<p>近年來，<strong>亞馬遜</strong>(AMZN 0.29%) 股票發生的一個令人驚訝的事情可能是其估值。在過去幾年中，其市盈率常常保持在 100 以上，即使股票持續上漲。</p>
<p>這一情況在過去兩年中發生了變化。自 2023 年中期以來，盈利倍數穩步下降。</p>
<p>雖然市盈率從 2025 年的低點 27 上升至當前的 35，但與過去幾年相比，這一盈利倍數看起來相當划算，並且僅略高於 <strong>標準普爾 500</strong> 的平均水平 30。投資者面臨的問題是：這一估值是否增強了對亞馬遜的買入理由，還是投資者應該停止增持股份？</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>圖片來源：亞馬遜。</p>
<h2>亞馬遜的增長放緩</h2>
<p>從某種意義上説，亞馬遜的現狀是其成功的自然結果。其市值現在超過 2.4 萬億美元。這意味着亞馬遜是目前在美國交易所上市的第五大公司。其規模使得實現更高的百分比增長變得更加困難，儘管更高的市值可能也導致了其估值的下降。</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 市盈率數據來源於 YCharts</p>
<p>確實，其最為人知的企業反映了這種放緩。其電子商務業務仍然是按收入計算的最大企業，在 2025 年上半年實現了 8% 的年收入增長。儘管許多成熟的非科技企業希望看到這樣的增長水平，但這遠低於其早期的增長率。</p>
<p>此外，該公司的財務數據顯示，在公司成立 30 多年後，其電子商務部分的業務仍然可能沒有產生利潤。</p>
<p>雖然它為每個業務單獨報告淨銷售額，但還有其他幾個企業被納入亞馬遜以電子商務為導向的北美和國際業務中。這些業務在今年上半年產生了近 160 億美元的營業收入。然而，在線商店的利潤率較低。因此，廣告、訂閲和第三方賣家服務等利潤率更高的業務可能是該部分公司的收入來源。</p>
<p>在這些困難中，亞馬遜的股票自年初以來僅小幅上漲。</p>
<h2>亞馬遜繼續繁榮的領域</h2>
<p>儘管如此，亞馬遜已成為在緩解這一規模問題方面最有效的公司之一，主要是通過在其旗下培育增長更快的企業。</p>
<p>如前所述，這包括第三方賣家服務和訂閲業務，但這些企業中增長最快的是數字廣告。該公司利用其銷售網站的廣泛性發布廣告。這個業務如此成功，以至於在今年的前兩個季度產生了近 300 億美元的收入，同比增長 20%。</p>
<p>儘管如此，其最成功的企業與其電子商務業務沒有直接關係。雲計算巨頭亞馬遜網絡服務（AWS）在前兩個季度產生了超過 600 億美元的收入，佔亞馬遜總收入的近 19%。由此，它獲得了近 220 億美元的營業收入，超過了其他兩個業務的總和。</p>
<p>此外，人工智能（AI）繼續在各個方面增強其業務。得益於其在雲計算領域的領先地位，亞馬遜在運行 AI 工作負載方面發揮了巨大作用。因此，其 AWS 業務有望繼續快速增長。</p>
<p>此外，該公司利用 AI 優化其與電子商務相關的業務。這可以提升其網站及其支持的第三方賣家的銷售，同時優化廣告和訂閲業務。因此，在各個層面上，AI 應該繼續促進該公司的增長。</p>
<h2>亞馬遜股票值得購買嗎？</h2>
<p>在當前情況下，投資者應該考慮利用這一較低的估值來增持亞馬遜的股份。</p>
<p>誠然，這一業務的規模可能在某些領域放緩了增長，並且可能無法達到過去的整體增長率或市盈率。</p>
<p>然而，亞馬遜通過 AWS 以及其電子商務部門的廣告等業務繼續推動增長。隨着 AI 增強這一業務，公司增長和相對合理的估值可能會重新啓動亞馬遜股票的上漲，使得這一估值不太可能長時間保持在如此低的水平。</p>

