Amazon.com, Inc. Financial Ratios — AMZN Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	152.99	38.37	-2.01	13.31	-11.62	26.47	63.47	44.73	71.26	45.57	50.92	48.15	-3.22	30.88
Return on Assets (%)	8.15	7.07	2.86	-0.13	0.75	-0.51	1	3.2	2.83	6.85	5.97	7.81	9	-0.62	6.14
Return on Capital (%)	1,086.07	98.53	25.29	-0.42	5.64	- -	4.99	14.53	11.12	22.83	17.55	19.69	20.6	- -	13.96
Return on Invested Capital (%)	20.79	16.72	7.19	1.37	3.81	- -	3.49	8.61	6.58	15.69	12.03	13.4	10.11	- -	9.63
Gross Margin (%)	9.14	8.8	6.87	6.77	6.88	6.96	8.79	10.31	10.16	13.25	13.84	13.34	14.11	13.16	16.32
EBITDA Margin (%)	6.15	5.77	4.05	4.64	5.37	5.53	7.96	9.05	8.76	11.92	12.95	12.45	12.62	10.54	14.88
Operating Margin (%)	4.61	4.11	1.79	1.11	1	0.2	2.09	3.08	2.31	5.33	5.18	5.93	5.3	2.38	6.41
Incremental Operating Margin (%)	5.37	2.86	-3.92	-1.43	0.52	-3.9	11.41	6.74	-0.19	15.11	4.45	7.92	2.36	-28.6	40.47
Pretax Margin (%)	4.74	4.38	1.94	0.89	0.68	-0.12	1.47	2.86	2.14	4.84	4.98	6.26	8.12	-1.15	6.53
Profit Margin (%)	3.68	3.37	1.31	-0.06	0.37	-0.27	0.56	1.74	1.71	4.33	4.13	5.53	7.1	-0.53	5.29
Net Income to Common Margin (%)	3.68	3.37	1.31	-0.06	0.37	-0.27	0.56	1.74	1.71	4.33	4.13	5.53	7.1	-0.53	5.29
Effective Tax Rate (%)	21.79	23.51	31.16	78.68	31.82	- -	60.59	36.61	20.2	10.63	16.99	11.84	12.56	- -	18.96
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	152.99	38.37	-2.01	13.31	-11.62	26.47	63.47	44.73	71.26	45.57	50.92	48.15	-3.22	30.88

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	252	641	1,415	3,830	5,181	12,489	14,175	15,213	37,926	33,145	63,205	84,389	116,395	140,118	135,611
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	252	641	1,415	3,830	5,181	12,489	14,175	15,213	37,926	33,145	63,205	84,389	116,395	140,118	135,611
Total Debt/EBITDA	0.17	0.32	0.73	1.35	1.3	2.54	1.66	1.24	2.43	1.19	1.74	1.76	1.96	2.59	1.59
Net Debt/EBITDA	-2.21	-1.82	-2.58	-1.76	-1.37	-1.28	-0.9	-0.95	0.27	-0.3	-0.35	-0.21	0.21	0.24	-0.18
Total Debt/EBIT	0.22	0.46	1.64	5.67	6.95	70.16	6.35	3.63	9.24	2.67	4.35	3.69	4.68	11.44	3.68
Net Debt/EBIT	-2.95	-2.56	-5.82	-7.4	-7.34	-35.35	-3.43	-2.78	1.03	-0.66	-0.87	-0.45	0.5	1.08	-0.41
EBITDA to Interest Expense	44.32	50.62	29.92	30.82	28.35	23.45	18.55	25.42	18.38	19.59	22.71	29.19	32.79	22.89	26.87
EBITDA-CapEx/Interest Expense	33.35	25.51	2.06	-10.33	3.93	0.15	6.81	9.29	4.28	10.12	12.17	4.82	-0.96	-4	10.3
EBIT to Interest Expense	33.21	36.05	13.26	7.35	5.28	0.85	4.86	8.65	4.84	8.77	9.09	13.9	13.75	5.17	11.58
Interest Expense	34	39	65	92	141	210	459	484	848	1,417	1,600	1,647	1,809	2,367	3,182
Common Equity/Total Assets	1.28	7.07	7.75	5.9	5.47	3.58	3.94	5.9	6.58	12.07	13.86	16.36	20.45	18	21.55
Long-Term Debt/Equity (%)	4.79	9.34	18.24	46.75	53.16	116.27	105.91	78.89	136.87	76.11	101.84	90.35	84.19	95.94	67.18
Long-Term Debt/Capital (%)	58.74	32.54	41.93	66.6	70.24	86.47	84.75	75.56	81.44	62.8	66.93	61.62	57.5	62.72	54.39
Long-Term Debt/Total Assets (%)	1.82	3.41	5.6	11.76	12.9	22.91	21.89	18.24	28.88	20.38	28.06	26.27	27.68	30.28	25.69
Total Debt/Equity (%)	4.79	9.34	18.24	46.75	53.16	116.27	105.91	78.89	136.87	76.11	101.84	90.35	84.19	95.94	67.18
Total Debt/Capital (%)	58.74	32.54	41.93	66.6	70.24	86.47	84.75	75.56	81.44	62.8	66.93	61.62	57.5	62.72	54.39
Total Debt/Total Assets (%)	1.82	3.41	5.6	11.76	12.9	22.91	21.89	18.24	28.88	20.38	28.06	26.27	27.68	30.28	25.69
Net Debt to Equity	-63.44	-52.35	-64.64	-61.04	-56.09	-58.58	-57.25	-60.36	15.23	-18.96	-20.43	-11.03	9.06	9.08	-7.47
Net Debt/Capital (%)	110.61	198.84	264.73	214.32	426.44	5,519.3	-917.72	-1,455	16.21	-39.26	-21.73	-10.87	7.54	7.82	-8.57
EBITDA	1,507	1,974	1,945	2,835	3,998	4,924	8,514	12,302	15,584	27,762	36,330	48,079	59,312	54,169	85,515
EBITDA-CapEx	1,134	995	134	-950	554	31	3,127	4,498	3,629	14,335	19,469	7,939	-1,741	-9,476	32,786
Operating Income (Loss)	1,129	1,406	862	676	745	178	2,233	4,186	4,106	12,421	14,541	22,899	24,879	12,248	36,852

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.86	0.84	0.64	0.6	0.54	0.62	0.58	0.59	0.54	0.6	0.63	0.67	0.68	0.45	0.53
Current Ratio	1.33	1.33	1.17	1.12	1.07	1.12	1.05	1.04	1.04	1.1	1.1	1.05	1.14	0.94	1.05
Quick Ratio	1	1	0.82	0.8	0.75	0.82	0.75	0.78	0.76	0.85	0.86	0.86	0.91	0.72	0.84
CFO/Avg Current Liab	0.54	0.39	0.31	0.25	0.26	0.27	0.39	0.44	0.36	0.49	0.49	0.62	0.34	0.31	0.53
Common Equity/Total Assets	1.28	7.07	7.75	5.9	5.47	3.58	3.94	5.9	6.58	12.07	13.86	16.36	20.45	18	21.55
Long-Term Debt/Equity (%)	4.79	9.34	18.24	46.75	53.16	116.27	105.91	78.89	136.87	76.11	101.84	90.35	84.19	95.94	67.18
Long-Term Debt/Capital (%)	58.74	32.54	41.93	66.6	70.24	86.47	84.75	75.56	81.44	62.8	66.93	61.62	57.5	62.72	54.39
Long-Term Debt/Total Assets (%)	1.82	3.41	5.6	11.76	12.9	22.91	21.89	18.24	28.88	20.38	28.06	26.27	27.68	30.28	25.69
Total Debt/Equity (%)	4.79	9.34	18.24	46.75	53.16	116.27	105.91	78.89	136.87	76.11	101.84	90.35	84.19	95.94	67.18
Total Debt/Capital (%)	58.74	32.54	41.93	66.6	70.24	86.47	84.75	75.56	81.44	62.8	66.93	61.62	57.5	62.72	54.39
Total Debt/Total Assets (%)	1.82	3.41	5.6	11.76	12.9	22.91	21.89	18.24	28.88	20.38	28.06	26.27	27.68	30.28	25.69
CFO/Total Liabilities	38.49	29.29	22.28	17.16	18	15.63	23.44	26.83	17.73	25.8	23.6	29	16.41	14.77	26.06
CFO/CapEx	8.83	3.57	2.16	1.1	1.59	1.4	2.23	2.2	1.54	2.29	2.28	1.65	0.76	0.73	1.61
Altman's Z-Score	6.7	6.7	5.19	5.15	5.82	3.87	5.69	5.35	5.05	5.83	5.21	6.09	5.32	3.14	4.62

