Stock Analysis on Net
Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Amazon.com Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 1.09 1.11 1.12 1.20 1.25
Adjusted 1.12 1.13 1.12 1.20 1.25
Liquidity Ratio
Current Ratio
Reported 1.05 0.94 1.14 1.05 1.10
Adjusted 1.16 1.04 1.25 1.15 1.22
Solvency Ratios
Debt to Equity
Reported 0.39 0.59 0.54 0.66 0.83
Adjusted 0.73 0.99 0.86 0.94 1.04
Debt to Capital
Reported 0.28 0.37 0.35 0.40 0.45
Adjusted 0.42 0.50 0.46 0.48 0.51
Financial Leverage
Reported 2.61 3.17 3.04 3.44 3.63
Adjusted 2.44 2.93 2.74 3.01 3.04
Profitability Ratios
Net Profit Margin
Reported 5.29% -0.53% 7.10% 5.53% 4.13%
Adjusted 5.37% -2.24% 7.26% 6.03% 5.27%
Return on Equity (ROE)
Reported 15.07% -1.86% 24.13% 22.84% 18.67%
Adjusted 14.72% -7.42% 22.28% 21.86% 20.07%
Return on Assets (ROA)
Reported 5.76% -0.59% 7.93% 6.64% 5.14%
Adjusted 6.02% -2.54% 8.13% 7.26% 6.60%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Amazon.com Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Amazon.com Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Amazon.com Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Amazon.com Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Amazon.com Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Amazon.com Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Amazon.com Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Amazon.com Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Amazon.com Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net sales 574,785 513,983 469,822 386,064 280,522
Total assets 527,854 462,675 420,549 321,195 225,248
Activity Ratio
Total asset turnover1 1.09 1.11 1.12 1.20 1.25
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 579,585 516,083 472,241 387,482 282,776
Adjusted total assets3 516,357 456,562 421,649 322,295 225,966
Activity Ratio
Adjusted total asset turnover4 1.12 1.13 1.12 1.20 1.25

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Net sales ÷ Total assets
= 574,785 ÷ 527,854 = 1.09

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 579,585 ÷ 516,357 = 1.12

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Amazon.com Inc. adjusted total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023 not reaching 2021 level.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 172,351 146,791 161,580 132,733 96,334
Current liabilities 164,917 155,393 142,266 126,385 87,812
Liquidity Ratio
Current ratio1 1.05 0.94 1.14 1.05 1.10
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 174,051 148,191 162,680 133,833 97,052
Adjusted current liabilities3 149,690 142,166 130,439 116,677 79,622
Liquidity Ratio
Adjusted current ratio4 1.16 1.04 1.25 1.15 1.22

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 172,351 ÷ 164,917 = 1.05

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 174,051 ÷ 149,690 = 1.16

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Amazon.com Inc. adjusted current ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 78,917 85,932 73,988 61,405 51,698
Stockholders’ equity 201,875 146,043 138,245 93,404 62,060
Solvency Ratio
Debt to equity1 0.39 0.59 0.54 0.66 0.83
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 154,556 154,972 132,318 100,504 77,533
Adjusted stockholders’ equity3 211,305 156,057 153,866 106,978 74,289
Solvency Ratio
Adjusted debt to equity4 0.73 0.99 0.86 0.94 1.04

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 78,917 ÷ 201,875 = 0.39

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 154,556 ÷ 211,305 = 0.73

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Amazon.com Inc. adjusted debt-to-equity ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 78,917 85,932 73,988 61,405 51,698
Total capital 280,792 231,975 212,233 154,809 113,758
Solvency Ratio
Debt to capital1 0.28 0.37 0.35 0.40 0.45
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 154,556 154,972 132,318 100,504 77,533
Adjusted total capital3 365,861 311,029 286,184 207,482 151,822
Solvency Ratio
Adjusted debt to capital4 0.42 0.50 0.46 0.48 0.51

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 78,917 ÷ 280,792 = 0.28

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 154,556 ÷ 365,861 = 0.42

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Amazon.com Inc. adjusted debt-to-capital ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 527,854 462,675 420,549 321,195 225,248
Stockholders’ equity 201,875 146,043 138,245 93,404 62,060
Solvency Ratio
Financial leverage1 2.61 3.17 3.04 3.44 3.63
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 516,357 456,562 421,649 322,295 225,966
Adjusted stockholders’ equity3 211,305 156,057 153,866 106,978 74,289
Solvency Ratio
Adjusted financial leverage4 2.44 2.93 2.74 3.01 3.04

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 527,854 ÷ 201,875 = 2.61

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 516,357 ÷ 211,305 = 2.44

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Amazon.com Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 30,425 (2,722) 33,364 21,331 11,588
Net sales 574,785 513,983 469,822 386,064 280,522
Profitability Ratio
Net profit margin1 5.29% -0.53% 7.10% 5.53% 4.13%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 31,096 (11,581) 34,277 23,383 14,910
Adjusted net sales3 579,585 516,083 472,241 387,482 282,776
Profitability Ratio
Adjusted net profit margin4 5.37% -2.24% 7.26% 6.03% 5.27%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 30,425 ÷ 574,785 = 5.29%

2 Adjusted net income (loss). See details »

3 Adjusted net sales. See details »

4 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted net sales
= 100 × 31,096 ÷ 579,585 = 5.37%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Amazon.com Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 30,425 (2,722) 33,364 21,331 11,588
Stockholders’ equity 201,875 146,043 138,245 93,404 62,060
Profitability Ratio
ROE1 15.07% -1.86% 24.13% 22.84% 18.67%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 31,096 (11,581) 34,277 23,383 14,910
Adjusted stockholders’ equity3 211,305 156,057 153,866 106,978 74,289
Profitability Ratio
Adjusted ROE4 14.72% -7.42% 22.28% 21.86% 20.07%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 30,425 ÷ 201,875 = 15.07%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 31,096 ÷ 211,305 = 14.72%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Amazon.com Inc. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 30,425 (2,722) 33,364 21,331 11,588
Total assets 527,854 462,675 420,549 321,195 225,248
Profitability Ratio
ROA1 5.76% -0.59% 7.93% 6.64% 5.14%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 31,096 (11,581) 34,277 23,383 14,910
Adjusted total assets3 516,357 456,562 421,649 322,295 225,966
Profitability Ratio
Adjusted ROA4 6.02% -2.54% 8.13% 7.26% 6.60%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 30,425 ÷ 527,854 = 5.76%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 31,096 ÷ 516,357 = 6.02%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Amazon.com Inc. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 not reaching 2021 level.