# Internet Retail — company-by-company sector analysis

> Internet Retail: Amazon.com, Inc. owns the largest revenue base; MercadoLibre, Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Internet Retail has underperformed S&P 500 by 9.9% over 52 weeks and 0% over 13 weeks. 7 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 16 beat the sector itself. Amazon.com, Inc. leads with revenue of $742,776 million, based on 15 of 16 comparable companies through Mar 2026.

### Is the Internet Retail sector outperforming S&P 500?

Internet Retail has underperformed S&P 500 by 9.9% over 52 weeks and 0% over 13 weeks. 7 of 16 covered companies beat the S&P 500 on Mansfield relative strength, while 8 of 16 beat the sector itself.

### Which Internet Retail company is largest by revenue?

Amazon.com, Inc. leads with revenue of $742,776 million, based on 15 of 16 comparable companies through Mar 2026.

### Which Internet Retail company is growing fastest?

MercadoLibre, Inc. has the fastest current revenue growth at 42.1%, across 15 of 16 comparable companies.

### Which Internet Retail company has the strongest 4-Factor Sector Score?

Maplebear Inc. ranks first at 66.4/100 with 82% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Internet Retail company reports the most CAPEX?

Amazon.com, Inc. reports the largest latest CAPEX at $44,203 million, with 16 of 16 companies comparable.

### Which Internet Retail company has the least gross debt?

Jumia Technologies AG has the lowest comparable gross debt at $10 million. Amazon.com, Inc. has the highest at $209,888 million.

### Which Internet Retail company has the lowest comparable PEG?

Amazon.com, Inc. has the lowest comparable Guarded PEG at 0.69, among 7 of 16 companies that pass the metric’s comparability rules.

### How much history does this Internet Retail comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Internet Retail has underperformed S&P 500 by 9.9% over the last 52 weeks. Over 13 weeks the gap is a lead of 0%. 7 of 16 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Etsy, Inc. is the strongest against the sector itself at +41%.

13-week sector return versus NIFTY 500: -0.0%
52-week sector return versus NIFTY 500: -9.9%
Stocks leading NIFTY: 7/16
Stocks leading sector: 8/16

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 16
Combined market value: ₹28.6 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Maplebear Inc. (CART): 66/100 — Favorable setup; evidence 82%
   - Growth & earnings 21.1/35 | Capital efficiency 17.4/25 | Valuation 13.3/20 | Relative strength 14.6/20
   - Exact sum: 21.1 + 17.4 + 13.3 + 14.6 = 66.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Etsy, Inc. (ETSY): 65/100 — Favorable setup; evidence 65%
   - Growth & earnings 21.4/35 | Capital efficiency 12.6/25 | Valuation 11.3/20 | Relative strength 20.0/20
   - Exact sum: 21.4 + 12.6 + 11.3 + 20 = 65.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Global-E Online Ltd. (GLBE): 62/100 — Mixed-positive evidence; evidence 65%
   - Growth & earnings 23.9/35 | Capital efficiency 12.9/25 | Valuation 9.4/20 | Relative strength 16.2/20
   - Exact sum: 23.9 + 12.9 + 9.4 + 16.2 = 62.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Revolve Group, Inc. (RVLV): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 18.3/35 | Capital efficiency 13.4/25 | Valuation 14.4/20 | Relative strength 15.1/20
   - Exact sum: 18.3 + 13.4 + 14.4 + 15.1 = 61.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Liquidity Services, Inc. (LQDT): 61/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 19.8/35 | Capital efficiency 15.1/25 | Valuation 9.6/20 | Relative strength 16.4/20
   - Exact sum: 19.8 + 15.1 + 9.6 + 16.4 = 60.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. Amazon.com, Inc. (AMZN): 56/100 — Mixed-positive evidence; evidence 82%
   - Growth & earnings 20.6/35 | Capital efficiency 13.2/25 | Valuation 15.8/20 | Relative strength 6.6/20
   - Exact sum: 20.6 + 13.2 + 15.8 + 6.6 = 56.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Sea Limited (SE): 52/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.0/35 | Capital efficiency 12.5/25 | Valuation 10.1/20 | Relative strength 8.0/20
   - Exact sum: 21 + 12.5 + 10.1 + 8 = 51.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Wayfair Inc. (W): 51/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 20.4/35 | Capital efficiency 7.1/25 | Valuation 8.5/20 | Relative strength 15.0/20
   - Exact sum: 20.4 + 7.1 + 8.5 + 15 = 51
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9. DoorDash, Inc. (DASH): 48/100 — Mixed-negative evidence; evidence 72%
   - Growth & earnings 18.9/35 | Capital efficiency 9.5/25 | Valuation 9.2/20 | Relative strength 9.9/20
   - Exact sum: 18.9 + 9.5 + 9.2 + 9.9 = 47.5
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10. eBay Inc. (EBAY): 46/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.9/35 | Capital efficiency 11.9/25 | Valuation 6.5/20 | Relative strength 14.7/20
   - Exact sum: 12.9 + 11.9 + 6.5 + 14.7 = 46
   - Decision use: Price leads the evidence: RS versus the benchmark is 14.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11. Chewy, Inc. (CHWY): 43/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 15.9/35 | Capital efficiency 13.7/25 | Valuation 8.2/20 | Relative strength 4.9/20
   - Exact sum: 15.9 + 13.7 + 8.2 + 4.9 = 42.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12. MercadoLibre, Inc. (MELI): 42/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 12.4/35 | Capital efficiency 11.1/25 | Valuation 10.9/20 | Relative strength 7.8/20
   - Exact sum: 12.4 + 11.1 + 10.9 + 7.8 = 42.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13. Jumia Technologies AG (JMIA): 42/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 22.5/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 3.6/20
   - Exact sum: 22.5 + 5.5 + 10 + 3.6 = 41.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
14. ThredUp Inc. (TDUP): 36/100 — Thin evidence · provisional; evidence 56%
   - Growth & earnings 14.2/35 | Capital efficiency 5.6/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Exact sum: 14.2 + 5.6 + 10 + 6 = 35.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
15. Coupang, Inc. (CPNG): 24/100 — Adverse evidence; evidence 72%
   - Growth & earnings 7.3/35 | Capital efficiency 6.0/25 | Valuation 8.7/20 | Relative strength 1.6/20
   - Exact sum: 7.3 + 6 + 8.7 + 1.6 = 23.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16. Newegg Commerce, Inc. (NEGG): 38/100 — Thin evidence · provisional; evidence 33%
   - Growth & earnings 17.7/35 | Capital efficiency 8.7/25 | Valuation 9.0/20 | Relative strength 3.0/20
   - Exact sum: 17.7 + 8.7 + 9 + 3 = 38.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Amazon.com, Inc. is the scale leader at $742,776 million, 21.1× the revenue of Coupang, Inc.. MercadoLibre, Inc.'s growth is 42.1% from a $31,803 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Amazon.com, Inc. is the scale benchmark; MercadoLibre, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Amazon.com, Inc.'s growth falls below MercadoLibre, Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Amazon.com, Inc. · $742,776 million | 21.1× versus #2 · Coupang, Inc. | 8/8 recent comparable periods | 15/16 companies · 295 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Amazon.com, Inc. (AMZN): ₹7.4 L Cr
2. Coupang, Inc. (CPNG): ₹35.1K Cr
3. MercadoLibre, Inc. (MELI): ₹31.8K Cr
4. Sea Limited (SE): ₹25.2K Cr
5. DoorDash, Inc. (DASH): ₹14.7K Cr

### Revenue growth — fastest growers
1. MercadoLibre, Inc. (MELI): 42%
2. Sea Limited (SE): 41%
3. Jumia Technologies AG (JMIA): 33%
4. DoorDash, Inc. (DASH): 31%
5. Global-E Online Ltd. (GLBE): 29%

