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Arphra AIPlain-English read on Amazon.com, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +42.03% | +43.81% | +46.98% | +48.85% | +50.29% | +47.68% | +48.91% | +49.98% | +48.65% |
| Operating margin | +5.30% | +2.38% | +6.41% | +10.75% | +11.16% | +9.54% | +9.23% | +9.69% | +9.67% |
| EBITDA margin | +15.83% | +7.46% | +15.55% | +19.41% | +23.06% | +19.42% | +19.79% | +19.35% | +19.22% |
| EBIT margin | +8.51% | -0.69% | +7.09% | +11.13% | +13.89% | +10.40% | +10.40% | +10.57% | +10.74% |
| Pre-tax margin | +8.12% | -1.16% | +6.53% | +10.74% | +13.50% | +10.29% | +10.08% | +10.04% | +10.20% |
| Net margin | +7.10% | -0.53% | +5.29% | +9.29% | +10.83% | +8.42% | +8.56% | +8.65% | +8.28% |
| Cost structure | |||||||||
| Cost of revenue / sales | +57.97% | +56.19% | +53.02% | +51.15% | +49.71% | +52.72% | +52.61% | +49.90% | +49.79% |
| R&D intensity | +11.93% | +14.24% | +14.90% | +13.88% | +15.14% | +14.86% | +14.85% | +14.67% | +14.61% |
| SG&A intensity | +8.81% | +10.53% | +9.78% | +8.66% | +8.13% | +9.08% | +8.62% | +8.75% | +8.90% |
| Effective tax rate | +12.56% | — | +18.96% | +13.52% | +19.73% | +17.09% | +18.10% | +17.86% | +17.19% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +24.13% | -1.86% | +15.07% | +20.72% | +18.89% | +18.60% | +19.08% | +19.64% | +18.30% |
| Return on assets (ROA) | +7.93% | -0.59% | +5.76% | +9.48% | +9.49% | +8.29% | +8.37% | +8.31% | +8.42% |
| Return on capital (ROC) | +9.77% | +4.28% | +10.92% | +16.45% | +14.18% | +14.26% | +13.94% | +14.66% | +14.30% |
| Return on invested capital (ROIC) | +13.10% | +3.21% | +9.02% | +14.21% | +13.77% | +12.58% | +12.93% | +13.08% | +12.25% |
| Asset turnover | +111.72% | +111.09% | +108.89% | +102.09% | +87.64% | +98.48% | +97.87% | +96.13% | +101.60% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +7.10% | -0.53% | +5.29% | +9.29% | +10.83% | +8.42% | +8.56% | +8.65% | +8.28% |
| Asset turnover (× revenue / assets) | +111.72% | +111.09% | +108.89% | +102.09% | +87.64% | +98.48% | +97.87% | +96.13% | +101.60% |
| Equity multiplier (× assets / equity) | +304.21% | +316.81% | +261.48% | +218.52% | +199.01% | +224.43% | +227.83% | +236.31% | +217.45% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.12 | 1.11 | 1.09 | 1.02 | 0.88 | 0.98 | 0.98 | 0.96 | 1.02 |
| Fixed-asset turnover | 2.17 | 2.03 | 2.08 | 1.94 | 1.62 | — | — | — | — |
| Inventory turnover | 8.34 | 8.40 | 9.15 | 9.54 | 9.30 | — | — | — | — |
| Receivables turnover | 14.28 | 12.13 | 11.00 | 11.50 | 10.59 | — | — | — | — |
| Payables turnover | 3.46 | 3.63 | 3.59 | 3.46 | 2.92 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 25.55 | 30.08 | 33.18 | 31.73 | 34.48 | — | — | — | — |
| Days inventory outstanding (DIO) | 43.74 | 43.48 | 39.91 | 38.27 | 39.25 | — | — | — | — |
| Days payables outstanding (DPO) | 105.43 | 100.59 | 101.79 | 105.56 | 124.85 | — | — | — | — |
| Cash conversion cycle | -36.13 | -27.03 | -28.70 | -35.56 | -51.12 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.39 | -17.18 | 2.79 | 1.96 | 1.80 | 2.08 | 2.09 | 1.98 | 2.06 |
| FCF / Net income | -0.44 | 6.21 | 1.06 | 0.55 | 0.10 | 0.47 | 0.47 | 0.46 | 0.49 |
| FCF margin | -3.13% | -3.29% | +5.61% | +5.15% | +1.07% | +3.94% | +4.01% | +3.95% | +4.03% |
| OCF margin | +9.86% | +9.10% | +14.78% | +18.16% | +19.46% | +17.51% | +17.85% | +17.12% | +17.09% |
