Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Amazon.com Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics for the period between March 2022 and June 2026 exhibit a distinct divergence between profitability-based multiples and revenue-based multiples. While earnings and operating profit ratios have undergone significant compression, the price-to-sales ratio has trended generally upward, suggesting a shift in how the market values the organization's growth relative to its bottom-line performance.
- Price to Earnings (P/E)
- The P/E ratio experienced extreme volatility during the initial phase of the analyzed period, reaching a peak of 251.97 in March 2023. Following this spike, a consistent and sustained downward trajectory is observed, with the ratio declining to 21.65 by June 2026. This trend indicates a substantial normalization of the valuation relative to net income, likely driven by significant earnings growth that outpaced stock price appreciation.
- Price to Operating Profit (P/OP)
- A pattern similar to the P/E ratio is evident in the P/OP metric. After peaking at 89.87 in June 2022, the ratio entered a long-term decline, reaching 31.26 by June 2026. The contraction of this multiple suggests a marked improvement in operating efficiency or a market re-rating that places a lower premium on operating profits than in previous years.
- Price to Sales (P/S)
- In contrast to the profitability multiples, the P/S ratio demonstrates a general upward trend over the timeframe. After bottoming at 2.06 between December 2022 and March 2023, the ratio climbed steadily to reach a high of 3.84 in March 2026. This indicates that the market is attributing an increasing premium to each dollar of revenue generated, despite the compression seen in earnings-based multiples.
- Price to Book Value (P/BV)
- The P/BV ratio displays a general downward trend characterized by periodic fluctuations. From a peak of 10.46 in June 2022, the ratio decreased to 5.31 by June 2026. This decline suggests a reduction in the premium the market is willing to pay over the company's accounting book value, aligning with the broader trend of compressing valuation multiples across the balance sheet and income statement.
Overall, the data reflects a transition from a high-premium valuation environment to one characterized by more conservative multiples for earnings and book value, while simultaneously increasing the valuation assigned to top-line revenue growth.
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Price to Earnings (P/E)
Amazon.com Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,786,313,572 | 10,757,109,436 | 10,734,920,870 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) (in millions) | 62,647) | 30,255) | 21,192) | 21,187) | 18,164) | 17,127) | 20,004) | 15,328) | 13,485) | 10,431) | 10,624) | 9,879) | 6,750) | 3,172) | 278) | 2,872) | (2,028) | (3,844) | ||||||
| Earnings per share (EPS)2 | 12.54 | 8.44 | 7.24 | 7.15 | 6.62 | 6.21 | 5.59 | 4.74 | 4.23 | 3.62 | 2.93 | 1.94 | 1.27 | 0.42 | -0.27 | 1.11 | 1.14 | 2.10 | ||||||
| Share price1, 3 | 271.58 | 265.06 | 210.32 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 21.65 | 31.40 | 29.07 | 34.14 | 32.43 | 30.58 | 40.99 | 41.73 | 39.67 | 49.43 | 58.66 | 65.74 | 110.16 | 251.97 | — | 93.17 | 118.45 | 59.05 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Home Depot Inc. | 27.73 | 25.01 | 23.58 | 27.66 | 24.70 | 22.42 | 24.80 | 19.35 | 19.99 | 17.71 | 17.09 | 19.37 | 18.61 | 17.91 | 19.94 | 26.76 | 22.50 | 22.81 | ||||||
| Lowe’s Cos. Inc. | 21.06 | 18.42 | 18.74 | 22.51 | 20.20 | 17.00 | 18.81 | 15.00 | 21.99 | 18.78 | 17.65 | 19.09 | 15.54 | 14.78 | 17.84 | 20.72 | 20.32 | 20.09 | ||||||
| TJX Cos. Inc. | 30.57 | 29.31 | 28.69 | 28.98 | 27.77 | 25.04 | 24.63 | 24.43 | 25.52 | 23.28 | 25.22 | 27.24 | 21.73 | 22.68 | 22.20 | 31.03 | 35.26 | 53.90 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss)Q2 2026
+ Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025)
÷ No. shares of common stock outstanding
= (62,647,000,000 + 30,255,000,000 + 21,192,000,000 + 21,187,000,000)
÷ 10,786,313,572 = 12.54
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 271.58 ÷ 12.54 = 21.65
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 is characterized by a transition from high valuation volatility and inconsistent earnings to a period of sustained profitability and valuation compression. While the share price exhibited a general upward trend over the long term, the growth in earnings per share significantly outpaced the increase in stock price, leading to a substantial reduction in the price-to-earnings ratio.