### 20-quarter Revenue history
- AMZN: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.4 L Cr | Mar 2022 ₹1.2 L Cr | Jun 2022 ₹1.2 L Cr | Sep 2022 ₹1.3 L Cr | Dec 2022 ₹1.5 L Cr | Mar 2023 ₹1.3 L Cr | Jun 2023 ₹1.3 L Cr | Sep 2023 ₹1.4 L Cr | Dec 2023 ₹1.7 L Cr | Mar 2024 ₹1.4 L Cr | Jun 2024 ₹1.5 L Cr | Sep 2024 ₹1.6 L Cr | Dec 2024 ₹1.9 L Cr | Mar 2025 ₹1.6 L Cr | Jun 2025 ₹1.7 L Cr | Sep 2025 ₹1.8 L Cr | Dec 2025 ₹2.1 L Cr | Mar 2026 ₹1.8 L Cr | Jun 2026 —
- MELI: Sep 2021 ₹1.9K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.2K Cr | Jun 2022 ₹2.6K Cr | Sep 2022 ₹2.7K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.9K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹5.1K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹6.1K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.8K Cr | Sep 2025 ₹7.4K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹8.8K Cr | Jun 2026 —
- DASH: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.3K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.7K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.1K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.7K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 —
- SE: Sep 2021 ₹2.7K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹2.9K Cr | Sep 2022 ₹3.2K Cr | Dec 2022 ₹3.5K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.1K Cr | Sep 2023 ₹3.3K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.8K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹5.0K Cr | Mar 2025 ₹4.8K Cr | Jun 2025 ₹5.3K Cr | Sep 2025 ₹6.0K Cr | Dec 2025 ₹6.9K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- EBAY: Sep 2021 ₹2.5K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.5K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.5K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.8K Cr | Dec 2025 ₹3.0K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- CPNG: Sep 2021 ₹4.6K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.1K Cr | Dec 2022 ₹5.3K Cr | Mar 2023 ₹5.8K Cr | Jun 2023 ₹5.8K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.6K Cr | Mar 2024 ₹7.1K Cr | Jun 2024 ₹7.3K Cr | Sep 2024 ₹7.9K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.9K Cr | Jun 2025 ₹8.5K Cr | Sep 2025 ₹9.3K Cr | Dec 2025 ₹8.8K Cr | Mar 2026 ₹8.5K Cr | Jun 2026 —
- W: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹3.1K Cr | Mar 2023 ₹2.8K Cr | Jun 2023 ₹3.2K Cr | Sep 2023 ₹2.9K Cr | Dec 2023 ₹3.1K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹3.1K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹2.9K Cr | Jun 2026 —
- CART: Sep 2021 ₹473 Cr | Dec 2021 ₹477 Cr | Mar 2022 ₹505 Cr | Jun 2022 ₹621 Cr | Sep 2022 ₹668 Cr | Dec 2022 ₹757 Cr | Mar 2023 ₹759 Cr | Jun 2023 ₹716 Cr | Sep 2023 ₹764 Cr | Dec 2023 ₹803 Cr | Mar 2024 ₹820 Cr | Jun 2024 ₹823 Cr | Sep 2024 ₹852 Cr | Dec 2024 ₹883 Cr | Mar 2025 ₹897 Cr | Jun 2025 ₹914 Cr | Sep 2025 ₹939 Cr | Dec 2025 ₹992 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- CHWY: Sep 2021 ₹2.2K Cr | Dec 2021 ₹2.2K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.5K Cr | Mar 2023 ₹2.7K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.2K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 ₹3.4K Cr
- ETSY: Sep 2021 ₹532 Cr | Dec 2021 ₹717 Cr | Mar 2022 ₹579 Cr | Jun 2022 ₹585 Cr | Sep 2022 ₹594 Cr | Dec 2022 ₹807 Cr | Mar 2023 ₹641 Cr | Jun 2023 ₹629 Cr | Sep 2023 ₹636 Cr | Dec 2023 ₹842 Cr | Mar 2024 ₹646 Cr | Jun 2024 ₹648 Cr | Sep 2024 ₹662 Cr | Dec 2024 ₹852 Cr | Mar 2025 ₹612 Cr | Jun 2025 ₹673 Cr | Sep 2025 ₹678 Cr | Dec 2025 ₹882 Cr | Mar 2026 ₹631 Cr | Jun 2026 —
- GLBE: Sep 2021 ₹59 Cr | Dec 2021 ₹83 Cr | Mar 2022 ₹76 Cr | Jun 2022 ₹87 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹133 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹185 Cr | Mar 2024 ₹146 Cr | Jun 2024 ₹168 Cr | Sep 2024 ₹176 Cr | Dec 2024 ₹263 Cr | Mar 2025 ₹190 Cr | Jun 2025 ₹215 Cr | Sep 2025 ₹221 Cr | Dec 2025 ₹337 Cr | Mar 2026 ₹252 Cr | Jun 2026 —
- RVLV: Sep 2021 ₹244 Cr | Dec 2021 ₹240 Cr | Mar 2022 ₹283 Cr | Jun 2022 ₹290 Cr | Sep 2022 ₹269 Cr | Dec 2022 ₹259 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹274 Cr | Sep 2023 ₹258 Cr | Dec 2023 ₹258 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹282 Cr | Sep 2024 ₹283 Cr | Dec 2024 ₹294 Cr | Mar 2025 ₹297 Cr | Jun 2025 ₹309 Cr | Sep 2025 ₹296 Cr | Dec 2025 ₹324 Cr | Mar 2026 ₹343 Cr | Jun 2026 —
- LQDT: Sep 2021 ₹70 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹68 Cr | Jun 2022 ₹70 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹72 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹80 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹91 Cr | Jun 2024 ₹94 Cr | Sep 2024 ₹107 Cr | Dec 2024 ₹122 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹120 Cr | Sep 2025 ₹118 Cr | Dec 2025 ₹121 Cr | Mar 2026 ₹121 Cr | Jun 2026 —
- TDUP: Sep 2021 ₹63 Cr | Dec 2021 ₹73 Cr | Mar 2022 ₹73 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹68 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹76 Cr | Jun 2023 ₹83 Cr | Sep 2023 ₹82 Cr | Dec 2023 ₹81 Cr | Mar 2024 ₹65 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹62 Cr | Dec 2024 ₹67 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹82 Cr | Jun 2026 —
- JMIA: Sep 2021 ₹43 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹48 Cr | Jun 2022 ₹57 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹45 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹49 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹36 Cr | Dec 2024 ₹46 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹51 Cr | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 ₹1.2K Cr | Mar 2022 — | Jun 2022 ₹891 Cr | Sep 2022 — | Dec 2022 ₹830 Cr | Mar 2023 — | Jun 2023 ₹723 Cr | Sep 2023 — | Dec 2023 ₹774 Cr | Mar 2024 — | Jun 2024 ₹618 Cr | Sep 2024 — | Dec 2024 ₹617 Cr | Mar 2025 — | Jun 2025 ₹696 Cr | Sep 2025 — | Dec 2025 ₹749 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Revenue growth history
- AMZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 7.2% | Sep 2022 15% | Dec 2022 8.6% | Mar 2023 9.4% | Jun 2023 11% | Sep 2023 13% | Dec 2023 14% | Mar 2024 13% | Jun 2024 10% | Sep 2024 11% | Dec 2024 10% | Mar 2025 8.6% | Jun 2025 13% | Sep 2025 13% | Dec 2025 14% | Mar 2026 17% | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 45% | Dec 2022 41% | Mar 2023 42% | Jun 2023 38% | Sep 2023 46% | Dec 2023 42% | Mar 2024 36% | Jun 2024 42% | Sep 2024 35% | Dec 2024 42% | Mar 2025 37% | Jun 2025 34% | Sep 2025 39% | Dec 2025 45% | Mar 2026 49% | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 33% | Dec 2022 40% | Mar 2023 40% | Jun 2023 33% | Sep 2023 27% | Dec 2023 27% | Mar 2024 23% | Jun 2024 23% | Sep 2024 25% | Dec 2024 25% | Mar 2025 21% | Jun 2025 25% | Sep 2025 27% | Dec 2025 38% | Mar 2026 33% | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 29% | Sep 2022 17% | Dec 2022 7.1% | Mar 2023 4.9% | Jun 2023 5.2% | Sep 2023 4.9% | Dec 2023 4.8% | Mar 2024 23% | Jun 2024 23% | Sep 2024 31% | Dec 2024 37% | Mar 2025 30% | Jun 2025 38% | Sep 2025 38% | Dec 2025 38% | Mar 2026 47% | Jun 2026 —
- EBAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -9.2% | Sep 2022 -4.8% | Dec 2022 -3.9% | Mar 2023 1.1% | Jun 2023 4.9% | Sep 2023 5.0% | Dec 2023 2.1% | Mar 2024 1.8% | Jun 2024 1.3% | Sep 2024 3.0% | Dec 2024 0.7% | Mar 2025 1.1% | Jun 2025 6.1% | Sep 2025 9.5% | Dec 2025 15% | Mar 2026 20% | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 9.8% | Dec 2022 4.9% | Mar 2023 13% | Jun 2023 16% | Sep 2023 21% | Dec 2023 23% | Mar 2024 23% | Jun 2024 25% | Sep 2024 27% | Dec 2024 21% | Mar 2025 11% | Jun 2025 16% | Sep 2025 18% | Dec 2025 11% | Mar 2026 7.5% | Jun 2026 —
- W: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -9.0% | Dec 2022 -4.6% | Mar 2023 -7.3% | Jun 2023 -3.4% | Sep 2023 3.7% | Dec 2023 0.4% | Mar 2024 -1.6% | Jun 2024 -1.7% | Sep 2024 -2.0% | Dec 2024 0.2% | Mar 2025 0.0% | Jun 2025 5.0% | Sep 2025 8.1% | Dec 2025 6.9% | Mar 2026 7.4% | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 40% | Sep 2022 41% | Dec 2022 59% | Mar 2023 50% | Jun 2023 15% | Sep 2023 14% | Dec 2023 6.1% | Mar 2024 8.0% | Jun 2024 15% | Sep 2024 12% | Dec 2024 10.0% | Mar 2025 9.4% | Jun 2025 11% | Sep 2025 10% | Dec 2025 12% | Mar 2026 14% | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 13% | Dec 2022 14% | Mar 2023 11% | Jun 2023 15% | Sep 2023 15% | Dec 2023 8.5% | Mar 2024 3.6% | Jun 2024 3.1% | Sep 2024 2.7% | Dec 2024 4.8% | Mar 2025 15% | Jun 2025 8.3% | Sep 2025 8.6% | Dec 2025 8.3% | Mar 2026 0.6% | Jun 2026 7.7%
- ETSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 12% | Dec 2022 13% | Mar 2023 11% | Jun 2023 7.5% | Sep 2023 7.1% | Dec 2023 4.3% | Mar 2024 0.8% | Jun 2024 3.0% | Sep 2024 4.1% | Dec 2024 1.2% | Mar 2025 -5.3% | Jun 2025 3.9% | Sep 2025 2.4% | Dec 2025 3.5% | Mar 2026 3.1% | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 53% | Sep 2022 80% | Dec 2022 69% | Mar 2023 55% | Jun 2023 53% | Sep 2023 26% | Dec 2023 32% | Mar 2024 24% | Jun 2024 26% | Sep 2024 31% | Dec 2024 42% | Mar 2025 30% | Jun 2025 28% | Sep 2025 26% | Dec 2025 28% | Mar 2026 33% | Jun 2026 —
- RVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 10% | Dec 2022 7.9% | Mar 2023 -1.1% | Jun 2023 -5.5% | Sep 2023 -4.1% | Dec 2023 -0.4% | Mar 2024 -3.2% | Jun 2024 2.9% | Sep 2024 9.7% | Dec 2024 14% | Mar 2025 9.6% | Jun 2025 9.6% | Sep 2025 4.6% | Dec 2025 10% | Mar 2026 15% | Jun 2026 —
- LQDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 7.1% | Dec 2022 7.5% | Mar 2023 19% | Jun 2023 16% | Sep 2023 6.7% | Dec 2023 -1.4% | Mar 2024 12% | Jun 2024 16% | Sep 2024 34% | Dec 2024 72% | Mar 2025 27% | Jun 2025 28% | Sep 2025 10% | Dec 2025 -0.8% | Mar 2026 4.3% | Jun 2026 —
- TDUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 7.9% | Dec 2022 -2.7% | Mar 2023 4.1% | Jun 2023 9.2% | Sep 2023 21% | Dec 2023 14% | Mar 2024 -14% | Jun 2024 -19% | Sep 2024 -24% | Dec 2024 -17% | Mar 2025 9.2% | Jun 2025 16% | Sep 2025 32% | Dec 2025 19% | Mar 2026 15% | Jun 2026 —
- JMIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 43% | Sep 2022 16% | Dec 2022 15% | Mar 2023 -15% | Jun 2023 -23% | Sep 2023 -10% | Dec 2023 -17% | Mar 2024 20% | Jun 2024 -18% | Sep 2024 -20% | Dec 2024 -22% | Mar 2025 -27% | Jun 2025 28% | Sep 2025 28% | Dec 2025 33% | Mar 2026 42% | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 — | Dec 2022 -29% | Mar 2023 — | Jun 2023 -19% | Sep 2023 — | Dec 2023 -6.8% | Mar 2024 — | Jun 2024 -15% | Sep 2024 — | Dec 2024 -20% | Mar 2025 — | Jun 2025 13% | Sep 2025 — | Dec 2025 21% | Mar 2026 — | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: eBay Inc. leads opm at 19.8%; Jumia Technologies AG leads margin change at +24 percentage points.

Investor read: eBay Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: eBay Inc. · 19.8% | 4.2% versus #2 · Etsy, Inc. | 3/8 recent comparable periods | 15/16 companies · 286 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. eBay Inc. (EBAY): 20%
2. Etsy, Inc. (ETSY): 19%
3. Maplebear Inc. (CART): 18%
4. Amazon.com, Inc. (AMZN): 13%
5. Global-E Online Ltd. (GLBE): 13%

### Margin change — fastest expanders
1. Jumia Technologies AG (JMIA): +24.0 pp
2. Global-E Online Ltd. (GLBE): +23.2 pp
3. Etsy, Inc. (ETSY): +19.6 pp
4. Maplebear Inc. (CART): +5.6 pp
5. Wayfair Inc. (W): +4.1 pp

### 20-quarter OPM history
- AMZN: Sep 2021 4.4% | Dec 2021 2.5% | Mar 2022 3.2% | Jun 2022 2.7% | Sep 2022 2.0% | Dec 2022 1.8% | Mar 2023 3.7% | Jun 2023 5.7% | Sep 2023 7.8% | Dec 2023 7.8% | Mar 2024 11% | Jun 2024 9.9% | Sep 2024 11% | Dec 2024 11% | Mar 2025 12% | Jun 2025 11% | Sep 2025 9.7% | Dec 2025 12% | Mar 2026 13% | Jun 2026 —
- MELI: Sep 2021 8.6% | Dec 2021 1.1% | Mar 2022 6.2% | Jun 2022 9.6% | Sep 2022 11% | Dec 2022 12% | Mar 2023 13% | Jun 2023 19% | Sep 2023 20% | Dec 2023 5.6% | Mar 2024 12% | Jun 2024 14% | Sep 2024 11% | Dec 2024 14% | Mar 2025 13% | Jun 2025 12% | Sep 2025 9.8% | Dec 2025 10% | Mar 2026 6.9% | Jun 2026 —
- DASH: Sep 2021 -7.8% | Dec 2021 -12% | Mar 2022 -12% | Jun 2022 -17% | Sep 2022 -18% | Dec 2022 -20% | Mar 2023 -8.4% | Jun 2023 -9.9% | Sep 2023 -5.0% | Dec 2023 -3.9% | Mar 2024 -2.4% | Jun 2024 -7.6% | Sep 2024 4.0% | Dec 2024 4.1% | Mar 2025 5.1% | Jun 2025 5.0% | Sep 2025 7.5% | Dec 2025 3.7% | Mar 2026 3.7% | Jun 2026 —
- SE: Sep 2021 -17% | Dec 2021 -14% | Mar 2022 -17% | Jun 2022 -28% | Sep 2022 -16% | Dec 2022 9.9% | Mar 2023 4.1% | Jun 2023 9.2% | Sep 2023 -3.9% | Dec 2023 -1.6% | Mar 2024 1.9% | Jun 2024 2.2% | Sep 2024 4.7% | Dec 2024 6.2% | Mar 2025 9.4% | Jun 2025 9.3% | Sep 2025 8.0% | Dec 2025 8.2% | Mar 2026 8.4% | Jun 2026 —
- EBAY: Sep 2021 27% | Dec 2021 26% | Mar 2022 28% | Jun 2022 22% | Sep 2022 24% | Dec 2022 23% | Mar 2023 22% | Jun 2023 20% | Sep 2023 18% | Dec 2023 16% | Mar 2024 25% | Jun 2024 21% | Sep 2024 23% | Dec 2024 21% | Mar 2025 24% | Jun 2025 18% | Sep 2025 20% | Dec 2025 20% | Mar 2026 20% | Jun 2026 —
- CPNG: Sep 2021 -6.8% | Dec 2021 -7.8% | Mar 2022 -4.0% | Jun 2022 -1.3% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 1.8% | Jun 2023 2.5% | Sep 2023 1.4% | Dec 2023 2.0% | Mar 2024 0.6% | Jun 2024 -0.3% | Sep 2024 1.4% | Dec 2024 3.9% | Mar 2025 1.9% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 0.1% | Mar 2026 -2.8% | Jun 2026 —
- W: Sep 2021 -2.2% | Dec 2021 -6.0% | Mar 2022 -10% | Jun 2022 -11% | Sep 2022 -13% | Dec 2022 -11% | Mar 2023 -13% | Jun 2023 -4.5% | Sep 2023 -5.2% | Dec 2023 -5.5% | Mar 2024 -8.6% | Jun 2024 -1.1% | Sep 2024 -2.6% | Dec 2024 -3.7% | Mar 2025 -4.5% | Jun 2025 0.5% | Sep 2025 1.2% | Dec 2025 2.5% | Mar 2026 -0.4% | Jun 2026 —
- CART: Sep 2021 3.2% | Dec 2021 -23% | Mar 2022 -16% | Jun 2022 1.3% | Sep 2022 4.9% | Dec 2022 14% | Mar 2023 20% | Jun 2023 17% | Sep 2023 -322% | Dec 2023 5.7% | Mar 2024 18% | Jun 2024 6.3% | Sep 2024 16% | Dec 2024 18% | Mar 2025 12% | Jun 2025 14% | Sep 2025 18% | Dec 2025 9.8% | Mar 2026 18% | Jun 2026 —
- CHWY: Sep 2021 -0.8% | Dec 2021 -1.4% | Mar 2022 -2.6% | Jun 2022 0.8% | Sep 2022 0.9% | Dec 2022 0.0% | Mar 2023 0.6% | Jun 2023 0.9% | Sep 2023 -0.6% | Dec 2023 -0.4% | Mar 2024 -0.8% | Jun 2024 2.2% | Sep 2024 1.1% | Dec 2024 0.9% | Mar 2025 -0.3% | Jun 2025 2.5% | Sep 2025 2.2% | Dec 2025 2.1% | Mar 2026 1.3% | Jun 2026 3.8%
- ETSY: Sep 2021 16% | Dec 2021 20% | Mar 2022 15% | Jun 2022 12% | Sep 2022 -161% | Dec 2022 17% | Mar 2023 12% | Jun 2023 -0.4% | Sep 2023 14% | Dec 2023 14% | Mar 2024 11% | Jun 2024 11% | Sep 2024 13% | Dec 2024 18% | Mar 2025 -0.6% | Jun 2025 11% | Sep 2025 12% | Dec 2025 15% | Mar 2026 19% | Jun 2026 —
- GLBE: Sep 2021 -48% | Dec 2021 -27% | Mar 2022 -68% | Jun 2022 -57% | Sep 2022 -50% | Dec 2022 -25% | Mar 2023 -36% | Jun 2023 -27% | Sep 2023 -27% | Dec 2023 -12% | Mar 2024 -20% | Jun 2024 -14% | Sep 2024 -12% | Dec 2024 2.0% | Mar 2025 -10% | Jun 2025 4.9% | Sep 2025 7.7% | Dec 2025 19% | Mar 2026 13% | Jun 2026 —
- RVLV: Sep 2021 7.9% | Dec 2021 13% | Mar 2022 10% | Jun 2022 6.6% | Sep 2022 5.5% | Dec 2022 4.1% | Mar 2023 4.4% | Jun 2023 2.7% | Sep 2023 0.1% | Dec 2023 0.9% | Mar 2024 3.4% | Jun 2024 5.8% | Sep 2024 5.0% | Dec 2024 3.9% | Mar 2025 5.0% | Jun 2025 5.8% | Sep 2025 7.1% | Dec 2025 6.3% | Mar 2026 4.6% | Jun 2026 —
- LQDT: Sep 2021 12% | Dec 2021 6.7% | Mar 2022 19% | Jun 2022 27% | Sep 2022 15% | Dec 2022 6.5% | Mar 2023 6.4% | Jun 2023 10% | Sep 2023 9.9% | Dec 2023 2.3% | Mar 2024 7.2% | Jun 2024 8.4% | Sep 2024 6.8% | Dec 2024 5.8% | Mar 2025 5.8% | Jun 2025 8.5% | Sep 2025 9.3% | Dec 2025 7.7% | Mar 2026 8.0% | Jun 2026 —
- TDUP: Sep 2021 -25% | Dec 2021 -25% | Mar 2022 -28% | Jun 2022 -37% | Sep 2022 -36% | Dec 2022 -23% | Mar 2023 -27% | Jun 2023 -23% | Sep 2023 -22% | Dec 2023 -18% | Mar 2024 -19% | Jun 2024 -14% | Sep 2024 -17% | Dec 2024 -12% | Mar 2025 -7.6% | Jun 2025 -6.8% | Sep 2025 -5.3% | Dec 2025 -8.4% | Mar 2026 -8.1% | Jun 2026 —
- JMIA: Sep 2021 -150% | Dec 2021 -137% | Mar 2022 -140% | Jun 2022 -118% | Sep 2022 -86% | Dec 2022 -76% | Mar 2023 -69% | Jun 2023 -50% | Sep 2023 -41% | Dec 2023 -7.5% | Mar 2024 -17% | Jun 2024 -56% | Sep 2024 -55% | Dec 2024 -38% | Mar 2025 -51% | Jun 2025 -36% | Sep 2025 -38% | Dec 2025 -17% | Mar 2026 -27% | Jun 2026 —

### 20-quarter Margin change history
- AMZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.1 pp | Sep 2022 −2.4 pp | Dec 2022 −0.7 pp | Mar 2023 +0.5 pp | Jun 2023 +3.0 pp | Sep 2023 +5.8 pp | Dec 2023 +6.0 pp | Mar 2024 +7.0 pp | Jun 2024 +4.2 pp | Sep 2024 +3.2 pp | Dec 2024 +3.5 pp | Mar 2025 +1.1 pp | Jun 2025 +1.5 pp | Sep 2025 −1.3 pp | Dec 2025 +0.4 pp | Mar 2026 +1.3 pp | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −0.1 pp | Sep 2022 +2.4 pp | Dec 2022 +10.5 pp | Mar 2023 +6.9 pp | Jun 2023 +9.1 pp | Sep 2023 +9.0 pp | Dec 2023 −6.0 pp | Mar 2024 −0.9 pp | Jun 2024 −4.4 pp | Sep 2024 −9.5 pp | Dec 2024 +7.9 pp | Mar 2025 +0.7 pp | Jun 2025 −2.1 pp | Sep 2025 −0.7 pp | Dec 2025 −3.4 pp | Mar 2026 −6.0 pp | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −9.0 pp | Sep 2022 −10.3 pp | Dec 2022 −8.6 pp | Mar 2023 +3.5 pp | Jun 2023 +7.1 pp | Sep 2023 +13.1 pp | Dec 2023 +16.5 pp | Mar 2024 +6.0 pp | Jun 2024 +2.3 pp | Sep 2024 +9.0 pp | Dec 2024 +8.0 pp | Mar 2025 +7.5 pp | Jun 2025 +12.6 pp | Sep 2025 +3.5 pp | Dec 2025 −0.4 pp | Mar 2026 −1.4 pp | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.8 pp | Sep 2022 +1.4 pp | Dec 2022 +23.6 pp | Mar 2023 +21.3 pp | Jun 2023 +37.6 pp | Sep 2023 +11.8 pp | Dec 2023 −11.5 pp | Mar 2024 −2.2 pp | Jun 2024 −7.0 pp | Sep 2024 +8.6 pp | Dec 2024 +7.8 pp | Mar 2025 +7.5 pp | Jun 2025 +7.1 pp | Sep 2025 +3.3 pp | Dec 2025 +2.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- EBAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.7 pp | Sep 2022 −2.6 pp | Dec 2022 −3.8 pp | Mar 2023 −5.7 pp | Jun 2023 −1.3 pp | Sep 2023 −5.7 pp | Dec 2023 −6.5 pp | Mar 2024 +2.5 pp | Jun 2024 +0.9 pp | Sep 2024 +4.9 pp | Dec 2024 +5.1 pp | Mar 2025 −1.1 pp | Jun 2025 −3.6 pp | Sep 2025 −2.7 pp | Dec 2025 −0.8 pp | Mar 2026 −3.8 pp | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.2 pp | Sep 2022 +8.3 pp | Dec 2022 +9.4 pp | Mar 2023 +5.8 pp | Jun 2023 +3.8 pp | Sep 2023 −0.1 pp | Dec 2023 +0.4 pp | Mar 2024 −1.2 pp | Jun 2024 −2.8 pp | Sep 2024 0.0 pp | Dec 2024 +1.9 pp | Mar 2025 +1.3 pp | Jun 2025 +2.0 pp | Sep 2025 +0.3 pp | Dec 2025 −3.8 pp | Mar 2026 −4.7 pp | Jun 2026 —
- W: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −15.1 pp | Sep 2022 −10.9 pp | Dec 2022 −4.6 pp | Mar 2023 −2.1 pp | Jun 2023 +6.8 pp | Sep 2023 +7.9 pp | Dec 2023 +5.1 pp | Mar 2024 +3.9 pp | Jun 2024 +3.4 pp | Sep 2024 +2.6 pp | Dec 2024 +1.8 pp | Mar 2025 +4.1 pp | Jun 2025 +1.6 pp | Sep 2025 +3.8 pp | Dec 2025 +6.2 pp | Mar 2026 +4.1 pp | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.2 pp | Sep 2022 +1.7 pp | Dec 2022 +36.8 pp | Mar 2023 +35.8 pp | Jun 2023 +15.3 pp | Sep 2023 −326.5 pp | Dec 2023 −7.8 pp | Mar 2024 −2.2 pp | Jun 2024 −10.3 pp | Sep 2024 +337.8 pp | Dec 2024 +11.9 pp | Mar 2025 −5.3 pp | Jun 2025 +7.3 pp | Sep 2025 +1.5 pp | Dec 2025 −7.8 pp | Mar 2026 +5.6 pp | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 +1.4 pp | Mar 2023 +3.2 pp | Jun 2023 +0.1 pp | Sep 2023 −1.5 pp | Dec 2023 −0.4 pp | Mar 2024 −1.4 pp | Jun 2024 +1.3 pp | Sep 2024 +1.7 pp | Dec 2024 +1.3 pp | Mar 2025 +0.5 pp | Jun 2025 +0.3 pp | Sep 2025 +1.1 pp | Dec 2025 +1.2 pp | Mar 2026 +1.6 pp | Jun 2026 +1.3 pp
- ETSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −4.4 pp | Sep 2022 −176.3 pp | Dec 2022 −2.5 pp | Mar 2023 −2.4 pp | Jun 2023 −12.8 pp | Sep 2023 +174.5 pp | Dec 2023 −3.6 pp | Mar 2024 −1.7 pp | Jun 2024 +11.2 pp | Sep 2024 −0.8 pp | Dec 2024 +4.5 pp | Mar 2025 −11.1 pp | Jun 2025 +0.6 pp | Sep 2025 −0.9 pp | Dec 2025 −3.5 pp | Mar 2026 +19.6 pp | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −22.5 pp | Sep 2022 −2.9 pp | Dec 2022 +1.7 pp | Mar 2023 +32.0 pp | Jun 2023 +29.2 pp | Sep 2023 +23.8 pp | Dec 2023 +12.7 pp | Mar 2024 +15.6 pp | Jun 2024 +13.7 pp | Sep 2024 +14.6 pp | Dec 2024 +14.4 pp | Mar 2025 +10.0 pp | Jun 2025 +18.5 pp | Sep 2025 +19.7 pp | Dec 2025 +16.8 pp | Mar 2026 +23.2 pp | Jun 2026 —
- RVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −7.8 pp | Sep 2022 −2.4 pp | Dec 2022 −9.2 pp | Mar 2023 −5.6 pp | Jun 2023 −3.9 pp | Sep 2023 −5.4 pp | Dec 2023 −3.2 pp | Mar 2024 −1.0 pp | Jun 2024 +3.1 pp | Sep 2024 +4.9 pp | Dec 2024 +3.0 pp | Mar 2025 +1.6 pp | Jun 2025 0.0 pp | Sep 2025 +2.1 pp | Dec 2025 +2.4 pp | Mar 2026 −0.4 pp | Jun 2026 —
- LQDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +14.5 pp | Sep 2022 +3.2 pp | Dec 2022 −0.2 pp | Mar 2023 −12.6 pp | Jun 2023 −16.6 pp | Sep 2023 −5.1 pp | Dec 2023 −4.2 pp | Mar 2024 +0.8 pp | Jun 2024 −1.8 pp | Sep 2024 −3.1 pp | Dec 2024 +3.5 pp | Mar 2025 −1.4 pp | Jun 2025 +0.1 pp | Sep 2025 +2.5 pp | Dec 2025 +1.9 pp | Mar 2026 +2.2 pp | Jun 2026 —
- TDUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −13.9 pp | Sep 2022 −11.1 pp | Dec 2022 +2.1 pp | Mar 2023 +1.7 pp | Jun 2023 +14.5 pp | Sep 2023 +13.4 pp | Dec 2023 +4.9 pp | Mar 2024 +7.4 pp | Jun 2024 +8.2 pp | Sep 2024 +5.2 pp | Dec 2024 +6.0 pp | Mar 2025 +11.6 pp | Jun 2025 +7.6 pp | Sep 2025 +11.7 pp | Dec 2025 +3.7 pp | Mar 2026 −0.5 pp | Jun 2026 —
- JMIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.0 pp | Sep 2022 +64.6 pp | Dec 2022 +60.1 pp | Mar 2023 +70.6 pp | Jun 2023 +68.1 pp | Sep 2023 +44.2 pp | Dec 2023 +68.9 pp | Mar 2024 +51.9 pp | Jun 2024 −5.4 pp | Sep 2024 −13.9 pp | Dec 2024 −30.4 pp | Mar 2025 −34.4 pp | Jun 2025 +19.3 pp | Sep 2025 +17.1 pp | Dec 2025 +20.6 pp | Mar 2026 +24.0 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Amazon.com, Inc. leads with $91,372 million of TTM profit, 45.6× the profit of eBay Inc.. DoorDash, Inc. shows ≥100% on the scoring scale (176.3% uncapped) growth from a $923 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Amazon.com, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Amazon.com, Inc. · $91,372 million | 45.6× versus #2 · eBay Inc. | 8/8 recent comparable periods | 15/16 companies · 295 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Amazon.com, Inc. (AMZN): ₹91.4K Cr
2. eBay Inc. (EBAY): ₹2.0K Cr
3. MercadoLibre, Inc. (MELI): ₹1.9K Cr
4. Sea Limited (SE): ₹1.6K Cr
5. DoorDash, Inc. (DASH): ₹923 Cr

### Profit growth — fastest growers
1. DoorDash, Inc. (DASH): 100%
2. Sea Limited (SE): 86%
3. Amazon.com, Inc. (AMZN): 39%
4. Revolve Group, Inc. (RVLV): 31%
5. Liquidity Services, Inc. (LQDT): 20%

### 20-quarter Net profit history
- AMZN: Sep 2021 ₹3.2K Cr | Dec 2021 ₹14.3K Cr | Mar 2022 ₹-3.8K Cr | Jun 2022 ₹-2.0K Cr | Sep 2022 ₹2.9K Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹3.2K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹9.9K Cr | Dec 2023 ₹10.6K Cr | Mar 2024 ₹10.5K Cr | Jun 2024 ₹13.5K Cr | Sep 2024 ₹15.3K Cr | Dec 2024 ₹20.0K Cr | Mar 2025 ₹17.1K Cr | Jun 2025 ₹18.2K Cr | Sep 2025 ₹21.3K Cr | Dec 2025 ₹21.7K Cr | Mar 2026 ₹30.3K Cr | Jun 2026 —
- MELI: Sep 2021 ₹95 Cr | Dec 2021 ₹-46 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹123 Cr | Sep 2022 ₹129 Cr | Dec 2022 ₹165 Cr | Mar 2023 ₹201 Cr | Jun 2023 ₹262 Cr | Sep 2023 ₹359 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹344 Cr | Jun 2024 ₹531 Cr | Sep 2024 ₹397 Cr | Dec 2024 ₹639 Cr | Mar 2025 ₹494 Cr | Jun 2025 ₹523 Cr | Sep 2025 ₹421 Cr | Dec 2025 ₹559 Cr | Mar 2026 ₹417 Cr | Jun 2026 —
- DASH: Sep 2021 ₹-101 Cr | Dec 2021 ₹-155 Cr | Mar 2022 ₹-167 Cr | Jun 2022 ₹-263 Cr | Sep 2022 ₹-296 Cr | Dec 2022 ₹-642 Cr | Mar 2023 ₹-162 Cr | Jun 2023 ₹-172 Cr | Sep 2023 ₹-75 Cr | Dec 2023 ₹-156 Cr | Mar 2024 ₹-25 Cr | Jun 2024 ₹-158 Cr | Sep 2024 ₹161 Cr | Dec 2024 ₹139 Cr | Mar 2025 ₹192 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹243 Cr | Dec 2025 ₹213 Cr | Mar 2026 ₹183 Cr | Jun 2026 —
- SE: Sep 2021 ₹-571 Cr | Dec 2021 ₹-616 Cr | Mar 2022 ₹-580 Cr | Jun 2022 ₹-931 Cr | Sep 2022 ₹-569 Cr | Dec 2022 ₹423 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹331 Cr | Sep 2023 ₹-144 Cr | Dec 2023 ₹-112 Cr | Mar 2024 ₹-23 Cr | Jun 2024 ₹80 Cr | Sep 2024 ₹153 Cr | Dec 2024 ₹238 Cr | Mar 2025 ₹411 Cr | Jun 2025 ₹414 Cr | Sep 2025 ₹375 Cr | Dec 2025 ₹411 Cr | Mar 2026 ₹438 Cr | Jun 2026 —
- EBAY: Sep 2021 ₹283 Cr | Dec 2021 ₹-893 Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-536 Cr | Sep 2022 ₹-70 Cr | Dec 2022 ₹671 Cr | Mar 2023 ₹569 Cr | Jun 2023 ₹172 Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹728 Cr | Mar 2024 ₹439 Cr | Jun 2024 ₹226 Cr | Sep 2024 ₹636 Cr | Dec 2024 ₹680 Cr | Mar 2025 ₹501 Cr | Jun 2025 ₹369 Cr | Sep 2025 ₹597 Cr | Dec 2025 ₹525 Cr | Mar 2026 ₹512 Cr | Jun 2026 —
- CPNG: Sep 2021 ₹-324 Cr | Dec 2021 ₹-405 Cr | Mar 2022 ₹-209 Cr | Jun 2022 ₹-75 Cr | Sep 2022 ₹91 Cr | Dec 2022 ₹102 Cr | Mar 2023 ₹91 Cr | Jun 2023 ₹145 Cr | Sep 2023 ₹91 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹-24 Cr | Jun 2024 ₹-105 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹131 Cr | Mar 2025 ₹114 Cr | Jun 2025 ₹31 Cr | Sep 2025 ₹95 Cr | Dec 2025 ₹-26 Cr | Mar 2026 ₹-266 Cr | Jun 2026 —
- W: Sep 2021 ₹-78 Cr | Dec 2021 ₹-202 Cr | Mar 2022 ₹-319 Cr | Jun 2022 ₹-378 Cr | Sep 2022 ₹-283 Cr | Dec 2022 ₹-351 Cr | Mar 2023 ₹-355 Cr | Jun 2023 ₹-46 Cr | Sep 2023 ₹-163 Cr | Dec 2023 ₹-174 Cr | Mar 2024 ₹-248 Cr | Jun 2024 ₹-42 Cr | Sep 2024 ₹-74 Cr | Dec 2024 ₹-128 Cr | Mar 2025 ₹-113 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-99 Cr | Dec 2025 ₹-116 Cr | Mar 2026 ₹-105 Cr | Jun 2026 —
- CART: Sep 2021 ₹15 Cr | Dec 2021 ₹-99 Cr | Mar 2022 ₹-82 Cr | Jun 2022 ₹8 Cr | Sep 2022 ₹36 Cr | Dec 2022 ₹466 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹-2.0K Cr | Dec 2023 ₹135 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹61 Cr | Sep 2024 ₹118 Cr | Dec 2024 ₹148 Cr | Mar 2025 ₹106 Cr | Jun 2025 ₹116 Cr | Sep 2025 ₹144 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹144 Cr | Jun 2026 —
- CHWY: Sep 2021 ₹-17 Cr | Dec 2021 ₹-32 Cr | Mar 2022 ₹-65 Cr | Jun 2022 ₹18 Cr | Sep 2022 ₹22 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹-35 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹299 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹23 Cr | Jun 2025 ₹62 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹59 Cr | Mar 2026 ₹39 Cr | Jun 2026 ₹95 Cr
- ETSY: Sep 2021 ₹90 Cr | Dec 2021 ₹162 Cr | Mar 2022 ₹86 Cr | Jun 2022 ₹73 Cr | Sep 2022 ₹-963 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹75 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹88 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹57 Cr | Dec 2024 ₹130 Cr | Mar 2025 ₹-35 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹76 Cr | Dec 2025 ₹111 Cr | Mar 2026 ₹105 Cr | Jun 2026 —
- GLBE: Sep 2021 ₹-28 Cr | Dec 2021 ₹-22 Cr | Mar 2022 ₹-54 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-65 Cr | Dec 2022 ₹-28 Cr | Mar 2023 ₹-43 Cr | Jun 2023 ₹-36 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹-22 Cr | Mar 2024 ₹-32 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-23 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹-18 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹30 Cr | Jun 2026 —
- RVLV: Sep 2021 ₹17 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹8 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹3 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹12 Cr | Mar 2025 ₹11 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- LQDT: Sep 2021 ₹33 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹6 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- TDUP: Sep 2021 ₹-15 Cr | Dec 2021 ₹-18 Cr | Mar 2022 ₹-21 Cr | Jun 2022 ₹-28 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹-20 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹-18 Cr | Dec 2023 ₹-15 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-8 Cr | Mar 2025 ₹-5 Cr | Jun 2025 ₹-5 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-6 Cr | Mar 2026 ₹-6 Cr | Jun 2026 —
- JMIA: Sep 2021 ₹-66 Cr | Dec 2021 ₹-85 Cr | Mar 2022 ₹-69 Cr | Jun 2022 ₹-69 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹-55 Cr | Mar 2023 ₹-32 Cr | Jun 2023 ₹-32 Cr | Sep 2023 ₹-23 Cr | Dec 2023 ₹-18 Cr | Mar 2024 ₹-41 Cr | Jun 2024 ₹-22 Cr | Sep 2024 ₹-17 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-17 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 ₹15 Cr | Mar 2022 — | Jun 2022 ₹-19 Cr | Sep 2022 — | Dec 2022 ₹-39 Cr | Mar 2023 — | Jun 2023 ₹-29 Cr | Sep 2023 — | Dec 2023 ₹-30 Cr | Mar 2024 — | Jun 2024 ₹-25 Cr | Sep 2024 — | Dec 2024 ₹-18 Cr | Mar 2025 — | Jun 2025 ₹-4 Cr | Sep 2025 — | Dec 2025 ₹-1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter Profit growth history
- AMZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -126% | Sep 2022 -9.0% | Dec 2022 -98% | Mar 2023 — | Jun 2023 — | Sep 2023 244% | Dec 2023 3,909% | Mar 2024 232% | Jun 2024 99% | Sep 2024 55% | Dec 2024 88% | Mar 2025 63% | Jun 2025 35% | Sep 2025 39% | Dec 2025 8.2% | Mar 2026 77% | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 81% | Sep 2022 36% | Dec 2022 — | Mar 2023 209% | Jun 2023 113% | Sep 2023 178% | Dec 2023 0.0% | Mar 2024 71% | Jun 2024 103% | Sep 2024 11% | Dec 2024 287% | Mar 2025 44% | Jun 2025 -1.5% | Sep 2025 6.1% | Dec 2025 -13% | Mar 2026 -16% | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 51% | Dec 2025 53% | Mar 2026 -4.7% | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -126% | Mar 2024 -126% | Jun 2024 -76% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 418% | Sep 2025 145% | Dec 2025 73% | Mar 2026 6.6% | Jun 2026 —
- EBAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -282% | Sep 2022 -125% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 8.5% | Mar 2024 -23% | Jun 2024 31% | Sep 2024 -51% | Dec 2024 -6.6% | Mar 2025 14% | Jun 2025 63% | Sep 2025 -6.1% | Dec 2025 -23% | Mar 2026 2.2% | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 913% | Mar 2024 -126% | Jun 2024 -172% | Sep 2024 -30% | Dec 2024 -87% | Mar 2025 — | Jun 2025 — | Sep 2025 48% | Dec 2025 -120% | Mar 2026 -333% | Jun 2026 —
- W: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -389% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -71% | Sep 2022 140% | Dec 2022 — | Mar 2023 — | Jun 2023 1,325% | Sep 2023 -5,653% | Dec 2023 -71% | Mar 2024 1.6% | Jun 2024 -46% | Sep 2024 — | Dec 2024 9.6% | Mar 2025 -18% | Jun 2025 90% | Sep 2025 22% | Dec 2025 -45% | Mar 2026 36% | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 28% | Sep 2023 -9.1% | Dec 2023 -1,850% | Mar 2024 357% | Jun 2024 191% | Sep 2024 1,395% | Dec 2024 — | Mar 2025 -28% | Jun 2025 -7.5% | Sep 2025 -79% | Dec 2025 1,375% | Mar 2026 70% | Jun 2026 53%
- ETSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -26% | Sep 2022 -1,170% | Dec 2022 -32% | Mar 2023 -13% | Jun 2023 -15% | Sep 2023 — | Dec 2023 -25% | Mar 2024 -16% | Jun 2024 -15% | Sep 2024 -35% | Dec 2024 57% | Mar 2025 -156% | Jun 2025 -45% | Sep 2025 33% | Dec 2025 -15% | Mar 2026 — | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 3,000% | Mar 2026 — | Jun 2026 —
- RVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -50% | Sep 2022 -29% | Dec 2022 -72% | Mar 2023 -39% | Jun 2023 -56% | Sep 2023 -75% | Dec 2023 -63% | Mar 2024 -21% | Jun 2024 114% | Sep 2024 267% | Dec 2024 300% | Mar 2025 0.0% | Jun 2025 -33% | Sep 2025 91% | Dec 2025 58% | Mar 2026 27% | Jun 2026 —
- LQDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 100% | Sep 2022 -76% | Dec 2022 0.0% | Mar 2023 -67% | Jun 2023 -63% | Sep 2023 -25% | Dec 2023 -50% | Mar 2024 50% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 200% | Mar 2025 17% | Jun 2025 17% | Sep 2025 33% | Dec 2025 17% | Mar 2026 14% | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 400% | Mar 2022 — | Jun 2022 -186% | Sep 2022 — | Dec 2022 -360% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Amazon.com, Inc. reports $44,203 million of CAPEX; Amazon.com, Inc. has the highest covered intensity at 24.4%. Coverage is only 16 of 16 companies and 272 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Amazon.com, Inc. · $44,203 million | 149× versus #2 · Coupang, Inc. | 8/8 recent comparable periods | 16/16 companies · 272 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Amazon.com, Inc. (AMZN): ₹44.2K Cr
2. Coupang, Inc. (CPNG): ₹296 Cr
3. MercadoLibre, Inc. (MELI): ₹271 Cr
4. Sea Limited (SE): ₹121 Cr
5. eBay Inc. (EBAY): ₹72 Cr

### CAPEX intensity — highest reinvestment intensity
1. Amazon.com, Inc. (AMZN): 24%
2. Sea Limited (SE): 5.3%
3. ThredUp Inc. (TDUP): 4.9%
4. Coupang, Inc. (CPNG): 3.5%
5. MercadoLibre, Inc. (MELI): 3.1%

