Latest Ratios: P/E Ratio 34.1x · EV/EBITDA 18.5x · 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 | $2.63T | $2.50T | $2.35T | $1.59T | $855.9B | $1.72T | $1.66T | $931.3B | $751.0B | $576.5B | $362.9B |
| Enterprise Value | $2.69T | $2.57T | $2.40T | $1.66T | $942.1B | $1.80T | $1.70T | $958.4B | $752.4B | $593.9B | $358.8B |
| P/E Ratio → | 34.05 | 32.19 | 39.67 | 52.39 | — | 51.46 | 77.92 | 80.34 | 74.36 | 188.61 | 149.96 |
| P/S Ratio | 3.66 | 3.49 | 3.69 | 2.77 | 1.67 | 3.66 | 4.30 | 3.32 | 3.22 | 3.24 | 2.67 |
| P/B Ratio | 6.43 | 6.08 | 8.22 | 7.90 | 5.86 | 12.42 | 17.78 | 15.01 | 17.24 | 20.81 | 18.82 |
| P/FCF | 341.23 | 324.77 | 71.54 | 49.48 | — | — | 64.07 | 43.01 | 43.42 | 89.94 | 38.61 |
| P/OCF | 18.82 | 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 | 18.47 | 17.60 | 19.81 | 19.37 | 17.39 | 30.30 | 35.43 | 26.38 | 27.10 | 38.11 | 28.77 |
| EV / EBIT | 33.66 | 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 | 2.9% | 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 |
Capital intensity of AI
Based on current market data, AMZN trades at a forward P/E of 26.45, which appears to price in significant long-term margin expansion from the advertising and cloud segments rather than relying solely on the lower-margin retail business that historically defined the company's valuation multiples.
The current P/E ratio suggests investors are willing to pay a premium for the company's ability to cross-sell high-margin services to its massive retail user base. This valuation implies that the market views the retail segment as a strategic loss leader for the more profitable AWS and advertising engines, warranting a higher multiple than traditional pure-play retailers.
According to recent financial statements, the company's ROIC has remained in a narrow range between 3.1% and 4.8% over the last ten quarters, suggesting that massive, ongoing investments in data centers and logistics are currently diluting the returns generated by the core business segments.
The persistent gap between the company's ROIC and that of its cloud peers like Microsoft suggests that the heavy capital burden of the retail logistics network acts as a drag on overall capital productivity. Investors should monitor whether the shift toward regionalized fulfillment can eventually drive a meaningful inflection in these returns as the infrastructure matures.
As reported in quarterly filings, the company maintains a negative cash conversion cycle, reaching -53 days in 2026Q1, which indicates that the business effectively utilizes its massive scale to extract favorable payment terms from suppliers while collecting cash from customers almost immediately.
This negative CCC is a critical structural advantage that provides the company with a continuous source of interest-free financing for its operations. The ability to maintain such efficient working capital management, even as the company scales its third-party marketplace, suggests significant bargaining power over its vendor ecosystem.
Based on reported figures, the interest coverage ratio of 29.82 in 2026Q1 demonstrates that despite a significant increase in total debt to $209.9B, the company's operating income remains more than sufficient to cover its interest obligations, maintaining a comfortable cushion for ongoing capital expenditures.
While the absolute debt load has risen, the company's ability to generate substantial operating cash flow from its cloud and advertising segments mitigates the risk of its high-leverage profile. However, the reliance on these segments to service debt means that any cyclical downturn in enterprise IT spending could compress this coverage ratio rapidly.
The consolidated P/E ratio is frequently misapplied to this business model, as it obscures the disparate capital intensities and growth profiles of the cloud, advertising, and retail segments, leading to an incomplete assessment of the company's true underlying earning power and valuation potential.
Analysts should instead utilize a sum-of-the-parts approach to properly value the high-margin AWS and advertising businesses against their respective tech peers. Relying on a single P/E metric fails to account for the fact that the retail segment's low margins are a strategic choice to drive volume, not a failure of operational efficiency.
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 34.1x. The historical average is 76.6x. This places it at the 12th percentile of its historical range.
Amazon.com, Inc.'s current EV/EBITDA is 18.5x. 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 34.1x. This is at the 12th 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.