亞馬遜財報，一站看懂！

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>亞馬遜的股票估值已經下降，目前的市盈率為 35，相較於其歷史水平更具吸引力。儘管其電子商務部門的增長放緩，亞馬遜仍通過其盈利業務如 AWS 和數字廣告繼續蓬勃發展。該公司正在利用人工智能來提升其運營，暗示未來增長的潛力。投資者可能會將這一較低的估值視為購買股票的機會，因為預計股價將再次上漲</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>近年來，<strong>亞馬遜</strong>(AMZN 0.29%) 股票發生的一個令人驚訝的事情可能是其估值。在過去幾年中，其市盈率常常保持在 100 以上，即使股票持續上漲。</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>這一情況在過去兩年中發生了變化。自 2023 年中期以來，盈利倍數穩步下降。</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>雖然市盈率從 2025 年的低點 27 上升至當前的 35，但與過去幾年相比，這一盈利倍數看起來相當划算，並且僅略高於 <strong>標準普爾 500</strong> 的平均水平 30。投資者面臨的問題是：這一估值是否增強了對亞馬遜的買入理由，還是投資者應該停止增持股份？</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>圖片來源：亞馬遜。</p>
</div><h2>How Amazon's growth has slowed</h2>
<div class="lb-trans"><h2>亞馬遜的增長放緩</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>從某種意義上説，亞馬遜的現狀是其成功的自然結果。其市值現在超過 2.4 萬億美元。這意味着亞馬遜是目前在美國交易所上市的第五大公司。其規模使得實現更高的百分比增長變得更加困難，儘管更高的市值可能也導致了其估值的下降。</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 市盈率數據來源於 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>確實，其最為人知的企業反映了這種放緩。其電子商務業務仍然是按收入計算的最大企業，在 2025 年上半年實現了 8% 的年收入增長。儘管許多成熟的非科技企業希望看到這樣的增長水平，但這遠低於其早期的增長率。</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，該公司的財務數據顯示，在公司成立 30 多年後，其電子商務部分的業務仍然可能沒有產生利潤。</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>雖然它為每個業務單獨報告淨銷售額，但還有其他幾個企業被納入亞馬遜以電子商務為導向的北美和國際業務中。這些業務在今年上半年產生了近 160 億美元的營業收入。然而，在線商店的利潤率較低。因此，廣告、訂閲和第三方賣家服務等利潤率更高的業務可能是該部分公司的收入來源。</p>
</div><p>Amid these struggles, Amazon stock is only up slightly since the beginning of the year.</p>
<div class="lb-trans"><p>在這些困難中，亞馬遜的股票自年初以來僅小幅上漲。</p>
</div><h2>Where Amazon continues to prosper</h2>
<div class="lb-trans"><h2>亞馬遜繼續繁榮的領域</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>儘管如此，亞馬遜已成為在緩解這一規模問題方面最有效的公司之一，主要是通過在其旗下培育增長更快的企業。</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，這包括第三方賣家服務和訂閲業務，但這些企業中增長最快的是數字廣告。該公司利用其銷售網站的廣泛性發布廣告。這個業務如此成功，以至於在今年的前兩個季度產生了近 300 億美元的收入，同比增長 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>儘管如此，其最成功的企業與其電子商務業務沒有直接關係。雲計算巨頭亞馬遜網絡服務（AWS）在前兩個季度產生了超過 600 億美元的收入，佔亞馬遜總收入的近 19%。由此，它獲得了近 220 億美元的營業收入，超過了其他兩個業務的總和。</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）繼續在各個方面增強其業務。得益於其在雲計算領域的領先地位，亞馬遜在運行 AI 工作負載方面發揮了巨大作用。因此，其 AWS 業務有望繼續快速增長。</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，該公司利用 AI 優化其與電子商務相關的業務。這可以提升其網站及其支持的第三方賣家的銷售，同時優化廣告和訂閲業務。因此，在各個層面上，AI 應該繼續促進該公司的增長。</p>
</div><h2>Is Amazon stock a buy?</h2>
<div class="lb-trans"><h2>亞馬遜股票值得購買嗎？</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>在當前情況下，投資者應該考慮利用這一較低的估值來增持亞馬遜的股份。</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>誠然，這一業務的規模可能在某些領域放緩了增長，並且可能無法達到過去的整體增長率或市盈率。</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，亞馬遜通過 AWS 以及其電子商務部門的廣告等業務繼續推動增長。隨着 AI 增強這一業務，公司增長和相對合理的估值可能會重新啓動亞馬遜股票的上漲，使得這一估值不太可能長時間保持在如此低的水平。</p>
</div>

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

- 亞馬遜的市盈率從 2025 年的低點 27 回升至 35，仍低於歷史水平。  
- 其電商業務在 2025 年上半年僅增長 8%，但云計算和廣告業務表現強勁。  
- 投資者可考慮在當前低估值下增持亞馬遜股票。

亞馬遜的股票目前以較低的估值進行交易。現在是買入的好時機嗎？