Axon Enterprise Inc Stock Research

Market Summary

USD213.82+0.31

Market Closed

0.15%

AXON Alerts

2 major insider sales recently.
Big jump in Revenue (Y/Y)
Big jump in Earnings (Y/Y)

AXON Stock Price

AXON RSI Chart

AXON Valuation

Market Cap

15.3B

Price/Earnings (Trailing)

103.87

Price/Sales (Trailing)

12.84

EV/EBITDA

67.58

Price/Free Cashflow

85.11

AXON Price/Sales (Trailing)

AXON Profitability

EBT Margin

16.52%

Return on Equity

11.6%

Return on Assets

5.16%

Free Cashflow Yield

1.17%

AXON Fundamentals

AXON Revenue

Revenue (TTM)

1.2B

Revenue Y/Y

54.49%

Revenue Q/Q

7.82%

AXON Earnings

Earnings (TTM)

147.1M

Earnings Y/Y

315.98%

Earnings Q/Q

140.5%

Price Action

52 Week Range

82.49226.00

(Low)(High)

Last 7 days

-4.8%

Last 30 days

11.0%

Last 90 days

23.5%

Trailing 12 Months

74.3%

AXON Financial Health

Current Ratio

AXON Investor Care

Shares Dilution (1Y)

0.81%

Diluted EPS (TTM)

2.03

Financials for Axon Enterprise

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	11.1%	1,190	1,071	992	925	863
Gross Profit	10.7%	729	658	609	573	541
Operating Expenses	3.4%	635	614	595	674	709
S&GA Expenses	0.7%	402	399	396	479	515
R&D Expenses	8.4%	234	216	199	195	194
EBITDA	49.2%	221	148	123	1.00	-
EBITDA Margin	34.4%	0.19*	0.14*	0.12*	0.00*	-
Earnings Before Taxes	57.8%	197	125	101	-19.20	-141
EBT Margin	42.0%	0.17*	0.12*	0.10*	-0.02*	-
Net Income	40.9%	147	104	141	43.00	-60.02
Net Income Margin	26.8%	0.12*	0.10*	0.14*	0.05*	-
Free Cahsflow	201.4%	180	60.00	37.00	51.00	-

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	41.9%	2,852	2,010	1,932	1,772	1,688
Current Assets	49.7%	1,805	1,206	1,170	1,146	1,109
Cash Equivalents	139.4%	354	148	213	386	356
Inventory	17.0%	202	173	154	122	109
Net PPE	3.5%	170	164	158	150	138
Goodwill	0.4%	45.00	45.00	45.00	44.00	44.00
Liabilities	103.2%	1,583	779	738	648	640
Current Liabilities	39.7%	603	432	433	471	419
Shareholder's Equity	3.0%	1,268	1,231	1,194	1,125	1,048
Retained Earnings	12.8%	257	228	216	165	110
Additional Paid-In Capital	0.6%	1,175	1,167	1,139	1,119	1,095
Accumulated Depreciation	7.0%	73.00	68.00	63.00	59.00	-
Shares Outstanding	0.5%	71.00	71.00	71.00	71.00	71.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	100.9%	235	117	93.00	108	124
Share Based Compensation	-8.1%	106	116	122	239	303
Cashflow From Investing	-481.7%	-830	-142	27.00	296	253
Cashflow From Financing	699.6%	598	-99.74	-166	-168	-174

Risks for AXON

What is the probability of a big loss on AXON?

90%

Probability that Axon Enterprise stock will be more than 20% underwater in next one year

83.5%

Probability that Axon Enterprise stock will be more than 30% underwater in next one year.

29.2%

Probability that Axon Enterprise stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does AXON drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Axon Enterprise was unfortunately bought at previous high price.

Drawdowns

Returns for AXON

Cumulative Returns on AXON

39.1%

10-Year Cumulative Returns

41.6%

7-Year Cumulative Returns

40.9%

5-Year Cumulative Returns

50.1%

3-Year Cumulative Returns

What are the long-term rolling returns for AXON?

FIve years rolling returns for Axon Enterprise.

Annualized Returns

Which funds bought or sold AXON recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-15	B. Riley Wealth Advisors, Inc.	reduced	-15.69	198,716	1,152,720	0.03%
2023-03-10	BAILLIE GIFFORD & CO	reduced	-3.84	115,875,000	422,050,000	0.44%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-81.89	-16,836,900	5,903,120	0.01%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-12.8	75,000	371,000	-%
2023-03-03	TIAA, FSB	new	-	208,242	208,242	-%
2023-02-28	Voya Investment Management LLC	reduced	-22.54	4,271,060	42,969,100	0.06%
2023-02-27	Parallax Volatility Advisers, L.P.	new	-	53,595	53,595	-%
2023-02-23	Portman Square Capital LLP	new	-	508,741	508,741	0.04%
2023-02-22	Kovack Advisors, Inc.	added	1.94	206,424	655,424	0.10%
2023-02-22	TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY	added	12.64	3,776,000	9,918,000	0.10%

Latest Funds Activity

Are funds buying AXON calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own AXON

No. of Funds

Axon Enterprise News

Schedule 13G FIlings of Axon Enterprise

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	capital international investors	8.0%	5,698,621	SC 13G
Feb 09, 2023	vanguard group inc	8.88%	6,321,362	SC 13G/A
Jan 26, 2023	blackrock inc.	10.5%	7,468,715	SC 13G/A
Jan 20, 2023	blackrock inc.	10.5%	7,468,715	SC 13G
May 04, 2022	baillie gifford & co	3.94%	2,792,644	SC 13G/A
Feb 09, 2022	vanguard group inc	8.71%	5,966,578	SC 13G/A

AXON Fair Value

Axon Enterprise fair value in different scenarios

The table shows the Fair Value estimates for Axon Enterprise for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	28.58 -86.63%	37.02 -82.69%	55.45 -74.07%	73.60 -65.58%	85.15 -60.18%
Current Inflation	26.42 -87.64%	33.66 -84.26%	49.31 -76.94%	64.61 -69.78%	74.29 -65.26%
Very High Inflation	23.75 -88.89%	29.59 -86.16%	42.05 -80.33%	54.10 -74.70%	61.69 -71.15%

Historical Axon Enterprise Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Axon Enterprise

View All Filings

Date Filed	Form Type	Document
Mar 20, 2023	3	Insider Trading
Mar 20, 2023	3	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 20, 2023	4	Insider Trading
Mar 15, 2023	8-K	Current Report
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 13, 2023	4	Insider Trading
Mar 08, 2023	4	Insider Trading

Latest Insider Trading transactions for AXON

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-03-16	Williams Jeri	acquired	-	-	922	-
2023-03-16	SMITH GRAHAM	acquired	-	-	922	-
2023-03-09	Kunins Jeffrey C	acquired	-	-	36,000	chief product officer
2023-03-09	Bagley Brittany	acquired	-	-	14,332	cfo & cbo
2023-03-09	Kunins Jeffrey C	sold (taxes)	-3,086,630	217	-14,166	chief product officer
2023-03-09	SMITH PATRICK W	acquired	-	-	5.00	chief executive officer
2023-03-09	SMITH PATRICK W	sold (taxes)	-435	217	-2.00	chief executive officer
2023-03-09	Isner Joshua	acquired	-	-	49,883	chief operating officer
2023-03-09	Isner Joshua	sold (taxes)	-4,657,620	217	-21,376	chief operating officer
2023-03-07	KROLL MARK W	sold	-783,361	220	-3,549	-

About Axon Enterprise

Patrick W. Smith

www.axon.com

2150

Axon Enterprise, Inc. develops, manufactures, and sells conducted energy devices (CEDs) under the TASER brand in the United States and internationally. It operates through two segments, TASER, and Software and Sensors. The company also offers hardware and cloud-based software solutions that enable law enforcement to capture, securely store, manage, share, and analyze video and other digital evidence. Its products include TASER 7, TASER X26P, TASER X2, TASER Consumer devices, and related cartridges; on-officer body cameras, Axon Fleet in-car systems, and other devices; Axon Evidence digital evidence management software; Axon Signal enabled devices, as well as hardware extended warranties; and Axon docks, cartridges, and batteries. It sells its products through its direct sales force, distribution partners, online store, and third-party resellers. The company was formerly known as TASER International, Inc. and changed its name to Axon Enterprise, Inc. in April 2017. Axon Enterprise, Inc. was incorporated in 1993 and is headquartered in Scottsdale, Arizona.