- Earnings Performance
- A period of significant instability is observed in 2022, culminating in a negative earnings per share of -0.27 by December 31, 2022. Following this trough, a consistent and accelerating growth pattern emerged. Earnings recovered to 0.42 in March 2023 and climbed steadily to reach 12.54 by June 30, 2026. This represents a fundamental shift toward stronger bottom-line performance.
- Share Price Movement
- The share price experienced an initial decline and period of stagnation throughout 2022, hitting a low of 103.39 in December. From 2023 onward, a robust recovery is evident, with the price rising from 105.45 in March 2023 to a peak of 271.58 by June 2026. The growth in share price remained positive across most quarters, though it did not scale as aggressively as the earnings growth.
- Valuation Ratio Analysis
- The price-to-earnings ratio exhibited extreme fluctuations during the early part of the period, peaking at 251.97 in March 2023 due to the convergence of a recovering share price and very low positive earnings. Subsequently, a persistent downward trend in the P/E ratio is observed, falling to 21.65 by June 2026. This compression indicates that the market valuation has become more grounded in actual earnings rather than speculative growth expectations.
In summary, the data indicates a maturation of the company's financial profile. The shift from a P/E ratio of 251.97 to 21.65, occurring alongside an increase in share price from 105.45 to 271.58, confirms that the valuation decline was driven by an expansion in profitability rather than a loss of market confidence.
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Price to Operating Profit (P/OP)
Amazon.com Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,786,313,572 | 10,757,109,436 | 10,734,920,870 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating income (in millions) | 27,461) | 23,852) | 24,977) | 17,422) | 19,171) | 18,405) | 21,203) | 17,411) | 14,672) | 15,307) | 13,209) | 11,188) | 7,681) | 4,774) | 2,737) | 2,525) | 3,317) | 3,669) | ||||||
| Operating profit per share2 | 8.69 | 7.94 | 7.45 | 7.13 | 7.14 | 6.75 | 6.47 | 5.76 | 5.18 | 4.55 | 3.55 | 2.55 | 1.72 | 1.30 | 1.20 | 1.27 | 1.50 | 1.93 | ||||||
| Share price1, 3 | 271.58 | 265.06 | 210.32 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 31.26 | 33.38 | 28.23 | 34.26 | 30.06 | 28.13 | 35.40 | 34.34 | 32.41 | 39.31 | 48.43 | 50.04 | 81.28 | 81.03 | 86.50 | 81.33 | 89.87 | 64.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Home Depot Inc. | 18.78 | 16.97 | 16.22 | 19.08 | 17.24 | 15.71 | 17.32 | 13.63 | 14.08 | 12.53 | 12.16 | 13.73 | 13.22 | 12.76 | 14.22 | 19.12 | 16.06 | 16.20 | ||||||
| Lowe’s Cos. Inc. | 13.98 | 12.23 | 12.45 | 14.94 | 13.35 | 11.24 | 12.58 | 9.93 | 13.56 | 11.78 | 11.18 | 12.38 | 10.76 | 10.29 | 12.45 | 14.46 | 12.77 | 12.57 | ||||||
| TJX Cos. Inc. | 23.48 | 22.55 | 22.15 | 22.59 | 21.69 | 19.53 | 19.01 | 18.86 | 19.79 | 17.90 | 18.15 | 19.26 | 15.06 | 14.90 | 15.32 | 18.99 | 21.99 | 30.54 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= (27,461,000,000 + 23,852,000,000 + 24,977,000,000 + 17,422,000,000)
÷ 10,786,313,572 = 8.69
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 271.58 ÷ 8.69 = 31.26
5 Click competitor name to see calculations.
A significant compression in the Price to Operating Profit (P/OP) ratio is observed between March 2022 and June 2026. While the share price experienced overall growth during this period, the rate of increase in operating profit per share significantly outpaced the growth in market price, resulting in a lower valuation multiple.
