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AMAZON COM INC (AMZN) USD

E-commerce marketplace, logistics, and Amazon Web Services (AWS) cloud computing.

At a glance: strengths & risks
✓Revenue growing (+12% y/y, Q3 2026)✓Margins improving (19%→24%, Q3 2026)✓Low leverage (0.3x EBITDA)✓Cheaper than own history (EV/EBITDA 14.7 vs avg 19.2)

Sector: Consumer discretionary

US_AMZN

Price chart

240.35 USDDay -1.41%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
240.35 USD · -1.41%
Market cap
2579.2 bn USD

Growth

Δ revenue y/y
12.1%
Δ EBITDA y/y
43.3%

Multiples

P/E (LTM)
19.1x
3y avg: 41.7x
P/B (FY)
6.3x
P/E (ann.)
31.2x
EV/EBITDA (LTM)
14.7x
3y avg: 19.2x
EV/EBITDA (ann.)
13.8x

Cash return

Dividend yield
—
FCF yield (LTM)
1.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+25.9%
↓ details

Liquidity

Daily turnover (US listing)
25.2 bln USD

Shares: yahoo_fundamentals_timeseries/AMZN

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-09-30Q3 2026 (3M)OK201.9
y/y 12.1%
28.1
y/y 61.2%
20.9
y/y 24.7%
49.0
y/y 43.3%
20.7
y/y -2.4%
42.4-77.31243.4
y/y 70.8%
613.6
y/y 66.0%
14.2%124.2Link
2026-06-30Q2 2026 (3M)OK200.6
y/y 19.6%
27.5
y/y 43.2%
20.0
y/y 31.3%
47.4
y/y 37.9%
62.6
y/y 244.9%
45.4-54.21095.7
y/y 60.6%
551.6
y/y 65.3%
50.4%74.6SEC EDGAR
2026-03-31Q1 2026 (3M)OK181.5
y/y 16.6%
23.9
y/y 29.6%
18.9
y/y 32.8%
42.8
y/y 31.0%
30.3
y/y 76.7%
26.0-59.6916.6
y/y 42.5%
441.9
y/y 44.5%
28.4%83.9Link
2025-12-31Q4 2025 (3M)OK213.4
y/y 13.6%
25.0
y/y 17.8%
19.5
y/y 24.6%
44.4
y/y 20.7%
21.2
y/y 5.9%
54.5-40.8818.0
y/y 30.9%
411.1
y/y 43.7%
19.9%47.4Link
2025-09-30Q3 2025 (3M)OK180.2
y/y 13.4%
17.4
y/y 0.1%
16.8
y/y 25.0%
34.2
y/y 10.9%
21.2
y/y 38.2%
35.5-35.9727.9
y/y 24.5%
369.6
y/y 42.6%
24.1%58.8Link
2025-06-30Q2 2025 (3M)OK167.7
y/y 13.3%
19.2
y/y 30.7%
15.2
y/y 26.5%
34.4
y/y 28.8%
18.2
y/y 34.7%
32.5-33.9682.2
y/y 23.0%
333.8
y/y 41.2%
22.7%58.9Link
2025-03-31Q1 2025 (3M)OK155.7
y/y 8.6%
18.4
y/y 20.2%
14.3
y/y 22.1%
32.7
y/y 21.0%
17.1
y/y 64.2%
17.0-25.1643.3
y/y 21.1%
305.9
y/y 41.2%
23.2%56.0Link
2024-12-31Q4 2024 (3M)OK187.8
y/y 10.5%
21.2
y/y 60.5%
15.6
y/y 13.1%
36.8
y/y 36.3%
20.0
y/y 88.3%
45.6-30.4624.9
y/y 18.4%
286.0
y/y 41.7%
21.7%46.8Link
2024-09-30Q3 2024 (3M)OK158.9
y/y 11.0%
17.4
y/y 55.6%
13.4
y/y 10.8%
30.9
y/y 32.3%
15.3
y/y 55.2%
26.0-23.2584.6
y/y 20.1%
259.2
y/y 41.6%
24.7%62.7Link
2024-06-30Q2 2024 (3M)OK148.0
y/y 10.1%
14.7
y/y 91.0%
12.0
y/y 3.9%
26.7
y/y 38.6%
13.5
y/y 99.8%
25.3-18.2554.8
y/y 16.2%
236.4
y/y 40.2%
23.8%61.6Link
2024-03-31Q1 2024 (3M)OK143.3
y/y 12.5%
15.3
y/y 220.6%
11.7
y/y 5.0%
27.0
y/y 69.8%
10.4
y/y 228.8%
19.0-18.3531.0
y/y 14.3%
216.7
y/y 40.2%
19.9%68.7Link
2023-12-31Q4 2023 (3M)OK170.0
y/y —
13.2
y/y —
13.8
y/y —
27.0
y/y —
10.6
y/y —
42.5-15.0527.9
y/y —
201.9
y/y —
15.8%67.9Link
2023-09-30Q3 2023 (3M)OK143.1
y/y —
11.2
y/y —
12.1
y/y —
23.3
y/y —
9.9
y/y —
21.2-14.1486.9
y/y —
183.0
y/y —
22.5%89.5Link
2023-06-30Q2 2023 (3M)OK134.4
y/y —
7.7
y/y —
11.6
y/y —
19.3
y/y —
6.8
y/y —
16.5-11.8477.6
y/y —
168.6
y/y —
16.7%91.0Link
2023-03-31Q1 2023 (3M)OK127.4
y/y —
4.8
y/y —
11.1
y/y —
15.9
y/y —
3.2
y/y —
4.8-17.7464.4
y/y —
154.5
y/y —
—91.5Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)6 827
Long-term debt (incl. LT leases)173 125
− Cash & equivalents55 783
Net debt124 169