| CapEx / Revenue | +12.99% | +12.38% | +9.17% | +13.01% | +18.39% | +13.42% | +13.30% | +13.35% | +13.47% |
| CapEx / D&A | 1.78 | 1.52 | 1.08 | 1.57 | 2.00 | — | — | — | — |
| Stock-based comp / Revenue | +2.72% | +3.82% | +4.18% | +3.45% | +2.72% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.24 | -0.27 | 2.90 | 5.53 | 7.17 | 8.79 | 10.06 | 12.89 | 15.37 |
| EPS · basic | 3.30 | -0.27 | 2.95 | 5.66 | 7.29 | 8.91 | 10.34 | 13.11 | 15.62 |
| Book value / share | 13.42 | 14.33 | 19.24 | 26.67 | 37.97 | 34.51 | 38.53 | 43.11 | 49.19 |
| Tangible BV / share | 11.43 | 11.74 | 16.34 | 23.72 | 34.97 | 34.51 | 38.53 | 43.11 | 49.19 |
| Sales / share | 45.61 | 50.44 | 54.78 | 59.51 | 66.22 | 76.28 | 85.92 | 97.93 | 108.66 |
| Operating CF / share | 4.50 | 4.59 | 8.10 | 10.81 | 12.89 | 13.36 | 15.34 | 16.76 | 18.57 |
| Free cash flow / share | -1.43 | -1.66 | 3.07 | 3.07 | 0.71 | 3.01 | 3.45 | 3.87 | 4.37 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +9.40% | +11.83% | +10.99% | +12.38% | +14.93% | +13.10% | +14.27% | +11.54% | +12.29% |
| Gross profit · YoY | — | +14.01% | +19.94% | +15.41% | +15.67% | +8.98% | +16.03% | +16.75% | +8.58% | +14.36% |
| Profit | ||||||||||
| Operating income · YoY | — | -50.77% | +200.88% | +86.13% | +16.59% | -1.70% | +9.37% | +20.05% | +11.27% | +21.07% |
| EBITDA · YoY | — | -48.45% | +133.11% | +38.49% | +33.54% | -3.22% | +15.26% | +11.73% | +10.77% | +15.04% |
| Net income · YoY | — | -108.16% | +1217.74% | +94.73% | +31.09% | -10.71% | +14.95% | +15.47% | +6.88% | +14.47% |
| Operating | ||||||||||
| EBIT · YoY | — | -108.93% | +1241.47% | +74.33% | +40.22% | -13.96% | +13.12% | +16.16% | +13.33% | +15.62% |
| R&D · YoY | — | +30.62% | +16.95% | +3.41% | +22.56% | +12.84% | +13.04% | +12.87% | +11.05% | +15.17% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -108.33% | +1174.07% | +90.69% | +29.66% | +22.63% | +14.42% | +28.09% | +19.23% | +21.48% |
| EPS · basic · YoY | — | -108.18% | +1192.59% | +91.86% | +28.80% | +22.19% | +16.06% | +26.78% | +19.20% | +21.45% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $116.4B | $140.12B | $135.61B | $130.9B | $152.99B | $178.67B | $198.83B | $235.14B | $265.38B |
| Net debt | $80.18B | $86.23B | $62.22B | $52.12B | $66.18B | $77.58B | $81.85B | $103.39B | $118.03B |
| Net debt / EBITDA | 1.08 | 2.25 | 0.70 | 0.42 | 0.40 | 0.48 | 0.44 | 0.50 | 0.52 |
| Debt / equity | 0.84 | 0.96 | 0.67 | 0.46 | 0.37 | 0.48 | 0.48 | 0.50 | 0.49 |
| Debt / assets | +27.68% | +30.28% | +25.69% | +20.95% | +18.70% | +21.35% | +20.88% | +21.23% | +22.70% |
| Equity / assets | +32.87% | +31.56% | +38.24% | +45.76% | +50.25% | +44.56% | +43.89% | +42.32% | +45.99% |
| Coverage | |||||||||
| EBITDA / interest expense | 41.12 | 16.20 | 28.10 | 51.46 | 72.71 | 47.07 | 46.24 | 47.35 | 47.52 |
| Operating income / interest | 13.75 | 5.17 | 11.58 | 28.51 | 35.17 | 23.13 | 21.56 | 23.72 | 23.91 |
| Interest expense | $1.81B | $2.37B | $3.18B | $2.41B | $2.27B | $3.4B | $3.99B | $4.35B | $4.8B |
| Liquidity | |||||||||
| Current ratio | 1.14 | 0.94 | 1.05 | 1.06 | 1.05 | — | — | — | — |
| Quick ratio | 0.91 | 0.72 | 0.84 | 0.87 | 0.88 | — | — | — | — |
| Cash ratio | 0.25 | 0.35 | 0.44 | 0.44 | 0.40 | — | — | — | — |
| Working capital | $19.31B | -$8.6B | $7.43B | $11.44B | $11.08B | — | — | — | — |
| Working capital / revenue | +4.11% | -1.67% | +1.29% | +1.79% | +1.55% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).