Amazon.com, Inc. (AMZN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.2%

$54.53

vs $250.01 price

Levered DCF

$44.88

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.1

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	31.66×	38.76×	51.51×	-311.11×	50.52×	76.46×	78.97×	72.91×
P/B	5.98×	8.03×	7.76×	5.86×	12.2×	17.44×	14.71×	16.8×
P/S	3.43×	3.6×	2.72×	1.67×	3.59×	4.22×	3.25×	3.14×
EV / EBITDA	15.28×	18.98×	18.21×	24.56×	23.76×	32.76×	25.16×	26.16×
Gross margin	50.3%	48.9%	47.0%	43.8%	42.0%	39.6%	41.0%	40.2%
Operating margin	11.2%	10.8%	6.4%	2.4%	5.3%	5.9%	5.2%	5.3%
Net margin	10.8%	9.3%	5.3%	-0.5%	7.1%	5.5%	4.1%	4.3%
Current ratio	1.05×	1.06×	1.05×	0.94×	1.14×	1.05×	1.1×	1.1×
Debt / equity	0.37×	0.46×	0.67×	0.96×	0.84×	0.9×	1.02×	0.76×
Interest coverage	35.17×	28.51×	11.58×	5.17×	13.75×	13.9×	9.09×	8.77×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.9%	20.7%	15.1%	-1.9%	24.1%	22.8%	18.7%	23.1%
Return on invested capital	10.7%	13.3%	8.2%	1.8%	7.8%	10.4%	8.8%	11.8%
Return on assets	9.5%	9.5%	5.8%	-0.6%	7.9%	6.6%	5.1%	6.2%
Free cash flow yield	0.3%	1.4%	2.1%	-2.0%	-0.9%	1.6%	2.4%	2.4%
Earnings yield	3.2%	2.6%	1.9%	-0.3%	2.0%	1.3%	1.3%	1.4%
Enterprise value	$2.5T	$2.3T	$1.6T	$942.1B	$1.8T	$1.7T	$939.9B	$732.9B
Net debt / EBITDA	0.4×	0.42×	0.7×	2.25×	1.08×	0.83×	0.73×	0.05×
Cash conversion cycle (days)	-51	-36	-29	-27	-36	-53	-32	-29