Forensic Analysis · Retail / Consumer Discretionary · as of Aug 7, 2026
Amazon Com Inc (AMZN)
A forensic read on Amazon Com Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.3
Distress distance
Clean
Earnings quality
5
Forensic signals
22.1
P / E (ttm)
18.9%
ROE
$3.0T
Market cap
12.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Amazon Com Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.3, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+38.9%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +38.9% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The build is led by PP&E up +41% against revenue +12% and receivables up +22% against revenue +12%. This is the third straight fiscal year of building accruals — a multi-year streak is a materially stronger tell than a single year's move. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 19% of net operating assets, diverging from the balance-sheet accrual read.
+2.0%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +6% over the last 3 years to FY2025 (+2.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.
stopped
FY2022→FY2024
Shareholder returns — halted.Capital returns have STOPPED — $6.0B of buybacks + dividends in FY2022, but ~$0 in FY2024. A halt usually means the company is conserving cash.
12.5%
FY2025
Return on invested capital.Return on invested capital is 12.5% in the latest fiscal year and rising from 4% — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
Key fundamentals
Latest Revenue$716.92B
Revenue Growth YoY+12.4%
Revenue CAGR (3yr)+11.7%
Net Margin10.8%
Free Cash Flow$7.70B
Return on Equity18.9%
Debt / Equity0.17x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Amazon Com Inc's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 7, 2026. Forensic signals flag probability, not certainty.
3% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 3% of revenue and 253% of free cash flow in FY2025 — about $1.80 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 2.0% a year and is falling.
Amazon Com Inc (AMZN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy