Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Amazon.com Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibited significant volatility throughout the observed periods. Initially, the ratio fluctuated around the 57 to 65 range in 2021, peaking at 118.45 in mid-2022. A notable surge occurred around early 2023, reaching a high of 251.97, likely indicating elevated market expectations or temporary earnings compression. Following this peak, the ratio progressively declined, stabilizing near the 30s range by late 2024 and into 2025. This downward trend suggests a normalization of earnings relative to price or a market reassessment toward more conservative valuation multiples.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio demonstrated a general downtrend after peaking at approximately 89.87 in mid-2022. Prior to this, the ratio remained relatively stable around the 56 to 65 range during 2021 and early 2022. Post-peak, the metric decreased steadily to about 28.13 by mid-2025. This decline implies improving operating profit margins relative to share price or a market adjustment to valuations based on operating profit metrics, reflecting potentially enhanced operational efficiency or tempered market sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio showed a moderate degree of fluctuation, beginning at levels above 4 in early 2021 and decreasing to approximately 2.06 by the end of 2022. Subsequently, it rebounded to values exceeding 3 by late 2024 and remained in the 3 to 3.8 range through mid-2025. This pattern indicates variability in market valuation relative to sales, possibly driven by changing revenue growth expectations or shifts in profitability that affect investor willingness to pay for sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio trended downward from a peak near 16.93 in early 2021 to values around 7 by late 2022. In subsequent periods, the ratio fluctuated modestly between 6.5 and 8.8, showing relative stability through 2024 and into 2025. This reduction and subsequent stabilization may reflect changes in book value growth, asset revaluations, or a reassessment of the company's net asset worth by the market.
Price to Earnings (P/E)
Amazon.com Inc., historical P/E calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income (loss) (in millions) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | 14,323) | 3,156) | 7,778) | 8,107) | ||||||
| Earnings per share (EPS)2 | 7.15 | 6.62 | 6.21 | 5.59 | 4.74 | 4.23 | 3.62 | 2.93 | 1.94 | 1.27 | 0.42 | -0.27 | 1.11 | 1.14 | 2.10 | 3.28 | 2.59 | 2.91 | 2.67 | ||||||
| Share price1, 3 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | 157.64 | 168.62 | 166.38 | 173.37 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 34.14 | 32.43 | 30.58 | 40.99 | 41.73 | 39.67 | 49.43 | 58.66 | 65.74 | 110.16 | 251.97 | — | 93.17 | 118.45 | 59.05 | 48.08 | 65.12 | 57.25 | 65.00 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Home Depot Inc. | 27.66 | 24.70 | 22.42 | 24.80 | 19.35 | 19.99 | 17.71 | 17.09 | 19.37 | 18.61 | 17.91 | 19.94 | 26.76 | 22.50 | 22.81 | 24.51 | 23.56 | 26.04 | 24.24 | ||||||
| Lowe’s Cos. Inc. | 22.51 | 20.20 | 17.00 | 18.81 | 15.00 | 21.99 | 18.78 | 17.65 | 19.09 | 15.54 | 14.78 | 17.84 | 20.72 | 20.32 | 20.09 | 22.36 | 21.14 | 22.50 | 21.16 | ||||||
| TJX Cos. Inc. | 28.98 | 27.77 | 25.04 | 24.63 | 24.43 | 25.52 | 23.28 | 25.22 | 27.24 | 21.73 | 22.68 | 22.20 | 31.03 | 35.26 | 53.90 | 881.78 | 103.90 | 92.86 | 38.61 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income (loss)Q3 2025
+ Net income (loss)Q2 2025
+ Net income (loss)Q1 2025
+ Net income (loss)Q4 2024)
÷ No. shares of common stock outstanding
= (21,187,000,000 + 18,164,000,000 + 17,127,000,000 + 20,004,000,000)
÷ 10,690,216,011 = 7.15
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 244.22 ÷ 7.15 = 34.14
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several trends related to the share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio over the period examined.
- Share Price
- The share price demonstrates volatility, showing both declines and subsequent recoveries. Initially, it decreased from approximately $173.37 to $103.39 before steadily increasing to reach $244.22 in the most recent quarter. This reflects a significant appreciation in value following a period of weakness, indicating renewed investor confidence or improved market conditions.
- Earnings Per Share (EPS)
- EPS exhibits a notable fluctuation, starting at $2.67 and peaking at a negative low of -$0.27 in one quarter, which signals a considerable operational challenge or extraordinary expense during that time. Following this trough, EPS shows a strong recovery trend, rising consistently to reach $7.15 by the end of the last reported quarter. This improvement suggests enhanced profitability and efficient cost management over the latter periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio mirrors the fluctuations seen in share price and EPS, with initial levels around 65, escalating dramatically to over 250 during the quarter with negative EPS (indicating market uncertainty or adjustment to losses), and then declining steadily to around 34 in the latest period. The decrease in P/E ratio despite rising share prices and EPS indicates that earnings growth has outpaced share price appreciation, often seen as a positive signal of valuation normalization.
Overall, the data suggests an initial period of financial strain with depressed earnings and share price, followed by a robust recovery phase marked by improved profitability and a stabilizing valuation. The trends imply successful adaptation to earlier challenges and positive market reception reflected in increasing share prices and EPS growth.
Price to Operating Profit (P/OP)
Amazon.com Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating income (in millions) | 17,422) | 19,171) | 18,405) | 21,203) | 17,411) | 14,672) | 15,307) | 13,209) | 11,188) | 7,681) | 4,774) | 2,737) | 2,525) | 3,317) | 3,669) | 3,460) | 4,852) | 7,702) | 8,865) | ||||||
| Operating profit per share2 | 7.13 | 7.14 | 6.75 | 6.47 | 5.76 | 5.18 | 4.55 | 3.55 | 2.55 | 1.72 | 1.30 | 1.20 | 1.27 | 1.50 | 1.93 | 2.44 | 2.79 | 2.93 | 2.75 | ||||||
| Share price1, 3 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | 157.64 | 168.62 | 166.38 | 173.37 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 34.26 | 30.06 | 28.13 | 35.40 | 34.34 | 32.41 | 39.31 | 48.43 | 50.04 | 81.28 | 81.03 | 86.50 | 81.33 | 89.87 | 64.24 | 64.48 | 60.45 | 56.87 | 62.96 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Home Depot Inc. | 19.08 | 17.24 | 15.71 | 17.32 | 13.63 | 14.08 | 12.53 | 12.16 | 13.73 | 13.22 | 12.76 | 14.22 | 19.12 | 16.06 | 16.20 | 17.25 | 16.72 | 18.45 | 17.14 | ||||||
| Lowe’s Cos. Inc. | 14.94 | 13.35 | 11.24 | 12.58 | 9.93 | 13.56 | 11.78 | 11.18 | 12.38 | 10.76 | 10.29 | 12.45 | 14.46 | 12.77 | 12.57 | 13.52 | 12.50 | 15.21 | 14.04 | ||||||
| TJX Cos. Inc. | 22.59 | 21.69 | 19.53 | 19.01 | 18.86 | 19.79 | 17.90 | 18.15 | 19.26 | 15.06 | 14.90 | 15.32 | 18.99 | 21.99 | 30.54 | 137.02 | 74.61 | 60.02 | 30.12 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating incomeQ3 2025
+ Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024)
÷ No. shares of common stock outstanding
= (17,422,000,000 + 19,171,000,000 + 18,405,000,000 + 21,203,000,000)
÷ 10,690,216,011 = 7.13
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 244.22 ÷ 7.13 = 34.26
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced fluctuations over the observed quarters. Starting at $173.37, it declined gradually reaching a low around the end of 2022 at approximately $103.39. Subsequently, there was a recovery with notable increases in 2023 and continuing through 2024, reaching a peak of $229.15 by the end of 2024. The price showed some volatility again through 2025 but maintained an overall upward trajectory, closing at $244.22 in the last period.
- Operating Profit Per Share (OPPS) Trend
- Operating profit per share demonstrated a generally rising trend despite some early declines. Initially around $2.75, it dropped to a low of $1.20 toward the end of 2021. From 2022 onward, OPPS increased steadily and robustly, reaching $6.75 to $7.14 in the later periods of 2025, indicating enhanced operational profitability per share over time.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio started at approximately 63, showing moderate valuation relative to operating profit. This ratio initially spiked steeply to the high 80s near mid-2022, indicating a possible overvaluation or reduced operating profit relative to share price at that time. Following this spike, the ratio declined significantly, reaching the sub-40 levels throughout 2023 and into 2024, reflecting improved earnings performance relative to share price or adjustment in market valuation. In the latest periods, the P/OP ratio showed some mild increase but remained in a lower range compared to early periods, suggesting a more balanced valuation linking price and profitability.
- Summary of Observations
- The data reveals a period of initial challenges in profitability and share price decline until late 2022, followed by strong operational profit growth and a substantial recovery and appreciation in share price. The P/OP ratio movements suggest shifts in market perception and earnings strength, with valuations becoming more favorable as operational results improved. Overall, the trends indicate increased financial strength and investor confidence over the latter part of the analyzed timeline.
Price to Sales (P/S)
Amazon.com Inc., historical P/S calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net sales (in millions) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | 137,412) | 110,812) | 113,080) | 108,518) | ||||||
| Sales per share2 | 64.67 | 62.83 | 61.26 | 60.20 | 58.98 | 57.58 | 56.77 | 55.33 | 53.61 | 52.15 | 51.16 | 50.16 | 49.23 | 47.70 | 46.96 | 46.17 | 45.15 | 43.77 | 41.55 | ||||||
| Share price1, 3 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | 157.64 | 168.62 | 166.38 | 173.37 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 3.78 | 3.42 | 3.10 | 3.81 | 3.36 | 2.92 | 3.15 | 3.10 | 2.38 | 2.68 | 2.06 | 2.06 | 2.10 | 2.83 | 2.65 | 3.41 | 3.73 | 3.80 | 4.17 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Home Depot Inc. | 2.61 | 2.40 | 2.20 | 2.46 | 1.98 | 2.10 | 1.90 | 1.86 | 2.11 | 2.02 | 1.94 | 2.17 | 2.89 | 2.37 | 2.38 | 2.39 | 2.34 | 2.58 | 2.37 | ||||||
| Lowe’s Cos. Inc. | 1.84 | 1.67 | 1.44 | 1.68 | 1.27 | 1.43 | 1.25 | 1.17 | 1.33 | 1.37 | 1.31 | 1.56 | 1.79 | 1.51 | 1.45 | 1.46 | 1.33 | 1.60 | 1.31 | ||||||
| TJX Cos. Inc. | 2.50 | 2.38 | 2.12 | 2.03 | 1.92 | 1.98 | 1.76 | 1.77 | 1.88 | 1.47 | 1.52 | 1.50 | 1.81 | 2.05 | 2.15 | 2.48 | 2.33 | 1.96 | 1.77 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (Net salesQ3 2025
+ Net salesQ2 2025
+ Net salesQ1 2025
+ Net salesQ4 2024)
÷ No. shares of common stock outstanding
= (180,169,000,000 + 167,702,000,000 + 155,667,000,000 + 187,792,000,000)
÷ 10,690,216,011 = 64.67
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 244.22 ÷ 64.67 = 3.78
5 Click competitor name to see calculations.
- Share Price Trend
- Over the observed periods, the share price exhibited considerable fluctuations. Initially, the share price declined steadily from $173.37 to $103.39 between March 2021 and December 2022, indicating a significant downturn. Starting in 2023, the share price showed a recovery trend, rising from $105.45 in March 2023 to $244.22 in September 2025, with notable acceleration in growth after December 2023. This upward trajectory suggests renewed investor confidence or improving market conditions in the latter part of the period.
- Sales per Share Development
- Sales per share displayed a consistent and gradual increase throughout the entire timeframe. Beginning at $41.55 in March 2021, this metric rose steadily to reach $64.67 by September 2025. This steady growth reflects ongoing sales expansion on a per-share basis, which may be indicative of successful revenue growth strategies or increased operational efficiency.
- Price-to-Sales (P/S) Ratio Behavior
- The P/S ratio fluctuated significantly in alignment with changes in the share price relative to sales per share. Initially, the ratio declined from 4.17 in March 2021 to a low of approximately 2.06 in December 2022, reflecting a period when stock prices fell faster than sales growth. From 2023 onwards, the P/S ratio generally increased, reaching a high of 3.81 in December 2024 before experiencing slight declines and fluctuations, ending at 3.78 in September 2025. The recovery and increase in the P/S ratio during this latter period suggest a market reassessment of valuation, potentially driven by improving financial performance or market sentiment.
- Overall Observations
- The data indicates an initial period characterized by a decline in market valuation despite ongoing sales growth, as evidenced by falling share prices and P/S ratios. Subsequently, a sustained recovery period is observed, marked by rising share prices and P/S ratios alongside continuous sales growth. This pattern highlights a transition from bearish to bullish investor sentiment, possibly due to improved business fundamentals or external market factors.
Price to Book Value (P/BV)
Amazon.com Inc., historical P/BV calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | 138,245) | 120,564) | 114,803) | 103,320) | ||||||
| Book value per share (BVPS)2 | 34.58 | 31.30 | 28.81 | 26.98 | 24.65 | 22.53 | 20.82 | 19.43 | 17.71 | 16.34 | 15.06 | 14.25 | 13.48 | 12.90 | 13.17 | 13.58 | 11.89 | 11.33 | 10.24 | ||||||
| Share price1, 3 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | 157.64 | 168.62 | 166.38 | 173.37 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 7.06 | 6.86 | 6.59 | 8.49 | 8.03 | 7.45 | 8.60 | 8.84 | 7.21 | 8.54 | 7.00 | 7.25 | 7.67 | 10.46 | 9.44 | 11.60 | 14.19 | 14.68 | 16.93 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Home Depot Inc. | 69.84 | 82.54 | 183.15 | 359.76 | 212.51 | 243.07 | 819.13 | 187.12 | 255.09 | 1,325.66 | — | — | 412.02 | 165.73 | 192.67 | 95.58 | 191.69 | — | — | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 307.81 | 90.79 | 27.86 | 29.56 | 56.37 | ||||||
| TJX Cos. Inc. | 17.26 | 17.00 | 15.53 | 15.09 | 14.69 | 15.38 | 13.78 | 13.86 | 16.35 | 13.53 | 13.52 | 12.14 | 12.85 | 13.82 | 13.27 | 13.68 | 13.99 | 14.17 | 13.72 | ||||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 369,631,000,000 ÷ 10,690,216,011 = 34.58
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 244.22 ÷ 34.58 = 7.06
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibits significant fluctuations over the observed periods. Initially, from March 2021 to December 2021, there is a downward trend from approximately $173 to $158. This downward momentum continues into early 2022 reaching a low near $103 by the end of 2022, marking a substantial decrease in market valuation. Starting in early 2023, the price rebounds sharply, rising to a peak above $229 by December 2024, demonstrating strong recovery and positive investor sentiment. Subsequently, a mild correction occurs by the third quarter of 2025, with the price adjusting downward but still maintaining elevated levels near $244 relative to earlier low points.
- Book Value Per Share (BVPS) Trend
- The book value per share shows a consistent and steady increase throughout the entire period. Starting at just over $10 in the first quarter of 2021, it progresses without any noticeable declines, ending above $34 by the third quarter of 2025. This steady growth indicates continual accumulation of net assets or equity value per share, reflecting potentially sustained profitability, retained earnings, or asset appreciation within the company.
- Price-to-Book Value Ratio (P/BV) Trend
- The P/BV ratio, calculated as share price divided by book value per share, generally declines from a high near 17 in early 2021 to around 7 by late 2022, indicating that the share price decreased faster than book value increased during that time. This decline may suggest market undervaluation relative to book value or investor caution. After late 2022, the ratio fluctuates but remains generally between approximately 6.5 and 9, demonstrating that while the share price recovered, the market’s valuation relative to book value remained more conservative than in early 2021. The ratio shows periods of both upward and downward pressure, indicating variable market perception of growth and risk.
- Overall Observations
- The company experienced a pronounced share price correction through 2021 and 2022, despite steadily growing book value per share. This divergence led to a reduction in the price-to-book ratio, suggesting a shift in market sentiment or external factors impacting valuation. The subsequent strong price recovery starting in 2023 appears to reflect renewed investor confidence or improved market conditions, while the continued rise in book value per share points to a solid underlying financial foundation. The stabilization of the P/BV ratio in a moderate range rather than returning to previous highs indicates balanced market expectations in relation to the company’s intrinsic value.