AMZNAMAZON COM INC

Retail-Catalog & Mail-Order Houses

Revenue: —
Operating margin: —
EBITDA: —
Market cap: $2.6T
Employees: —
Net debt / EBITDA: —; $125.1B net debt
AI in 10-K: 8.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
125% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
8.9 per 10K words · 91st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$2.6T market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$449M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$514.0B	$574.8B	$638.0B	$716.9B	—
Operating income	$12.2B	$36.9B	$68.6B	$80.0B	—
Net income	−$2.7B	$30.4B	$59.2B	$77.7B	$134.8B	74%
Operating cash flow	$46.8B	$84.9B	$115.9B	$139.5B	$168.3B	21%
Capex	$63.6B	$52.7B	$83.0B	$131.8B	$215.2B	63%
Stock-based comp	$19.6B	$24.0B	$22.0B	$19.5B	$19.9B	2.1%
Buybacks	$6.0B	$0	$0	—	—

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $449M · 127
Net: −$449M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	142	—
FY2024	—	—	135	—
FY2023	—	—	93	—
FY2022	—	—	52	—
FY2021	—	—	102	—