Price to Sales (P/S)
since 2005
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 6, 2026 | 3.15 | = | 210.32 | ÷ | 66.78 | 66.78 | = | 716,924 | ÷ | 10,734,920,870 | |
| Feb 7, 2025 | 3.81 | = | 229.15 | ÷ | 60.20 | 60.20 | = | 637,959 | ÷ | 10,597,729,352 | |
| Feb 2, 2024 | 3.10 | = | 171.81 | ÷ | 55.33 | 55.33 | = | 574,785 | ÷ | 10,387,381,291 | |
| Feb 3, 2023 | 2.06 | = | 103.39 | ÷ | 50.16 | 50.16 | = | 513,983 | ÷ | 10,247,259,757 | |
| Feb 4, 2022 | 3.41 | = | 157.64 | ÷ | 46.17 | 46.17 | = | 469,822 | ÷ | 10,176,888,200 | |
| Feb 3, 2021 | 4.32 | = | 165.63 | ÷ | 38.33 | 38.33 | = | 386,064 | ÷ | 10,071,294,860 | |
| Jan 31, 2020 | 3.56 | = | 100.44 | ÷ | 28.18 | 28.18 | = | 280,522 | ÷ | 9,956,208,880 | |
| Feb 1, 2019 | 3.43 | = | 81.31 | ÷ | 23.71 | 23.71 | = | 232,887 | ÷ | 9,824,057,800 | |
| Feb 2, 2018 | 3.89 | = | 71.50 | ÷ | 18.37 | 18.37 | = | 177,866 | ÷ | 9,682,143,660 | |
| Feb 10, 2017 | 2.90 | = | 41.37 | ÷ | 14.25 | 14.25 | = | 135,987 | ÷ | 9,543,412,360 | |
| Jan 29, 2016 | 2.58 | = | 29.35 | ÷ | 11.36 | 11.36 | = | 107,006 | ÷ | 9,416,840,700 | |
| Jan 30, 2015 | 1.85 | = | 17.73 | ÷ | 9.58 | 9.58 | = | 88,988 | ÷ | 9,287,678,780 | |
| Jan 31, 2014 | 2.21 | = | 17.93 | ÷ | 8.11 | 8.11 | = | 74,452 | ÷ | 9,185,290,700 | |
| Jan 30, 2013 | 2.03 | = | 13.64 | ÷ | 6.72 | 6.72 | = | 61,093 | ÷ | 9,091,021,380 | |
| Feb 1, 2012 | 1.70 | = | 8.97 | ÷ | 5.28 | 5.28 | = | 48,077 | ÷ | 9,101,369,300 | |
| Jan 28, 2011 | 2.26 | = | 8.56 | ÷ | 3.79 | 3.79 | = | 34,204 | ÷ | 9,020,075,180 | |
| Jan 29, 2010 | 2.27 | = | 6.27 | ÷ | 2.76 | 2.76 | = | 24,509 | ÷ | 8,890,928,840 | |
| Jan 30, 2009 | 1.31 | = | 2.94 | ÷ | 2.24 | 2.24 | = | 19,166 | ÷ | 8,571,662,700 | |
| Feb 11, 2008 | 2.11 | = | 3.76 | ÷ | 1.78 | 1.78 | = | 14,835 | ÷ | 8,336,353,800 | |
| Feb 16, 2007 | 1.56 | = | 2.02 | ÷ | 1.29 | 1.29 | = | 10,711 | ÷ | 8,293,573,760 | |
| Feb 17, 2006 | 1.93 | = | 1.96 | ÷ | 1.02 | 1.02 | = | 8,490 | ÷ | 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-sales (P/S) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio demonstrated a decline from 1.93 in 2006 to a low of 1.31 in 2009, before experiencing a period of growth. Subsequently, the ratio generally increased, peaking at 4.32 in 2021, followed by a decline to 3.15 in 2026.
- Initial Decline (2006-2009)
- The P/S ratio decreased from 1.93 to 1.31 over the first four years of the observed period. This suggests that while share price experienced some volatility, sales per share grew at a faster rate, resulting in a lower valuation relative to sales. The decline in 2008 and 2009 may also reflect broader economic conditions impacting investor sentiment.
- Growth and Peak (2009-2021)
- Following 2009, the P/S ratio generally trended upward, with intermittent fluctuations. The ratio more than tripled, reaching its highest point of 4.32 in 2021. This increase coincided with substantial growth in sales per share, indicating increasing investor confidence in the company’s ability to generate revenue. The share price also increased significantly during this period, contributing to the higher P/S ratio.
- Recent Decline (2021-2026)
- From 2021 to 2026, the P/S ratio experienced a decline, falling from 4.32 to 3.15. While sales per share continued to increase, the rate of increase slowed, and the share price experienced a notable decrease in 2022 before recovering somewhat. This suggests a potential shift in investor expectations or a reassessment of the company’s growth prospects.
- Volatility
- Throughout the entire period, the P/S ratio demonstrated considerable volatility. This suggests that the market valuation of the company relative to its sales was subject to frequent revisions, potentially influenced by factors such as economic conditions, competitive pressures, and investor sentiment. The largest single-year decrease occurred between 2021 and 2022, while the largest single-year increase occurred between 2015 and 2016.
