AMZN

AMAZON COM INC

Consumer Discretionary • CIK: 0001018724

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Market Cap
$2.23T
P/E (TTM)
24.5x
Rev Growth (TTM)
+14.2%
Net Margin (TTM)
12.2%
FCF Yield (TTM)
-0.1%
FCF Margin (TTM)
-0.3%

What Changed

View Full Filings
10-K FY 2025 vs 10-Q Q3 2025
Hidden Liability Risk Levelmoderate — $14.864B purchase obligations, €752M Italian...→low — critical liability findings resolved, next debt...
Management Tonemixed→confident
AWS Operating Margin34.64% (Q3 2025)→37.04% (FY 2025)
Earnings Quality Score5/10→8/10
North America Operating Margin4.51% (Q3 2025)→6.44% (FY 2025)

AWS operating margin sustainability above 37%: Q4 jump from 34.64% was large —...·International segment growth recovery: watch whether Q1 2026 reverses...·Q1 FY2026 revenue vs. $173.5B–$178.5B guidance range (11–15% YoY growth)

LATEST EARNINGS

•
Q1 2026
•
19 days ago
•View source
Revenue
N/A
—
Net Income
N/A
—
EPS
N/A
—
Operating
13.1%↑ +1.3%
Net
16.7%↑ +5.8%
  • •Net sales increased 17% to $181.5 billion, compared with $155.7 billion in first quarter 2025.
  • •AWS segment sales increased 28% year-over-year to $37.6 billion, representing the fastest growth in 15 quarters.
  • •Operating income increased to $23.9 billion in the first quarter, compared with $18.4 billion in first quarter 2025.
  • •Net income increased to $30.3 billion, or $2.78 per diluted share, compared with $17.1 billion, or $1.59 per diluted share, in first quarter 2025.
View Full Earnings →

Cash Flow Health

Free Cash Flow6/8 positive
TTM$-2.5B
Q1 '26
$-18.2B-222%
Q4 '25
$14.9B+3374%
FCF Margin
TTM-0.3%
Q1 '26-10.0%-243%
Sector: 2.3%Top 25%
OCF Margin20.0%
OCF/NI1.64x
CapEx Coverage1.0x
FCF Yield-0.1%
FCF Growth (2Y)–
Cash Conversion Cycle
-38 days
DSO: 31+DIO: 39−DPO: 108
View Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$-2.5B
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
15.1%
Stable
-0.0% YoY-3.0%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
9.1%
8Q: 9.4%
Asset Turnover
0.99x
8Q: 1.06x
Leverage (1+D/E)
1.28x
D/E: 0.28x
DuPont: 11.5% ≈ 15.1% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.26x
8Q:2.44x
-77.9%
Invested Cap Turn
1.66x
8Q:1.77x
-32.9%
CapEx Intensity
33.7%
8Q:31.7%
CapEx/Depreciation
2.14x
Depreciation Rate Trend
⚠ Declining -165.7%
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024
Revenue
$742.8B
$181.5B↓14.9%
$213.4B↑18.4%
$180.2B↑7.4%
$167.7B↑7.7%
$155.7B↓17.1%
$187.8B↑18.2%
$158.9B↑7.4%
$148.0B
Operating Income
$85.4B
$23.9B↓4.5%
$25.0B↑43.4%
$17.4B↓9.1%
$19.2B↑4.2%
$18.4B↓13.2%
$21.2B↑21.8%
$17.4B↑18.7%
$14.7B
Net Income
$90.8B
$30.3B↑42.8%
$21.2B↑0.0%
$21.2B↑16.6%
$18.2B↑6.1%
$17.1B↓14.4%
$20.0B↑30.5%
$15.3B↑13.7%
$13.5B
Operating Cash Flow
$148.5B
$26.0B↓52.2%
$54.5B↑53.3%
$35.5B↑9.3%
$32.5B↑91.1%
$17.0B↓62.7%
$45.6B↑75.7%
$26.0B↑2.7%
$25.3B
Free Cash Flow
$-2.5B
$-18.2B↓221.7%
$14.9B↑3373.7%
$430.0M↑29.5%
$332.0M↑104.1%
$-8.0B↓145.0%
$17.8B↑431.2%
$3.4B↓56.3%
$7.7B
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
24.5x
Volatile
8Q: 117.0x-4918%
Valuation Lenses
Earnings
24.5x
vs – sector
Cash Flow
-883.2x
EV/FCF vs –
Growth-Adj
0.7xPEG
Undervalued for growth
Quality-Adj
1.6P/E per %ROIC
ROIC: 15.1%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.23T
EV$2.18T
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
96/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
24.4%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.1%
8Q:–
-3.0%
vs Sector:0.1%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 9.1%
Asset Turnover: 0.99x

Earnings Quality

Cash Conversion

1.64x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin50.6%

Capital Efficiency

Invested Capital Turnover1.66x

Working Capital

Cash Conversion Cycle-38 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
64/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
14.2%
OpInc Growth YoY
29.6%
EPS Growth YoY
36.5%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
50.6%
Operating
11.5%
Top 25% in sector
Net
12.2%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-12.6 pts
FCF: -0.3% | Net: 12.2%
FCF margin lags net margin by 12.6 pts

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $23.91B
Interest Coverage
–
+Net cash position: $23.91B
Leverage Metrics
Debt-to-Equity
0.28x
Balance sheet risk & solvency analysis

Research

All research