AXON Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net sales	$ 1,189,935	$ 863,381	$ 681,003
Cost of sales	461,297	322,471	264,672
Gross margin	728,638	540,910	416,331
Operating expenses:
Sales, general and administrative	401,575	515,007	307,286
Research and development	233,810	194,026	123,195
Total operating expenses	635,385	709,033	430,481
Income (loss) from operations	93,253	(168,123)	(14,150)
Interest and other income, net	103,265	26,748	7,859
Income (loss) before provision (benefit) for income taxes	196,518	(141,375)	(6,291)
Provision (benefit) for income taxes	49,379	(81,357)	(4,567)
Net income (loss)	$ 147,139	$ (60,018)	$ (1,724)
Net income (loss) per share:
Basic (in dollars per share)	$ 2.07	$ (0.91)	$ (0.03)
Diluted (in dollars per share)	$ 2.03	$ (0.91)	$ (0.03)
Weighted average shares outstanding:
Basic (in shares)	71,093	66,191	61,782
Diluted (in shares)	72,534	66,191	61,782
Net income (loss)	$ 147,139	$ (60,018)	$ (1,724)
Foreign currency translation adjustments	(4,818)	(1,251)	1,237
Unrealized losses on available-for-sale investments	(1,044)	(207)
Comprehensive income (loss)	141,277	(61,476)	(487)
Product
Net sales	801,388	608,525	500,250
Cost of sales	363,219	260,098	224,131
Service
Net sales	388,547	254,856	180,753
Cost of sales	$ 98,078	$ 62,373	$ 40,541

AXON Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 353,684	$ 356,332
Marketable securities	39,240	72,180
Short-term investments	581,769	14,510
Accounts and notes receivable, net of allowance of $2,176 and $2,203 as of December 31, 2022 and December 31, 2021, respectively	358,190	320,819
Contract assets, net	196,902	180,421
Inventory	202,471	108,688
Prepaid expenses and other current assets	73,022	56,540
Total current assets	1,805,278	1,109,490
Property and equipment, net	169,843	138,457
Deferred tax assets, net	156,866	127,193
Intangible assets, net	12,158	15,470
Goodwill	44,983	43,592
Long-term investments	156,207	31,232
Long-term notes receivable, net	5,210	11,256
Long-term contract assets, net	45,170	29,753
Strategic investments	296,563	83,520
Other long-term assets	159,616	98,247
Total assets	2,851,894	1,688,210
Current liabilities:
Accounts payable	59,918	32,220
Accrued liabilities	155,934	103,707
Current portion of deferred revenue	360,037	265,591
Customer deposits	20,399	10,463
Other current liabilities	6,358	6,540
Total current liabilities	602,646	418,521
Deferred revenue, net of current portion	248,003	185,721
Liability for unrecognized tax benefits	10,745	3,797
Long-term deferred compensation	6,285	5,679
Deferred tax liability, net	1	811
Long-term lease liabilities	37,143	20,440
Convertible notes, net	673,967
Other long-term liabilities	4,613	5,392
Total liabilities	1,583,403	640,361
Commitments and contingencies (Note 13)
Stockholders' equity:
Preferred stock, $0.00001 par value; 25,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively
Common stock, $0.00001 par value; 200,000,000 shares authorized; 71,474,581 and 70,896,856 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively	1	1
Additional paid-in capital	1,174,594	1,095,229
Treasury stock at cost, 20,220,227 shares as of December 31, 2022 and December 31, 2021	(155,947)	(155,947)
Retained earnings	257,022	109,883
Accumulated other comprehensive loss	(7,179)	(1,317)
Total stockholders' equity	1,268,491	1,047,849
Total liabilities and stockholders' equity	$ 2,851,894	$ 1,688,210