245 ÷ 278,163
Dec 31, 2015 0.86 = 197,892 ÷ 229,881
Dec 31, 2014 0.89 = 164,525 ÷ 185,368
Dec 31, 2013 0.93 = 137,831 ÷ 148,382
Dec 31, 2012 0.99 = 114,753 ÷ 116,236
Dec 31, 2011 0.86 = 90,028 ÷ 104,963
Dec 31, 2010 0.64 = 86,930 ÷ 136,187
Dec 31, 2009 0.75 = 104,252 ÷ 138,426
Dec 31, 2008 0.71 = 92,845 ÷ 130,016
Dec 31, 2007 0.73 = 100,727 ÷ 137,763
Dec 31, 2006 0.57 = 67,718 ÷ 119,838
Dec 31, 2005 0.42 = 47,694 ÷ 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 analysis of total asset turnover reveals three distinct operational phases: a period of efficiency improvement, a plateau of peak utilization, and a subsequent period of asset expansion that has compressed the turnover ratio.

Efficiency Expansion (2005–2012)
A consistent upward trend in asset productivity is observed during this period, with the total asset turnover ratio rising from 0.42 in 2005 to 0.99 in 2012. This indicates that net sales grew at a rate significantly exceeding the growth of the asset base, reflecting increased operational efficiency in generating revenue from available resources.
Peak Utilization (2013–2017)
The turnover ratio remained relatively stable and reached its historical zenith during this interval, peaking at 1.02 in 2017. During these years, the company achieved a near one-to-one correlation between its total assets and annual net sales, representing the most efficient phase of asset deployment in the reported timeframe.
Asset Base Expansion and Ratio Compression (2018–2022)
A marked decline in asset turnover began in 2018, falling to 0.58 and continuing a downward trajectory to 0.42 by 2022. While net sales experienced aggressive growth—increasing from $420.1 million in 2018 to $1.19 billion in 2022—this growth was outpaced by a massive expansion in total assets, which rose from $719.5 million to $2.85 billion. This imbalance resulted in the turnover ratio returning to 2005 levels despite the significantly larger scale of operations.
Correlation between Scale and Asset Productivity
The divergence between sales growth and asset accumulation since 2018 suggests a shift toward a more capital-intensive business model or significant strategic investments in the balance sheet. The rapid increase in total assets has outstripped the immediate conversion into sales, leading to a temporary reduction in the efficiency of asset utilization.

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Comparison to Competitors

Axon Enterprise Inc., total asset turnover, long-term trends, comparison to competitors

Microsoft Excel
Axon Enterprise Inc. Boeing Co. Caterpillar Inc. Eaton Corp. plc GE Aerospace Honeywell International Inc. Lockheed Martin Corp. RTX Corp.
Dec 31, 2022 0.42 0.49 0.69 0.59 0.39 0.57 1.25 0.42
Dec 31, 2021 0.51 0.45 0.58 0.58 0.36 0.53 1.32 0.40
Dec 31, 2020 0.49 0.38 0.50 0.56 0.29 0.51 1.29 0.35
Dec 31, 2019 0.63 0.57 0.65 0.65 0.33 0.63 1.26 0.55
Dec 31, 2018 0.58 0.86 0.66 0.70 0.37 0.72 1.20 0.50
Dec 31, 2017 1.02 1.01 0.55 0.63 0.30 0.68 1.10 0.62
Dec 31, 2016 0.96 1.05 0.48 0.65 0.30 0.73 0.99 0.64
Dec 31, 2015 0.86 1.02 0.56 0.67 0.21 0.78 0.94 0.64
Dec 31, 2014 0.89 0.91 0.62 0.67 0.16 0.89 1.23 0.71
Dec 31, 2013 0.93 0.93 0.62 0.62 0.15 0.86 1.25 0.69
Dec 31, 2012 0.99 0.92 0.71 0.46 0.15 0.90 1.22 0.65
Dec 31, 2011 0.86 0.86 0.70 0.90 0.13 0.92 1.23 0.95
Dec 31, 2010 0.64 0.94 0.62 0.79 0.13 0.88 1.31 0.93
Dec 31, 2009 0.75 1.10 0.49 0.73 0.13 0.86 1.29 0.94
Dec 31, 2008 0.71 1.13 0.71 0.92 0.14 1.03 1.28 1.03
Dec 31, 2007 0.73 1.13 0.75 0.97 0.13 1.02 1.45 0.99
Dec 31, 2006 0.57 1.19 0.76 1.08 0.14 1.01 1.40 1.00
Dec 31, 2005 0.42 0.91 0.72 1.09 0.14 0.86 1.34 0.92

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., total asset turnover, long-term trends, comparison to sector (capital goods)

Microsoft Excel
Axon Enterprise Inc. Capital Goods
Dec 31, 2022 0.42 0.54
Dec 31, 2021 0.51 0.50
Dec 31, 2020 0.49 0.43
Dec 31, 2019 0.63 0.54
Dec 31, 2018 0.58 0.58
Dec 31, 2017 1.02 0.54
Dec 31, 2016 0.96 0.54
Dec 31, 2015 0.86 0.46
Dec 31, 2014 0.89 0.41
Dec 31, 2013 0.93 0.39
Dec 31, 2012 0.99 0.38
Dec 31, 2011 0.86 0.36
Dec 31, 2010 0.64 0.34
Dec 31, 2009 0.75 0.33
Dec 31, 2008 0.71 0.35
Dec 31, 2007 0.73 0.34
Dec 31, 2006 0.57 0.36
Dec 31, 2005 0.42 0.33

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., total asset turnover, long-term trends, comparison to industry (industrials)

Microsoft Excel
Axon Enterprise Inc. Industrials
Dec 31, 2022 0.42 0.66
Dec 31, 2021 0.51 0.58
Dec 31, 2020 0.49 0.50
Dec 31, 2019 0.63 0.62
Dec 31, 2018 0.58 0.67
Dec 31, 2017 1.02 0.62
Dec 31, 2016 0.96 0.61
Dec 31, 2015 0.86 0.54
Dec 31, 2014 0.89 0.49
Dec 31, 2013 0.93 0.47
Dec 31, 2012 0.99 0.46
Dec 31, 2011 0.86 0.45
Dec 31, 2010 0.64 0.41
Dec 31, 2009 0.75 0.39
Dec 31, 2008 0.71 0.43
Dec 31, 2007 0.73 0.41
Dec 31, 2006 0.57 0.43
Dec 31, 2005 0.42 0.40

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).