### 20-quarter CAPEX history
- AMZN: Sep 2021 ₹15.7K Cr | Dec 2021 ₹18.9K Cr | Mar 2022 ₹15.0K Cr | Jun 2022 ₹15.7K Cr | Sep 2022 ₹16.4K Cr | Dec 2022 ₹16.6K Cr | Mar 2023 ₹14.2K Cr | Jun 2023 ₹11.5K Cr | Sep 2023 ₹12.5K Cr | Dec 2023 ₹14.6K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹17.6K Cr | Sep 2024 ₹22.6K Cr | Dec 2024 ₹27.8K Cr | Mar 2025 ₹25.0K Cr | Jun 2025 ₹32.2K Cr | Sep 2025 ₹35.1K Cr | Dec 2025 ₹39.5K Cr | Mar 2026 ₹44.2K Cr | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 ₹148 Cr | Mar 2022 ₹137 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹106 Cr | Dec 2022 ₹112 Cr | Mar 2023 ₹89 Cr | Jun 2023 ₹114 Cr | Sep 2023 ₹126 Cr | Dec 2023 ₹180 Cr | Mar 2024 ₹148 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹223 Cr | Dec 2024 ₹305 Cr | Mar 2025 ₹272 Cr | Jun 2025 ₹287 Cr | Sep 2025 ₹357 Cr | Dec 2025 ₹427 Cr | Mar 2026 ₹271 Cr | Jun 2026 —
- DASH: Sep 2021 ₹31 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹32 Cr | Jun 2022 ₹45 Cr | Sep 2022 ₹54 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹27 Cr | Sep 2023 ₹28 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹66 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹57 Cr | Jun 2026 —
- EBAY: Sep 2021 ₹159 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹83 Cr | Jun 2022 ₹111 Cr | Sep 2022 ₹102 Cr | Dec 2022 ₹153 Cr | Mar 2023 ₹132 Cr | Jun 2023 ₹113 Cr | Sep 2023 ₹85 Cr | Dec 2023 ₹126 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹89 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹111 Cr | Jun 2025 ₹166 Cr | Sep 2025 ₹131 Cr | Dec 2025 ₹117 Cr | Mar 2026 ₹72 Cr | Jun 2026 —
- CPNG: Sep 2021 ₹190 Cr | Dec 2021 ₹168 Cr | Mar 2022 ₹239 Cr | Jun 2022 ₹181 Cr | Sep 2022 ₹283 Cr | Dec 2022 ₹121 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹377 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹234 Cr | Mar 2024 ₹107 Cr | Jun 2024 ₹178 Cr | Sep 2024 ₹380 Cr | Dec 2024 ₹214 Cr | Mar 2025 ₹239 Cr | Jun 2025 ₹299 Cr | Sep 2025 ₹353 Cr | Dec 2025 ₹360 Cr | Mar 2026 ₹296 Cr | Jun 2026 —
- W: Sep 2021 ₹29 Cr | Dec 2021 ₹23 Cr | Mar 2022 ₹40 Cr | Jun 2022 ₹53 Cr | Sep 2022 ₹43 Cr | Dec 2022 ₹50 Cr | Mar 2023 ₹34 Cr | Jun 2023 ₹37 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹20 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹27 Cr | Dec 2025 ₹25 Cr | Mar 2026 ₹25 Cr | Jun 2026 —
- CART: Sep 2021 ₹3 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹16 Cr | Dec 2023 — | Mar 2024 ₹14 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹14 Cr | Dec 2024 — | Mar 2025 ₹18 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹15 Cr | Dec 2025 — | Mar 2026 ₹16 Cr | Jun 2026 —
- CHWY: Sep 2021 ₹25 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹48 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹58 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹58 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹32 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹32 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹28 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹31 Cr | Jun 2026 ₹38 Cr
- ETSY: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- GLBE: Sep 2021 ₹0 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- RVLV: Sep 2021 ₹1 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹7 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- LQDT: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹3 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹2 Cr | Jun 2026 —
- TDUP: Sep 2021 ₹6 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- JMIA: Sep 2021 ₹1 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹4 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹2 Cr | Mar 2026 ₹1 Cr | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 ₹8 Cr | Mar 2022 — | Jun 2022 ₹6 Cr | Sep 2022 — | Dec 2022 ₹3 Cr | Mar 2023 — | Jun 2023 ₹27 Cr | Sep 2023 — | Dec 2023 ₹4 Cr | Mar 2024 — | Jun 2024 ₹1 Cr | Sep 2024 — | Dec 2024 ₹2 Cr | Mar 2025 — | Jun 2025 ₹1 Cr | Sep 2025 — | Dec 2025 ₹1 Cr | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- AMZN: Sep 2021 14% | Dec 2021 14% | Mar 2022 13% | Jun 2022 13% | Sep 2022 13% | Dec 2022 11% | Mar 2023 11% | Jun 2023 8.5% | Sep 2023 8.7% | Dec 2023 8.6% | Mar 2024 10% | Jun 2024 12% | Sep 2024 14% | Dec 2024 15% | Mar 2025 16% | Jun 2025 19% | Sep 2025 20% | Dec 2025 19% | Mar 2026 24% | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 6.9% | Mar 2022 6.1% | Jun 2022 3.8% | Sep 2022 3.9% | Dec 2022 3.7% | Mar 2023 2.8% | Jun 2023 3.2% | Sep 2023 3.2% | Dec 2023 4.2% | Mar 2024 3.4% | Jun 2024 3.6% | Sep 2024 4.2% | Dec 2024 5.0% | Mar 2025 4.6% | Jun 2025 4.2% | Sep 2025 4.8% | Dec 2025 4.9% | Mar 2026 3.1% | Jun 2026 —
- DASH: Sep 2021 2.4% | Dec 2021 2.7% | Mar 2022 2.2% | Jun 2022 2.8% | Sep 2022 3.2% | Dec 2022 2.5% | Mar 2023 1.9% | Jun 2023 1.3% | Sep 2023 1.3% | Dec 2023 1.3% | Mar 2024 0.7% | Jun 2024 0.9% | Sep 2024 1.2% | Dec 2024 1.1% | Mar 2025 2.4% | Jun 2025 2.0% | Sep 2025 1.8% | Dec 2025 1.4% | Mar 2026 1.4% | Jun 2026 —
- EBAY: Sep 2021 6.4% | Dec 2021 3.9% | Mar 2022 3.3% | Jun 2022 4.6% | Sep 2022 4.3% | Dec 2022 6.1% | Mar 2023 5.3% | Jun 2023 4.4% | Sep 2023 3.4% | Dec 2023 4.9% | Mar 2024 5.6% | Jun 2024 3.5% | Sep 2024 4.2% | Dec 2024 4.5% | Mar 2025 4.3% | Jun 2025 6.1% | Sep 2025 4.6% | Dec 2025 3.9% | Mar 2026 2.3% | Jun 2026 —
- CPNG: Sep 2021 4.1% | Dec 2021 3.3% | Mar 2022 4.7% | Jun 2022 3.6% | Sep 2022 5.5% | Dec 2022 2.3% | Mar 2023 1.6% | Jun 2023 6.5% | Sep 2023 3.1% | Dec 2023 3.6% | Mar 2024 1.5% | Jun 2024 2.4% | Sep 2024 4.8% | Dec 2024 2.7% | Mar 2025 3.0% | Jun 2025 3.5% | Sep 2025 3.8% | Dec 2025 4.1% | Mar 2026 3.5% | Jun 2026 —
- W: Sep 2021 0.9% | Dec 2021 0.7% | Mar 2022 1.3% | Jun 2022 1.6% | Sep 2022 1.5% | Dec 2022 1.6% | Mar 2023 1.2% | Jun 2023 1.2% | Sep 2023 1.0% | Dec 2023 1.5% | Mar 2024 0.5% | Jun 2024 0.7% | Sep 2024 0.6% | Dec 2024 0.6% | Mar 2025 0.2% | Jun 2025 0.4% | Sep 2025 0.9% | Dec 2025 0.7% | Mar 2026 0.9% | Jun 2026 —
- CART: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 1.2% | Jun 2022 1.1% | Sep 2022 1.2% | Dec 2022 0.4% | Mar 2023 1.2% | Jun 2023 1.8% | Sep 2023 2.1% | Dec 2023 — | Mar 2024 1.7% | Jun 2024 2.9% | Sep 2024 1.6% | Dec 2024 — | Mar 2025 2.0% | Jun 2025 1.8% | Sep 2025 1.6% | Dec 2025 — | Mar 2026 1.6% | Jun 2026 —
- CHWY: Sep 2021 1.2% | Dec 2021 3.3% | Mar 2022 1.9% | Jun 2022 3.1% | Sep 2022 2.0% | Dec 2022 1.9% | Mar 2023 2.1% | Jun 2023 0.8% | Sep 2023 2.1% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 1.0% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.6% | Jun 2025 1.2% | Sep 2025 0.9% | Dec 2025 1.0% | Mar 2026 0.9% | Jun 2026 1.1%
- ETSY: Sep 2021 0.8% | Dec 2021 0.8% | Mar 2022 0.5% | Jun 2022 0.3% | Sep 2022 0.5% | Dec 2022 0.2% | Mar 2023 0.3% | Jun 2023 0.3% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 0.3% | Jun 2024 0.6% | Sep 2024 0.6% | Dec 2024 0.5% | Mar 2025 0.5% | Jun 2025 1.0% | Sep 2025 0.6% | Dec 2025 0.1% | Mar 2026 0.2% | Jun 2026 —
- GLBE: Sep 2021 0.0% | Dec 2021 2.4% | Mar 2022 6.6% | Jun 2022 2.3% | Sep 2022 0.9% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.5% | Mar 2024 0.7% | Jun 2024 0.6% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.5% | Jun 2025 0.5% | Sep 2025 0.5% | Dec 2025 0.0% | Mar 2026 0.0% | Jun 2026 —
- RVLV: Sep 2021 0.4% | Dec 2021 0.0% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 0.4% | Dec 2022 0.4% | Mar 2023 0.4% | Jun 2023 0.4% | Sep 2023 0.4% | Dec 2023 0.4% | Mar 2024 0.7% | Jun 2024 0.7% | Sep 2024 1.1% | Dec 2024 0.7% | Mar 2025 0.7% | Jun 2025 1.0% | Sep 2025 2.4% | Dec 2025 0.9% | Mar 2026 1.5% | Jun 2026 —
- LQDT: Sep 2021 2.9% | Dec 2021 3.0% | Mar 2022 2.9% | Jun 2022 4.3% | Sep 2022 2.7% | Dec 2022 1.4% | Mar 2023 1.2% | Jun 2023 1.2% | Sep 2023 1.3% | Dec 2023 2.8% | Mar 2024 2.2% | Jun 2024 2.1% | Sep 2024 2.8% | Dec 2024 1.6% | Mar 2025 1.7% | Jun 2025 1.7% | Sep 2025 1.7% | Dec 2025 1.7% | Mar 2026 1.7% | Jun 2026 —
- TDUP: Sep 2021 9.5% | Dec 2021 6.8% | Mar 2022 18% | Jun 2022 20% | Sep 2022 18% | Dec 2022 5.6% | Mar 2023 7.9% | Jun 2023 8.4% | Sep 2023 1.2% | Dec 2023 2.5% | Mar 2024 1.5% | Jun 2024 1.5% | Sep 2024 3.2% | Dec 2024 3.0% | Mar 2025 2.8% | Jun 2025 3.8% | Sep 2025 4.9% | Dec 2025 2.5% | Mar 2026 4.9% | Jun 2026 —
- JMIA: Sep 2021 2.3% | Dec 2021 6.5% | Mar 2022 4.2% | Jun 2022 7.0% | Sep 2022 6.0% | Dec 2022 4.2% | Mar 2023 2.4% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 1.7% | Mar 2024 0.0% | Jun 2024 2.8% | Sep 2024 2.8% | Dec 2024 4.3% | Mar 2025 2.8% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 3.3% | Mar 2026 2.0% | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 0.7% | Mar 2022 — | Jun 2022 0.7% | Sep 2022 — | Dec 2022 0.4% | Mar 2023 — | Jun 2023 3.7% | Sep 2023 — | Dec 2023 0.5% | Mar 2024 — | Jun 2024 0.2% | Sep 2024 — | Dec 2024 0.3% | Mar 2025 — | Jun 2025 0.1% | Sep 2025 — | Dec 2025 0.1% | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Sea Limited has the clearest covered balance-sheet capacity with $6,957 million net cash and gross debt of $3,584 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Jumia Technologies AG · $10 million | 33.3% versus #2 · Liquidity Services, Inc. | 8/8 recent comparable periods | 15/16 companies · 286 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Jumia Technologies AG (JMIA): ₹10 Cr
2. Liquidity Services, Inc. (LQDT): ₹15 Cr
3. Global-E Online Ltd. (GLBE): ₹24 Cr
4. Revolve Group, Inc. (RVLV): ₹33 Cr
5. Maplebear Inc. (CART): ₹34 Cr

