<p>近年来，<strong>亚马逊</strong>(AMZN 0.29%) 股票发生的一个令人惊讶的事情可能是其估值。在过去几年中，其市盈率常常保持在 100 以上，即使股票持续上涨。</p>
<p>这一情况在过去两年中发生了变化。自 2023 年中期以来，盈利倍数稳步下降。</p>
<p>虽然市盈率从 2025 年的低点 27 上升至当前的 35，但与过去几年相比，这一盈利倍数看起来相当划算，并且仅略高于 <strong>标准普尔 500</strong> 的平均水平 30。投资者面临的问题是：这一估值是否增强了对亚马逊的买入理由，还是投资者应该停止增持股份？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NDQvYm94LXdpdGgtbG9nby5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NDQvYm94LXdpdGgtbG9nby5qcGcmdz03MDA"/></p>
<p>图片来源：亚马逊。</p>
<h2>亚马逊的增长放缓</h2>
<p>从某种意义上说，亚马逊的现状是其成功的自然结果。其市值现在超过 2.4 万亿美元。这意味着亚马逊是目前在美国交易所上市的第五大公司。其规模使得实现更高的百分比增长变得更加困难，尽管更高的市值可能也导致了其估值的下降。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/15a00af82acb455515ff9682c43b3ae4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/15a00af82acb455515ff9682c43b3ae4.png"/></p>
<p>AMZN 市盈率数据来源于 YCharts</p>
<p>确实，其最为人知的企业反映了这种放缓。其电子商务业务仍然是按收入计算的最大企业，在 2025 年上半年实现了 8% 的年收入增长。尽管许多成熟的非科技企业希望看到这样的增长水平，但这远低于其早期的增长率。</p>
<p>此外，该公司的财务数据显示，在公司成立 30 多年后，其电子商务部分的业务仍然可能没有产生利润。</p>
<p>虽然它为每个业务单独报告净销售额，但还有其他几个企业被纳入亚马逊以电子商务为导向的北美和国际业务中。这些业务在今年上半年产生了近 160 亿美元的营业收入。然而，在线商店的利润率较低。因此，广告、订阅和第三方卖家服务等利润率更高的业务可能是该部分公司的收入来源。</p>
<p>在这些困难中，亚马逊的股票自年初以来仅小幅上涨。</p>
<h2>亚马逊继续繁荣的领域</h2>
<p>尽管如此，亚马逊已成为在缓解这一规模问题方面最有效的公司之一，主要是通过在其旗下培育增长更快的企业。</p>
<p>如前所述，这包括第三方卖家服务和订阅业务，但这些企业中增长最快的是数字广告。该公司利用其销售网站的广泛性发布广告。这个业务如此成功，以至于在今年的前两个季度产生了近 300 亿美元的收入，同比增长 20%。</p>
<p>尽管如此，其最成功的企业与其电子商务业务没有直接关系。云计算巨头亚马逊网络服务（AWS）在前两个季度产生了超过 600 亿美元的收入，占亚马逊总收入的近 19%。由此，它获得了近 220 亿美元的营业收入，超过了其他两个业务的总和。</p>
<p>此外，人工智能（AI）继续在各个方面增强其业务。得益于其在云计算领域的领先地位，亚马逊在运行 AI 工作负载方面发挥了巨大作用。因此，其 AWS 业务有望继续快速增长。</p>
<p>此外，该公司利用 AI 优化其与电子商务相关的业务。这可以提升其网站及其支持的第三方卖家的销售，同时优化广告和订阅业务。因此，在各个层面上，AI 应该继续促进该公司的增长。</p>
<h2>亚马逊股票值得购买吗？</h2>
<p>在当前情况下，投资者应该考虑利用这一较低的估值来增持亚马逊的股份。</p>
<p>诚然，这一业务的规模可能在某些领域放缓了增长，并且可能无法达到过去的整体增长率或市盈率。</p>
<p>然而，亚马逊通过 AWS 以及其电子商务部门的广告等业务继续推动增长。随着 AI 增强这一业务，公司增长和相对合理的估值可能会重新启动亚马逊股票的上涨，使得这一估值不太可能长时间保持在如此低的水平。</p>

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亚马逊的股票估值已经下降，目前的市盈率为 35，相较于其历史水平更具吸引力。尽管其电子商务部门的增长放缓，亚马逊仍通过其盈利业务如 AWS 和数字广告继续蓬勃发展。该公司正在利用人工智能来提升其运营，暗示未来增长的潜力。投资者可能会将这一较低的估值视为购买股票的机会，因为预计股价将再次上涨</p>

<p>One of the more surprising things to happen to <strong>Amazon</strong>(AMZN 0.29%) stock in recent years may be its valuation. In past years, its P/E ratio often stayed above 100, even as the stock continued to surge higher.</p>
<div class="lb-trans"><p>近年来，<strong>亚马逊</strong>(AMZN 0.29%) 股票发生的一个令人惊讶的事情可能是其估值。在过去几年中，其市盈率常常保持在 100 以上，即使股票持续上涨。</p>
</div><p>That has changed over the last couple of years. Since the middle of 2023, the earnings multiple has steadily fallen.</p>
<div class="lb-trans"><p>这一情况在过去两年中发生了变化。自 2023 年中期以来，盈利倍数稳步下降。</p>
</div><p>While the P/E ratio has risen from its 2025 low of 27, its current 35 earnings multiple looks like a bargain compared to past years and is not far above the <strong>S&amp;P 500</strong> average of 30. The question for investors is: Does that valuation boost the buy case for Amazon, or should investors stop accumulating shares?</p>
<div class="lb-trans"><p>虽然市盈率从 2025 年的低点 27 上升至当前的 35，但与过去几年相比，这一盈利倍数看起来相当划算，并且仅略高于 <strong>标准普尔 500</strong> 的平均水平 30。投资者面临的问题是：这一估值是否增强了对亚马逊的买入理由，还是投资者应该停止增持股份？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NDQvYm94LXdpdGgtbG9nby5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830844%2Fbox-with-logo.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Amazon.</p>
<div class="lb-trans"><p>图片来源：亚马逊。</p>
</div><h2>How Amazon's growth has slowed</h2>
<div class="lb-trans"><h2>亚马逊的增长放缓</h2>
</div><p>In a sense, the state of Amazon is a natural outgrowth of its success. Its market cap is now more than $2.4 trillion. That means Amazon is the fifth-largest company trading on U.S. exchanges today. Its size now makes higher percentage growth more difficult to achieve, though that higher market cap may have also contributed to its lower valuation.</p>
<div class="lb-trans"><p>从某种意义上说，亚马逊的现状是其成功的自然结果。其市值现在超过 2.4 万亿美元。这意味着亚马逊是目前在美国交易所上市的第五大公司。其规模使得实现更高的百分比增长变得更加困难，尽管更高的市值可能也导致了其估值的下降。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/15a00af82acb455515ff9682c43b3ae4.png" alt="" original-src="https://media.ycharts.com/charts/15a00af82acb455515ff9682c43b3ae4.png"/></p>
<p>AMZN PE Ratio data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率数据来源于 YCharts</p>
</div><p>Indeed, the enterprise for which it is best known reflects that slowing. Its e-commerce business, which remains the largest enterprise as measured by revenue, grew revenue by 8% annually in the first half of 2025. Although many mature non-tech enterprises would like to see that level of increase, it is far below its growth rate in earlier years.</p>
<div class="lb-trans"><p>确实，其最为人知的企业反映了这种放缓。其电子商务业务仍然是按收入计算的最大企业，在 2025 年上半年实现了 8% 的年收入增长。尽管许多成熟的非科技企业希望看到这样的增长水平，但这远低于其早期的增长率。</p>
</div><p>Additionally, the company's financials imply that more than 30 years after the company's founding, it is likely that the e-commerce part of its business still does not generate a profit.</p>
<div class="lb-trans"><p>此外，该公司的财务数据显示，在公司成立 30 多年后，其电子商务部分的业务仍然可能没有产生利润。</p>
</div><p>While it reports net sales for each business separately, several other enterprises are incorporated into Amazon's e-commerce-oriented North America and international segments. These segments generated almost $16 billion in operating income in the year's first half. However, online stores are a low-margin business. Hence, enterprises with higher margins, such as advertising, subscriptions, and third-party seller services, are likely the income generators for that part of the company.</p>
<div class="lb-trans"><p>虽然它为每个业务单独报告净销售额，但还有其他几个企业被纳入亚马逊以电子商务为导向的北美和国际业务中。这些业务在今年上半年产生了近 160 亿美元的营业收入。然而，在线商店的利润率较低。因此，广告、订阅和第三方卖家服务等利润率更高的业务可能是该部分公司的收入来源。</p>
</div><p>Amid these struggles, Amazon stock is only up slightly since the beginning of the year.</p>
<div class="lb-trans"><p>在这些困难中，亚马逊的股票自年初以来仅小幅上涨。</p>
</div><h2>Where Amazon continues to prosper</h2>
<div class="lb-trans"><h2>亚马逊继续繁荣的领域</h2>
</div><p>Nonetheless, Amazon has become one of the more effective companies at mitigating this size issue, mainly by fostering enterprises under its umbrella with faster growth rates.</p>
<div class="lb-trans"><p>尽管如此，亚马逊已成为在缓解这一规模问题方面最有效的公司之一，主要是通过在其旗下培育增长更快的企业。</p>
</div><p>As mentioned before, that includes the third-party seller services and subscriptions businesses, but the fastest-growing of these enterprises is digital advertising. The company utilizes the expanse of its sales sites to post ads. So successful is this business that it generated nearly $30 billion in revenue in the first two quarters of the year, a 20% yearly increase.</p>
<div class="lb-trans"><p>如前所述，这包括第三方卖家服务和订阅业务，但这些企业中增长最快的是数字广告。该公司利用其销售网站的广泛性发布广告。这个业务如此成功，以至于在今年的前两个季度产生了近 300 亿美元的收入，同比增长 20%。</p>
</div><p>Still, its most successful enterprise has no direct ties to its e-commerce operations. Cloud computing giant Amazon Web Services (AWS) generated more than $60 billion in revenue during the first two quarters, just under 19% of Amazon's total. With that, it earned almost $22 billion in operating income, more than the other two segments combined.</p>
<div class="lb-trans"><p>尽管如此，其最成功的企业与其电子商务业务没有直接关系。云计算巨头亚马逊网络服务（AWS）在前两个季度产生了超过 600 亿美元的收入，占亚马逊总收入的近 19%。由此，它获得了近 220 亿美元的营业收入，超过了其他两个业务的总和。</p>
</div><p>Moreover, artificial intelligence (AI) continues to enhance its business all around. Thanks to its lead in cloud computing, Amazon plays a massive role in running AI workloads. Thus, its AWS business is poised to continue to grow rapidly.</p>
<div class="lb-trans"><p>此外，人工智能（AI）继续在各个方面增强其业务。得益于其在云计算领域的领先地位，亚马逊在运行 AI 工作负载方面发挥了巨大作用。因此，其 AWS 业务有望继续快速增长。</p>
</div><p>Additionally, the company uses AI to optimize its e-commerce-related businesses. This can enhance sales on its site and for the third-party sellers it supports, as well as optimize the ad and subscription businesses. Hence, at every level, AI should continue to enhance this company's growth.</p>
<div class="lb-trans"><p>此外，该公司利用 AI 优化其与电子商务相关的业务。这可以提升其网站及其支持的第三方卖家的销售，同时优化广告和订阅业务。因此，在各个层面上，AI 应该继续促进该公司的增长。</p>
</div><h2>Is Amazon stock a buy?</h2>
<div class="lb-trans"><h2>亚马逊股票值得购买吗？</h2>
</div><p>Under current conditions, investors should consider capitalizing on this lower valuation to add shares of Amazon.</p>
<div class="lb-trans"><p>在当前情况下，投资者应该考虑利用这一较低的估值来增持亚马逊的股份。</p>
</div><p>Admittedly, the size of this business may have slowed growth in some areas, and it may not command the overall growth rates or P/E ratios of past years.</p>
<div class="lb-trans"><p>诚然，这一业务的规模可能在某些领域放缓了增长，并且可能无法达到过去的整体增长率或市盈率。</p>
</div><p>However, Amazon continues to stoke growth through AWS and through businesses like advertising in its e-commerce segments. As AI enhances this business, company growth and a relatively reasonable valuation will probably restart the increases in Amazon stock, making it likely the valuation will not stay this low for long.</p>
<div class="lb-trans"><p>然而，亚马逊通过 AWS 以及其电子商务部门的广告等业务继续推动增长。随着 AI 增强这一业务，公司增长和相对合理的估值可能会重新启动亚马逊股票的上涨，使得这一估值不太可能长时间保持在如此低的水平。</p>
</div>

Amazon's Stock Now Trades at a Low(er) Valuation. Time to Buy?

- 亚马逊的市盈率从 2025 年的低点 27 回升至 35，仍低于历史水平。  
- 其电商业务在 2025 年上半年仅增长 8%，但云计算和广告业务表现强劲。  
- 投资者可考虑在当前低估值下增持亚马逊股票。

亚马逊的股票目前以较低的估值进行交易。现在是买入的好时机吗？