- Operating Profit Per Share Expansion
- Operating profit per share demonstrated a consistent and robust upward trajectory. After a brief decline to a low of 1.20 USD in December 2022, the figure grew aggressively, reaching 8.69 USD by June 2026. This represents a substantial increase in operational efficiency and profitability on a per-share basis.
- Share Price Trends
- The share price exhibited initial volatility, decreasing from 124.28 USD in March 2022 to approximately 103.39 USD by December 2022. Following this period, a sustained recovery trend emerged, with the price climbing to 271.58 USD by June 2026. Despite this increase, the price growth was less aggressive than the growth in operating profit.
- P/OP Ratio Compression and Stabilization
- The P/OP ratio reached a peak of 89.87 in June 2022, reflecting a high valuation relative to operating earnings. A sharp downward trend began in 2023, with the ratio dropping from 81.03 in March to 48.43 by December. From March 2024 through June 2026, the ratio stabilized, fluctuating within a range between 28.13 and 35.40. This transition indicates a shift from a speculative growth-based valuation to one more closely aligned with actual operating performance.
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Price to Sales (P/S)
Amazon.com Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,786,313,572 | 10,757,109,436 | 10,734,920,870 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net sales (in millions) | 200,606) | 181,519) | 213,386) | 180,169) | 167,702) | 155,667) | 187,792) | 158,877) | 147,977) | 143,313) | 169,961) | 143,083) | 134,383) | 127,358) | 149,204) | 127,101) | 121,234) | 116,444) | ||||||
| Sales per share2 | 71.91 | 69.05 | 66.78 | 64.67 | 62.83 | 61.26 | 60.20 | 58.98 | 57.58 | 56.77 | 55.33 | 53.61 | 52.15 | 51.16 | 50.16 | 49.23 | 47.70 | 46.96 | ||||||
| Share price1, 3 | 271.58 | 265.06 | 210.32 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 3.78 | 3.84 | 3.15 | 3.78 | 3.42 | 3.10 | 3.81 | 3.36 | 2.92 | 3.15 | 3.10 | 2.38 | 2.68 | 2.06 | 2.06 | 2.10 | 2.83 | 2.65 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Home Depot Inc. | 2.46 | 2.25 | 2.19 | 2.61 | 2.40 | 2.20 | 2.46 | 1.98 | 2.10 | 1.90 | 1.86 | 2.11 | 2.02 | 1.94 | 2.17 | 2.89 | 2.37 | 2.38 | ||||||
| Lowe’s Cos. Inc. | 1.73 | 1.51 | 1.56 | 1.84 | 1.67 | 1.44 | 1.68 | 1.27 | 1.43 | 1.25 | 1.17 | 1.33 | 1.37 | 1.31 | 1.56 | 1.79 | 1.51 | 1.45 | ||||||
| TJX Cos. Inc. | 2.62 | 2.48 | 2.48 | 2.50 | 2.38 | 2.12 | 2.03 | 1.92 | 1.98 | 1.76 | 1.77 | 1.88 | 1.47 | 1.52 | 1.50 | 1.81 | 2.05 | 2.15 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025)
÷ No. shares of common stock outstanding
= (200,606,000,000 + 181,519,000,000 + 213,386,000,000 + 180,169,000,000)
÷ 10,786,313,572 = 71.91
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 271.58 ÷ 71.91 = 3.78
5 Click competitor name to see calculations.
An analysis of the valuation metrics from March 31, 2022, through June 30, 2026, reveals a period of initial valuation compression followed by a sustained expansion in the Price-to-Sales (P/S) multiple. While sales per share exhibited consistent linear growth throughout the period, the P/S ratio fluctuated primarily in response to volatility in the share price.
- Sales per Share Trend
- A continuous upward trajectory is observed in sales per share, rising from 46.96 US$ in March 2022 to 71.91 US$ by June 2026. This steady increase indicates consistent growth in top-line revenue relative to the number of shares outstanding, providing a stable denominator for the P/S ratio.
- Share Price Volatility
- The share price experienced significant fluctuations, starting at 124.28 US$ and reaching a low point of 103.39 US$ in December 2022. A strong recovery phase began in 2023, with the price escalating to a peak of 271.58 US$ by June 2026. This appreciation drove the majority of the movement in the valuation multiple.
- P/S Ratio Dynamics
- The P/S ratio transitioned through three distinct phases. First, a contraction phase occurred during 2022, where the ratio declined from 2.65 to a low of 2.06, reflecting a devaluation of sales relative to the market price. Second, an expansion phase took place between March 2023 and December 2024, during which the ratio climbed from 2.06 to a peak of 3.81. Finally, a stabilization phase is evident from 2025 through mid-2026, with the ratio maintaining a higher baseline, generally fluctuating between 3.10 and 3.84.
The divergence between the linear growth of sales per share and the non-linear movement of the share price suggests that market sentiment and external valuation drivers had a more profound impact on the P/S ratio than organic revenue growth alone. By the end of the analyzed period, the market assigned a significantly higher premium to each dollar of sales compared to the 2022 trough.
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Price to Book Value (P/BV)
Amazon.com Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 10,786,313,572 | 10,757,109,436 | 10,734,920,870 | 10,690,216,011 | 10,664,912,097 | 10,616,352,407 | 10,597,729,352 | 10,515,011,008 | 10,495,566,881 | 10,406,627,415 | 10,387,381,291 | 10,334,030,586 | 10,317,750,796 | 10,260,353,688 | 10,247,259,757 | 10,201,654,176 | 10,187,554,818 | 10,174,409,620 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 551,620) | 441,914) | 411,065) | 369,631) | 333,775) | 305,867) | 285,970) | 259,151) | 236,447) | 216,661) | 201,875) | 182,973) | 168,602) | 154,526) | 146,043) | 137,489) | 131,402) | 134,001) | ||||||
| Book value per share (BVPS)2 | 51.14 | 41.08 | 38.29 | 34.58 | 31.30 | 28.81 | 26.98 | 24.65 | 22.53 | 20.82 | 19.43 | 17.71 | 16.34 | 15.06 | 14.25 | 13.48 | 12.90 | 13.17 | ||||||
| Share price1, 3 | 271.58 | 265.06 | 210.32 | 244.22 | 214.75 | 189.98 | 229.15 | 197.93 | 167.90 | 179.00 | 171.81 | 127.74 | 139.57 | 105.45 | 103.39 | 103.41 | 134.95 | 124.28 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 5.31 | 6.45 | 5.49 | 7.06 | 6.86 | 6.59 | 8.49 | 8.03 | 7.45 | 8.60 | 8.84 | 7.21 | 8.54 | 7.00 | 7.25 | 7.67 | 10.46 | 9.44 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Home Depot Inc. | 38.04 | 46.03 | 52.57 | 69.84 | 82.54 | 183.15 | 359.76 | 212.51 | 243.07 | 819.13 | 187.12 | 255.09 | 1,325.66 | — | — | 412.02 | 165.73 | 192.67 | ||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | 307.81 | ||||||
| TJX Cos. Inc. | 17.15 | 16.65 | 16.63 | 17.26 | 17.00 | 15.53 | 15.09 | 14.69 | 15.38 | 13.78 | 13.86 | 16.35 | 13.53 | 13.52 | 12.14 | 12.85 | 13.82 | 13.27 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 551,620,000,000 ÷ 10,786,313,572 = 51.14
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 271.58 ÷ 51.14 = 5.31
5 Click competitor name to see calculations.
The financial data reveals a divergence between the growth of the company's intrinsic book value and its market valuation multiple over the analyzed period from March 2022 to June 2026.
- Book Value per Share (BVPS) Growth
- A consistent and uninterrupted upward trajectory is observed in the book value per share. Starting at 13.17 US$ in March 2022, the BVPS grew steadily each quarter, reaching 51.14 US$ by June 2026. This indicates a strong and stable accumulation of net assets relative to the number of shares outstanding.
- Share Price Volatility and Trend
- The share price exhibited significant fluctuations throughout the period. After an initial peak of 134.95 US$ in June 2022, the price experienced a decline, bottoming out around 103.39 US$ in December 2022. A subsequent recovery trend emerged, leading to a high of 271.58 US$ by June 2026, although the growth was characterized by periodic corrections.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio demonstrates a general long-term compression. The ratio reached its maximum of 10.46 in June 2022 and trended downward to 5.31 by June 2026. This compression suggests that while the share price increased in absolute terms, the book value per share grew at a faster proportional rate. Consequently, the market premium attributed to the company's book value decreased significantly over the four-year span.
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