Is Now a Good Time to Buy Amazon Stock?

Amazon (AMZN) stock has nearly doubled over the past three years but is up only about 12% year-to-date, performing roughly in line with the S&P 500, despite surging cash flow. The company's trailing-12-month cash from operations reached $161 billion in Q2, with cash flow growing 245% since the 2022 bear market, yet the stock trades at a price-to-cash flow multiple of only about 17, down from 25x or higher previously.

Why it matters: AWS revenue climbed 37% year over year in Q2, and core e-commerce accelerated to 15% growth, prompting analysts to argue the stock offers better value just as demand accelerates in both its largest businesses.