# AMZN – Relative valuation (2026-11-11)

**Analyst:** Relative Valuation Analyst  
**Company:** Amazon.com  
**Price used:** $270.87 at Nov 10, 2026, 4:00 PM EST close (not pre-market)  
**Shares:** 10.81B basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count)  
**Net cash (debt):** $-190.62B  
**Computed EV:** $3,118.72B (= price × shares − net cash; may differ slightly from the rounded published EV)

## Method
- Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
- **NTM P/E** and **NTM EV/Sales** use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
- **EV/EBITDA** is trailing-twelve-month; forward EBITDA consensus is not on the free source.
- **P/FCF** uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
- **P/E** is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
- Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
- A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
- 5-year average and range of the ticker's own multiples are **not available** from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

## Peer set
Mix of retail and AWS. Suggested retail comps WMT and COST are not in the provided raw files and could not be fetched (Cloudflare 403 / Yahoo unauthorized), so the set is the available platform/cloud names (GOOG, MSFT, META). That mix is too software-heavy for Amazon’s revenue base; EV/Sales is therefore down-weighted in the blend.

| Peer | NTM P/E | NTM EV/Sales | EV/EBITDA (TTM) | FY1 P/FCF |
|---|---|---|---|---|
| **AMZN (subject)** | 24.9x | 3.3x | 17.0x | n/a |
| GOOG | 18.8x | 5.5x | 18.3x | n/a |
| MSFT | 24.7x | 9.5x | 19.6x | 121.1x |
| META | 18.4x | 5.5x | 14.4x | n/a |

FY1 ends Dec 31, 2026 (w on FY1 = 0.137). Consensus FY1/FY2 non-GAAP EPS 10.76 / 10.9; NTM EPS 10.881. NTM sales $940.90B (FY1 $829.00B, FY2 $958.65B). TTM EBITDA $183.72B. Consensus FY1 FCF $-38.90B. Flags: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

Peer cells marked n/a (and why):
- GOOG FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)
- META FY1 P/FCF: FY1 P/FCF n/a (consensus FY1 FCF is negative or zero)

## Implied per-share value
| Multiple | AMZN now | Peer 25th / median / 75th (n) | Implied $/share low / mid / high |
|---|---|---|---|
| NTM P/E | 24.9x | 18.6x / 18.8x / 21.8x (3) | $202.84 / $205.06 / $237.13 |
| NTM EV/Sales | 3.3x | 5.5x / 5.5x / 7.5x (3) | $459.52 / $460.19 / $633.26 |
| EV/EBITDA (TTM) | 17.0x | 16.3x / 18.3x / 18.9x (3) | $259.96 / $292.64 / $304.03 |
| FY1 P/FCF | n/a | 121.1x / 121.1x / 121.1x (1) | not used (ticker multiple n/a or not meaningful) |

## Current multiples vs own history
5-year average and range: **n/a**. The provided stockanalysis statistics scrape includes a “Financial Ratio History” heading with no figures (likely gated). No 5-year P/E, EV/EBITDA, EV/Sales or P/FCF average was invented or taken from another unpaid-login source in time for this run.

## Blended range
Weights: weights NTM P/E 40%, NTM EV/Sales 20%, EV/EBITDA (TTM) 40%.

**Low / mid / high: $277.02 / $291.12 / $343.11**  
Vs close $270.87: mid implies +7.5% upside.

## Adjustments and judgment
- FY1 and TTM FCF are negative, so P/FCF is not used.
- The available peers are all high-margin platforms (GOOG, MSFT, META). WMT and COST — the retail comps named in the brief — could not be loaded (not in the provided raw files; public fetches were blocked). Applying those platform EV/Sales multiples to Amazon’s largely retail revenue base would overstate value, so NTM EV/Sales is down-weighted to 20% of the blend (40% NTM P/E, 40% TTM EV/EBITDA, 20% NTM EV/Sales).
- Even with that down-weight, the EV/Sales implied mid still sits well above the earnings and EBITDA-based values. The blended mid should be treated as sensitive to that mix assumption.

## Data sources and as-of dates
- Prices: regular-session close Nov 10, 2026, 4:00 PM EST close (not pre-market), from stockanalysis.com pages (S&P Global Market Intelligence), cross-checked in the coordinator input files vs the Yahoo Finance chart API.
- Fundamentals and consensus: stockanalysis.com statistics (stats last updated on the pages on Nov 11, 2026) and forecast (this ticker's forecast page last updated Nov 6, 2026) for AMZN and each peer. Forecast update dates differ by ticker.
- Raw files: `/workspace/fair-value/coordinator/2026-11-11/raw/` (fetched 2026-11-11 05:23 MST (America/Phoenix)). Official collector folder `data/2026-11-11/` did not yet have ticker files when this run started; coordinator fallback input files were used.
- 5-year multiple history: n/a (not in the free scrape).
- Public web was used only to attempt WMT/COST for AMZN (stockanalysis Cloudflare 403; Yahoo quoteSummary unauthorized). No paid logins.
- Peer forecast update dates:
  - AMZN: stats Nov 11, 2026, forecast Nov 6, 2026
  - GOOG: stats Nov 11, 2026, forecast Oct 30, 2026
  - MSFT: stats Nov 11, 2026, forecast Nov 6, 2026
  - META: stats Nov 11, 2026, forecast Nov 9, 2026