Amazon (AMZN) Stock Analysis & AI Equity Report
This report explains what Amazon's share price of 253 USD on 28 October 2026 is made of, business by business, against listed peers. It takes no position: no rating, no target price and no recommendation to buy or sell.
The ready report was written by the Valuatum engine on 28 October 2026 and holds the figures available then. A fresh report is written today, from today's data, and arrives by email — usually within about 30 minutes.
Amazon (AMZN) overview
Amazon (NASDAQ Global Select: AMZN) sells everyday goods to shoppers through websites and physical stores, including its own stock and goods from independent sellers. It also earns from subscriptions, advertising and digital content, and rents out cloud computing through Amazon Web Services, serving consumers, merchants, advertisers, developers, companies, government agencies and schools. This stock analysis, a Valuatum market report dated 28 October 2026, explains what the share price of 253 USD on that day is made of, business by business, against listed peers, with financial forecasts, key ratios and what to watch. It gives no rating and no target price.
Key metrics & valuation multiples
* Mean of 70 analysts' targets, range 209-425 USD, source: Chartmill. Other analysts' figure, not Valuatum's: this market report gives no rating and no target price.
Executive summary
Amazon (AMZN, NASDAQ Global Select) sells goods through online and physical stores, while generating additional revenue from subscriptions, advertising, digital content and AWS cloud services. At 253 USD per share on 28 October 2026, its market capitalisation is USD 2.73tn and enterprise value is USD 2.69tn. In this Valuatum market report dated 28 October 2026, analysts forecast 2028 sales of USD 1,101,692m and operating profit of USD 185,163m. The share price is therefore read as a claim on three operating businesses rather than as a standalone group multiple, with cash less debt and other claims adding 4 USD per share.
At 253 USD, North America retail contributes 136 USD per share, AWS contributes 81 USD and International retail contributes 32 USD. Those parts imply 17.9x, 14.3x and 8.3x 2028 operating profit respectively, while the businesses together add 249.3 USD per share before the 3.84 USD per-share cash balance. North America retail carries the largest share because the split gives it USD 81,944m of 2028 operating profit; AWS contributes USD 61,406m and International retail USD 41,813m. The allocation is based on segment results and analysts' whole-company forecasts, not separate business forecasts. The group multiple of 15x 2028 operating profit is below listed peers at about 18.5x. International retail is the widest gap, at 8.3x against a 15.4x peer median, while North America retail is 17.9x against 22.5x and AWS is 14.3x against 14.8x. The key tests are margin progression, AWS capacity and backlog conversion, delivery costs, third-party seller mix and capital spending of about USD 220bn in 2026. The mean of 70 analysts' targets is 331 USD (Chartmill), but the analysis remains focused on what the current share price pays for.
Amazon financial statements & estimates
All figures in USD millions unless noted; per-share data in USD.
The report in three points
The share price assigns 136 USD to North America retail, 81 USD to AWS and 32 USD to International retail. Together, the businesses account for 249.3 USD per share, with cash less debt and other claims adding 3.84 USD per share.
What the share price is made of
The market report splits Amazon's share price on 28 October 2026 between its businesses, by comparing each with its listed peers, then takes off debt and other claims.
North America retail includes Amazon's online and physical stores, direct merchandise, independent-seller goods, advertising and Prime subscriptions. It generated revenue of USD 426bn in 2025 and represents 59% of 2025 sales to outside customers. The price assigns 136 USD per share to the business, based on forecast 2028 operating profit of USD 81,944m and a 17.9x multiple. That forecast requires sales of USD 655bn and a 13% operating margin, almost twice the reported 6.9% margin in 2025. The peer range is 14.7x to 30.2x, with a 22.5x median. Delivery economics are central: company-wide shipping costs were USD 102.7bn in 2025, while free same-day delivery supports customer frequency but must be covered by each order's economics. Sales growth without margin expansion would leave the 13% assumption unproven.
Unlock the Amazon ready report
The full PDF adds the split of the share price between the businesses with the reasoning for each, the peer comparison, what to watch per business, and the financial statements and forecasts. Instant download for €20.00. Written on 28 October 2026, from the figures available then.
Amazon (AMZN) stock — frequently asked questions
What is the Amazon (AMZN) share price made of?
Valuatum's market report splits Amazon's share price of 253 USD between its businesses and explains what the market pays for each, measured against listed peers. The full report shows the split and the reasoning behind it.
What do analysts expect for Amazon (AMZN)?
The analysts' consensus target is 331 USD (mean of 70 analysts' targets, range 209-425 USD, source: Chartmill). This is other analysts' figure, not Valuatum's: the market report gives no rating and no target price.
Where can I get the Amazon (AMZN) market report?
Buy the Amazon (AMZN) AI market report PDF on this page for instant download, or generate a fresh report for any listed company.
Sources & methodology
- Primary data: Valuatum market report on Amazon dated 28 October 2026 (253 USD share price, North America retail at 136 USD per share, AWS at 81 USD and International retail at 32 USD).
- Competitor context: Walmart Inc., Coupang, Inc., Alibaba Group Holding Limited, MercadoLibre, Inc., JD.com, Inc., Microsoft Corporation, Alphabet Inc. and Oracle Corporation; business EV/EBIT 2028 multiples range from 3.3x to 30.2x, with peer medians of 22.5x for North America retail, 14.8x for AWS and 15.4x for International retail.
- Market data: AMZN, 253 USD on 28 October 2026; analysts' 2028 group forecasts are revenue of USD 1,101,692m and operating profit of USD 185,163m; consensus source for the 331 USD mean of 70 analysts' targets is Chartmill. The business forecasts are split estimates, and the cash less debt and other claims balance is the model's end-2026 forecast rather than reported cash.
Valuatum's market report takes analysts' consensus forecasts as they are, splits them between the businesses from the company's reported segment results, and reads the share price on the report date into the businesses by comparing each with its listed peers. It gives no rating and no target price. See the methodology for the full approach.
Disclaimer: This is AI-generated research material for informational purposes only. It gives no rating, no target price and no recommendation to buy or sell; any consensus target shown is other analysts' figure, attributed to its source. Always perform your own analysis. Valuatum Oy, Helsinki, Finland.
Analyst reports on Amazon
Each report here is this company's Valuatum report re-run with an analyst's own assumptions and published under their name. They are ordered by a score out of five: what other analysts felt the work added over the engine's default report.