NASDAQ · Consumer Cyclical

Amazon.com, Inc.

AMZN · Internet Retail

$284.02

▲ 12.44 (4.58%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

D⤢

Years to Pay Off Debt 6.9 yrs

Working Capital vs Long-Term Debt -$80.7B

Working Capital $38.4B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 6.91x

Cash Flow

F⤢

Free Cash Flow -$18.2B

CapEx % of Net Income 146.1%

Owner Earnings $93.4B

Financial Health

Years to Pay Off Debt 6.9 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$80.7B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $38.4B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow -$18.2B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 146.1%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $93.4B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

About Amazon.com, Inc.

Amazon.com, Inc. engages in the retail sale of consumer products, advertising, and subscriptions service through online and physical stores in North America and internationally. The company operates through three segments: North America, International, and Amazon Web Services (AWS). It also manufactures and sells electronic devices, including Kindle, fire tablets, fire TVs, echo, ring, blink, and eero; and develops and produces media content. In addition, the company offers programs that enable sellers to sell their products in its stores; and programs that allow authors, independent publishers, musicians, filmmakers, Twitch streamers, skill and app developers, and others to publish and sell content. Further, it provides compute, storage, Artificial intelligence, database, analytics, machine learning, and other services, as well as advertising services through programs, such as sponsored ads, display, and video advertising. Additionally, the company offers Amazon Prime, a membership program. The company's products offered through its stores include merchandise and content purchased for resale and products offered by third-party sellers. It serves consumers, sellers, developers, enterprises, content creators, advertisers, and employees. The company was incorporated in 1994 and is headquartered in Seattle, Washington.

Market Data

Market Cap $3,055.2B

Enterprise Value $3,058.0B

P/E (TTM) 22.83

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 1595000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Amazon.com, Inc. at $284.02.

The business passes only 0 of 5 of Graham's defensive criteria — well below his required standard.

At $284.02, the stock trades at a 290% premium to its Graham Number of $72.90. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025
Gross Profit %	N/A•	48.5%
Operating Margin %	N/A•	11.7%
Net Income %	N/A•	9.9%
Diluted EPS	5.75▲	1.95

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$916.6B	$818.0B	N/A
Total Debt	$209.9B▲	$153.0B•	N/A
Working Capital	$38.4B▲	$11.1B•	N/A
Years to Pay Debt	6.94	7.22	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$18.2B▼	$14.9B•	N/A
Owner Earnings	$93.4B	$80.2B	N/A
CapEx % of Net Income	146.1%	186.5%	N/A

Income Statement

	2026	2025
Tax Effect Of Unusual Items		227,548
Tax Rate For Calcs		0
Normalized EBITDA		45,531,000
Total Unusual Items		1,224,000
Total Unusual Items Excluding Goodwill		1,224,000
Net Income From Continuing Operation Net Minority Interest		21,192,000
Reconciled Depreciation		19,471,000
Reconciled Cost Of Revenue		109,959,000
EBITDA		46,755,000
EBIT		27,284,000
Net Interest Income		451,000
Interest Expense		679,000
Interest Income		1,130,000
Normalized Income		20,195,548
Net Income From Continuing And Discontinued Operation		21,192,000
Total Expenses		188,409,000
Total Operating Income As Reported		24,977,000
Diluted Average Shares	10,903,000	10,863,000
Basic Average Shares	10,769,000	10,709,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		21,192,000
Net Income Common Stockholders		21,192,000
Net Income		21,192,000
Net Income Including Noncontrolling Interests		21,192,000
Net Income Continuous Operations		21,192,000
Earnings From Equity Interest Net Of Tax		-467,000
Tax Provision		4,946,000
Pretax Income		26,605,000
Other Income Expense		1,177,000
Other Non Operating Income Expenses		-47,000
Gain On Sale Of Security		1,224,000
Net Non Operating Interest Income Expense		451,000
Interest Expense Non Operating		679,000
Interest Income Non Operating		1,130,000
Operating Income		24,977,000
Operating Expense		78,450,000
Other Operating Expenses		61,482,000
Selling General And Administration		16,968,000
Selling And Marketing Expense		14,264,000
General And Administrative Expense		2,704,000
Other Gand A		2,704,000
Gross Profit		103,427,000
Cost Of Revenue		109,959,000
Total Revenue		213,386,000
Operating Revenue		213,386,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	515,000	515,000
Ordinary Shares Number	10,754,252	10,731,000
Share Issued	11,269,252	11,246,000
Net Debt	17,258,000
Total Debt	209,888,000	152,987,000
Tangible Book Value	418,465,000	378,595,000
Invested Capital	560,988,000	476,713,000
Working Capital	38,399,000	11,078,000
Net Tangible Assets	418,465,000	378,595,000
Capital Lease Obligations	90,814,000	87,339,000
Common Stock Equity	441,914,000	411,065,000
Total Capitalization	560,988,000	476,713,000
Total Equity Gross Minority Interest	441,914,000	411,065,000
Stockholders Equity	441,914,000	411,065,000
Gains Losses Not Affecting Retained Earnings	24,868,000	28,230,000
Other Equity Adjustments	24,868,000	28,230,000
Treasury Stock	7,837,000	7,837,000
Retained Earnings	280,791,000	250,536,000
Additional Paid In Capital	143,979,000	140,024,000
Capital Stock	113,000	112,000
Common Stock	113,000	112,000
Total Liabilities Net Minority Interest	474,716,000	406,977,000
Total Non Current Liabilities Net Minority Interest	257,960,000	188,972,000
Other Non Current Liabilities	48,072,000	35,985,000
Long Term Debt And Capital Lease Obligation	209,888,000	152,987,000
Long Term Capital Lease Obligation	90,814,000	87,339,000
Long Term Debt	119,074,000	65,648,000
Current Liabilities	216,756,000	218,005,000
Current Deferred Liabilities	20,887,000	20,576,000
Current Deferred Revenue	20,887,000	20,576,000
Payables And Accrued Expenses	195,869,000	197,429,000
Current Accrued Expenses	71,120,000	75,520,000
Payables	124,749,000	121,909,000
Accounts Payable	124,749,000	121,909,000
Total Assets	916,630,000	818,042,000
Total Non Current Assets	661,475,000	588,959,000
Other Non Current Assets	151,827,000	113,410,000
Goodwill And Other Intangible Assets	23,449,000	32,470,000
Other Intangible Assets		9,197,000	8,602,000
Goodwill	23,449,000	23,273,000
Net PPE	486,199,000	443,079,000
Accumulated Depreciation		-177,073,000	-141,390,000
Gross PPE	486,199,000	620,152,000
Construction In Progress		71,745,000	46,636,000
Other Properties	486,199,000	393,286,000
Properties		155,121,000	123,039,000
Current Assets	255,155,000	229,083,000
Inventory	36,534,000	38,325,000
Inventories Adjustments Allowances	-2,800,000	-3,300,000
Other Inventories	39,334,000	41,625,000
Receivables	75,532,000	67,729,000
Accounts Receivable	75,532,000	67,729,000
Allowance For Doubtful Accounts Receivable	-2,600,000	-2,400,000
Gross Accounts Receivable	78,132,000	70,129,000
Cash Cash Equivalents And Short Term Investments	143,089,000	123,029,000
Other Short Term Investments	41,273,000	36,219,000
Cash And Cash Equivalents	101,816,000	86,810,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-18,171,000	14,937,000
Repayment Of Debt	-6,692,000	-5,101,000
Issuance Of Debt	59,459,000	17,116,000
Capital Expenditure	-44,203,000	-39,522,000
Interest Paid Supplemental Data	452,000	563,000
Income Tax Paid Supplemental Data	1,323,000	1,521,000
End Cash Position	104,692,000	90,106,000
Beginning Cash Position	90,106,000	70,464,000
Effect Of Exchange Rate Changes	-1,000	137,000
Changes In Cash	14,587,000	19,505,000
Financing Cash Flow	52,767,000	12,291,000
Cash Flow From Continuing Financing Activities	52,767,000	12,291,000
Net Other Financing Charges
Net Issuance Payments Of Debt	52,767,000	12,015,000
Net Short Term Debt Issuance	-91,000	-937,000
Short Term Debt Payments	-6,109,000	-3,126,000
Short Term Debt Issuance	6,018,000	2,189,000
Net Long Term Debt Issuance	52,858,000	12,952,000
Long Term Debt Payments	-583,000	-1,975,000
Long Term Debt Issuance	53,441,000	14,927,000
Investing Cash Flow	-64,212,000	-47,245,000
Cash Flow From Continuing Investing Activities	-64,212,000	-47,245,000
Net Investment Purchase And Sale	-5,570,000	-7,373,000
Sale Of Investment	17,686,000	8,841,000
Purchase Of Investment	-23,256,000	-16,214,000
Net Business Purchase And Sale	-15,408,000	-1,403,000
Sale Of Business
Purchase Of Business	-15,408,000	-1,403,000	-2,535,000
Net PPE Purchase And Sale	-43,234,000	-38,469,000
Sale Of PPE	969,000	1,053,000
Purchase Of PPE	-44,203,000	-39,522,000
Operating Cash Flow	26,032,000	54,459,000
Cash Flow From Continuing Operating Activities	26,032,000	54,459,000
Change In Working Capital	-24,366,000	9,270,000
Change In Other Working Capital	355,000	-191,000
Change In Other Current Assets	-3,811,000	-5,220,000
Change In Payables And Accrued Expense	-16,782,000	17,058,000
Change In Accrued Expense	-8,045,000	5,993,000
Change In Payable	-8,737,000	11,065,000
Change In Account Payable	-8,737,000	11,065,000
Change In Inventory	1,622,000	3,101,000
Change In Receivables	-5,750,000	-5,478,000
Changes In Account Receivables	-5,750,000	-5,478,000
Other Non Cash Items	-15,632,000	-693,000
Stock Based Compensation	4,032,000	4,397,000
Deferred Tax	12,798,000	822,000
Deferred Income Tax	12,798,000	822,000
Depreciation Amortization Depletion	18,945,000	19,471,000
Depreciation And Amortization	18,945,000	19,471,000
Net Income From Continuing Operations	30,255,000	21,192,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.18x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$18.2B

