Name: Axon Enterprise Inc. (NASDAQ:AXON) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Axon Enterprise Inc., current enterprise value calculation

Current share price (P)	$226.88
No. shares of common stock outstanding	73,885,305
US$ in thousands
Common equity (market value)¹	16,763,098)
Add: Preferred stock, $0.00001 par value; no shares issued and outstanding (per books)	—)
Total equity	16,763,098)
Add: Convertible notes, net (per books)	673,967)
Total equity and debt	17,437,065)
Less: Cash and cash equivalents	353,684)
Less: Marketable securities	39,240)
Less: Short-term investments	581,769)
Enterprise value (EV)	16,462,372)

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

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 226.88 × 73,885,305

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Axon Enterprise Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$200.31	$134.14	$165.49	$77.37	$55.49
No. shares of common stock outstanding¹	72,862,227	70,931,874	63,783,849	59,528,200	58,829,384
US$ in thousands
Common equity (market value)³	14,595,033)	9,514,802)	10,555,589)	4,605,697)	3,264,443)
Add: Preferred stock, $0.00001 par value; no shares issued and outstanding (book value)	—)	—)	—)	—)	—)
Total equity	14,595,033)	9,514,802)	10,555,589)	4,605,697)	3,264,443)
Add: Convertible notes, net (book value)	673,967)	—)	—)	—)	—)
Total equity and debt	15,269,000)	9,514,802)	10,555,589)	4,605,697)	3,264,443)
Less: Cash and cash equivalents	353,684)	356,332)	155,440)	172,250)	349,462)
Less: Marketable securities	39,240)	72,180)	—)	—)	—)
Less: Short-term investments	581,769)	14,510)	406,525)	178,534)	—)
Enterprise value (EV)	14,294,307)	9,071,780)	9,993,624)	4,254,913)	2,914,981)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Axon Enterprise Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 200.31 × 72,862,227

The enterprise value of the organization demonstrates a substantial upward trajectory over the five-year period ending December 31, 2022. A marked acceleration in valuation occurred between 2019 and 2020, during which the enterprise value more than doubled. While a slight contraction was observed in 2021, the value rebounded strongly in 2022, reaching its peak for the analyzed period.

Market Capitalization Trends: Common equity market value grew from approximately 3.26 billion US dollars in 2018 to 14.60 billion US dollars in 2022. This growth reflects a significant increase in investor valuation, with the most aggressive expansion appearing in 2020 when the value rose from 4.61 billion to 10.56 billion US dollars.
Capital Structure Evolution: Between 2018 and 2021, total equity and debt remained identical to the market value of common equity, suggesting a capital structure primarily funded by equity without significant debt obligations. As of December 31, 2022, a divergence emerged as total equity and debt increased to 15.27 billion US dollars, indicating the introduction of debt into the financial structure.
Enterprise Value Correlation: Enterprise value consistently remained lower than the market value of common equity throughout the entire period. This persistent gap indicates that the organization maintained a cash position sufficient to offset its market capitalization and any debt, thereby lowering the theoretical takeover cost relative to the equity value.

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Axon Enterprise Inc. (NASDAQ:AXON)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)