GROWTH
Top line stable.
+12.4% YoY versus +11.0% prior. 3y CAGR +11.7%.
+12.4%
Amazon.com, Inc. AMZN
Consumer Discretionary · Market Cap: $2.57T
$244.39▲ 6.89 (2.90%)
Fundamentals as of 2026-03-31
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Consumer Discretionary · Market Cap: $2.57T
Fundamentals as of 2026-03-31
All analysis on this page is for educational purposes only and does not constitute financial advice. Fair values are model-based estimates. Always do your own research.
Yes — Amazon.com, Inc.'s 20.5% ROE ranks above the S&P 500 median, and D/E 1.07 stays within healthy bounds.
Financial story
Yes — Amazon.com, Inc.'s 20.5% ROE shows strong capital efficiency, and its 1.07 debt-to-equity stays within healthy bounds.
Bottom line: AMZN currently has no legendary investor models qualifying — see /stock/AMZN/valuation for the per-model breakdown, but earns a B sector grade (61/100) in Consumer Discretionary. Use the per-tab analysis to form your own view. Drill into the valuation breakdown and sector ranking for the full picture.
The Question
Strength. AWS reaccelerated to +28% (fastest in 15 quarters), a record 13.1% margin, ads +22% — the $200B AI build earning AWS-style returns.
Risk. Free cash flow fell to roughly −$2.5B as $200B of AI capex outran it; bears see depreciation about to eat the record margin.
See exactly where AMZN ranks
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Sign in to see the rankingAMZN sits at #15 in Consumer Discretionary with a B grade (61/100).
AMZN's earnings calendar and history are tracked in the financials tab. Specific dates depend on company-published guidance.
AMZN is in the Consumer Discretionary sector. Sector ranking and peer comparison are in the sector tab.
0 of 6 legendary investor models rate AMZN a BUY. Fair value estimates and full investor breakdown are in the valuation tab.
Amazon.com, Inc.'s fair value depends on which model you trust. See the per-investor fair-value table in the valuation tab.
AMZN trades at 31.7x earnings. Sector context and per-investor signals are in the valuation tab.
AMZN and TSLA differ on P/E, ROE, and revenue growth. See the full AMZN vs TSLA compare matrix.
+12.4% YoY versus +11.0% prior. 3y CAGR +11.7%.
+12.4%Net margin 10.8% versus 9.3% prior (+1.5pp). Operating 11.2% — gap is tight.
10.8%P/E 29.4x — 34% below the 5y median of 44.7x. Forward 27.8x hints at EPS expansion next year.
29.4xHow does AMZN compare?
The market is repricing backlog quality, not backlog size. Oracle's headline numbers were strong — total cloud revenue around $9.9 billion (up roughly 47%), OCI up about 93%, and a remaining-performance-obligation balance near $638 billion — yet the stock fell roughly 10% the day after the print. That gap between fundamentals and price action is the whole story.
The smoking-gun datapoint: of that ~$638 billion backlog, roughly $300 billion (about 47%) is reportedly tied to a single counterparty, OpenAI, largely through the Stargate buildout. A backlog that concentrated is worth a lower multiple than a diversified one, because the variance of outcomes is wider — one renegotiation, funding gap, or timeline slip moves a disproportionate share of future revenue.
Forward read (1-4 quarters): the bull/bear debate now centers on cash conversion. Oracle spent roughly $55.7 billion in fiscal 2026 and guided to about $70 billion in fiscal 2027. That capex is front-loaded ahead of the revenue it supports, compressing near-term free cash flow and lifting leverage — so even with revenue growth accelerating, the equity can de-rate as investors demand a higher risk premium on the OpenAI exposure.
Counter-narrative: bulls argue the concentration is a feature, not a bug — a multi-year, contractually committed anchor tenant that underwrites the capex and would be hard for any rival cloud to replicate. If OpenAI's compute demand holds, the backlog converts and today's multiple looks cheap in hindsight. The risk is closer to binary, which is exactly why the multiple, not the growth rate, is doing the moving.