AMZN
Amazon.com, Inc.
AMZN has the edge over CART overall, supported by stronger valuation and stronger modeled upside.
CART
Instacart (Maplebear Inc.)
CART offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
AMZN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Weak | |
| Healthy |
AMZN's revenue, profitability and balance sheet are currently healthy, but its cash flow is weak.
CART Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
CART's revenue, profitability, cash flow and balance sheet are all currently healthy.
AMZN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 22x | $267 | — |
| Forward | 27x | $267 | — |
| Cheap | 34x | $415 | +55% |
| Fair | 60x | $745 | +179% |
| Expensive | 102x | $1,262 | +372% |
Historical ranges are pointers, not guarantees.
AMZN has the edge over CART in the historical PE scenario, which offers more potential upside but is not a forecast.
CART PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 21x | $58.48 | — |
| Cheap | 22x | $43.21 | -26% |
| Fair | 25x | $48.42 | -17% |
| Expensive | 29x | $55.58 | -5% |
| Current | 30x | $58.48 | — |
Historical ranges are pointers, not guarantees.
CART's PE is in its expensive range at 30x. If earnings grow as analysts expect, today's price would be 21x next year's earnings, in its cheap range.
AMZN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly deteriorating | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Moderate |
Analysts expect earnings and revenue growth for AMZN, with profitability improving.
CART Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Moderate | |
| Low |
CART has the edge over AMZN on the outlook, with more favorable valuation expectations.
AMZN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.87 | -20% |
| Q3 2026 | $12.37 | +75% |
| Q2 2026 | $12.43 | +89% |
| Q1 2026 | $8.36 | +36% |
| Q4 2025 | $7.17 | +30% |
| Q3 2025 | $7.08 | +52% |
| Q2 2025 | $6.56 | +57% |
| Q1 2025 | $6.14 | +72% |
| Q4 2024 | $5.53 | +91% |
AMZN has the edge over CART on earnings, with stronger typical year-over-year growth.
CART Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.74 | +42% |
| Q3 2026 | $1.93 | +6% |
| Q2 2026 | $1.84 | +6.4% |
| Q1 2026 | $1.80 | +18% |
| Q4 2025 | $1.60 | +1.3% |
CART's earnings per share have climbed steadily: $1.93 over the past year, up 6% from the year before, and higher year over year every quarter since late 2024.
AMZN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $201.9B | +12% |
| Q2 2026 | $200.6B | +20% |
| Q1 2026 | $181.5B | +17% |
| Q4 2025 | $213.4B | +14% |
| Q3 2025 | $180.2B | +13% |
| Q2 2025 | $167.7B | +13% |
| Q1 2025 | $155.7B | +8.6% |
| Q4 2024 | $187.8B | +10% |
AMZN has the edge over CART on sales, with stronger typical year-over-year growth.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 14% | +4.2 points |
| Q2 2026 | 14% | +2.3 points |
| Q1 2026 | 13% | +1.3 points |
| Q4 2025 | 12% | +0.4 points |
| Q3 2025 | 9.7% | -1.3 points |
| Q2 2025 | 11% | +1.5 points |
| Q1 2025 | 12% | +1.1 points |
| Q4 2024 | 11% | +3.5 points |
AMZN's operating margin was 14% last quarter, up 4.2 points from the same quarter a year ago, near the top of its range since 2019.
CART Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.1B | +17% |
| Q2 2026 | $1B | +14% |
| Q1 2026 | $1B | +14% |
| Q4 2025 | $992M | +12% |
| Q3 2025 | $939M | +10% |
| Q2 2025 | $914M | +11% |
| Q1 2025 | $897M | +9.4% |
| Q4 2024 | $883M | +10% |
CART's revenue has grown year over year every quarter since early 2022: $1.1B last quarter, up 17% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | -1.8 points |
| Q2 2026 | 14% | +0.1 points |
| Q1 2026 | 18% | +5.6 points |
| Q4 2025 | 9.8% | -7.8 points |
| Q3 2025 | 18% | +1.5 points |
| Q2 2025 | 14% | +7.3 points |
| Q1 2025 | 12% | -5.3 points |
| Q4 2024 | 18% | +12 points |
CART has the edge over AMZN on profitability, with a higher operating margin.
AMZN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$34.8B | -8202% |
| Q2 2026 | -$8.8B | -2757% |
| Q1 2026 | -$18.2B | -$10.2B |
| Q4 2025 | $14.9B | -16% |
| Q3 2025 | $430M | -87% |
| Q2 2025 | $332M | -96% |
| Q1 2025 | -$8B | -297% |
| Q4 2024 | $17.8B | -36% |
AMZN's free cash flow was −$46.9B over the past year, against $10.6B the year before.
CART Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $306M | +13% |
| Q2 2026 | $481M | +157% |
| Q1 2026 | $252M | -10% |
| Q4 2025 | $171M | +21% |
| Q3 2025 | $272M | +59% |
| Q2 2025 | $187M | -15% |
| Q1 2025 | $280M | +208% |
| Q4 2024 | $141M | -35% |
CART has the edge over AMZN on cash generation, producing positive trailing cash flow while its opponent burns cash.
AMZN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.2% | +26M shares |
| 1 year | +0.8% | +84M shares |
| 3 years | +3.5% | +371M shares |
| 5 years | +6.1% | +629M shares |
| Available history | +8.2% | +829M shares |
AMZN has 10.9B diluted shares, up 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q2 2022 | $3.3B |
CART Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.5% | -1.3M shares |
| 1 year | -13% | -35.6M shares |
| 3 years | -10% | -28.9M shares |
CART has the edge over AMZN on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $238M |
| Q2 2026 | $324M |
| Q1 2026 | $359M |
| Q4 2025 | $1.1B |
| Q3 2025 | $62M |
| Q2 2025 | $121M |
| Q1 2025 | $89M |
| Q4 2024 | $5M |
CART spent $2B buying back its own shares over the past year, about seven times what it spent the year before.
AMZN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.7x | Very low |
| Q2 2026 | 0.3x | Very low |
| Q1 2026 | 0.1x | Very low |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | -0.1x | Net Cash |
| Q2 2025 | -0.0x | Net Cash |
| Q1 2025 | -0.1x | Net Cash |
| Q4 2024 | -0.2x | Net Cash |
AMZN's net debt is less than a year of its operating earnings (EBITDA), after holding more cash than debt a year ago.
CART Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.2x | Net Cash |
| Q2 2026 | -1.1x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -1.1x | Net Cash |
| Q3 2025 | -2.7x | Net Cash |
| Q2 2025 | -2.5x | Net Cash |
| Q1 2025 | -3.0x | Net Cash |
| Q4 2024 | -2.3x | Net Cash |
CART has the edge over AMZN on leverage, with a lower net debt burden relative to earnings.
AMZN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.1 | Neutral |
| Stochastic | 50.0 | Neutral |
AMZN's weekly RSI is 57 (neutral) and its Stochastic is 50 (neutral).
CART Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 69.1 | Neutral |
| Stochastic | 78.4 | Neutral |
CART's weekly RSI is 69 (neutral) and its Stochastic is 78 (neutral).
AMZN PE vs Consumer Cyclical Sector
| Metric | AMZN | Sector median | Relative |
|---|---|---|---|
| PE | 22x | 18x | 20% above |
| PE % | 4 | 47 | 43 pts below |
AMZN has the edge over CART on valuation relative to its sector.
CART PE vs Consumer Cyclical Sector
| Metric | CART | Sector median | Relative |
|---|---|---|---|
| PE | 30x | 18x | 68% above |
| PE % | 92 | 31 | 61 pts above |
CART is trading at 30x earnings, a 68% premium to the Consumer Cyclical sector's median of 18x.
AMZN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $253.6 | 5.5% above |
| 20 week MA | $254.9 | 4.9% above |
| 50 week MA | $242.5 | 10% above |
| 100 week MA | $229.6 | 17% above |
| 200 week MA | $191.4 | 40% above |
CART has stronger trend alignment. AMZN is above 5 of 5 weekly averages versus CART above 4 of 4.
CART Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $51.8 | 13% above |
| 20 week MA | $49.3 | 19% above |
| 50 week MA | $44.0 | 33% above |
| 100 week MA | $43.8 | 33% above |
CART is in an uptrend: it's above all four of its weekly moving averages, and 33% above its 100-week average.
AMZN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $93.5 | $158.6 | +70% |
| 2021 | $158.6 | $171.1 | +7.8% |
| 2022 | $171.1 | $85.3 | -50% |
| 2023 | $85.3 | $151.9 | +78% |
| 2024 | $151.9 | $223.8 | +47% |
| 2025 | $223.8 | $232.5 | +3.9% |
| 2026 YTD | $232.5 | $267.4 | +15% |
AMZN has finished higher in five of the last six years, two of them by more than 50%. It's up 15% so far in 2026.
CART Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2023 | $30.0 | $23.5 | -22% |
| 2024 | $23.5 | $42.2 | +80% |
| 2025 | $42.2 | $45.9 | +8.6% |
| 2026 YTD | $45.9 | $58.5 | +28% |
CART has the edge over AMZN on returns for 2026, with the stronger performance.