Axon Enterprise Inc., FCFF calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income (loss)	147,139)	(60,018)	(1,724)	882)	29,205)
Net noncash charges	69,169)	227,795)	140,983)	89,389)	32,500)
Change in assets and liabilities	19,053)	(43,283)	(100,778)	(24,598)	2,170)
Net cash provided by operating activities	235,361)	124,494)	38,481)	65,673)	63,875)
Contractual interest expense, net of tax¹	158)	—)	—)	—)	—)
Purchases of property and equipment	(55,802)	(49,886)	(72,629)	(15,939)	(11,139)
Proceeds from disposal of property and equipment	287)	43)	95)	—)	—)
Purchases of intangible assets	(307)	(392)	(241)	(404)	(558)
Free cash flow to the firm (FCFF)	179,697)	74,259)	(34,294)	49,330)	52,178)

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).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Axon Enterprise Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Axon Enterprise Inc. FCFF increased from 2020 to 2021 and from 2021 to 2022.

Axon Enterprise Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Effective Income Tax Rate (EITR)
EITR¹	25.10%	57.50%	72.60%	57.40%	21.00%
Interest Paid, Net of Tax
Contractual interest expense, before tax	211)	—)	—)	—)	—)
Less: Contractual interest expense, tax²	53)	—)	—)	—)	—)
Contractual interest expense, net of tax	158)	—)	—)	—)	—)

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).

¹ See details »

² 2022 Calculation
Contractual interest expense, tax = Contractual interest expense × EITR
= 211 × 25.10% = 53

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Axon Enterprise Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	16,462,372)
Free cash flow to the firm (FCFF)	179,697)
Valuation Ratio
EV/FCFF	91.61
Benchmarks
EV/FCFF, Competitors¹
Boeing Co.	21.30
Caterpillar Inc.	17.82
Cummins Inc.	15.82
Eaton Corp. plc	42.24
General Electric Co.	34.68
Honeywell International Inc.	28.81
Lockheed Martin Corp.	18.18
RTX Corp.	25.62
EV/FCFF, Sector
Capital Goods	30.29
EV/FCFF, Industry
Industrials	29.01

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Axon Enterprise Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	14,294,307)	9,071,780)	9,993,624)	4,254,913)	2,914,981)
Free cash flow to the firm (FCFF)²	179,697)	74,259)	(34,294)	49,330)	52,178)
Valuation Ratio
EV/FCFF³	79.55	122.16	—	86.25	55.87
Benchmarks
EV/FCFF, Competitors⁴
Boeing Co.	37.53	—	—	—	—
Caterpillar Inc.	23.54	20.50	23.83	16.84	—
Cummins Inc.	35.58	21.11	16.67	10.35	—
Eaton Corp. plc	33.44	38.16	21.94	15.50	—
General Electric Co.	17.29	56.53	32.34	15.85	—
Honeywell International Inc.	29.82	25.22	26.49	21.13	—
Lockheed Martin Corp.	19.69	13.92	14.64	21.21	—
RTX Corp.	28.45	27.29	35.26	21.94	—
EV/FCFF, Sector
Capital Goods	26.17	31.55	66.05	23.83	—
EV/FCFF, Industry
Industrials	25.09	28.18	65.99	30.06	—

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).

¹ See details »

² See details »

³ 2022 Calculation
EV/FCFF = EV ÷ FCFF
= 14,294,307 ÷ 179,697 = 79.55

⁴ Click competitor name to see calculations.

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Axon Enterprise Inc. (NASDAQ:AXON)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical