Amazon.com Inc (AMZN) is slightly undervalued and JD.com Inc ADR (JD) is slightly undervalued.
Against our estimates of intrinsic value, JD trades at the wider discount: a margin of safety of +15%, against +7% for AMZN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 11.9% (average of 3 methods) values the shares at $273.73; the price of $254.98 is 7% below that value, and 68% of that value comes from beyond year five.
Leak Score 46/100 on 10 of 12 signals
Discounting its cash flows at 6.6% (average of 2 methods) values the shares at $32.24; the price of $27.38 is 15% below that value.
Leak Score 49/100 on 3 of 12 signals
| Metric | AMZN | JD |
|---|---|---|
| Verdict | Slightly undervalued | Slightly undervalued |
| Price | $254.98 | $27.38 |
| Intrinsic value | $273.73 | $32.24 |
| Margin of safety | +7% | +15% |
| Leak Score | 46/100 (10/12) | 49/100 (3/12) |
| Market cap | $2.75T | $32.9B |
| Revenue growth, 5 years | 13.2% | 11.0% |
| Operating margin | 12.7% | 0.2% |
| Net margin | 17.4% | 1.1% |
| Return on equity | 30.6% | 6.7% |
| Debt to equity | 0.44 | 0.48 |
| P/E | 20.5x | 18.5x |
| Forward P/E | 24.0x | 6.5x |
| P/B | 5.0x | 1.2x |
| Dividend yield | — | 3.3% |