Amazon — Moat

MOAT ASSESSMENT

TICKER: [US.AMZN - Amazon]
PERIOD: [2010-ANNUAL ~ 2025-ANNUAL]


Parameter  Value
----------------
WACC         10%
Tax Rate   21.0%


[+] ROIC Quality: Median 19.1%
    ↳ Median > 15% = high returns
[~] ROIC Stability: CoV 54.7%
    ↳ CoV < 10% = highly stable
[~] Gross Margin Stability: 25.2%
    ↳ CoV < 10% = stable pricing power
[+] Economic Moat (ROIC-WACC): 9.1%
    ↳ > 5% = creating economic value


Metric  Gross Margin       ROIC
-------------------------------
Mean           36.5%      20.3%
Median         38.3%      19.1%
Max            50.3%      40.7%
Min            22.3%       3.4%
StdDev          9.2%      11.1%
CoV            25.2%      54.7%
Slope       1.91%/yr  -1.20%/yr
R²               98%        18%


[DATA]


Period       Revenue  Gross Profit    GM%   ROIC  ROIC-WACC
-----------------------------------------------------------
2010 ANNUAL   34.20B         7.64B  22.3%      -          -
2011 ANNUAL   48.08B        10.79B  22.4%      -          -
2012 ANNUAL   61.09B        15.12B  24.8%      -          -
2013 ANNUAL   74.45B        20.27B  27.2%  38.5%      28.5%
2014 ANNUAL   88.99B        26.24B  29.5%   3.4%      -6.6%
2015 ANNUAL  107.01B        35.35B  33.0%  26.0%      16.0%
2016 ANNUAL  135.99B        47.72B  35.1%  40.7%      30.7%
2017 ANNUAL  177.87B        65.93B  37.1%  15.0%       5.0%
2018 ANNUAL  232.89B        93.73B  40.2%  28.0%      18.0%
2019 ANNUAL  280.52B       114.99B  41.0%  21.7%      11.7%
2020 ANNUAL  386.06B       152.76B  39.6%  22.1%      12.1%
2021 ANNUAL  469.82B       197.48B  42.0%  15.6%       5.6%
2022 ANNUAL  513.98B       225.15B  43.8%   5.2%      -4.8%
2023 ANNUAL  574.78B       270.05B  47.0%  12.5%       2.5%
2024 ANNUAL  637.96B       311.67B  48.9%  19.1%       9.1%
2025 ANNUAL  716.92B       360.51B  50.3%  16.7%       6.7%