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	18.55	26.57	23.13	19.13	17.35	17.15	19	19.44	16.54	15.61	14.96	17.02	16.36	13.66	12.15
Days Sales Outstanding	19.67	13.74	15.78	19.08	21.04	21.29	19.21	18.78	22.06	23.38	24.39	21.44	22.31	26.72	30.04
Inventory Turnover	12.48	11.61	10.93	10.33	10.32	10.54	10.53	11.24	11.62	12.16	12.83	15.11	14.3	13.31	14.2
Days Inventory Outstanding	29.26	31.44	33.4	35.32	35.38	34.63	34.67	32.48	31.41	30.01	28.44	24.16	25.52	27.41	25.7
Accounts Payable Turnover	5.01	4.72	4.85	4.74	4.97	5.3	5.4	5.39	5.49	5.58	5.74	5.64	5.45	5.66	5.83
Accounts Payable Turnover Days	72.86	77.34	75.24	76.98	73.43	68.9	67.57	67.71	66.53	65.41	63.59	64.67	66.92	64.46	62.59
Cash Conversion Cycle	-23.93	-32.17	-26.05	-22.58	-17.01	-12.98	-13.68	-16.46	-13.05	-12.01	-10.75	-19.07	-19.09	-10.32	-6.85
Inventory to Cash Days	-9.58	-17.7	-17.62	-16.24	-14.34	-13.34	-15.46	-13.7	-9.35	-6.63	-4.05	-2.72	-3.22	-0.69	4.34
Inventories	2,171	3,202	4,992	6,031	7,411	8,299	10,243	11,461	16,047	17,174	20,497	23,795	32,640	34,405	33,318
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	2,171	3,202	4,992	6,031	7,411	8,299	10,243	11,461	16,047	17,174	20,497	23,795	32,640	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1,600	2,300	2,600	37,205	36,318

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	58,282	80,460	78,369	113,612	182,252	143,405	315,599	355,405	561,312	731,474	912,813	1,628,500	1,687,206	855,876	1,565,590
- Cash & Cash Equivalents	3,444	3,777	5,269	8,084	8,658	14,557	15,890	19,334	20,522	31,750	36,092	42,122	36,220	53,888	73,387
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	252	641	1,415	3,830	5,181	12,489	14,175	15,213	37,926	33,145	63,205	84,389	116,395	140,118	135,611
Enterprise Value	52,168	72,339	70,208	105,994	174,986	138,478	309,966	344,637	568,252	723,369	920,997	1,628,493	1,707,552	925,968	1,614,421
Total Capital	429	1,970	3,375	5,751	7,376	14,443	16,725	20,134	46,567	52,775	94,430	136,945	202,416	223,419	249,338
Total Debt/Capital (%)	58.74	32.54	41.93	66.6	70.24	86.47	84.75	75.56	81.44	62.8	66.93	61.62	57.5	62.72	54.39
Total Debt / EV	- -	0.01	0.02	0.04	0.03	0.09	0.05	0.04	0.07	0.05	0.07	0.05	0.07	0.15	0.08
EV/Sales	2.13	2.11	1.46	1.73	2.35	1.56	2.9	2.53	3.19	3.11	3.28	4.22	3.63	1.8	2.81
EV/EBITDA	34.62	36.65	36.1	37.39	43.77	28.12	36.41	28.01	36.46	26.06	25.35	33.87	28.79	17.09	18.88
EV/EBIT	46.21	51.45	81.45	156.8	234.88	777.97	138.81	82.33	138.4	58.24	63.34	71.12	68.63	75.6	43.81
EV/Cash Flow to Firm	15.72	20.52	17.78	25.24	31.41	18.79	25.37	19.68	29.84	22.61	23.12	24.12	35.64	19.36	18.45
EV/Free Cash Flow to Firm	14.13	16.06	12.19	13.27	19.41	11.29	17.6	13.61	18.33	15.93	16.24	15.13	15.67	8.31	11.51
Diluted Market Cap	59,493	82,080	79,753	113,612	185,442	143,405	322,357	362,903	576,514	751,000	931,291	1,661,070	1,717,216	855,876	1,594,154
Diluted Enterprise Value	56,301	78,944	75,899	109,358	181,965	141,337	320,642	358,782	593,918	752,395	958,404	1,703,337	1,797,391	942,106	1,656,378
EV per Share	6.02	8.09	7.75	11.7	19.15	14.99	33.19	36.35	59.19	74.27	93.22	162.85	168.73	90.88	156.68
TTM Sales	24,509	34,204	48,077	61,093	74,452	88,988	107,006	135,987	177,866	232,887	280,522	386,064	469,822	513,983	574,785
TTM EBITDA	1,507	1,974	1,945	2,835	3,998	4,924	8,514	12,302	15,584	27,762	36,330	48,079	59,312	54,169	85,515
TTM Operating Income	1,129	1,406	862	676	745	178	2,233	4,186	4,106	12,421	14,541	22,899	24,879	12,248	36,852
TTM Cash Flow to Firm	3,320	3,525	3,948	4,200	5,571	7,368	12,220	17,510	19,042	31,989	39,842	67,516	47,909	47,836	87,525
TTM Free Cash Flow to Firm	3,693	4,504	5,759	7,985	9,015	12,261	17,607	25,314	30,997	45,416	56,703	107,656	108,962	111,481	140,254

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y

Amazon.com, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples