Price to Earnings (P/E)
since 2005
Calculation
Amazon.com Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income (loss)1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 6, 2026 | 29.07 | = | 210.32 | ÷ | 7.24 | 7.24 | = | 77,670 | ÷ | 10,734,920,870 | |
| Feb 7, 2025 | 40.99 | = | 229.15 | ÷ | 5.59 | 5.59 | = | 59,248 | ÷ | 10,597,729,352 | |
| Feb 2, 2024 | 58.66 | = | 171.81 | ÷ | 2.93 | 2.93 | = | 30,425 | ÷ | 10,387,381,291 | |
| Feb 3, 2023 | — | = | 103.39 | ÷ | -0.27 | -0.27 | = | -2,722 | ÷ | 10,247,259,757 | |
| Feb 4, 2022 | 48.08 | = | 157.64 | ÷ | 3.28 | 3.28 | = | 33,364 | ÷ | 10,176,888,200 | |
| Feb 3, 2021 | 78.20 | = | 165.63 | ÷ | 2.12 | 2.12 | = | 21,331 | ÷ | 10,071,294,860 | |
| Jan 31, 2020 | 86.30 | = | 100.44 | ÷ | 1.16 | 1.16 | = | 11,588 | ÷ | 9,956,208,880 | |
| Feb 1, 2019 | 79.30 | = | 81.31 | ÷ | 1.03 | 1.03 | = | 10,073 | ÷ | 9,824,057,800 | |
| Feb 2, 2018 | 228.25 | = | 71.50 | ÷ | 0.31 | 0.31 | = | 3,033 | ÷ | 9,682,143,660 | |
| Feb 10, 2017 | 166.52 | = | 41.37 | ÷ | 0.25 | 0.25 | = | 2,371 | ÷ | 9,543,412,360 | |
| Jan 29, 2016 | 463.73 | = | 29.35 | ÷ | 0.06 | 0.06 | = | 596 | ÷ | 9,416,840,700 | |
| Jan 30, 2015 | — | = | 17.73 | ÷ | -0.03 | -0.03 | = | -241 | ÷ | 9,287,678,780 | |
| Jan 31, 2014 | 601.07 | = | 17.93 | ÷ | 0.03 | 0.03 | = | 274 | ÷ | 9,185,290,700 | |
| Jan 30, 2013 | — | = | 13.64 | ÷ | 0.00 | 0.00 | = | -39 | ÷ | 9,091,021,380 | |
| Feb 1, 2012 | 129.38 | = | 8.97 | ÷ | 0.07 | 0.07 | = | 631 | ÷ | 9,101,369,300 | |
| Jan 28, 2011 | 67.02 | = | 8.56 | ÷ | 0.13 | 0.13 | = | 1,152 | ÷ | 9,020,075,180 | |
| Jan 29, 2010 | 61.80 | = | 6.27 | ÷ | 0.10 | 0.10 | = | 902 | ÷ | 8,890,928,840 | |
| Jan 30, 2009 | 39.07 | = | 2.94 | ÷ | 0.08 | 0.08 | = | 645 | ÷ | 8,571,662,700 | |
| Feb 11, 2008 | 65.85 | = | 3.76 | ÷ | 0.06 | 0.06 | = | 476 | ÷ | 8,336,353,800 | |
| Feb 16, 2007 | 88.17 | = | 2.02 | ÷ | 0.02 | 0.02 | = | 190 | ÷ | 8,293,573,760 | |
| Feb 17, 2006 | 45.52 | = | 1.96 | ÷ | 0.04 | 0.04 | = | 359 | ÷ | 8,338,455,720 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Amazon.com Inc. Annual Report.
The price-to-earnings (P/E) ratio exhibits significant fluctuation over the observed period. Initially, the ratio demonstrates considerable volatility, moving from approximately 45.52 to a peak of 88.17, then decreasing to 39.07 before rising again to 61.80 and 67.02. A substantial increase is then observed, reaching 129.38, followed by a period where the ratio becomes undefined due to negative or zero earnings per share.
- Early Volatility (2006-2011)
- The period between 2006 and 2011 is characterized by a fluctuating P/E ratio. While generally remaining below 90, the ratio experiences peaks and troughs, suggesting sensitivity to market conditions and investor expectations relative to earnings. The increase to 129.38 in 2012 is notable, potentially indicating increased investor confidence or a period of rapid earnings growth, though the subsequent lack of a P/E value suggests a reversal in earnings performance.
Following the period of undefined values, the P/E ratio experiences extreme spikes in 2013 and 2015, reaching 601.07 and 463.73 respectively. These exceptionally high values likely stem from very low or negative earnings per share, amplifying the P/E ratio. A subsequent decline is observed, with the ratio falling to 166.52 in 2016 and 228.25 in 2018.
- Recent Trends (2019-2026)
- From 2019 onwards, the P/E ratio demonstrates a more moderate range, generally between 40 and 80, with the exception of a negative value in 2022, again resulting in an undefined ratio. The ratio decreases from 79.30 in 2019 to 40.99 in 2026, indicating a potential shift in investor valuation or a relative increase in earnings compared to share price. The ratio in 2022 is not calculable due to negative earnings per share.
