Latest Ratios: P/E Ratio 35.6x · EV/EBITDA 19.3x · ROE 22.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.74T | $2.50T | $2.35T | $1.59T | $855.9B | $1.72T | $1.66T | $931.3B | $751.0B | $576.5B | $362.9B |
| Enterprise Value | $2.81T | $2.57T | $2.40T | $1.66T | $942.1B | $1.80T | $1.70T | $958.4B | $752.4B | $593.9B | $358.8B |
| P/E Ratio → | 35.56 | 32.19 | 39.67 | 52.39 | — | 51.46 | 77.92 | 80.34 | 74.36 | 188.61 | 149.96 |
| P/S Ratio | 3.83 | 3.49 | 3.69 | 2.77 | 1.67 | 3.66 | 4.30 | 3.32 | 3.22 | 3.24 | 2.67 |
| P/B Ratio | 6.72 | 6.08 | 8.22 | 7.90 | 5.86 | 12.42 | 17.78 | 15.01 | 17.24 | 20.81 | 18.82 |
| P/FCF | 356.45 | 324.77 | 71.54 | 49.48 | — | — | 64.07 | 43.01 | 43.42 | 89.94 | 38.61 |
| P/OCF | 19.66 | 17.91 | 20.30 | 18.77 | 18.31 | 37.07 | 25.14 | 24.18 | 24.44 | 31.39 | 21.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.58 | 3.77 | 2.88 | 1.83 | 3.83 | 4.41 | 3.42 | 3.23 | 3.34 | 2.64 |
| EV / EBITDA | 19.28 | 17.60 | 19.81 | 19.37 | 17.39 | 30.30 | 35.43 | 26.38 | 27.10 | 38.11 | 28.77 |
| EV / EBIT | 35.12 | 25.76 | 33.85 | 40.66 | — | 44.98 | 65.96 | 61.53 | 59.35 | 127.61 | 81.99 |
| EV / FCF | — | 333.37 | 73.12 | 51.41 | — | — | 65.71 | 44.26 | 43.50 | 92.65 | 38.17 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.3% | 50.3% | 48.9% | 47.0% | 43.8% | 42.0% | 39.6% | 41.0% | 40.2% | 37.1% | 35.1% |
| Operating Margin | 11.2% | 11.2% | 10.8% | 6.4% | 2.4% | 5.3% | 5.9% | 5.2% | 5.3% | 2.3% | 3.2% |
| Net Profit Margin | 10.8% | 10.8% | 9.3% | 5.3% | -0.5% | 7.1% | 5.5% | 4.1% | 4.3% | 1.7% | 1.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 22.3% | 22.3% | 24.3% | 17.5% | -1.9% | 28.8% | 27.4% | 21.9% | 28.3% | 12.9% | 14.5% |
| ROA | 10.8% | 10.8% | 10.3% | 6.1% | -0.6% | 9.0% | 7.8% | 6.0% | 6.9% | 2.8% | 3.2% |
| ROIC | 14.7% | 14.7% | 17.1% | 11.1% | 4.1% | 10.5% | 15.3% | 16.3% | 20.7% | 10.2% | 24.3% |
| ROCE | 15.3% | 15.3% | 17.0% | 11.0% | 4.2% | 10.5% | 13.8% | 12.6% | 14.8% | 7.3% | 12.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.46 | 0.67 | 0.96 | 0.84 | 0.90 | 1.02 | 0.76 | 1.37 | 0.79 |
| Debt / EBITDA | 1.05 | 1.05 | 1.08 | 1.59 | 2.59 | 1.96 | 1.76 | 1.74 | 1.19 | 2.43 | 1.22 |
| Net Debt / Equity | — | 0.16 | 0.18 | 0.31 | 0.59 | 0.58 | 0.45 | 0.44 | 0.03 | 0.63 | -0.21 |
| Net Debt / EBITDA | 0.45 | 0.45 | 0.43 | 0.73 | 1.59 | 1.35 | 0.88 | 0.75 | 0.05 | 1.12 | -0.33 |
| Debt / FCF | — | 8.60 | 1.59 | 1.93 | — | — | 1.63 | 1.25 | 0.08 | 2.72 | -0.44 |
| Interest Coverage | 43.79 | 43.79 | 29.52 | 12.80 | -1.51 | 22.09 | 15.68 | 9.73 | 8.95 | 5.49 | 9.04 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.05 | 1.05 | 1.06 | 1.05 | 0.94 | 1.14 | 1.05 | 1.10 | 1.10 | 1.04 | 1.04 |
| Quick Ratio | 0.88 | 0.88 | 0.87 | 0.84 | 0.72 | 0.91 | 0.86 | 0.86 | 0.85 | 0.76 | 0.78 |
| Cash Ratio | 0.56 | 0.56 | 0.56 | 0.53 | 0.45 | 0.68 | 0.67 | 0.63 | 0.60 | 0.54 | 0.59 |
| Asset Turnover | — | 0.88 | 1.02 | 1.09 | 1.11 | 1.12 | 1.20 | 1.25 | 1.43 | 1.35 | 1.63 |
| Inventory Turnover | 9.30 | 9.30 | 9.54 | 9.15 | 8.40 | 8.34 | 9.80 | 8.08 | 8.10 | 6.98 | 7.70 |
| Days Sales Outstanding | — | 34.48 | 31.73 | 33.18 | 30.08 | 25.55 | 23.20 | 27.08 | 26.14 | 27.01 | 22.38 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.8% | 3.1% | 2.5% | 1.9% | — | 1.9% | 1.3% | 1.2% | 1.3% | 0.5% | 0.7% |
| FCF Yield | 0.3% | 0.3% | 1.4% | 2.0% | — | — | 1.6% | 2.3% | 2.3% | 1.1% | 2.6% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $10.8B | $10.7B | $10.5B | $10.2B | $10.3B | $10.2B | $10.1B | $10.0B | $9.9B | $9.7B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AMZN stock.