In summary, the P/S ratio reflects a dynamic relationship between share price and sales per share. The observed trends indicate periods of both growth and contraction, with the ratio ultimately decreasing from its peak in 2021 to a level in 2026 that, while still elevated compared to earlier years, suggests a more moderate valuation.
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 6, 2026 | 3.15 | 2.19 | 1.56 | 2.48 |
| Feb 7, 2025 | 3.81 | 2.46 | 1.68 | 2.03 |
| Feb 2, 2024 | 3.10 | 1.86 | 1.17 | 1.77 |
| Feb 3, 2023 | 2.06 | 2.17 | 1.56 | 1.50 |
| Feb 4, 2022 | 3.41 | 2.39 | 1.46 | 2.48 |
| Feb 3, 2021 | 4.32 | 1.77 | 0.71 | 1.34 |
| Jan 31, 2020 | 3.56 | 1.94 | 1.23 | 1.66 |
| Feb 1, 2019 | 3.43 | 2.01 | 1.02 | 1.47 |
| Feb 2, 2018 | 3.89 | 1.88 | 1.08 | 1.53 |
| Feb 10, 2017 | 2.90 | 1.85 | 1.15 | 1.68 |
| Jan 29, 2016 | 2.58 | 1.77 | 1.26 | 1.65 |
| Jan 30, 2015 | 1.85 | 1.38 | 0.93 | 1.57 |
| Jan 31, 2014 | 2.21 | 1.39 | 0.82 | 1.33 |
| Jan 30, 2013 | 2.03 | 1.08 | 0.75 | 1.27 |
| Feb 1, 2012 | 1.70 | 0.89 | 0.73 | 0.89 |
| Jan 28, 2011 | 2.26 | 0.83 | 0.74 | 0.87 |
| Jan 29, 2010 | 2.27 | 0.59 | 0.56 | 0.56 |
| Jan 30, 2009 | 1.31 | 0.64 | 0.74 | 0.77 |
| Feb 11, 2008 | 2.11 | 0.80 | 1.02 | 0.69 |
| Feb 16, 2007 | 1.56 | 1.11 | 1.17 | 0.73 |
| Feb 17, 2006 | 1.93 | 1.11 | 1.14 | 0.79 |
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/S, long-term trends, comparison to sector (consumer discretionary distribution & retail)
| Amazon.com Inc. | Consumer Discretionary Distribution & Retail | |
|---|---|---|
| Feb 6, 2026 | 3.15 | — |
| Feb 7, 2025 | 3.81 | 3.29 |
| Feb 2, 2024 | 3.10 | 2.59 |
| Feb 3, 2023 | 2.06 | 1.99 |
| Feb 4, 2022 | 3.41 | 2.94 |
| Feb 3, 2021 | 4.32 | 3.23 |
| Jan 31, 2020 | 3.56 | 2.73 |
| Feb 1, 2019 | 3.43 | 2.56 |
| Feb 2, 2018 | 3.89 | 2.67 |
| Feb 10, 2017 | 2.90 | 2.16 |
| Jan 29, 2016 | 2.58 | 1.97 |
| Jan 30, 2015 | 1.85 | 1.47 |
| Jan 31, 2014 | 2.21 | 1.52 |
| Jan 30, 2013 | 2.03 | 1.30 |
| Feb 1, 2012 | 1.70 | 1.06 |
| Jan 28, 2011 | 2.26 | 1.10 |
| Jan 29, 2010 | 2.27 | 0.83 |
| Jan 30, 2009 | 1.31 | 0.76 |
| Feb 11, 2008 | 2.11 | 0.96 |
| Feb 16, 2007 | 1.56 | 1.12 |
| Feb 17, 2006 | 1.93 | 1.14 |
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/S, long-term trends, comparison to industry (consumer discretionary)
| Amazon.com Inc. | Consumer Discretionary | |
|---|---|---|
| Feb 6, 2026 | 3.15 | — |
| Feb 7, 2025 | 3.81 | 9.86 |
| Feb 2, 2024 | 3.10 | 2.63 |
| Feb 3, 2023 | 2.06 | 2.27 |
| Feb 4, 2022 | 3.41 | 3.58 |
| Feb 3, 2021 | 4.32 | 3.81 |
| Jan 31, 2020 | 3.56 | 2.33 |
| Feb 1, 2019 | 3.43 | 2.05 |
| Feb 2, 2018 | 3.89 | 2.06 |
| Feb 10, 2017 | 2.90 | 1.68 |
| Jan 29, 2016 | 2.58 | 1.57 |
| Jan 30, 2015 | 1.85 | 1.32 |
| Jan 31, 2014 | 2.21 | 1.33 |
| Jan 30, 2013 | 2.03 | 1.06 |
| Feb 1, 2012 | 1.70 | 0.97 |
| Jan 28, 2011 | 2.26 | 0.96 |
| Jan 29, 2010 | 2.27 | 0.92 |
| Jan 30, 2009 | 1.31 | 0.66 |
| Feb 11, 2008 | 2.11 | 0.79 |
| Feb 16, 2007 | 1.56 | 0.86 |
| Feb 17, 2006 | 1.93 | 0.79 |
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).