Stock Analysis on Net

Axon Enterprise Inc. (NASDAQ:AXON)

$22.49

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

Enterprise Value (EV)

Microsoft Excel

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Current Enterprise Value (EV)

Axon Enterprise Inc., current enterprise value calculation

Microsoft Excel
Current share price (P)
No. shares of common stock outstanding
US$ in thousands
Common equity (market value)1
Add: Preferred stock, $0.00001 par value; no shares issued and outstanding (per books)
Total equity
Add: Convertible notes, net (per books)
Total equity and debt
Less: Cash and cash equivalents
Less: Marketable securities
Less: Short-term investments
Enterprise value (EV)

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×


Historical Enterprise Value (EV)

Axon Enterprise Inc., EV calculation

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Share price1, 2
No. shares of common stock outstanding1
US$ in thousands
Common equity (market value)3
Add: Preferred stock, $0.00001 par value; no shares issued and outstanding (book value)
Total equity
Add: Convertible notes, net (book value)
Total equity and debt
Less: Cash and cash equivalents
Less: Marketable securities
Less: Short-term investments
Enterprise value (EV)

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
= ×


The financial data reveals notable trends in equity and valuation metrics over the five-year period ending December 31, 2022.

Common Equity and Total Equity
Both common equity and total equity, measured in thousands of US dollars, exhibit a consistent upward trajectory from 2018 to 2022. Starting at approximately $3.26 billion in 2018, equity nearly doubled by 2019 to about $4.61 billion. A significant increase follows, more than doubling again to surpass $10.56 billion by 2020. However, a decline is observed in 2021, with equity decreasing to approximately $9.51 billion before rising sharply in 2022 to reach roughly $14.60 billion. This pattern suggests a strong equity growth overall, with a temporary dip in 2021.
Total Equity and Debt
Total equity and debt mimic equity values closely up to 2021 but diverge in 2022. From 2018 to 2021, the figures coincide exactly, indicating no or minimal debt during this period. In 2022, total equity and debt increase to about $15.27 billion, which is higher than total equity alone, implying the incurrence or recognition of debt during the year. This emergence of debt contrasts with previous years of equity-only financing or negligible debt levels.
Enterprise Value (EV)
Enterprise value, also in thousands of US dollars, follows a similar growth pattern to equity from 2018 through 2020, increasing from approximately $2.91 billion in 2018 to roughly $10.0 billion in 2020. Subsequently, EV declines in 2021 to about $9.07 billion, mirroring the equity drop noted in the same year. In 2022, EV rebounds substantially to approximately $14.29 billion, closely aligning with the rise in equity and inclusion of debt. This trend suggests that the company experienced value growth through 2020, a contraction in 2021, and recovery in 2022 supported by increased capitalization and leverage.