Net debt / LTM EBITDA: 0.7x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

050 000100 000150 000200 000250 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%20%40%60%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-80 000-60 000-40 000-20 000020 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

025 00050 00075 000100 000125 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2021–2025 operating cash flow came to 1.88x of reported net profit; after capex, 0.33x. Loss years (2022) are left out of the ratio.
year20212022202320242025
cash flow / profit1.39x—2.79x1.96x1.80x
accruals, % of assets-3.1%-10.7%-10.3%-9.1%-7.6%
Last twelve months (to 2026-09-30): 1.25x of profit came back as operating cash flow.
net debt / EBITDA 0.3x · EBIT covers interest 35.2x · capex 1.6x of depreciation · share count +1.3% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +25.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-09-30 vs 2025-09-30)
= (49 025 − 34 218) × 3.75
55 489
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (2 579 196 + 124 169) ÷ 183 719
14.7x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (14.7 + 12) ÷ 2
13.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -65 409 + 0 + 0 − 0
-65 409
4b. Share dilution (at market, LTM)
Share-count growth over the year × Market cap
= 0.3% × 2 579 196
−6 897
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (55 489 × 13.4 + -65 409 − 6 897) ÷ 2 579 196
+25.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only
  • share-count dilution 0.3%/yr (valued at market: -6897)

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +12% vs +11% the year before — a +1.4 pp move. 3-year CAGR +12%.
revenue growth by year: 2023 +12% · 2024 +11% · 2025 +12%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 14.6x · 3-year 75th pct 19.4x

EV/EBITDA3-year 75th pct

Peer comparison

Group: communication (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Charter CommunicationsUS13.85.1x
T-Mobile US, Inc.US166.65.9x
VERIZON COMMUNICATIONS INCUS184.56.9x
AT&T INC.US150.07.3x
Walt Disney CoUS200.110.1x
Meta Platforms, Inc.US1579.815.5x
NETFLIX INCUS269.517.5x
Alphabet Inc.US3438.818.9x
Group median8.7x
Group average10.9x
This companyUS2616.114.7x

Group median 8.7x; this company 14.7x — a 69% premium.

Group average 10.9x; against the average this company is at a 35% premium. The average sits 25% above the median: Alphabet Inc. (18.9x) skews the group.

At the adjusted group median the market cap would be -42% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.1x, Russia 3.8x, South Africa 5.5x, Kazakhstan 6.2x, India 17.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-30; the company's own is live.

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of AMAZON COM INC (AMZN) — from primary filings.

Frequently asked questions

What is AMAZON COM INC (AMZN)'s P/E ratio?
AMAZON COM INC (AMZN) trades at a P/E of 19.1x (price to trailing 12-month earnings).
What is AMAZON COM INC (AMZN)'s EV/EBITDA?
AMAZON COM INC (AMZN) trades at 14.7x EV/EBITDA.
What is AMAZON COM INC (AMZN)'s P/B ratio?
AMAZON COM INC (AMZN) trades at a P/B of 6.3x.
What is AMAZON COM INC (AMZN)'s return on equity (ROE)?
AMAZON COM INC (AMZN)'s ROE is 14.2%.
What is AMAZON COM INC (AMZN)'s market capitalization?
AMAZON COM INC (AMZN)'s market cap is 2579.2 bn USD.

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