Axon Enterprise Inc. (AXON)

Debt-to-equity ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	677,113	673,967	—	—	—
Total stockholders’ equity	US$ in thousands	1,612,030	1,268,490	1,047,850	976,255	543,495
Debt-to-equity ratio		0.42	0.53	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $677,113K ÷ $1,612,030K
= 0.42

The debt-to-equity ratio of Axon Enterprise Inc has shown a decreasing trend over the past five years. In 2019, 2020, and 2021, the company had a debt-to-equity ratio of 0.00, indicating that there was no debt in relation to its equity during those years. However, in 2022 and 2023, the ratio increased to 0.53 and then decreased to 0.42, respectively.

This increase in the debt-to-equity ratio in 2022 indicates that the company took on more debt relative to its equity. However, the decrease in the ratio in 2023 suggests that the company may have reduced its debt levels compared to the previous year.

Overall, the downward trend in the debt-to-equity ratio over the years indicates that the company has been managing its debt levels effectively and maintaining a healthy balance between debt and equity in its capital structure.