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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The P/E ratio shows significant volatility over the observed quarters. Beginning at high levels around 65 to 78 in 2020 and 2021, it peaked sharply to 118.45 in September 2022 before declining to approximately 30.58 by March 2025. This downward trend in the latter periods suggests a decreased market valuation relative to earnings, possibly reflecting increased earnings or a market reassessment of growth expectations.
- Price to Operating Profit (P/OP) Ratio
- Similar to the P/E ratio, the P/OP ratio experienced a peak in late 2022, reaching 89.87, followed by a generally steady decline to 28.13 by March 2025. The initial high ratios in 2020-2022 indicate a premium valuation relative to operating profit, which has moderated notably in recent periods, suggesting improved operating profitability or adjustments in investor sentiment.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits moderate fluctuation throughout the timeframe. After starting around 4.32 in early 2020, it trended downward to low points near 2.06 in late 2022 and early 2023. Subsequently, a rebound is observed with ratios climbing back up to above 3.8 in late 2024, followed by a slight easing to 3.1 in early 2025. This indicates variation in sales valuation multiples, potentially connected to sales growth rates and market expectations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio displays a general declining trend from 17.47 in March 2020 to lower single-digit levels in recent periods, reaching as low as 6.59 by March 2025. The gradual decline suggests that the market price is moving closer to the book value of the company, which could be interpreted as a reduced market premium or increased asset base relative to price. The fluctuations within this overall trend reflect changing asset valuations or market perceptions of balance sheet strength.
Price to Earnings (P/E)
Amazon.com Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | 10,071,294,860 | 10,035,023,660 | 10,017,793,020 | 9,975,520,640 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (loss) (in millions) | 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) | 14,323) | 3,156) | 7,778) | 8,107) | 7,222) | 6,331) | 5,243) | 2,535) | |||||||
| Earnings per share (EPS)2 | 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 | 3.28 | 2.59 | 2.91 | 2.67 | 2.12 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 157.64 | 168.62 | 166.38 | 173.37 | 165.63 | 151.81 | 158.23 | 114.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | 30.58 | 40.99 | 41.73 | 39.67 | 49.43 | 58.66 | 65.74 | 110.16 | 251.97 | — | 93.17 | 118.45 | 59.05 | 48.08 | 65.12 | 57.25 | 65.00 | 78.20 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Home Depot Inc. | 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 | 24.51 | 23.56 | 26.04 | 24.24 | 17.38 | — | — | — | |||||||
| Lowe’s Cos. Inc. | 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 | 22.36 | 21.14 | 22.50 | 21.16 | 11.96 | — | — | — | |||||||
| TJX Cos. Inc. | 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 | 881.78 | 103.90 | 92.86 | 38.61 | 17.13 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income (loss)Q1 2025
+ Net income (loss)Q4 2024
+ Net income (loss)Q3 2024
+ Net income (loss)Q2 2024)
÷ No. shares of common stock outstanding
= (17,127,000,000 + 20,004,000,000 + 15,328,000,000 + 13,485,000,000)
÷ 10,616,352,407 = 6.21
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= 189.98 ÷ 6.21 = 30.58
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant fluctuations throughout the observed periods. Beginning at $114.30 in March 2020, the price generally increased, peaking near the end of 2021 at approximately $157.64 in December 2021. This was followed by a decline through late 2022, reaching about $103.39 in December 2022. The price rebounded strongly in 2023 and 2024, reaching a high of $229.15 in December 2024 before experiencing a decrease to $189.98 by March 2025. Overall, the price shows volatility with upward momentum in the latter part of the timeline.
- Earnings Per Share (EPS) Dynamics
- EPS data is absent for the initial four quarters from March 2020 to December 2020. Starting in the first quarter of 2021, EPS rose sharply from $2.12, increasing steadily and peaking at $3.28 in March 2022. A notable decline followed, with EPS dropping to negative territory at -$0.27 in March 2023, marking a significant temporary setback. Subsequently, EPS recovered and improved consistently through 2024 and into the first quarter of 2025, reaching $6.21. This recovery suggests a period of challenges followed by robust growth in profitability.
- Price-to-Earnings (P/E) Ratio Evolution
- P/E ratios were not reported during the initial quarters when EPS data was missing. From March 2021 onwards, the P/E ratio fluctuated with volatility. It started at a high multiple of 78.2 times in March 2021 and generally decreased over time, reaching a local minimum of around 39.67 in September 2024. There was a pronounced spike to approximately 251.97 in March 2023, coinciding with the sharp drop in EPS, reflecting heightened market uncertainty or valuation adjustments. The later trend shows a decline in the P/E ratio despite rising EPS, indicating that earnings growth began to outpace share price gains, improving valuation metrics.
- Correlations and Insights
- The overall data indicates a company experiencing initial EPS growth and increasing share prices until early 2022, followed by a period marked by earnings volatility and a temporary loss in profitability. The share price mirrored some of this turbulence but showed resilience through recovery phases. The extreme P/E spike in early 2023 reflects market reactions to earnings contractions. The subsequent improvement in EPS and normalized P/E ratios into 2024 and early 2025 suggests a return to stable earnings growth and enhanced investor confidence. The share price gains in later quarters, combined with reasonable P/E multiples, imply positive market expectations for sustainable future performance.
Price to Operating Profit (P/OP)
Amazon.com Inc., historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | 10,071,294,860 | 10,035,023,660 | 10,017,793,020 | 9,975,520,640 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating income (in millions) | 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) | 3,460) | 4,852) | 7,702) | 8,865) | 6,873) | 6,194) | 5,843) | 3,989) | |||||||
| Operating profit per share2 | 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 | 2.44 | 2.79 | 2.93 | 2.75 | 2.27 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 157.64 | 168.62 | 166.38 | 173.37 | 165.63 | 151.81 | 158.23 | 114.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | 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 | 64.48 | 60.45 | 56.87 | 62.96 | 72.85 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Home Depot Inc. | 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 | 17.25 | 16.72 | 18.45 | 17.14 | 12.33 | — | — | — | |||||||
| Lowe’s Cos. Inc. | 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 | 13.52 | 12.50 | 15.21 | 14.04 | 8.11 | — | — | — | |||||||
| TJX Cos. Inc. | 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 | 137.02 | 74.61 | 60.02 | 30.12 | 12.69 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024
+ Operating incomeQ2 2024)
÷ No. shares of common stock outstanding
= (18,405,000,000 + 21,203,000,000 + 17,411,000,000 + 14,672,000,000)
÷ 10,616,352,407 = 6.75
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 189.98 ÷ 6.75 = 28.13
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits notable fluctuations over the observed periods. Starting at $114.30 in the first quarter of 2020, it ascended sharply, reaching $173.37 by the first quarter of 2021. This was followed by a decline to approximately $103.39 by the last quarter of 2022. Subsequently, the share price rebounded significantly, peaking at $229.15 in the first quarter of 2025 before experiencing a slight decrease to $189.98 by the last quarter of that year. Overall, the share price demonstrated high volatility with periods of strong growth as well as retracement.
- Operating Profit Per Share (OPPS) Dynamics
- Operating profit per share data, available from the first quarter of 2021 onwards, reveals a generally upward trend. Beginning at $2.27 in the first quarter of 2021, OPPS experienced some variability, dipping slightly in the fourth quarter of 2021 at $2.79, then declining more significantly to $1.20 in the last quarter of 2022. Afterward, a robust recovery is evident, with OPPS increasing steadily to reach $6.75 by the last quarter of 2025. This suggests improving profitability per share over the medium to long term despite short-term fluctuations.
- Price to Operating Profit Ratio (P/OP) Analysis
- The price to operating profit ratio shows a downward trend over time, indicative of improving valuation relative to operating profits. In the first quarter of 2021, the ratio was a high 72.85, and it remained above 60 for much of 2021 and 2022, peaking at 89.87 in the third quarter of 2022. Following this peak, the ratio declined steadily to values below 40 from the second quarter of 2024 onward, reaching a low of 28.13 in the last quarter of 2025. This declining P/OP ratio suggests that the share price growth is increasingly supported by rising operating profits rather than speculative price increases.
- Overall Insights
- The data indicates a phase of initial rapid share price appreciation followed by a correction and later a strong recovery. Concurrently, operating profit per share, while initially fluctuating, shows considerable growth in the later periods, contributing to a more favorable valuation multiple. The decreasing price to operating profit ratio over time underscores a transition towards a valuation more in line with underlying earnings performance. Collectively, these trends suggest enhanced operational efficiency and market confidence reflected in both profit generation and share price metrics.
Price to Sales (P/S)
Amazon.com Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | 10,071,294,860 | 10,035,023,660 | 10,017,793,020 | 9,975,520,640 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net sales (in millions) | 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) | 137,412) | 110,812) | 113,080) | 108,518) | 125,555) | 96,145) | 88,912) | 75,452) | |||||||
| Sales per share2 | 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 | 46.17 | 45.15 | 43.77 | 41.55 | 38.33 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 157.64 | 168.62 | 166.38 | 173.37 | 165.63 | 151.81 | 158.23 | 114.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | 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 | 3.41 | 3.73 | 3.80 | 4.17 | 4.32 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Home Depot Inc. | 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 | 2.39 | 2.34 | 2.58 | 2.37 | 1.77 | — | — | — | |||||||
| Lowe’s Cos. Inc. | 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 | 1.46 | 1.33 | 1.60 | 1.31 | 0.71 | — | — | — | |||||||
| TJX Cos. Inc. | 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 | 2.48 | 2.33 | 1.96 | 1.77 | 1.34 | — | — | — | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (Net salesQ1 2025
+ Net salesQ4 2024
+ Net salesQ3 2024
+ Net salesQ2 2024)
÷ No. shares of common stock outstanding
= (155,667,000,000 + 187,792,000,000 + 158,877,000,000 + 147,977,000,000)
÷ 10,616,352,407 = 61.26
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 189.98 ÷ 61.26 = 3.10
5 Click competitor name to see calculations.
- Share Price Trends
- The share price displayed a notable increase from March 2020, starting at $114.3 and rising sharply to $165.63 by December 2020. This upward momentum continued into early 2021, peaking around $173.37 in March 2021. However, a period of volatility and gradual decline followed through 2022, with the price dropping as low as approximately $103.39 in December 2022. From 2023 onward, the share price showed recovery and strong upward movement, reaching a new high of $229.15 in December 2024 before slightly retracting to $189.98 by March 2025.
- Sales Per Share Development
- Sales per share data begins from March 2021, showing a consistent and gradual increase each quarter. Starting at $38.33, sales per share rose steadily, reaching $61.26 by March 2025. The increase is steady without any significant fluctuations, indicating stable growth in revenue generated per share over the periods analyzed.
- Price-to-Sales (P/S) Ratio Patterns
- The P/S ratio, reported from March 2021, exhibits some variation corresponding with the fluctuations in share price and growth in sales per share. Initially at 4.32, the ratio declines gradually through 2021 and 2022, reaching a low near 2.06 by December 2022 and March 2023. This decline suggests the stock became more reasonably priced relative to sales during this period, likely due to the share price drop coupled with the steady increase in sales per share. Subsequently, the P/S ratio increased again, peaking at approximately 3.81 in December 2024 before decreasing slightly to 3.10 by March 2025. This suggests some revaluation of the share price relative to sales during the recent strong rally.
- Overall Observations
- The data indicates a cycle of growth, correction, and recovery. The initial rise in share price coincided with increasing sales per share, promoting higher valuations. The correction phase through 2022 correlated with a significant share price drop while sales per share continued to grow steadily, improving valuation attractiveness as reflected by the declining P/S ratio. The strong price recovery from 2023 to early 2025, along with continuous sales growth, suggests renewed investor confidence and valuation expansion. The steady sales per share growth throughout the period suggests consistent operational performance despite market price fluctuations.
Price to Book Value (P/BV)
Amazon.com Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 10,176,888,200 | 10,142,952,400 | 10,128,810,400 | 10,086,474,720 | 10,071,294,860 | 10,035,023,660 | 10,017,793,020 | 9,975,520,640 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 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) | 138,245) | 120,564) | 114,803) | 103,320) | 93,404) | 82,775) | 73,728) | 65,272) | |||||||
| Book value per share (BVPS)2 | 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 | 13.58 | 11.89 | 11.33 | 10.24 | 9.27 | 8.25 | 7.36 | 6.54 | |||||||
| Share price1, 3 | 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 | 157.64 | 168.62 | 166.38 | 173.37 | 165.63 | 151.81 | 158.23 | 114.30 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | 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 | 11.60 | 14.19 | 14.68 | 16.93 | 17.86 | 18.40 | 21.50 | 17.47 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Home Depot Inc. | 183.15 | 359.76 | 212.51 | 243.07 | 819.13 | 187.12 | 255.09 | 1,325.66 | — | — | 412.02 | 165.73 | 192.67 | 95.58 | 191.69 | — | — | — | — | — | — | |||||||
| Lowe’s Cos. Inc. | — | — | — | — | — | — | — | — | — | — | — | — | 307.81 | 90.79 | 27.86 | 29.56 | 56.37 | 25.96 | 36.00 | 32.50 | 22.70 | |||||||
| TJX Cos. Inc. | 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 | 13.68 | 13.99 | 14.17 | 13.72 | 9.42 | 12.92 | 12.53 | 11.88 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 305,867,000,000 ÷ 10,616,352,407 = 28.81
3 Closing price as at the filing date of Amazon.com Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 189.98 ÷ 28.81 = 6.59
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited notable fluctuations over the examined period. Starting at $114.30 in March 2020, it increased significantly, peaking at $173.37 in March 2021. This was followed by a period of decline and volatility, reaching a low of $103.39 in December 2022. Subsequently, the price recovered and showed strong growth, attaining a high of $229.15 in March 2025 before retreating slightly to $189.98 by the last recorded date.
- Book Value per Share (BVPS) Trend
- The book value per share demonstrated consistent growth across the full timeline. Beginning at $6.54 in March 2020, BVPS rose steadily each quarter, reaching $28.81 by March 2025. This indicates a continual increase in the company's net asset value per share, reflecting ongoing accumulation of equity or retained earnings.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio started at a relatively high level of 17.47 in March 2020, showing elevated market valuation compared to book value. There was a clear downward trend over the next few years, dipping to a low of approximately 6.59 by March 2025. This decline suggests that the market price of shares, relative to their book value, diminished significantly, possibly indicating the market perceived the shares as undervalued compared to their net asset base, or reflecting adjustments in investor sentiment amidst fluctuations in share price and growth in book value.
- Relationship Between Variables
- The inverse relationship between the P/BV ratio and the steadily increasing book value per share is underscored by the observed data. Although share price experienced volatility, the persistent rise in BVPS implies solid underlying financial growth. The reduction in P/BV ratio over time suggests that despite company asset growth, share price appreciation did not keep pace proportionately, especially during periods of share price decline or stagnation.
- Overall Insights
- Overall, the analysis reveals a company with strengthening equity fundamentals as evidenced by the increasing book value per share. Market valuation showed high initial optimism followed by moderate revaluation, potentially reflecting external market conditions or internal performance assessments. The rising book value signals improving financial health, while the fluctuating share price and declining P/BV ratio denote changing market perceptions and a dynamic valuation environment.