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: 2026-03-31), 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 multiples exhibit a distinct divergence between earnings-based metrics and sales-based metrics over the analyzed period. While profitability-linked ratios show a significant long-term compression, the sales multiple demonstrates a general upward trajectory, suggesting an evolution in how the market values the underlying revenue streams relative to bottom-line performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio experienced extreme volatility between early 2022 and early 2023, peaking at 251.97 in March 2023. Following this peak, a consistent and sharp downward trend occurred, with the ratio falling to 49.43 by March 2024. From mid-2024 through March 2026, the ratio stabilized within a narrower range of approximately 29.07 to 41.73, indicating a transition from high-growth speculation toward a more normalized valuation based on realized earnings.
- Price to Operating Profit (P/OP) Ratio
- A sustained contraction is observed in the P/OP ratio. After remaining relatively stable in the 80s throughout 2022 and early 2023, the ratio began a steady decline starting in September 2023. The multiple decreased from 50.04 in September 2023 to a low of 28.23 by December 2025, before ending at 33.38 in March 2026. This trend suggests that operating profit grew at a pace that significantly outstripped the growth in share price.
- Price to Sales (P/S) Ratio
- In contrast to the earnings multiples, the P/S ratio remained relatively resilient and trended generally upward. After reaching a low of 2.06 in late 2022 and early 2023, the ratio climbed to a peak of 3.84 by March 2026. This increase indicates that the market assigned a higher premium to each dollar of revenue over time, even as the earnings multiples compressed.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displayed intermittent fluctuations throughout the period. After peaking at 10.46 in June 2022, the ratio experienced several cycles of contraction and expansion. A notable decline is observed in the latter part of the timeline, with the ratio dropping to 5.49 in December 2025, reflecting a reduction in the premium paid over the net asset value of the company.
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Price to Earnings (P/E)
Amazon.com Inc., historical P/E calculation (quarterly data)
| 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 | 10,757,109,436 | 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) | 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 | 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 | 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 | 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. | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (Net income (loss)Q1 2026
+ Net income (loss)Q4 2025
+ Net income (loss)Q3 2025
+ Net income (loss)Q2 2025)
÷ No. shares of common stock outstanding
= (30,255,000,000 + 21,192,000,000 + 21,187,000,000 + 18,164,000,000)
÷ 10,757,109,436 = 8.44
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= 265.06 ÷ 8.44 = 31.40
5 Click competitor name to see calculations.
The financial data indicates a significant shift in valuation dynamics between March 2022 and March 2026, characterized by a transition from high volatility and speculative pricing to a more stabilized earnings-driven valuation.
- Share Price Trends
- The share price exhibited a general upward trajectory over the analyzed period, despite notable fluctuations. After a decline in late 2022 to a low of 103.39 USD, the price entered a sustained recovery phase starting in 2023. Growth accelerated through 2024, peaking at 229.15 USD in December 2024. Although some volatility occurred throughout 2025, the price reached its highest point of 265.06 USD by March 31, 2026.
- Earnings per Share (EPS) Performance
- EPS experienced a V-shaped recovery. A downward trend was observed throughout 2022, culminating in a negative EPS of -0.27 USD in December 2022. Following this trough, a consistent and aggressive growth pattern emerged. EPS rose from 0.42 USD in March 2023 to 8.44 USD by March 2026. This represents a substantial improvement in profitability, with earnings growth significantly outpacing the growth rate of the share price.
- Price to Earnings (P/E) Ratio Interpretation
- The P/E ratio shows a profound compression over the period. In early 2023, the ratio peaked at 251.97 as the share price recovered while earnings were still at very low positive levels. As EPS grew rapidly, the P/E ratio declined sharply, falling below 60.00 by late 2023 and further stabilizing between 29.07 and 41.73 throughout 2024 and 2025. The ratio ended at 31.40 in March 2026.
The observed correlation suggests that the initial high P/E ratios were driven by market expectations of future growth during a period of depressed earnings. The subsequent decline in the P/E ratio, despite the increase in share price, confirms that the valuation has become more fundamentally supported by actual earnings growth rather than speculative pricing.
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Price to Operating Profit (P/OP)
Amazon.com Inc., historical P/OP calculation (quarterly data)
| 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 | 10,757,109,436 | 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) | 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 | 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 | 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 | 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. | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025
+ Operating incomeQ2 2025)
÷ No. shares of common stock outstanding
= (23,852,000,000 + 24,977,000,000 + 17,422,000,000 + 19,171,000,000)
÷ 10,757,109,436 = 7.94
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 265.06 ÷ 7.94 = 33.38
5 Click competitor name to see calculations.
The financial data indicates a significant shift in the valuation profile of the common stock, characterized by a transition from high valuation multiples to a more stabilized range, driven primarily by substantial growth in operational profitability.
- Operating Profit Per Share Trend
- A consistent upward trajectory is observed in operating profit per share, which increased from 1.93 US$ in March 2022 to 7.94 US$ by March 2026. This represents a steady and significant expansion in the company's ability to generate profit from its core operations on a per-share basis throughout the analyzed period.
- Share Price Movement
- The share price exhibited an overall growth trend, rising from 124.28 US$ in March 2022 to 265.06 US$ by March 2026. Despite periods of volatility, particularly during the second half of 2022, the long-term movement remained positive.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio experienced a marked contraction over the observed timeframe. In 2022 and early 2023, the ratio remained elevated, reaching a peak of 89.87 in June 2022. A sharp decline began in the second half of 2023, with the ratio dropping below 50.00 in September 2023. From 2024 through March 2026, the ratio stabilized within a lower range, fluctuating between 28.13 and 35.40.
- Valuation Insight
- The compression of the P/OP ratio, occurring while the share price was simultaneously increasing, demonstrates that the growth in operating profit per share significantly outpaced the growth in market price. This pattern indicates a transition from a valuation driven by high growth premiums to one more closely supported by realized operational earnings.
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Price to Sales (P/S)
Amazon.com Inc., historical P/S calculation (quarterly data)
| 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 | 10,757,109,436 | 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) | 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 | 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 | 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 | 3.84 | 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. | 2.25 | 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. | 1.51 | 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. | 2.48 | 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (Net salesQ1 2026
+ Net salesQ4 2025
+ Net salesQ3 2025
+ Net salesQ2 2025)
÷ No. shares of common stock outstanding
= (181,519,000,000 + 213,386,000,000 + 180,169,000,000 + 167,702,000,000)
÷ 10,757,109,436 = 69.05
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 265.06 ÷ 69.05 = 3.84
5 Click competitor name to see calculations.
The analysis of valuation metrics reveals a divergence between the steady growth of fundamental sales and the volatility of the equity price, resulting in a fluctuating Price to Sales (P/S) ratio. While revenue per share grew consistently over the observed period, the market valuation experienced a cycle of contraction followed by a sustained expansion.
- Sales per Share Growth
- A consistent upward trajectory is observed in sales per share, increasing from 46.96 US$ in March 2022 to 69.05 US$ by March 2026. This linear growth indicates a steady and uninterrupted increase in revenue generation relative to the share count throughout the entire period.
- Share Price Trends
- The share price exhibited significant volatility, beginning at 124.28 US$ and declining to a period low of 103.39 US$ in December 2022. A recovery phase followed, characterized by a general upward trend that culminated in a peak of 265.06 US$ by March 2026, representing a substantial increase in the market's valuation of the equity.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio closely tracked the movements of the share price. A contraction is evident during 2022, with the ratio dropping from 2.65 to a low of 2.06 by December 2022 and March 2023. Following this trough, the ratio entered an expansionary phase, generally trending upward to reach 3.84 by March 2026. This expansion suggests that the market assigned an increasing premium to each dollar of sales over time, indicating heightened investor confidence or expectations of improved future margins.
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Price to Book Value (P/BV)
Amazon.com Inc., historical P/BV calculation (quarterly data)
| 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 | 10,757,109,436 | 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) | 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 | 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 | 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 | 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. | 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. | 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: 2026-03-31), 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 Q1 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 441,914,000,000 ÷ 10,757,109,436 = 41.08
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 265.06 ÷ 41.08 = 6.45
5 Click competitor name to see calculations.
The analysis of valuation metrics reveals a period of significant volatility in market pricing contrasted with steady, linear growth in the underlying book value of the company.
- Book Value per Share (BVPS) Trends
- A consistent upward trajectory is observed in the book value per share, which rose from 13.17 US$ in March 2022 to 41.08 US$ by March 2026. This steady increase indicates a continuous and disciplined accumulation of net assets throughout the analyzed period.
- Share Price Movement
- The share price exhibited substantial fluctuations, characterized by a dip to 103.39 US$ in December 2022 followed by a general recovery and growth phase, eventually peaking at 265.06 US$ in March 2026. The price movement shows higher volatility compared to the stable growth of the book value.
- Price to Book Value (P/BV) Ratio Interpretation
- The P/BV ratio experienced a period of contraction over the long term. After reaching a peak of 10.46 in June 2022, the ratio trended generally lower, hitting a minimum of 5.49 in December 2025 before a slight recovery to 6.45 in March 2026. This compression indicates that the growth in equity has outpaced the growth in market price during the latter half of the period.
The overall data suggests a shift in valuation dynamics. While the company's market value increased significantly in absolute terms, the concurrent and rapid expansion of the book value resulted in a lower valuation multiple. This pattern reflects a reduction in the market premium applied to each dollar of net assets, leading to a more conservative P/BV ratio by the end of the series.
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