Amazon.com, Inc.'s current P/E ratio is 35.6x. The historical average is 76.6x. This places it at the 18th percentile of its historical range.
Amazon.com, Inc.'s current EV/EBITDA is 19.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 34.0x.
Amazon.com, Inc.'s return on equity (ROE) is 22.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -20.1%.
Based on historical data, Amazon.com, Inc. is trading at a P/E of 35.6x. This is at the 18th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amazon.com, Inc. has 50.3% gross margin and 11.2% operating margin. Operating margin between 10-20% is typical for established companies.
Amazon.com, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Retail competition intensifying
Metrics are mathematically derived from official filings.
Margin Mix Shift Drives Expansion
Gross margin expanded to 52.3% in Q2 2026 from 50.1% in Q2 2024, per financial statements, as high-margin AWS and advertising increasingly offset retail's thin margins, lifting operating margin to 13.7%.
The 200 basis point gross margin improvement over two years reflects a structural mix shift toward third-party services and cloud, not just operational efficiency. Operating margin at 13.7% in Q2 2026 is the highest in the observed period, up from 9.9% in Q2 2024, indicating that the company is capturing operating leverage as revenue scales. However, the Q2 2026 net margin of 31.2% is inflated by a one-time Rivian investment gain, so investors should focus on operating margin as the cleaner measure of underlying earning power.
ROIC Lags Peers on Heavy CapEx
ROIC of 3.3% in Q2 2026 remains far below Microsoft's 23.9% and Alphabet's 25.1%, per peer data, as Amazon's massive infrastructure investments have yet to generate commensurate returns.
Despite strong profit growth, ROIC has been range-bound between 3.1% and 4.8% over the past ten quarters, reflecting the capital intensity of the logistics and cloud buildout. The company is reinvesting heavily, with CapEx reaching 27% of revenue in Q2 2026, which depresses current returns but may fuel future compounding. ROE improved to 12.6% in Q2 2026 from 5.0% in Q2 2024, driven by a surge in net income, but this is partly due to the one-time gain; the sustainable trend is more moderate.
Negative CCC Shows Supplier Leverage
Cash conversion cycle improved to -57 days in Q2 2026 from -27 days in Q2 2024, per reported data, as Amazon extends payables to 129 days while collecting receivables in 37 days.
The negative CCC indicates that Amazon is effectively using supplier financing to fund its operations, a hallmark of its marketplace model. DPO has risen from 83 days in Q4 2024 to 129 days in Q2 2026, suggesting increased negotiating power with suppliers, while DSO remains stable around 30-37 days. Asset turnover has declined to 0.20 in Q2 2026 from 0.31 in Q4 2024, reflecting the massive expansion of the asset base, which may signal diminishing efficiency in generating sales per dollar of assets.
Leverage Rising but Coverage Strong
Debt-to-equity rose to 0.40 in Q2 2026 from 0.37 a year earlier, while interest coverage improved to 62.5x from 40.2x, per financial statements, indicating comfortable debt service despite increased borrowing.
The reported D/E of 0.40 understates true leverage because it excludes substantial operating lease liabilities, which function as de facto debt. Even so, interest coverage of 62.5x in Q2 2026 is robust, suggesting that the company has ample earnings to service its debt. The increase in leverage is tied to the AI infrastructure buildout, with total debt rising to $223.2B, but the strong operating income growth provides a cushion. Investors should monitor whether the pace of debt accumulation outpaces earnings growth, especially if AWS growth decelerates.
Liquidity Cushion Thins Slightly
Current ratio dipped to 1.03 in Q2 2026 from 1.10 in Q2 2024, per balance sheet data, while quick ratio fell to 0.87, indicating a tighter but still adequate liquidity position.
The current ratio remains above 1.0, but the quick ratio of 0.87 suggests that inventory is a significant component of current assets, which could be a concern if demand weakens. Cash and equivalents stood at $78.2B in Q2 2026, providing a substantial buffer, but the negative free cash flow of -$8.8B in the same quarter indicates that the company is burning cash to fund CapEx. Under a severe stress scenario, the company could rely on its cash pile and access to credit markets, but the thin current ratio warrants monitoring.
P/E Misleads on Mixed Business
The trailing P/E of 39.61 obscures the disparate economics of retail, cloud, and advertising, per valuation data, making a sum-of-the-parts analysis more appropriate than a consolidated multiple.
A single P/E ratio fails to capture the different growth rates and capital intensities of Amazon's segments. The retail business trades at a low multiple, while AWS and advertising command premium valuations, so the consolidated P/E understates the value of the high-margin segments. Investors should use a sum-of-the-parts approach, valuing AWS against Microsoft and Alphabet, advertising against Meta, and retail against Walmart, to avoid mispricing the company. The forward P/E of 30.08 implies expectations of continued earnings growth, but the sustainability of the recent EPS beat, driven by one-time gains, is uncertain.