vs Positive

Operating Cash Flow

$26.0B

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

6.9x

Net Assets: $441.9B

Asset Context — Internet Retail

Platform and internet businesses derive value from network effects, user data, and brand — intangibles that accounting rules don't capitalise. A low or negative Net Assets figure is expected and not a risk signal. ROIC and FCF per share are more relevant valuation anchors.

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
AMZN	$284.02	$3,055.2B	22.83	N/A	N/A	N/A
BABA Alibaba Group Holding Limited	$127.30	$305.1B	19.6	39.8%	10.1%	$1,023.7B
JD JD.com, Inc.	$33.02	N/A	24.1	9.3%	1.0%	$1,323.7B
EBAY eBay Inc.	$107.13	$47.6B	24.7	71.8%	17.6%	$11.6B
ETSY Etsy, Inc.	$83.17	$7.9B	31.9	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

8.88%

Moderate — some alignment with shareholders

Debt Trend YoY

+37.2% YoY

Debt is growing — management is leveraging up

Leadership Team

Jeffrey Bezos

Founder & Executive Chairman

Age 61

Pay: $1,681,840

Andrew Jassy

President, CEO & Director

Age 57

Pay: $2,069,861

Brian Olsavsky

Senior VP & CFO

Age 61

Pay: $372,000

Douglas Herrington

Chief Executive Officer of Worldwide Amazon Stores

Age 58

Pay: $425,365

Matthew Garman

Chief Executive Officer of Amazon Web Series

Age 48

Pay: $617,281

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	6.84%	735,564,992
Vanguard Capital Management LLC	5.87%	631,176,205
State Street Corporation	3.63%	390,450,321
FMR, LLC	3.33%	358,698,691
Geode Capital Management, LLC	2.17%	233,228,057
Morgan Stanley	1.62%	173,925,856
JPMORGAN CHASE & CO	1.57%	168,937,577
Invesco Ltd.	1.29%	138,753,518

Risk Analysis

Beta (Market Risk)

1.45

Moderate volatility — moves slightly more than market

Short Interest

1.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.46x

Conservative balance sheet — low financial risk

Current Ratio

1.03x

Adequate liquidity

52-Week Price Range

Low: $196.00 Current: $284.02 High: $287.13

Currently at 97% of 52-week range

Amazon.com, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry Comparison

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis