AMAZON COM INC（AMZN）の決算・業績分析

Annual Report Analysis: Amazon.com Inc (AMZN) FY2024

Highlights

Business Overview

Amazon's primary business model centers on selling products and services through online and physical stores, with revenue generated from product sales, subscription services (e.g., Amazon Prime), seller fees, and advertising (10-K). Key segments include North America and International retail operations, as well as Amazon Web Services (AWS), which provides cloud computing services (10-K). Additional offerings include digital content, hardware devices (e.g., Kindle, Echo), and third-party seller platforms (10-K). Competitive advantages include customer-centricity, operational efficiency, and AWS's scale (10-K). No significant customer concentration is disclosed (10-K).

Revenue Analysis

Revenue grew to $514.0B (XBRL), up 9.4% YoY, with a 5-year CAGR of 19.8% (XBRL). Operating income, however, fell by 50.8% YoY to $12.2B (XBRL), contrasting with a 5-year CAGR of +24.3% (XBRL). Historical data shows operating income peaked at $24.9B in FY2023 before declining sharply in FY2024. Revenue growth is driven by AWS expansion, e-commerce scale, and subscription services, though margin pressures from increased investments and cost inflation may have offset top-line gains.

Profitability Analysis

Operating margin declined to 2.4% (XBRL), down from $24.9B in FY2023 to $12.2B in FY2024 (XBRL). Net margin turned negative at -0.5% (XBRL), reflecting a 108.2% YoY drop in net income to -$2.7B (XBRL). EBITDA remained robust at $54.2B (10.5% of revenue, XBRL). Gross profit data is not available (N/A). The sharp decline in net income contrasts with a 5-year CAGR of +24.7% for net income (XBRL), suggesting temporary challenges in FY2024.

Balance Sheet Analysis

Equity ratio stands at 29.9% (XBRL), with total equity of $138.2B (XBRL). Current ratio is 1.05x (XBRL), indicating modest liquidity. ROE is -2.0% (XBRL), and ROA is -0.6% (XBRL), reflecting negative net income. Cash reserves are strong at $73.4B (XBRL), while long-term debt is $58.3B (XBRL). Net debt is negative at -$15.1B (XBRL), or -0.3x EBITDA (XBRL), highlighting a liquidity buffer despite significant debt.

Cash Flow Analysis

Operating cash flow totaled $46.8B (XBRL), with $41.9B in depreciation and amortization (XBRL). Free cash flow was $9.2B (XBRL), despite $37.6B in investing cash outflows (XBRL), likely reflecting capital expenditures. Financing cash flow was $9.7B (XBRL), including $6.0B in share repurchases (XBRL).

Working Capital Analysis

Cash conversion cycle (CCC) is -28 days (XBRL), driven by 107 days of payables (XBRL), 37 days of receivables (XBRL), and 42 days of inventory (XBRL). Asset turnover is 1.11x (XBRL), indicating efficient use of assets.

Risks

Outlook

The 10-K does not provide explicit management guidance for FY2025. However, historical trends suggest continued revenue growth, with FY2025 revenue projected at $574.8B (XBRL). The company's long-term focus on innovation, AWS growth, and operational efficiency may mitigate near-term challenges, though risks from competition and regulatory pressures remain.

Historical Time Series