Amazon.com, Inc. (AMZN)
Fair bewertetFundamental
70
Kurs
$247.92
Marktkapitalisierung
$2.69T
Teil 1 · Was das Unternehmen wert ist
Übersicht
Amazon operates two very different businesses under one roof. Its retail arm runs the world's largest online marketplace, selling its own inventory alongside listings from millions of third-party sellers, backed by its own delivery and warehouse network and the Prime subscription. Its other business, Amazon Web Services (AWS), rents out computing power, storage and software tools to other companies over the internet — infrastructure much of the modern internet runs on. AWS is a much smaller share of revenue than retail but generates most of the company's profit.
Wie das Geld verdient wird
In retail, Amazon earns revenue from direct product sales, commissions and fees on third-party marketplace sales, advertising placements on its site, and Prime subscription fees, a mix that keeps overall retail margins thin because of the cost of warehouses, delivery and inventory. AWS instead charges customers for computing capacity, storage and software services on a pay-as-you-go basis, with far higher margins because the marginal cost of serving another customer on existing data-center capacity is low. AWS supplies a small fraction of revenue but the majority of operating profit.
Umsatz nach Segment
Retail and marketplace operations in the US and Canada, Amazon's largest segment by revenue.
Retail and marketplace operations outside North America, spanning Europe, Asia and other regions.
Cloud computing, storage and software services sold to businesses and governments worldwide; smaller in revenue but the main source of profit.
Wettbewerbsvorteil
Skaleneffekte · BreitAmazon's retail business benefits from an enormous logistics and fulfillment network built up over two decades that would cost a rival tens of billions of dollars and many years to replicate, while AWS benefits from being the largest cloud provider, letting it spread infrastructure investment and negotiate hardware costs no smaller competitor can match. Both businesses also gain from an installed base — Prime members and enterprise workloads already running on AWS — that is expensive to walk away from.
Was die Nachfrage antreibt
Mäßig zyklischRetail sales track discretionary consumer spending, so they slow when households pull back, though everyday essentials cushion the swings somewhat. AWS revenue depends on corporate IT budgets and cloud-adoption trends, which are more resilient than consumer spending but not immune to cuts when businesses tighten spending or optimize their cloud usage during a downturn.
Wichtigste Risiken
- Antitrust and regulatory scrutiny — Amazon faces an active FTC monopolization case, an ongoing stream of antitrust and consumer-protection actions across jurisdictions, and expanding EU digital-market rules that could restrict how it runs its marketplace and cloud business.
- AWS profit concentration — AWS supplies a large share of total operating profit, so slower growth, pricing pressure, or customers diversifying among multiple cloud vendors would disproportionately hurt Amazon's overall profitability.
- Labor cost and relations — Wage inflation, unionization pressure at fulfillment centers, and workplace injury claims can raise costs and disrupt operations in the already thin-margin retail business.
- Broad litigation exposure — Amazon faces regular litigation and investigations across consumer protection, privacy, tax and intellectual-property matters in many jurisdictions simultaneously.
Die Argumente dafür
Buyers argue that AWS's scale keeps it the leading cloud provider through the AI infrastructure build-out, that the retail logistics network is now too large for most competitors to replicate, and that advertising has become a high-margin third growth engine layered on top of both businesses.
Die Argumente dagegen
Sellers worry that antitrust cases in the US and Europe could force changes to how Amazon runs its marketplace or bundles services, that AWS supplies a disproportionate share of profit so any slowdown there hits earnings hard, and that rising labor costs and unionization pressure squeeze the already thin margins in the retail business.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 23. August 2026 with claude-opus-5 — shared with all users
Walmart is Amazon's largest rival for the everyday shopping basket in the United States, fighting for the same households across groceries, general merchandise, online marketplace listings and fast home delivery.
Microsoft Azure is the direct alternative to Amazon Web Services, competing for the same enterprise IT budgets in cloud infrastructure, data platforms and AI computing capacity.
Alphabet competes with Amazon on two fronts at once: Google Cloud against AWS for enterprise workloads, and Google Search and YouTube against Amazon's advertising business for the budgets of brands trying to reach shoppers.
Through Temu, PDD Holdings sells direct from Chinese manufacturers to Western consumers and has reached a share of cross-border e-commerce comparable to Amazon's, taking the same price-sensitive shopper.
Shopify gives merchants their own online store, payments and fulfilment services, drawing away the third-party sellers whose fees and logistics contracts are a large part of Amazon's revenue.
Alibaba is Amazon's mirror image in Asia, running the marketplaces Taobao, Tmall and AliExpress alongside Alibaba Cloud, and so competes for both online shoppers outside the United States and cloud customers.
Bilanz & Liquidität
Umsatz
$775.68B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$135.28B
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$7.70B
Gesamtes Eigenkapital
$411.06B
Gesamtverbindlichkeiten
$406.98B
Current Ratio
1.03
Zinsdeckungsgrad
28.13
Schulden/EBITDA
1.66
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$262.10
Aktueller Kurs
$247.92
Sicherheitsmarge
+5.4%
Innerer-Wert-Spanne
$170.37 - $353.84
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
20.04
ROE
18.9%
P/B-Verhältnis
4.87
P/FCF
349.56
Bruttomarge
50.8%
ROIC
8.7%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
8.7%
WACC
11.8%
ROIC − WACC
-3.1 pp
Der ROIC liegt unter den Kapitalkosten: Das Unternehmen vernichtet für jeden investierten Dollar Wert.
Fundamentalanalyse-Kriterien
Bestanden (21)
- EPS shows upward trend
- EPS CAGR 10.87%
- Price CAGR 20.86%
- ROIC 8.7%
- Gross Margin 50.8%
- Debt/Equity ratio
- Operating Margin 12.1%
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 30.5%
- Revenue Growth 5Y 13.2%
- Analyst Consensus 93% Buy
- Earnings Surprise avg 5.1%
- PEG Ratio 0.70
- Earnings Quality (OCF/NI) 1.19
- Share Dilution 1.1%
- Net Margin Trend 17.4% vs 10.5%
- Piotroski F-Score 6/9
Nicht bestanden (5)
- P/FCF 349.56
- P/B Ratio 4.87
- Positive Free Cash Flow
- Price below Graham Number
- DCF valuation (Overvalued)
Nicht verfügbar (2)
- Dividend Payout NaN%
- CapEx intensity
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienanzahl ist stabil
Institutionelle Beteiligungen
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Jeffrey P. Bezos | Founder & Executive Chairman | 61 |
| Mr. Andrew R. Jassy | President, CEO & Director | 57 |
| Mr. Brian T. Olsavsky | Senior VP & CFO | 61 |
| Mr. David A. Zapolsky J.D. | Senior VP and Chief Global Affairs & Legal Officer | 61 |
| Mr. Douglas J. Herrington | Chief Executive Officer of Worldwide Amazon Stores | 58 |
| Mr. Matthew S. Garman | Chief Executive Officer of Amazon Web Series | 48 |
| Ms. Shelley L. Reynolds | VP, Worldwide Controller & Principal Accounting Officer | 60 |
| Dr. Werner Vogels | Chief Technology Officer | - |
| Mr. Dave Fildes | Vice President of Investor Relations | - |
| Drew Herdener | Senior Vice President of Communications & Corporate Responsibility | - |
Prüfungsrisiko
2
Vorstandsrisiko
8
Vergütungsrisiko
10
Aktionärsrechterisiko
3
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-06
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-07-31
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-09-14
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for AMZN, sourced from Markets Gazette.
- 7h agoPOSITIVEWhy Amazon got a call-up to the Goldman Sachs conviction list of top stocks
Goldman Sachs has added Amazon.com, Inc. to its prestigious "conviction list" of top stock picks, signaling strong confidence in the e-commerce and cloud giant's future performance. This inclusion suggests that the investment bank's analysts foresee significant upside potential and believe AMZN is poised for outperformance relative to its peers. Investors often view conviction list additions as a strong buy signal, potentially driving increased demand and upward price pressure on the stock. The move also implies positive sentiment regarding Amazon's strategic initiatives and market position.
- 1d agoPOSITIVEHow Amazon’s stock can fight off the AI threat and soar 46%
Rosenblatt Securities analyst Barton Crockett maintains a 'buy' rating on Amazon.com Inc. (AMZN), projecting a 46% upside potential for the stock. Despite investor concerns about AI agents potentially disrupting Amazon's business model, Crockett believes the e-commerce giant is well-positioned to overcome these challenges. The analyst's positive outlook suggests that Amazon's core operations and strategic adaptations will allow it to thrive amidst the evolving technological landscape, offering a compelling investment opportunity for shareholders.
- 10d agoNEUTRALAmazon and Shopify make starkly different moves in the brewing battle over AI shopping
Amazon is reportedly shutting out Meta's AI shopping assistant, Muse, from its platform. This move contrasts sharply with Shopify's strategy, which is actively partnering with AI assistants for payment technology integration. While Amazon's decision could be interpreted as a defensive play to maintain control over its e-commerce ecosystem and customer data, Shopify's collaboration signals an openness to leveraging AI for enhanced customer experience and transaction efficiency. The divergent approaches highlight differing philosophies in navigating the evolving AI landscape within e-commerce, with potential implications for their respective market positions and investor sentiment.
- 10d agoPOSITIVEUBS: Amazon può guadagnare il 25%, Palantir altro top pick AI
UBS analysts highlight that the artificial intelligence spending cycle is in its early stages, identifying significant opportunities within the Technology, Media, and Telecommunications (TMT) sectors. They have pinpointed 14 'highest-conviction calls,' including Amazon, poised to benefit from ongoing investments in AI infrastructure, cloud services, chips, networking equipment, and enterprise software. The next growth phase for AI is expected to be driven by enterprise adoption, with many companies still in the early stages of implementing agent-based AI. This outlook suggests continued strong demand for AI-related technologies and services, potentially driving revenue and market share gains for leading companies.
- 13d agoPOSITIVEAmazon, Palantir and 12 more top tech stock picks from UBS analysts
UBS analysts have identified Amazon as a top tech stock pick, citing the early stages of the AI data-center buildout as a key growth driver. The investment bank suggests that investors can capitalize on this trend by investing across the technology, media, and telecommunications (TMT) sectors. This positive outlook from UBS indicates strong conviction in Amazon's potential to benefit from the ongoing AI infrastructure expansion, potentially leading to increased investor interest and upward price pressure on the stock.
- 14d agoPOSITIVEAmazon’s secret weapon against Walmart could be a massive blitz in same-day delivery
BofA analysts highlight Amazon's strategic expansion of same-day fulfillment centers as a potent weapon against competitors like Walmart, aiming to make essential goods instantly available. This initiative is expected to significantly enhance customer convenience and loyalty by reducing delivery times for everyday items. For investors, this move signals Amazon's commitment to strengthening its core e-commerce operations and capturing a larger share of the essential goods market, potentially driving increased sales volume and market dominance.
- 19d agoNEGATIVEAmazon workers on food stamps have tripled despite its record revenue—and it’s just the latest evidence of the new economy of shrinking labor shares
A report indicates that the number of Amazon workers relying on food stamps has tripled, despite the company's record revenues. This trend highlights a growing disparity where employees struggle financially even while the company achieves significant financial success. The situation raises concerns about labor share economics and the effectiveness of wages in supporting a basic standard of living for a substantial portion of the workforce. Investors may view this negatively, as it could signal potential labor unrest or reputational damage, impacting long-term operational stability and brand perception.
- 22d agoNEGATIVEShock fiscale alla scommessa da $40 mld di Amazon in Ohio: impatto sul titolo
Amazon's significant $40 billion data center expansion in Ohio faces potential headwinds as state legislators reconsider tax incentives. While the immediate financial impact on Amazon's balance sheet is minimal, the broader concern is the economic viability of AI expansion if states increase tax burdens on Big Tech. Amazon plans substantial capital expenditures of approximately $220 billion by 2026 for AWS capacity growth. This situation in Ohio serves as a crucial test case for the industry, potentially impacting investor sentiment regarding future growth and profitability.
- 23d agoPOSITIVEAmazon and AT&T team up to challenge SpaceX’s satellite dominance
Amazon's satellite unit, Project Kuiper, has secured a significant partnership with AT&T, making the telecom giant the first wireless provider to utilize its technology. This collaboration aims to bolster AT&T's 5G network by integrating satellite connectivity, potentially expanding coverage to underserved areas. For Amazon, this deal represents a crucial step in challenging SpaceX's Starlink dominance in the satellite internet market, validating its Kuiper initiative and opening new revenue streams beyond traditional cloud services. Investors may view this as a positive development for Amazon's diversification strategy and its competitive positioning in the burgeoning satellite communications sector.
via Markets Gazette