As of Q4'25, Amazon's P/E Ratio stands at 29.16, marking the lowest point in the observed period from Q1'23 to Q4'25. This latest figure reflects a continued decline from previous quarters, indicating a significant contraction in valuation multiples. Over the period from Q1'23 to Q4'25, Amazon's P/E Ratio has experienced a pronounced downward trend, dropping from a high of 251.97 in Q1'23 to 29.16 in Q4'25. The most notable decreases occurred between Q1'23 and Q2'24, with the ratio falling sharply before stabilizing around the 30–40 range in subsequent quarters. This sustained decline suggests improving earnings relative to price or a shift in market sentiment, with the most significant inflection point occurring in the first half of 2023.