Why Amazon Stock Can Keep Rising Through 2035

Amazon's e-commerce business is becoming increasingly profitable through automation and robotics, with operating margins expanding by nearly 10 percentage points. Operating cash flow grew 29% to $168 billion over the past 12 months, while the stock trades at a discount valuation of 16x operating cash flow. However, heavy capital expenditures ($220 billion in 2026) pose a risk if investments don't generate strong returns.