Weekly Update: AWS Long-Run & Normalised FCF Margins, Datadog, ASOS, Maravai, HCA, FEVR

In Practise Weekly Update


AWS Long-Run and Normalised FCF Margins

Last week we interviewed a Former Finance Manager at Amazon, who was partly responsible for collating country and retail product category financials into one consolidated P&L for Brian Olsavsky, AMZN’s CFO.

Our aim was to deconstruct Amazon’s Retail P&L from the consolidated accounts to better understand its e-commerce unit economics. Members can read the full analysis and how we estimate the gross, contribution, and long-run EBIT margins of AMZN retail.

This week we published our analysis exploring AWS’ potential long run and current normalised FCF margin. We’ve shared a few snippets from our work below but the full write-up is available for members.

Using last week’s estimates of AMZN Retail’s opex lines, we decouple AWS’ operating expenses to estimate a rough gross margin of AWS:

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