AMZN
AMAZON COM INC
Consumer Discretionary • CIK: 0001018724
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Market Cap
$2.46T
P/E (TTM)
31.7x
Rev Growth (TTM)
+12.4%
Net Margin (TTM)
10.8%
FCF Yield (TTM)
0.3%
FCF Margin (TTM)
1.1%
What Changed
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)
Filing Intelligence
6.0/10
10-K filed Feb 6, 2026 • FY 2025
Executive Summary
Revenue growth accelerated to 12% in 2025, driven by broad-based increases in unit sales, advertising, and subscriptions, with AWS showing particularly strong performance.. Operating income saw an...
Key Concerns
- ●Intense Competition (high)
- ●Regulatory and Geopolitical Risks (high)
Key Strengths
- ●Revenue growth accelerated to 12% in 2025, driven by broad-based increases in unit sales, advertising, and subscriptions, with AWS showing...
Cash Flow Health
Free Cash Flow7/8 positive
TTM$7.7B
Q4 '25
$14.9B+3374%
Q3 '25
$430M+30%
FCF Margin
TTM1.1%
Q4 '257.0%+2833%
Sector: 2.7%Below Avg
OCF Margin19.5%
OCF/NI1.80x
CapEx Coverage1.1x
FCF Yield0.3%
FCF Growth (2Y)–
Cash Conversion Cycle
-33 days
DSO: 30+DIO: 40−DPO: 103
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)$7.7B
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
15.6%
Stable
-0.0% YoY-0.8%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
9.0%
8Q: 9.3%
Asset Turnover
1.03x
8Q: 1.09x
Leverage (1+D/E)
1.17x
D/E: 0.17x
DuPont: 10.8% ≈ 15.6% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
2.39x
8Q:2.63x
-49.6%
Invested Cap Turn
1.74x
8Q:1.82x
-9.4%
CapEx Intensity
31.9%
8Q:28.6%
CapEx/Depreciation
2.00x
Depreciation Rate Trend
⚠ Declining -153.8%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $716.9B | $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↑3.3% | $143.3B |
Operating Income | $80.0B | $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↓4.1% | $15.3B |
Net Income | $77.7B | $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↑29.3% | $10.4B |
Operating Cash Flow | $139.5B | $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↑33.1% | $19.0B |
Free Cash Flow | $7.7B | $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↑88.5% | $4.1B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
31.7x
Volatile
8Q: 122.5x-5310%
Valuation Lenses
Earnings
31.7x
vs – sector
Cash Flow
313.9x
EV/FCF vs –
Growth-Adj
1.1xPEG
Fair for growth
Quality-Adj
2.0P/E per %ROIC
ROIC: 15.6%
Shareholder Returns
Dividend
–
Buyback
–
Total Yield
–
Market Cap$2.46T
EV$2.42T
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
95/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
22.9%
8Q:–
Return on Invested Capital (ROIC)Top 25%
15.6%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 9.0%
Asset Turnover: 1.03x
Earnings Quality
Cash Conversion
1.80x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin50.3%
Capital Efficiency
Invested Capital Turnover1.74x
Working Capital
Cash Conversion Cycle-33 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
62/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
12.4%
OpInc Growth YoY
17.8%
EPS Growth YoY
29.7%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
50.3%
Operating
11.2%
Above Avg in sector
Net
10.8%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-9.8 pts
FCF: 1.1% | Net: 10.8%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $57.47B
Interest Coverage
–
+Net cash position: $57.47B
Balance sheet risk & solvency analysis