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Amazon.com, Inc. (AMZN) 财务分析 | 估值·财报 | 100Baggers.club

Amazon.com, Inc.

AMZN

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

深度研究阅读完整报告

亚马逊(AMZN)股票深度分析 — 两千亿资本开支是创造价值还是毁灭价值

市场憎恨亚马逊每年千亿级的资本开支，但这正是其最深的护城河——这些看似“毁灭价值”的重资产，恰恰是驱动AWS与电商飞轮永续增长的终极燃料。

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

利润瀑布图分析

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P

盈利能力指标

Gross Profit Margini毛利率

51.82%

毛利润 = $94.06B

营业收入 = $181.52B

Operating Profit Margini营业利润率

13.14%

营业利润 = $23.85B

营业收入 = $181.52B

EBITDA MarginiEBITDA利润率

23.58%

EBITDA = $42.80B

营业收入 = $181.52B

EBIT MarginiEBIT利润率

13.14%

EBIT = $39.83B

营业收入 = $181.52B

Net Profit Margini净利率

16.67%

净利润 = $30.25B

营业收入 = $181.52B

Pretax Profit Margini税前利润率

21.94%

税前利润 = $39.83B

营业收入 = $181.52B

E

运营效率指标

Interest Coveragei利息保障倍数

39.96x

EBIT (TTM) = $101.22B

利息费用 (TTM) = $2.53B

34.6x

38.2x

44.0x

43.8x

40.0x

SG&A / Revenuei销管费率

7.11%

销售及管理费用 = $12.90B

营业收入 = $181.52B

R&D / Revenuei研发占比

16.29%

研发费用 = $29.57B

营业收入 = $181.52B

R

回报率指标 (TTM)

ROAi总资产回报率

11.64%

净利润 = $90.80B

平均总资产 = $779.94B

ROEi净资产收益率

24.28%

净利润 = $90.80B

平均股东权益 = $373.89B

ROICi投入资本回报率

15.82%

NOPAT (TTM) = $67.51B

平均投入资本 = $426.63B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

16.61%

当期营收 = $181.52B

去年同期营收 = $155.66B

+8.6%

+13.3%

+13.4%

+13.6%

+16.6%

Operating Cash Flow/Sharei每股经营现金流

$13.66

经营现金流 = $148.53B

流通股数 = 10.87B

$10.55

$11.21

$12.05

$12.84

$13.66

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+16.6%	$181.52B	↑
毛利	+19.5%	$94.06B, 51.82%	↑
营业利润	+29.6%	$23.85B, 13.14%	↑
EBITDA	+17.3%	$42.80B, 23.58%	↑
税前利润	+83.7%	$39.83B, 21.94%	↑
净利润	+76.7%	$30.25B, 16.67%	↑
稀释每股收益	+74.8%	2.78	↑

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L

流动性指标

Current Ratioi流动比率

1.18

正常

流动资产 = $255.16B

流动负债 = $216.76B

Quick Ratioi速动比率

1.01

健康

速动资产 = $218.62B

流动负债 = $216.76B

Cash Ratioi现金比率

0.66

健康

现金及等价物 = $143.09B

流动负债 = $216.76B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.47

健康

总债务 = $209.89B

总权益 = $441.91B

Liabilities to Assetsi资产负债率 (总负债)

51.8%

正常

总负债 = $474.72B

总资产 = $916.63B

Equity Multiplieri权益乘数

2.07

正常

总资产 = $916.63B

总权益 = $441.91B

E

效率指标

Asset Turnoveri总资产周转率

0.95

正常

营收 (TTM) = $742.78B

平均总资产 = $779.94B

Inventory Turnoveri存货周转率

9.80

正常

营业成本 (TTM) = $366.90B

平均存货 = $37.43B

Receivables Turnoveri应收账款周转率

10.37

健康

营收 (TTM) = $742.78B

平均应收账款 = $71.63B

S

偿债能力

Interest Coveragei利息保障倍数

39.96

健康

EBIT (TTM) = $101.22B

利息费用 (TTM) = $2.53B

Net Debt to EBITDAi净债务/EBITDA

0.63

健康

净债务 = $108.07B

EBITDA (TTM) = $171.66B

Debt Service Coveragei偿债覆盖率

134.91

健康

经营现金流 (TTM) = $148.53B

债务偿付 = $1.10B

V

价值指标

Goodwill %i商誉占比

2.6%

健康

商誉 = $23.45B

总资产 = $916.63B

Working Capital Ratioi营运资本比率

0.04

关注

营运资本 = $38.40B

总资产 = $916.63B

现金流瀑布图

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流入

流出

小计

起止点

C

现金流指标

经营现金流 TTMi

$148.53B

自由现金流 TTMi

$-2.47B

FCF = OCF - CapEx

经营现金流 (TTM) = $148.53B

资本支出 (TTM) = $-151.00B

自由现金流收益率i

-0.09%

关注

FCF (TTM) = $-2.47B

市值 = $2847.54B

经营现金流/销售比i

20.00%

正常

经营现金流 (TTM) = $148.53B

营业收入 (TTM) = $742.78B

Q

质量与覆盖指标

收益质量i

1.64x

健康

经营现金流 (TTM) = $148.53B

净利润 (TTM) = $90.80B

现金流/债务比i

0.71x

健康

经营现金流 (TTM) = $148.53B

总负债 = $209.89B

短期覆盖率i

0.69x

健康

经营现金流 (TTM) = $148.53B

流动负债 = $216.76B

资本支出覆盖率i

0.98x

关注

经营现金流 (TTM) = $148.53B

资本支出 (TTM) = $151.00B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

-1.66%

关注

自由现金流 (TTM) = $-2.47B

经营现金流 (TTM) = $148.53B

资本支出/营收比i

20.33%

关注

资本支出 (TTM) = $151.00B

营业收入 (TTM) = $742.78B

净债务/EBITDAi

0.63

健康

净债务 = $108.07B

EBITDA (TTM) = $171.66B

G

增长指标

经营现金流增长率i

52.99%

健康

当期OCF (TTM) = $26.03B

上期OCF = $17.02B

股东盈余i

$10.23B

健康

净利润 (TTM) = $90.80B

+ 折旧摊销 (TTM) = $70.44B

- 资本支出 (TTM) = $-151.00B