Amazon.com Inc., current enterprise value calculation

Current share price (P)	$245.34
No. shares of common stock outstanding	10,757,109,436
US$ in millions
Common equity (market value)¹	2,639,149)
Add: Preferred stock, $0.01 par value; no shares issued or outstanding (per books)	—)
Total equity	2,639,149)
Add: Current portion of lease liabilities, finance leases (per books)	1,544)
Add: Current portion of long-term debt (per books)	2,748)
Add: Long-term lease liabilities, finance leases, excluding current portion (per books)	10,742)
Add: Long-term debt, excluding current portion (per books)	65,648)
Total equity and debt	2,719,831)
Less: Cash and cash equivalents	86,810)
Less: Marketable securities	36,219)
Enterprise value (EV)	2,596,802)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 245.34 × 10,757,109,436

Amazon.com Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$210.32	$229.15	$171.81	$103.39	$157.64
No. shares of common stock outstanding¹	10,734,920,870	10,597,729,352	10,387,381,291	10,247,259,757	10,176,888,200
US$ in millions
Common equity (market value)³	2,257,769)	2,428,470)	1,784,656)	1,059,464)	1,604,285)
Add: Preferred stock, $0.01 par value; no shares issued or outstanding (book value)	—)	—)	—)	—)	—)
Total equity	2,257,769)	2,428,470)	1,784,656)	1,059,464)	1,604,285)
Add: Current portion of lease liabilities, finance leases (book value)	1,544)	1,375)	2,032)	4,397)	8,083)
Add: Current portion of long-term debt (book value)	2,748)	5,017)	8,494)	2,999)	1,491)
Add: Long-term lease liabilities, finance leases, excluding current portion (book value)	10,742)	9,227)	10,077)	11,386)	15,670)
Add: Long-term debt, excluding current portion (book value)	65,648)	52,623)	58,314)	67,150)	48,744)
Total equity and debt	2,338,451)	2,496,712)	1,863,573)	1,145,396)	1,678,273)
Less: Cash and cash equivalents	86,810)	78,779)	73,387)	53,888)	36,220)
Less: Marketable securities	36,219)	22,423)	13,393)	16,138)	59,829)
Enterprise value (EV)	2,215,422)	2,395,510)	1,776,793)	1,075,370)	1,582,224)

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).

¹ Data adjusted for splits and stock dividends.

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

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 210.32 × 10,734,920,870

The enterprise value exhibited considerable fluctuation over the five-year period. Initial observation reveals a decrease followed by a recovery and subsequent stabilization. A detailed examination of the components contributing to this metric provides further insight.

Enterprise Value Trend: The enterprise value decreased from US$1,582,224 million in 2021 to US$1,075,370 million in 2022, representing a substantial decline. However, a significant recovery occurred in 2023, with the enterprise value increasing to US$1,776,793 million. This upward trend continued into 2024, reaching US$2,395,510 million, before experiencing a slight decrease to US$2,215,422 million in 2025.
Relationship between Market Capitalization and Enterprise Value: The common equity (market value) and total equity values are identical across all years, indicating that market capitalization is fully represented by total equity. The enterprise value consistently tracks closely with these equity values, suggesting that changes in equity significantly influence the overall enterprise value. The difference between total equity and enterprise value is primarily attributable to debt.
Debt's Influence on Enterprise Value: Total equity and debt increased from US$1,678,273 million in 2021 to US$1,145,396 million in 2022, contributing to the initial decline in enterprise value. The subsequent increase in total equity and debt to US$1,863,573 million in 2023, and further to US$2,496,712 million in 2024, aligns with the observed recovery and growth in enterprise value. The slight decrease in total equity and debt in 2025 corresponds with the minor reduction in enterprise value during that year.

In summary, the enterprise value demonstrates a pattern of initial contraction followed by expansion and stabilization. This pattern is closely linked to fluctuations in both equity and debt levels, with the latter playing a role in bridging the gap between equity and the overall enterprise valuation.

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Amazon.com Inc. (NASDAQ:AMZN)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)