判定: strong-buy · peers $412.92 (+71.8%) · method: comparables only

⚠ DCF unavailable: same-period, same-currency gross interest expense is unavailable and cannot be assumed zero, so operating cash flow cannot be reconciled to FCFF. Financial evidence and eligible comparables remain available. · Peers swapped to "Mega-cap platform" cohort: Retail + AWS + Ads three-engine model. Retail-only peers understate cloud margins; cloud peers understate retail flywheel.

上次更新 2026-10-31 · 資料來源：SEC EDGAR 13F、美國國會 STOCK Act 申報
非投資建議。13F 每季申報，最多落後 45 天；國會申報同樣最多落後 45 天，而且只揭露金額區間，不是精確金額。