Discounted Cash Flow

Axon Enterprise, Inc.

AXON · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $268.2m $17.3m $13.0m 6.4% $0.33
2017 $343.8m (28.2%) $5.2m (-69.9%) $8.1m (-37.8%) 1.5% (-76.5%) $0.10 (-69.7%)
2018 $420.1m (22.2%) $29.2m (460.9%) $52.7m (553.4%) 7.0% (359.0%) $0.52 (420.0%)
2019 $530.9m (26.4%) $882.0k (-97.0%) $49.7m (-5.7%) 0.2% (-97.6%) $0.01 (-98.1%)
2020 $681.0m (28.3%) $-1.7m (-295.5%) $-34.1m (-168.7%) -0.3% (-252.4%) $-0.03 (-400.0%)
2021 $863.4m (26.8%) $-60.0m (-3381.3%) $74.6m (318.5%) -7.0% (-2645.9%) $-0.91 (-2933.3%)
2022 $1.2b (37.8%) $147.1m (345.2%) $179.6m (140.7%) 12.4% (277.9%) $2.07 (327.5%)
2023 $1.6b (31.4%) $174.2m (18.4%) $129.6m (-27.8%) 11.1% (-9.9%) $2.35 (13.5%)
2024 $2.1b (33.2%) $377.0m (116.4%) $329.5m (154.2%) 18.1% (62.5%) $4.98 (111.9%)
2025 $2.8b (33.5%) $124.7m (-66.9%) $75.1m (-77.2%) 4.5% (-75.2%) $1.60 (-67.9%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model