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Axon Enterprise: Taking Stock Of Stock-Based Compensation

May 02, 2022 5:05 AM ETAxon Enterprise, Inc. (AXON)7 Comments
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Alpha Compounder


  • Axon Enterprise continues to demonstrate success in its pivot to the high-margin SaaS business model.
  • While overall expenses are still high, the overall bottom line still looks profitable when adjusted by removing stock-based compensation.
  • The stock price is just slightly overvalued when the intrinsic value is calculated based on this adjusted net income (without stock-based compensation).

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Investment thesis

Axon Enterprise (NASDAQ:AXON) has a very good business model with high sustainable growth potential as it pivots to a high-margin SaaS model. In the latest annual report for 2021, the financial

AXON Annual Report 2021

AXON Annual Report 2021

AXON expenses

AXON Annual Report 2021

Axon net income

Calculated from Seeking Alpha data

Axon projected growth

Calculated by Author

Axon intrinsic value per share

Calculated by Author

This article was written by

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An Individual investor who primarily invests in companies with proven profitability. Occasional interest in smaller loss-making companies that have exceptional growth potential.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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