Overall, the P/E ratio has shown considerable variability throughout the period. The presence of undefined values highlights periods of earnings instability. The recent trend suggests a potential moderation in valuation, although further analysis would be required to determine the underlying drivers of these changes.
Comparison to Competitors
Amazon.com Inc., P/E, long-term trends, comparison to competitors
| Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Feb 6, 2026 | 29.07 | 23.58 | 18.74 | 28.69 |
| Feb 7, 2025 | 40.99 | 24.80 | 18.81 | 24.63 |
| Feb 2, 2024 | 58.66 | 17.09 | 17.65 | 25.22 |
| Feb 3, 2023 | — | 19.94 | 17.84 | 22.20 |
| Feb 4, 2022 | 48.08 | 24.51 | 22.36 | 881.78 |
| Feb 3, 2021 | 78.20 | 17.38 | 11.96 | 17.13 |
| Jan 31, 2020 | 86.30 | 18.87 | 37.80 | 21.11 |
| Feb 1, 2019 | 79.30 | 23.51 | 20.26 | 20.19 |
| Feb 2, 2018 | 228.25 | 22.37 | 22.62 | 22.11 |
| Feb 10, 2017 | 166.52 | 23.32 | 26.67 | 22.87 |
| Jan 29, 2016 | 463.73 | 23.15 | 26.24 | 21.62 |
| Jan 30, 2015 | — | 20.18 | 21.79 | 20.15 |
| Jan 31, 2014 | 601.07 | 22.86 | 21.13 | 17.99 |
| Jan 30, 2013 | — | 19.49 | 20.46 | 19.73 |
| Feb 1, 2012 | 129.38 | 18.15 | 17.66 | 14.54 |
| Jan 28, 2011 | 67.02 | 20.76 | 19.70 | 14.57 |
| Jan 29, 2010 | 61.80 | 18.59 | 12.26 | 12.02 |
| Jan 30, 2009 | 39.07 | 11.24 | 12.74 | 18.61 |
| Feb 11, 2008 | 65.85 | 12.59 | 15.42 | 16.30 |
| Feb 16, 2007 | 88.17 | 15.57 | 18.31 | 16.91 |
| Feb 17, 2006 | 45.52 | 16.29 | 19.15 | 17.81 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Consumer Discretionary Distribution & Retail)
Amazon.com Inc., P/E, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Amazon.com Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 6, 2026 | 29.07 | — |
| Feb 7, 2025 | 40.99 | 35.33 |
| Feb 2, 2024 | 58.66 | 39.66 |
| Feb 3, 2023 | — | 63.32 |
| Feb 4, 2022 | 48.08 | 40.84 |
| Feb 3, 2021 | 78.20 | 49.11 |
| Jan 31, 2020 | 86.30 | 48.49 |
| Feb 1, 2019 | 79.30 | 45.41 |
| Feb 2, 2018 | 228.25 | 60.50 |
| Feb 10, 2017 | 166.52 | 47.75 |
| Jan 29, 2016 | 463.73 | 45.72 |
| Jan 30, 2015 | — | 38.28 |
| Jan 31, 2014 | 601.07 | 39.66 |
| Jan 30, 2013 | — | 37.17 |
| Feb 1, 2012 | 129.38 | 26.94 |
| Jan 28, 2011 | 67.02 | 27.21 |
| Jan 29, 2010 | 61.80 | 21.68 |
| Jan 30, 2009 | 39.07 | 14.47 |
| Feb 11, 2008 | 65.85 | 16.25 |
| Feb 16, 2007 | 88.17 | 17.92 |
| Feb 17, 2006 | 45.52 | 18.45 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Consumer Discretionary)
Amazon.com Inc., P/E, long-term trends, comparison to industry (consumer discretionary)
| Amazon.com Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 6, 2026 | 29.07 | — |
| Feb 7, 2025 | 40.99 | 112.42 |
| Feb 2, 2024 | 58.66 | 33.63 |
| Feb 3, 2023 | — | 46.01 |
| Feb 4, 2022 | 48.08 | 39.27 |
| Feb 3, 2021 | 78.20 | 73.74 |
| Jan 31, 2020 | 86.30 | 39.37 |
| Feb 1, 2019 | 79.30 | 33.13 |
| Feb 2, 2018 | 228.25 | 47.03 |
| Feb 10, 2017 | 166.52 | 29.19 |
| Jan 29, 2016 | 463.73 | 24.70 |
| Jan 30, 2015 | — | 29.48 |
| Jan 31, 2014 | 601.07 | 26.50 |
| Jan 30, 2013 | — | 20.90 |
| Feb 1, 2012 | 129.38 | 11.38 |
| Jan 28, 2011 | 67.02 | 17.54 |
| Jan 29, 2010 | 61.80 | 18.66 |
| Jan 30, 2009 | 39.07 | 303.41 |
| Feb 11, 2008 | 65.85 | 24.33 |
| Feb 16, 2007 | 88.17 | 117.34 |
| Feb 17, 2006 | 45.52 | 17.54 |
Based on: 10-K (reporting date: 2025-12-31), 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), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).