Price to Sales (P/S)
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Amazon.com Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
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Calculation
Amazon.com Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Net sales1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 7, 2025 | = | ÷ | = | ÷ | |||||||
| Feb 2, 2024 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2023 | = | ÷ | = | ÷ | |||||||
| Feb 4, 2022 | = | ÷ | = | ÷ | |||||||
| Feb 3, 2021 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2020 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2019 | = | ÷ | = | ÷ | |||||||
| Feb 2, 2018 | = | ÷ | = | ÷ | |||||||
| Feb 10, 2017 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2016 | = | ÷ | = | ÷ | |||||||
| Jan 30, 2015 | = | ÷ | = | ÷ | |||||||
| Jan 31, 2014 | = | ÷ | = | ÷ | |||||||
| Jan 30, 2013 | = | ÷ | = | ÷ | |||||||
| Feb 1, 2012 | = | ÷ | = | ÷ | |||||||
| Jan 28, 2011 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2010 | = | ÷ | = | ÷ | |||||||
| Jan 30, 2009 | = | ÷ | = | ÷ | |||||||
| Feb 11, 2008 | = | ÷ | = | ÷ | |||||||
| Feb 16, 2007 | = | ÷ | = | ÷ | |||||||
| Feb 17, 2006 | = | ÷ | = | ÷ |
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), 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.
- Share Price Trend
- The share price exhibits a general upward trend from 2006 to 2025, starting at $1.96 in 2006 and rising to $229.15 by 2025. There are fluctuations within this period, with notable peaks and corrections. For example, the share price increased steadily until 2017, reaching $41.37, followed by a significant surge through 2021 to $165.63. However, it experienced a decline in 2022 to $103.39 before rebounding sharply again to $229.15 in 2025.
- Sales per Share Trend
- Sales per share demonstrate consistent growth throughout the entire period analyzed. Beginning at $1.02 in 2006, the figure rises steadily each year, reaching $60.20 by 2025. This increase is relatively smooth with no significant reversals, indicating stable revenue growth per share over the years.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio shows volatility over the years with no clear long-term linear trend. It starts at 1.93 in 2006, fluctuates between lows around 1.3 and highs near 4.32, and ends the period at 3.81 in 2025. Peaks in the P/S ratio occur intermittently, suggesting periods where the market valuation outpaced sales growth, notably around 2017 and 2021. Conversely, dips in the ratio, such as in 2009 and 2022, indicate times when sales growth outstripped share price appreciation or share prices corrected.
- Relationship Between Share Price, Sales per Share, and P/S Ratio
- The increase in share price is broadly supported by the growth in sales per share, which shows consistent upward momentum. However, fluctuating P/S ratios reveal changes in market sentiment and valuation multiples beyond sales performance. During periods of rising P/S ratios, market optimism and investor confidence appear heightened, whereas lower P/S ratios indicate more conservative valuations relative to sales. The sizeable share price correction in 2022 alongside a drop in the P/S ratio suggests a reassessment or adjustment in market expectations.
- Summary of Insights
- Overall, the data reflects strong sales growth driving long-term appreciation in share price. Nonetheless, market valuations as indicated by the P/S ratio experience cycles of optimism and correction. This pattern suggests that while fundamental growth underpins the share price trend, investor sentiment and market dynamics play a significant role in valuation fluctuations over shorter intervals.
Comparison to Competitors
Amazon.com Inc., P/S, long-term trends, comparison to competitors
| Amazon.com Inc. | Home Depot Inc. | Lowe’s Cos. Inc. | TJX Cos. Inc. | |
|---|---|---|---|---|
| Feb 7, 2025 | ||||
| Feb 2, 2024 | ||||
| Feb 3, 2023 | ||||
| Feb 4, 2022 | ||||
| Feb 3, 2021 | ||||
| Jan 31, 2020 | ||||
| Feb 1, 2019 | ||||
| Feb 2, 2018 | ||||
| Feb 10, 2017 | ||||
| Jan 29, 2016 | ||||
| Jan 30, 2015 | ||||
| Jan 31, 2014 | ||||
| Jan 30, 2013 | ||||
| Feb 1, 2012 | ||||
| Jan 28, 2011 | ||||
| Jan 29, 2010 | ||||
| Jan 30, 2009 | ||||
| Feb 11, 2008 | ||||
| Feb 16, 2007 | ||||
| Feb 17, 2006 |
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), 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/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Amazon.com Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 7, 2025 | ||
| Feb 2, 2024 | ||
| Feb 3, 2023 | ||
| Feb 4, 2022 | ||
| Feb 3, 2021 | ||
| Jan 31, 2020 | ||
| Feb 1, 2019 | ||
| Feb 2, 2018 | ||
| Feb 10, 2017 | ||
| Jan 29, 2016 | ||
| Jan 30, 2015 | ||
| Jan 31, 2014 | ||
| Jan 30, 2013 | ||
| Feb 1, 2012 | ||
| Jan 28, 2011 | ||
| Jan 29, 2010 | ||
| Jan 30, 2009 | ||
| Feb 11, 2008 | ||
| Feb 16, 2007 | ||
| Feb 17, 2006 |
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), 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/S, long-term trends, comparison to industry (consumer discretionary)
| Amazon.com Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 7, 2025 | ||
| Feb 2, 2024 | ||
| Feb 3, 2023 | ||
| Feb 4, 2022 | ||
| Feb 3, 2021 | ||
| Jan 31, 2020 | ||
| Feb 1, 2019 | ||
| Feb 2, 2018 | ||
| Feb 10, 2017 | ||
| Jan 29, 2016 | ||
| Jan 30, 2015 | ||
| Jan 31, 2014 | ||
| Jan 30, 2013 | ||
| Feb 1, 2012 | ||
| Jan 28, 2011 | ||
| Jan 29, 2010 | ||
| Jan 30, 2009 | ||
| Feb 11, 2008 | ||
| Feb 16, 2007 | ||
| Feb 17, 2006 |
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), 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).