Amazon.com Inc., FCFE calculation

US$ in millions

12 months ended:	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Net income	33,364)	21,331)	11,588)	10,073)	3,033)
Net noncash charges	32,574)	31,252)	29,364)	21,693)	15,574)
Changes in operating assets and liabilities	(19,611)	13,481)	(2,438)	(1,043)	(173)
Net cash provided by operating activities	46,327)	66,064)	38,514)	30,723)	18,434)
Purchases of property and equipment	(61,053)	(40,140)	(16,861)	(13,427)	(11,955)
Proceeds from property and equipment sales and incentives	5,657)	5,096)	4,172)	2,104)	1,897)
Proceeds from short-term debt, and other	7,956)	6,796)	1,402)	886)	—)
Repayments of short-term debt, and other	(7,753)	(6,177)	(1,518)	(813)	—)
Proceeds from long-term debt	19,003)	10,525)	871)	182)	16,231)
Repayments of long-term debt	(1,590)	(1,553)	(1,166)	(155)	(1,372)
Principal repayments of finance leases	(11,163)	(10,642)	(9,628)	(7,449)	(4,799)
Free cash flow to equity (FCFE)	(2,616)	29,969)	15,786)	12,051)	18,436)

Based on: 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).

Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Amazon.com Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Amazon.com Inc. FCFE increased from 2019 to 2020 but then decreased significantly from 2020 to 2021.

Amazon.com Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	10,201,654,176
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	(2,616)
FCFE per share	-0.26
Current share price (P)	91.01
Valuation Ratio
P/FCFE	—
Benchmarks
P/FCFE, Competitors¹
Booking Holdings Inc.	54.53
Home Depot Inc.	19.79
Lowe’s Cos. Inc.	11.22
Target Corp.	12.02
P/FCFE, Sector
Retailing	40.36
P/FCFE, Industry
Consumer Discretionary	60.72

Based on: 10-K (reporting date: 2021-12-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Amazon.com Inc., historical P/FCFE calculation, comparison to benchmarks

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
No. shares of common stock outstanding¹	10,176,888,200	10,071,294,860	9,956,208,880	9,824,057,800	9,682,143,660
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	(2,616)	29,969)	15,786)	12,051)	18,436)
FCFE per share³	-0.26	2.98	1.59	1.23	1.90
Share price^1, 4	157.64	165.63	100.44	81.31	71.50
Valuation Ratio
P/FCFE⁵	—	55.66	63.35	66.28	37.55
Benchmarks
P/FCFE, Competitors⁶
Booking Holdings Inc.	69.03	37.59	15.41	24.98	15.00
Home Depot Inc.	15.41	14.99	16.61	15.10	17.06
Lowe’s Cos. Inc.	12.28	8.69	20.45	14.91	9.98
Target Corp.	11.15	13.90	17.63	13.10	9.61
P/FCFE, Sector
Retailing	59.07	37.35	35.66	32.74	23.52
P/FCFE, Industry
Consumer Discretionary	87.47	29.10	28.58	19.57	17.24

Based on: 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).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2021 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= -2,616,000,000 ÷ 10,176,888,200 = -0.26

⁴ Closing price as at the filing date of Amazon.com Inc. Annual Report.

⁵ 2021 Calculation
P/FCFE = Share price ÷ FCFE per share
= 157.64 ÷ -0.26 = —

⁶ Click competitor name to see calculations.

Amazon.com Inc. (NASDAQ:AMZN)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical