Stock Analysis on Net

Amazon.com Inc. (NASDAQ:AMZN)

Enterprise Value (EV) 

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Current Enterprise Value (EV)

Amazon.com Inc., current enterprise value calculation

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Current share price (P) $223.41
No. shares of common stock outstanding 10,616,352,407
US$ in millions
Common equity (market value)1 2,371,799
Add: Preferred stock, $0.01 par value; no shares issued or outstanding (per books)
Total equity 2,371,799
Add: Current portion of lease liabilities, finance leases (per books) 1,375
Add: Current portion of long-term debt (per books) 5,017
Add: Long-term lease liabilities, finance leases, excluding current portion (per books) 9,227
Add: Long-term debt, excluding current portion (per books) 52,623
Total equity and debt 2,440,041
Less: Cash and cash equivalents 78,779
Less: Marketable securities 22,423
Enterprise value (EV) 2,338,839

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

1 Common equity (market value) = Share price × No. shares of common stock outstanding
= 223.41 × 10,616,352,407


Historical Enterprise Value (EV)

Amazon.com Inc., EV calculation

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Share price1, 2 $229.15 $171.81 $103.39 $157.64 $165.63
No. shares of common stock outstanding1 10,597,729,352 10,387,381,291 10,247,259,757 10,176,888,200 10,071,294,860
US$ in millions
Common equity (market value)3 2,428,470 1,784,656 1,059,464 1,604,285 1,668,109
Add: Preferred stock, $0.01 par value; no shares issued or outstanding (book value)
Total equity 2,428,470 1,784,656 1,059,464 1,604,285 1,668,109
Add: Current portion of lease liabilities, finance leases (book value) 1,375 2,032 4,397 8,083 10,374
Add: Current portion of long-term debt (book value) 5,017 8,494 2,999 1,491 1,155
Add: Long-term lease liabilities, finance leases, excluding current portion (book value) 9,227 10,077 11,386 15,670 18,060
Add: Long-term debt, excluding current portion (book value) 52,623 58,314 67,150 48,744 31,816
Total equity and debt 2,496,712 1,863,573 1,145,396 1,678,273 1,729,514
Less: Cash and cash equivalents 78,779 73,387 53,888 36,220 42,122
Less: Marketable securities 22,423 13,393 16,138 59,829 42,274
Enterprise value (EV) 2,395,510 1,776,793 1,075,370 1,582,224 1,645,118

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 Data adjusted for splits and stock dividends.

2 Closing price as at the filing date of Amazon.com Inc. Annual Report.

3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 229.15 × 10,597,729,352


Equity Trends
The common equity (market value) and total equity, both reported in US$ millions, showed a declining trend from 2020 to 2022, decreasing from approximately 1,668,109 million in 2020 to about 1,059,464 million in 2022. After this decline, equity values exhibited a substantial recovery and growth, reaching 1,784,656 million in 2023 and further increasing to 2,428,470 million by the end of 2024.
Total Equity and Debt
Total equity and debt mirrored the equity trends. There was a reduction in total capital from 1,729,514 million in 2020 down to 1,145,396 million in 2022. Subsequently, there was a strong upward movement in 2023 and 2024, ending at 1,863,573 million and 2,496,712 million respectively. This indicates that after an initial contraction, the combined financing from equity and debt substantially increased over the later periods.
Enterprise Value (EV)
The enterprise value followed a pattern consistent with the equity and total capital figures. Starting at 1,645,118 million in 2020, it decreased steadily to 1,075,370 million by the end of 2022. Similar to other capital measures, enterprise value showed a marked recovery to 1,776,793 million in 2023 and further growth to 2,395,510 million by the close of 2024.
Summary of Financial Position Changes
The data reflect a initial period of contraction in the company’s equity, capital structure, and overall valuation between 2020 and 2022. This was followed by a significant rebound through 2023 and 2024, indicating a period of expansion and increased market valuation. The synchronized movement across common equity, total equity and debt, as well as enterprise value suggests that the company’s financial restructuring or market conditions during the initial years were followed by a recovery phase strengthening its overall financial position.