Question 1

What is Amazon's P/FCF ratio?

Accepted Answer

Amazon (AMZN) P/FCF ratio is 371.3× as of April 29, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Amazon?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Amazon specifically, the relevant sector benchmark is the current sector median of 17.1×.

Question 5

Is Amazon's P/FCF ratio high or low?

Accepted Answer

Amazon's P/FCF ratio of 371.3× is above its own 5-year average of 150.2× and above the sector median of 17.1×. That places the current reading at the 92th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Amazon's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Amazon (AMZN) P/FCF ratio has ranged from a low of 16.1× in 2008 to a high of 672.5× in 2013. The 5-year average is 150.2× and the 5-year median is 87.2×.

Question 7

What was Amazon's P/FCF ratio in 2025?

Accepted Answer

Amazon (AMZN) P/FCF ratio at the end of 2025 was 321.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Amazon's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$2.47T	$7.7B	321.2×	+250.8×	Dec 31, 2025
2024	$2.32T	$32.9B	70.4×	+21.6×	Dec 31, 2024
2023	$1.57T	$32.2B	48.8×	—	Dec 31, 2023
2022	$858B	-$16.9B	—	—	Dec 31, 2022
2021	$1.69T	-$14.7B	—	—	Dec 31, 2021
2020	$1.64T	$25.9B	63.1×	+20.7×	Dec 31, 2020
2019	$917B	$21.7B	42.3×	-0.2×	Dec 31, 2019
2018	$736B	$17.3B	42.6×	-68.5×	Dec 31, 2018
2017	$565B	$5.08B	111.1×	+76.1×	Dec 31, 2017
2016	$357B	$10.2B	35.0×	-8.3×	Dec 31, 2016
2015	$318B	$7.33B	43.3×	-30.6×	Dec 31, 2015
2014	$144B	$1.95B	73.9×	-16.0×	Dec 31, 2014
2013	$183B	$2.03B	89.9×	-198.4×	Dec 31, 2013
2012	$114B	$395M	288.3×	+250.7×	Dec 31, 2012
2011	$78.7B	$2.09B	37.6×	+5.4×	Dec 31, 2011
2010	$81B	$2.52B	32.2×	+11.9×	Dec 31, 2010
2009	$59.2B	$2.92B	20.3×	+4.2×	Dec 31, 2009
2008	$22B	$1.36B	16.1×	-16.5×	Dec 31, 2008
2007	$38.5B	$1.18B	32.6×	-1.0×	Dec 31, 2007
2006	$16.3B	$485M	33.6×	-3.4×	Dec 31, 2006
2005	$19.6B	$530M	37.0×	-0.8×	Dec 31, 2005
2004	$18.1B	$479M	37.8×	-23.0×	Dec 31, 2004
2003	$21B	$346M	60.7×	+7.1×	Dec 31, 2003
2002	$7.25B	$135M	53.6×	—	Dec 31, 2002


DraftKings (DKNG)	15.5×
Avery Dennison (AVY)	15.2×
Wynn Resorts (WYNN)	15.1×
NVR (NVR)	14.9×
Booking Holdings (BKNG)	14.7×
D.R. Horton (DHI)	14.2×
V.F. (VFC)	12.6×
Deckers Outdoor (DECK)	12.0×
Carnival Corporation (CCL)	11.9×
Lululemon Athletica (LULU)	11.6×
Toll Brothers (TOL)	11.1×
Hasbro (HAS)	9.8×
PDD Holdings (PDD)	9.5×
LKQ (LKQ)	9.3×
KB Home (KBH)	8.8×
Mohawk Industries (MHK)	8.4×
MercadoLibre (MELI)	8.2×
Best Buy Co. (BBY)	7.9×
Etsy (ETSY)	7.2×
Leggett & Platt (LEG)	6.6×
Weyco Group (WEYS)	6.2×
Expedia Group (EXPE)	6.0×
MGM Resorts (MGM)	5.5×
Ford Motor (F)	4.8×
General Motors (GM)	4.3×

P/FCF Ratio for Amazon (AMZN) 2002-2026

P/FCF Ratio daily chart for Amazon (AMZN)

Historical P/FCF Ratio for Amazon (AMZN) from 2002 to 2025

About P/FCF Ratio at Amazon (AMZN)

Amazon P/FCF Ratio by Year

Amazon P/FCF Ratio 2025: 321.2×

Amazon P/FCF Ratio 2024: 70.4×

Amazon P/FCF Ratio 2023: 48.8×

Amazon P/FCF Ratio 2020: 63.1×

Amazon P/FCF Ratio 2019: 42.3×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Amazon (AMZN) Key Financials