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, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 1.02 1.09 1.11 1.12 1.20
Adjusted 1.05 1.12 1.13 1.12 1.20
Liquidity Ratio
Current Ratio
Reported 1.06 1.05 0.94 1.14 1.05
Adjusted 1.20 1.16 1.04 1.25 1.15
Solvency Ratios
Debt to Equity
Reported 0.24 0.39 0.59 0.54 0.66
Adjusted 0.50 0.73 0.99 0.86 0.94
Debt to Capital
Reported 0.19 0.28 0.37 0.35 0.40
Adjusted 0.33 0.42 0.50 0.46 0.48
Financial Leverage
Reported 2.19 2.61 3.17 3.04 3.44
Adjusted 2.06 2.44 2.93 2.74 3.01
Profitability Ratios
Net Profit Margin
Reported 9.29% 5.29% -0.53% 7.10% 5.53%
Adjusted 9.60% 5.37% -2.24% 7.26% 6.03%
Return on Equity (ROE)
Reported 20.72% 15.07% -1.86% 24.13% 22.84%
Adjusted 20.76% 14.72% -7.42% 22.28% 21.86%
Return on Assets (ROA)
Reported 9.48% 5.76% -0.59% 7.93% 6.64%
Adjusted 10.08% 6.02% -2.54% 8.13% 7.26%

Based on: 10-K (reporting date: 2024-12-31), 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).

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 deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Amazon.com Inc. adjusted current ratio improved from 2022 to 2023 and from 2023 to 2024.
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 improved from 2022 to 2023 and from 2023 to 2024.
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 improved from 2022 to 2023 and from 2023 to 2024.
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 decreased from 2022 to 2023 and from 2023 to 2024.
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 improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Amazon.com Inc. adjusted ROE improved from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Amazon.com Inc. adjusted ROA improved from 2022 to 2023 and from 2023 to 2024.

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

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net sales 637,959 574,785 513,983 469,822 386,064
Total assets 624,894 527,854 462,675 420,549 321,195
Activity Ratio
Total asset turnover1 1.02 1.09 1.11 1.12 1.20
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net sales2 641,635 579,585 516,083 472,241 387,482
Adjusted total assets3 610,929 516,357 456,562 421,649 322,295
Activity Ratio
Adjusted total asset turnover4 1.05 1.12 1.13 1.12 1.20

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Total asset turnover = Net sales ÷ Total assets
= 637,959 ÷ 624,894 = 1.02

2 Adjusted net sales. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted total asset turnover = Adjusted net sales ÷ Adjusted total assets
= 641,635 ÷ 610,929 = 1.05

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 deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 190,867 172,351 146,791 161,580 132,733
Current liabilities 179,431 164,917 155,393 142,266 126,385
Liquidity Ratio
Current ratio1 1.06 1.05 0.94 1.14 1.05
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 192,867 174,051 148,191 162,680 133,833
Adjusted current liabilities3 161,328 149,690 142,166 130,439 116,677
Liquidity Ratio
Adjusted current ratio4 1.20 1.16 1.04 1.25 1.15

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 190,867 ÷ 179,431 = 1.06

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 192,867 ÷ 161,328 = 1.20

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 68,242 78,917 85,932 73,988 61,405
Stockholders’ equity 285,970 201,875 146,043 138,245 93,404
Solvency Ratio
Debt to equity1 0.24 0.39 0.59 0.54 0.66
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 147,838 154,556 154,972 132,318 100,504
Adjusted stockholders’ equity3 296,608 211,305 156,057 153,866 106,978
Solvency Ratio
Adjusted debt to equity4 0.50 0.73 0.99 0.86 0.94

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 68,242 ÷ 285,970 = 0.24

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 147,838 ÷ 296,608 = 0.50

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 68,242 78,917 85,932 73,988 61,405
Total capital 354,212 280,792 231,975 212,233 154,809
Solvency Ratio
Debt to capital1 0.19 0.28 0.37 0.35 0.40
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 147,838 154,556 154,972 132,318 100,504
Adjusted total capital3 444,446 365,861 311,029 286,184 207,482
Solvency Ratio
Adjusted debt to capital4 0.33 0.42 0.50 0.46 0.48

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 68,242 ÷ 354,212 = 0.19

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 147,838 ÷ 444,446 = 0.33

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 624,894 527,854 462,675 420,549 321,195
Stockholders’ equity 285,970 201,875 146,043 138,245 93,404
Solvency Ratio
Financial leverage1 2.19 2.61 3.17 3.04 3.44
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 610,929 516,357 456,562 421,649 322,295
Adjusted stockholders’ equity3 296,608 211,305 156,057 153,866 106,978
Solvency Ratio
Adjusted financial leverage4 2.06 2.44 2.93 2.74 3.01

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 624,894 ÷ 285,970 = 2.19

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 610,929 ÷ 296,608 = 2.06

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 decreased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 59,248 30,425 (2,722) 33,364 21,331
Net sales 637,959 574,785 513,983 469,822 386,064
Profitability Ratio
Net profit margin1 9.29% 5.29% -0.53% 7.10% 5.53%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 61,582 31,096 (11,581) 34,277 23,383
Adjusted net sales3 641,635 579,585 516,083 472,241 387,482
Profitability Ratio
Adjusted net profit margin4 9.60% 5.37% -2.24% 7.26% 6.03%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
Net profit margin = 100 × Net income (loss) ÷ Net sales
= 100 × 59,248 ÷ 637,959 = 9.29%

2 Adjusted net income (loss). See details »

3 Adjusted net sales. See details »

4 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income (loss) ÷ Adjusted net sales
= 100 × 61,582 ÷ 641,635 = 9.60%

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 59,248 30,425 (2,722) 33,364 21,331
Stockholders’ equity 285,970 201,875 146,043 138,245 93,404
Profitability Ratio
ROE1 20.72% 15.07% -1.86% 24.13% 22.84%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 61,582 31,096 (11,581) 34,277 23,383
Adjusted stockholders’ equity3 296,608 211,305 156,057 153,866 106,978
Profitability Ratio
Adjusted ROE4 20.76% 14.72% -7.42% 22.28% 21.86%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROE = 100 × Net income (loss) ÷ Stockholders’ equity
= 100 × 59,248 ÷ 285,970 = 20.72%

2 Adjusted net income (loss). See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income (loss) ÷ Adjusted stockholders’ equity
= 100 × 61,582 ÷ 296,608 = 20.76%

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 improved from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income (loss) 59,248 30,425 (2,722) 33,364 21,331
Total assets 624,894 527,854 462,675 420,549 321,195
Profitability Ratio
ROA1 9.48% 5.76% -0.59% 7.93% 6.64%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income (loss)2 61,582 31,096 (11,581) 34,277 23,383
Adjusted total assets3 610,929 516,357 456,562 421,649 322,295
Profitability Ratio
Adjusted ROA4 10.08% 6.02% -2.54% 8.13% 7.26%

Based on: 10-K (reporting date: 2024-12-31), 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).

1 2024 Calculation
ROA = 100 × Net income (loss) ÷ Total assets
= 100 × 59,248 ÷ 624,894 = 9.48%

2 Adjusted net income (loss). See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income (loss) ÷ Adjusted total assets
= 100 × 61,582 ÷ 610,929 = 10.08%

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 improved from 2022 to 2023 and from 2023 to 2024.