Tearsheet

Amazon.com (AMZN)


Market Price (10/6/2025): $220.22 | Market Cap: $2.3 Tril
Sector: Consumer Discretionary | Industry: Broadline Retail

Amazon.com (AMZN)


Market Price (10/6/2025): $220.22
Market Cap: $2.3 Tril
Sector: Consumer Discretionary
Industry: Broadline Retail

Investment Highlights

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
  Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 121 Bil, FCF LTM is 13 Bil
  
2 Low stock price volatility
Vol 12M is 34%
  
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 11%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 18%, CFO LTM is 121 Bil, FCF LTM is 13 Bil
2 Low stock price volatility
Vol 12M is 34%
3 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 28x

Market Valuation & Key Metrics

AMZN Stock


Price Returns Compared

 202020212022202320242025Total [1]
Returns
AMZN Return76%2%-50%81%44%1%138%
Peers Return62%5%-33%39%20%53%193%
S&P 500 Return16%27%-19%24%23%15%108%

Monthly Win Rates [3]
AMZN Win Rate67%50%25%83%75%44% 
Peers Win Rate63%57%33%62%60%62% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
AMZN Max Drawdown-9%-9%-51%-1%-5%-24% 
Peers Max Drawdown-28%-19%-43%-8%-14%-21% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, AAPL, WMT, BABA, W. See AMZN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/6/2025 (YTD)

Downturns Compared

Unique KeyEventAMZNS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-56.1%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven128.0%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven470 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-22.7%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven29.4%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven33 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-34.1%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven51.8%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven407 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-65.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven187.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven337 days1480 days


How Low Can It Go?

Amazon.com's stock fell -56.1% during the 2022 Inflation Shock from a high on 7/8/2021. A -56.1% loss requires a 128.0% gain to breakeven.

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About Amazon.com (AMZN)

Amazon.com, Inc. engages in the retail sale of consumer products and subscriptions in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It sells merchandise and content purchased for resale from third-party sellers through physical and online stores. The company also manufactures and sells electronic devices, including Kindle, Fire tablets, Fire TVs, Rings, and Echo and other devices; provides Kindle Direct Publishing, an online service that allows independent authors and publishers to make their books available in the Kindle Store; and develops and produces media content. In addition, it offers programs that enable sellers to sell their products on its websites, as well as its stores; and programs that allow authors, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, the company provides compute, storage, database, analytics, machine learning, and other services, as well as fulfillment, advertising, publishing, and digital content subscriptions. Additionally, it offers Amazon Prime, a membership program, which provides free shipping of various items; access to streaming of movies and series; and other services. The company serves consumers, sellers, developers, enterprises, and content creators. Amazon.com, Inc. was incorporated in 1994 and is headquartered in Seattle, Washington.

Better Bets than Amazon.com (AMZN)

Latest Trefis Analyses

Trade Ideas

Select past trade ideas related to AMZN and Broadline Retail.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.3%-1.3%-1.3%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
1.7%1.7%-0.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-2.5%-2.5%-2.5%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.1%3.1%-0.6%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
5.1%5.1%-0.1%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ANF_9302025_Dip_Buyer_FCFYield09302025ANFAbercrombie & FitchDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.3%-1.3%-1.3%
DECK_9302025_Dip_Buyer_FCFYield09302025DECKDeckers OutdoorDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
1.7%1.7%-0.2%
CHH_9302025_Dip_Buyer_ValueBuy09302025CHHChoice Hotels InternationalDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-2.5%-2.5%-2.5%
VAC_9302025_Dip_Buyer_ValueBuy09302025VACMarriott Vacations WorldwideDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
3.1%3.1%-0.6%
FUN_9302025_Short_Squeeze09302025FUNSix Flags EntertainmentSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.
5.1%5.1%-0.1%

See Trefis Trade Ideas for more.

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Amazon.com

Financials

AMZNMSFTAAPLWMTBABAWMedian
NameAmazon.c.MicrosoftApple Walmart Alibaba Wayfair  
Mkt Price220.60527.33255.83102.60187.1584.28203.88
Mkt Cap2,346.53,918.13,812.6818.5434.410.81,582.5
Rev LTM670,038281,724408,625693,1531,000,76312,008539,332
Op Inc LTM76,190128,528130,21428,988146,075-172102,359
FCF LTM13,48171,61196,18413,753150,54518442,682
FCF 3Y Avg21,67768,386100,50314,986177,552-12845,031
CFO LTM121,137136,162108,56538,438150,545388114,851
CFO 3Y Avg96,977114,097111,55936,707177,552170104,268

Growth & Margins

AMZNMSFTAAPLWMTBABAWMedian
NameAmazon.c.MicrosoftApple Walmart Alibaba Wayfair  
Rev Chg LTM10.9%14.9%6.0%4.2%5.3%0.9%5.6%
Rev Chg 3Y Avg11.3%12.5%1.8%5.7%5.5%-1.7%5.6%
Rev Chg Q13.3%18.1%9.6%4.8%1.8%5.0%7.3%
QoQ Delta Rev Chg LTM3.0%4.3%2.1%1.2%0.4%1.3%1.7%
Op Mgn LTM11.4%45.6%31.9%4.2%14.6%-1.4%13.0%
Op Mgn 3Y Avg7.9%44.0%30.8%4.0%13.5%-5.0%10.7%
QoQ Delta Op Mgn LTM0.3%0.4%0.1%-0.1%-0.2%0.5%0.2%
CFO/Rev LTM18.1%48.3%26.6%5.5%15.0%3.2%16.6%
CFO/Rev 3Y Avg15.8%46.0%28.4%5.5%18.9%1.4%17.3%
FCF/Rev LTM2.0%25.4%23.5%2.0%15.0%1.5%8.5%
FCF/Rev 3Y Avg3.5%27.9%25.6%2.3%18.9%-1.1%11.2%

Valuation

AMZNMSFTAAPLWMTBABAWMedian
NameAmazon.c.MicrosoftApple Walmart Alibaba Wayfair  
Mkt Cap2,346.53,918.13,812.6818.5434.410.81,582.5
P/S3.513.99.31.20.40.92.3
P/EBIT27.631.129.326.32.4-49.326.9
P/E33.238.538.438.43.0-36.035.8
P/CFO19.428.835.121.32.927.824.5
Total Yield3.0%3.2%3.0%3.5%33.7%-2.8%3.1%
Dividend Yield0.0%0.6%0.4%0.9%0.0%0.0%0.2%
FCF Yield 3Y Avg1.1%2.2%3.2%2.8%84.8%-1.6%2.5%
D/E0.10.00.00.10.50.30.1
Net D/E0.0-0.00.00.1-0.40.20.0

Returns

AMZNMSFTAAPLWMTBABAWMedian
NameAmazon.c.MicrosoftApple Walmart Alibaba Wayfair  
1M Rtn-4.9%6.8%7.1%2.2%38.1%-6.0%4.5%
3M Rtn-1.2%6.4%22.4%3.6%76.2%53.0%14.4%
6M Rtn26.0%48.2%41.8%23.1%79.6%206.8%45.0%
12M Rtn18.4%28.0%13.7%28.1%66.2%50.8%28.1%
3Y Rtn92.8%131.3%86.1%149.0%142.6%174.9%136.9%
1M Excs Rtn-8.9%2.8%3.1%-1.8%34.1%-10.0%0.5%
3M Excs Rtn-7.6%-1.7%14.1%-2.2%65.1%44.6%6.2%
6M Excs Rtn-3.7%14.6%3.8%-8.8%30.5%190.3%9.2%
12M Excs Rtn1.5%9.6%-4.3%10.9%47.1%40.6%10.2%
3Y Excs Rtn7.3%42.9%-2.1%56.9%64.2%58.5%49.9%

Financials

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
North America352,828315,880   
International131,200118,007   
Amazon Web Services (AWS)90,75780,09662,20245,37035,026
Advertising services  31,16019,773 
Online stores  222,075197,346141,247
Other  2,1761,68014,085
Physical stores  17,07516,22717,192
Subscription services  31,76825,20719,210
Third-party seller services  103,36680,46153,762
Total574,785513,983469,822386,064280,522


Operating Income by Segment
$ Mil20242023202220212020
Amazon Web Services (AWS)24,63122,841   
North America14,877-2,847   
International-2,656-7,746   
Total36,85212,248   


Assets by Segment
$ Mil20242023202220212020
North America196,029185,268   
Corporate153,574124,250   
Amazon Web Services (AWS)108,53388,491   
International69,71864,666   
Total527,854462,675   


Price Behavior

Short Interest

Short Interest: As Of Date9152025
Short Interest: Shares Quantity69,908,794
Short Interest: % Change Since 83120251.8%
Average Daily Volume39,175,128
Days-to-Cover Short Interest1.78
Basic Shares Quantity10,637,000,000
Short % of Basic Shares0.7%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/31/2025-8.3%-4.7%-2.2%
5/1/2025-0.1%1.0%8.6%
2/6/2025-4.1%-3.5%-18.5%
10/31/20246.2%12.7%13.0%
8/1/2024-8.8%-9.9%-3.0%
4/30/20242.3%7.9%2.5%
2/1/20247.9%6.6%11.5%
10/26/20236.8%15.5%23.6%
...
SUMMARY STATS   
# Positive91211
# Negative151213
Median Positive7.4%7.7%8.6%
Median Negative-5.4%-5.0%-7.0%
Max Positive13.5%16.6%23.6%
Max Negative-14.0%-19.5%-20.4%

SEC Filings

Expand for More

Report DateFiling DateFiling
6302025801202510-Q 6/30/2025
3312025502202510-Q 3/31/2025
12312024207202510-K 12/31/2024
93020241101202410-Q 9/30/2024
6302024802202410-Q 6/30/2024
3312024501202410-Q 3/31/2024
12312023202202410-K 12/31/2023
93020231027202310-Q 9/30/2023
6302023804202310-Q 6/30/2023
3312023428202310-Q 3/31/2023
12312022203202310-K 12/31/2022
93020221028202210-Q 9/30/2022
6302022729202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021204202210-K 12/31/2021
93020211029202110-Q 9/30/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Herrington Douglas JCEO Worldwide Amazon Stores9042025Sell223.492,500558,725115,769,384Form
1Herrington Douglas JCEO Worldwide Amazon Stores8052025Sell217.002,500542,500111,114,850Form
2BEZOS JEFFREY PExecutive Chair7252025Sell228.481,510,956345,219,752202,527,898,092Form
3BEZOS JEFFREY PExecutive Chair7232025Sell227.552,602,336592,164,680202,963,011,727Form
4BEZOS JEFFREY PExecutive Chair7172025Sell227.02733,195166,449,709203,079,724,832Form