### Net debt — lowest net debt
1. Sea Limited (SE): ₹-7.0K Cr
2. DoorDash, Inc. (DASH): ₹-2.2K Cr
3. Coupang, Inc. (CPNG): ₹-905 Cr
4. Maplebear Inc. (CART): ₹-656 Cr
5. Global-E Online Ltd. (GLBE): ₹-529 Cr

### 20-quarter Gross debt history
- AMZN: Sep 2021 ₹1.1 L Cr | Dec 2021 ₹1.2 L Cr | Mar 2022 ₹1.1 L Cr | Jun 2022 ₹1.2 L Cr | Sep 2022 ₹1.3 L Cr | Dec 2022 ₹1.4 L Cr | Mar 2023 ₹1.4 L Cr | Jun 2023 ₹1.4 L Cr | Sep 2023 ₹1.4 L Cr | Dec 2023 ₹1.4 L Cr | Mar 2024 ₹1.3 L Cr | Jun 2024 ₹1.3 L Cr | Sep 2024 ₹1.3 L Cr | Dec 2024 ₹1.3 L Cr | Mar 2025 ₹1.3 L Cr | Jun 2025 ₹1.3 L Cr | Sep 2025 ₹1.4 L Cr | Dec 2025 ₹1.5 L Cr | Mar 2026 ₹2.1 L Cr | Jun 2026 —
- MELI: Sep 2021 ₹3.1K Cr | Dec 2021 ₹4.0K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹5.3K Cr | Dec 2022 ₹5.4K Cr | Mar 2023 ₹5.5K Cr | Jun 2023 ₹5.5K Cr | Sep 2023 ₹5.2K Cr | Dec 2023 ₹5.3K Cr | Mar 2024 ₹5.3K Cr | Jun 2024 ₹5.4K Cr | Sep 2024 ₹6.3K Cr | Dec 2024 ₹6.9K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹9.0K Cr | Sep 2025 ₹9.9K Cr | Dec 2025 ₹11.4K Cr | Mar 2026 ₹12.3K Cr | Jun 2026 —
- DASH: Sep 2021 ₹366 Cr | Dec 2021 ₹399 Cr | Mar 2022 ₹422 Cr | Jun 2022 ₹496 Cr | Sep 2022 ₹505 Cr | Dec 2022 ₹511 Cr | Mar 2023 ₹492 Cr | Jun 2023 ₹498 Cr | Sep 2023 ₹493 Cr | Dec 2023 ₹522 Cr | Mar 2024 ₹547 Cr | Jun 2024 ₹534 Cr | Sep 2024 ₹532 Cr | Dec 2024 ₹536 Cr | Mar 2025 ₹527 Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.3K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.3K Cr | Jun 2026 —
- SE: Sep 2021 ₹4.1K Cr | Dec 2021 ₹4.3K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.2K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.5K Cr | Jun 2023 ₹4.6K Cr | Sep 2023 ₹4.6K Cr | Dec 2023 ₹4.4K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹4.2K Cr | Sep 2024 ₹4.4K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- EBAY: Sep 2021 ₹9.3K Cr | Dec 2021 ₹9.3K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹8.2K Cr | Sep 2022 ₹8.2K Cr | Dec 2022 ₹9.3K Cr | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹8.1K Cr | Sep 2024 ₹7.7K Cr | Dec 2024 ₹7.7K Cr | Mar 2025 ₹7.0K Cr | Jun 2025 ₹7.0K Cr | Sep 2025 ₹7.0K Cr | Dec 2025 ₹7.1K Cr | Mar 2026 ₹7.1K Cr | Jun 2026 —
- CPNG: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.7K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.6K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹4.0K Cr | Dec 2024 ₹3.7K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.6K Cr | Sep 2025 ₹4.9K Cr | Dec 2025 ₹4.6K Cr | Mar 2026 ₹5.4K Cr | Jun 2026 —
- W: Sep 2021 ₹3.9K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹3.9K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹4.0K Cr | Dec 2022 ₹4.0K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹4.1K Cr | Sep 2023 ₹4.0K Cr | Dec 2023 ₹4.0K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹4.0K Cr | Sep 2024 ₹3.9K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.9K Cr | Jun 2025 ₹3.8K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.6K Cr | Jun 2026 —
- CART: Sep 2021 ₹54 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹54 Cr | Sep 2022 ₹49 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹46 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹43 Cr | Dec 2023 ₹40 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹26 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹37 Cr | Sep 2025 ₹37 Cr | Dec 2025 ₹36 Cr | Mar 2026 ₹34 Cr | Jun 2026 —
- CHWY: Sep 2021 ₹372 Cr | Dec 2021 ₹379 Cr | Mar 2022 ₹410 Cr | Jun 2022 ₹414 Cr | Sep 2022 ₹457 Cr | Dec 2022 ₹486 Cr | Mar 2023 ₹472 Cr | Jun 2023 ₹501 Cr | Sep 2023 ₹489 Cr | Dec 2023 ₹527 Cr | Mar 2024 ₹528 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹517 Cr | Dec 2024 ₹511 Cr | Mar 2025 ₹502 Cr | Jun 2025 ₹500 Cr | Sep 2025 ₹494 Cr | Dec 2025 ₹523 Cr | Mar 2026 ₹519 Cr | Jun 2026 ₹484 Cr
- ETSY: Sep 2021 ₹2.3K Cr | Dec 2021 ₹2.4K Cr | Mar 2022 ₹2.4K Cr | Jun 2022 ₹2.4K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹2.4K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹2.4K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.4K Cr | Jun 2025 ₹3.1K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 —
- GLBE: Sep 2021 ₹4 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹20 Cr | Sep 2022 ₹20 Cr | Dec 2022 ₹20 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹21 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹24 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- RVLV: Sep 2021 ₹0 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹17 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹25 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹42 Cr | Dec 2023 ₹41 Cr | Mar 2024 ₹41 Cr | Jun 2024 ₹45 Cr | Sep 2024 ₹43 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹38 Cr | Sep 2025 ₹35 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹33 Cr | Jun 2026 —
- LQDT: Sep 2021 ₹14 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹11 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹15 Cr | Jun 2026 —
- TDUP: Sep 2021 ₹59 Cr | Dec 2021 ₹76 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹86 Cr | Dec 2022 ₹85 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹81 Cr | Sep 2023 ₹78 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹80 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹59 Cr | Mar 2025 ₹57 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹52 Cr | Jun 2026 —
- JMIA: Sep 2021 ₹12 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹14 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹10 Cr | Jun 2026 —

### 20-quarter Net debt history
- AMZN: Sep 2021 ₹34.9K Cr | Dec 2021 ₹20.3K Cr | Mar 2022 ₹46.9K Cr | Jun 2022 ₹63.9K Cr | Sep 2022 ₹69.6K Cr | Dec 2022 ₹70.1K Cr | Mar 2023 ₹76.9K Cr | Jun 2023 ₹74.9K Cr | Sep 2023 ₹72.8K Cr | Dec 2023 ₹48.8K Cr | Mar 2024 ₹49.6K Cr | Jun 2024 ₹43.9K Cr | Sep 2024 ₹46.6K Cr | Dec 2024 ₹29.7K Cr | Mar 2025 ₹38.7K Cr | Jun 2025 ₹40.8K Cr | Sep 2025 ₹41.2K Cr | Dec 2025 ₹30.0K Cr | Mar 2026 ₹66.8K Cr | Jun 2026 —
- MELI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹587 Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹2.0K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹898 Cr | Jun 2023 ₹829 Cr | Sep 2023 ₹-251 Cr | Dec 2023 ₹-703 Cr | Mar 2024 ₹-964 Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-349 Cr | Dec 2024 ₹-270 Cr | Mar 2025 ₹-333 Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹5.1K Cr | Mar 2026 ₹6.7K Cr | Jun 2026 —
- DASH: Sep 2021 ₹-3.8K Cr | Dec 2021 ₹-3.4K Cr | Mar 2022 ₹-3.2K Cr | Jun 2022 ₹-3.5K Cr | Sep 2022 ₹-3.3K Cr | Dec 2022 ₹-3.0K Cr | Mar 2023 ₹-2.9K Cr | Jun 2023 ₹-3.0K Cr | Sep 2023 ₹-3.3K Cr | Dec 2023 ₹-3.6K Cr | Mar 2024 ₹-3.9K Cr | Jun 2024 ₹-4.3K Cr | Sep 2024 ₹-4.4K Cr | Dec 2024 ₹-4.8K Cr | Mar 2025 ₹-5.3K Cr | Jun 2025 ₹-1.7K Cr | Sep 2025 ₹-986 Cr | Dec 2025 ₹-2.2K Cr | Mar 2026 ₹-2.2K Cr | Jun 2026 —
- SE: Sep 2021 ₹-7.7K Cr | Dec 2021 ₹-5.9K Cr | Mar 2022 ₹-3.7K Cr | Jun 2022 ₹-2.6K Cr | Sep 2022 ₹-1.9K Cr | Dec 2022 ₹-2.4K Cr | Mar 2023 ₹-2.1K Cr | Jun 2023 ₹-1.1K Cr | Sep 2023 ₹-1.4K Cr | Dec 2023 ₹-911 Cr | Mar 2024 ₹-1.2K Cr | Jun 2024 ₹-1.8K Cr | Sep 2024 ₹-3.5K Cr | Dec 2024 ₹-4.5K Cr | Mar 2025 ₹-4.3K Cr | Jun 2025 ₹-5.2K Cr | Sep 2025 ₹-5.7K Cr | Dec 2025 ₹-7.2K Cr | Mar 2026 ₹-7.0K Cr | Jun 2026 —
- EBAY: Sep 2021 ₹4.0K Cr | Dec 2021 ₹2.0K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹5.0K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹3.6K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.6K Cr | Mar 2024 ₹4.2K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹1.9K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹3.3K Cr | Sep 2025 ₹3.6K Cr | Dec 2025 ₹4.1K Cr | Mar 2026 ₹3.2K Cr | Jun 2026 —
- CPNG: Sep 2021 ₹-1.8K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-961 Cr | Jun 2022 ₹-888 Cr | Sep 2022 ₹-759 Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.4K Cr | Jun 2023 ₹-1.7K Cr | Sep 2023 ₹-2.1K Cr | Dec 2023 ₹-2.5K Cr | Mar 2024 ₹-1.6K Cr | Jun 2024 ₹-1.8K Cr | Sep 2024 ₹-1.8K Cr | Dec 2024 ₹-2.2K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-2.2K Cr | Sep 2025 ₹-2.3K Cr | Dec 2025 ₹-1.7K Cr | Mar 2026 ₹-905 Cr | Jun 2026 —
- W: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.3K Cr | Sep 2022 ₹2.8K Cr | Dec 2022 ₹2.8K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹2.8K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.6K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.4K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.4K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 —
- CART: Sep 2021 ₹-1.4K Cr | Dec 2021 ₹-1.4K Cr | Mar 2022 ₹-1.7K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-1.7K Cr | Dec 2022 ₹-1.7K Cr | Mar 2023 ₹-1.7K Cr | Jun 2023 ₹-1.9K Cr | Sep 2023 ₹-2.0K Cr | Dec 2023 ₹-2.1K Cr | Mar 2024 ₹-1.5K Cr | Jun 2024 ₹-1.4K Cr | Sep 2024 ₹-1.3K Cr | Dec 2024 ₹-1.3K Cr | Mar 2025 ₹-1.6K Cr | Jun 2025 ₹-1.6K Cr | Sep 2025 ₹-1.7K Cr | Dec 2025 ₹-651 Cr | Mar 2026 ₹-656 Cr | Jun 2026 —
- CHWY: Sep 2021 ₹-353 Cr | Dec 2021 ₹-348 Cr | Mar 2022 ₹-193 Cr | Jun 2022 ₹-191 Cr | Sep 2022 ₹-150 Cr | Dec 2022 ₹-189 Cr | Mar 2023 ₹-207 Cr | Jun 2023 ₹-302 Cr | Sep 2023 ₹-416 Cr | Dec 2023 ₹-430 Cr | Mar 2024 ₹-606 Cr | Jun 2024 ₹-619 Cr | Sep 2024 ₹-178 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹-95 Cr | Jun 2025 ₹-116 Cr | Sep 2025 ₹-98 Cr | Dec 2025 ₹-179 Cr | Mar 2026 ₹-360 Cr | Jun 2026 ₹-36 Cr
- ETSY: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 —
- GLBE: Sep 2021 ₹-488 Cr | Dec 2021 ₹-488 Cr | Mar 2022 ₹-253 Cr | Jun 2022 ₹-265 Cr | Sep 2022 ₹-171 Cr | Dec 2022 ₹-208 Cr | Mar 2023 ₹-193 Cr | Jun 2023 ₹-201 Cr | Sep 2023 ₹-232 Cr | Dec 2023 ₹-294 Cr | Mar 2024 ₹-276 Cr | Jun 2024 ₹-319 Cr | Sep 2024 ₹-332 Cr | Dec 2024 ₹-449 Cr | Mar 2025 ₹-421 Cr | Jun 2025 ₹-490 Cr | Sep 2025 ₹-528 Cr | Dec 2025 ₹-599 Cr | Mar 2026 ₹-529 Cr | Jun 2026 —
- RVLV: Sep 2021 ₹-222 Cr | Dec 2021 ₹-211 Cr | Mar 2022 ₹-254 Cr | Jun 2022 ₹-222 Cr | Sep 2022 ₹-218 Cr | Dec 2022 ₹-210 Cr | Mar 2023 ₹-239 Cr | Jun 2023 ₹-226 Cr | Sep 2023 ₹-225 Cr | Dec 2023 ₹-204 Cr | Mar 2024 ₹-232 Cr | Jun 2024 ₹-200 Cr | Sep 2024 ₹-210 Cr | Dec 2024 ₹-216 Cr | Mar 2025 ₹-256 Cr | Jun 2025 ₹-273 Cr | Sep 2025 ₹-280 Cr | Dec 2025 ₹-271 Cr | Mar 2026 ₹-303 Cr | Jun 2026 —
- LQDT: Sep 2021 ₹-92 Cr | Dec 2021 ₹-75 Cr | Mar 2022 ₹-69 Cr | Jun 2022 ₹-73 Cr | Sep 2022 ₹-84 Cr | Dec 2022 ₹-67 Cr | Mar 2023 ₹-89 Cr | Jun 2023 ₹-95 Cr | Sep 2023 ₹-107 Cr | Dec 2023 ₹-97 Cr | Mar 2024 ₹-106 Cr | Jun 2024 ₹-122 Cr | Sep 2024 ₹-145 Cr | Dec 2024 ₹-126 Cr | Mar 2025 ₹-134 Cr | Jun 2025 ₹-153 Cr | Sep 2025 ₹-172 Cr | Dec 2025 ₹-167 Cr | Mar 2026 ₹-189 Cr | Jun 2026 —
- TDUP: Sep 2021 ₹-203 Cr | Dec 2021 ₹-130 Cr | Mar 2022 ₹-104 Cr | Jun 2022 ₹-61 Cr | Sep 2022 ₹-37 Cr | Dec 2022 ₹-20 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹3 Cr | Jun 2026 —
- JMIA: Sep 2021 ₹-174 Cr | Dec 2021 ₹-500 Cr | Mar 2022 ₹-409 Cr | Jun 2022 ₹-336 Cr | Sep 2022 ₹-271 Cr | Dec 2022 ₹-214 Cr | Mar 2023 ₹-195 Cr | Jun 2023 ₹-158 Cr | Sep 2023 ₹-140 Cr | Dec 2023 ₹-115 Cr | Mar 2024 ₹-95 Cr | Jun 2024 ₹-85 Cr | Sep 2024 ₹-154 Cr | Dec 2024 ₹-123 Cr | Mar 2025 ₹-99 Cr | Jun 2025 ₹-85 Cr | Sep 2025 ₹-70 Cr | Dec 2025 ₹-66 Cr | Mar 2026 ₹-53 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Chewy, Inc. leads ROCE at 13.7%, 5.8 percentage points above Etsy, Inc.. Wayfair Inc. has the strongest latest improvement at +9.3 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Chewy, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Chewy, Inc. · 13.7% | 73.4% versus #2 · Etsy, Inc. | 8/8 recent comparable periods | 16/16 companies · 304 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Chewy, Inc. (CHWY): 14%
2. Etsy, Inc. (ETSY): 7.9%
3. Maplebear Inc. (CART): 6.0%
4. MercadoLibre, Inc. (MELI): 5.0%
5. eBay Inc. (EBAY): 4.7%

### ROCE change — fastest improvers
1. Wayfair Inc. (W): +9.3 pp
2. Etsy, Inc. (ETSY): +8.1 pp
3. Chewy, Inc. (CHWY): +6.5 pp
4. Global-E Online Ltd. (GLBE): +5.7 pp
5. Maplebear Inc. (CART): +2.8 pp

### 20-quarter ROCE history
- AMZN: Sep 2021 2.2% | Dec 2021 1.5% | Mar 2022 1.5% | Jun 2022 1.3% | Sep 2022 0.9% | Dec 2022 0.9% | Mar 2023 1.6% | Jun 2023 2.5% | Sep 2023 3.6% | Dec 2023 3.9% | Mar 2024 4.4% | Jun 2024 4.0% | Sep 2024 4.6% | Dec 2024 5.2% | Mar 2025 4.4% | Jun 2025 4.3% | Sep 2025 3.6% | Dec 2025 4.8% | Mar 2026 4.1% | Jun 2026 —
- MELI: Sep 2021 6.1% | Dec 2021 0.7% | Mar 2022 4.1% | Jun 2022 7.2% | Sep 2022 7.9% | Dec 2022 7.4% | Mar 2023 8.2% | Jun 2023 13% | Sep 2023 15% | Dec 2023 4.2% | Mar 2024 8.7% | Jun 2024 11% | Sep 2024 7.9% | Dec 2024 11% | Mar 2025 9.3% | Jun 2025 9.0% | Sep 2025 7.1% | Dec 2025 7.9% | Mar 2026 5.0% | Jun 2026 —
- DASH: Sep 2021 -2.8% | Dec 2021 -3.1% | Mar 2022 -3.5% | Jun 2022 -4.3% | Sep 2022 -5.0% | Dec 2022 -6.0% | Mar 2023 -2.8% | Jun 2023 -2.9% | Sep 2023 -1.5% | Dec 2023 -1.2% | Mar 2024 -0.8% | Jun 2024 -2.7% | Sep 2024 1.4% | Dec 2024 1.5% | Mar 2025 1.9% | Jun 2025 1.6% | Sep 2025 2.5% | Dec 2025 1.3% | Mar 2026 1.3% | Jun 2026 —
- SE: Sep 2021 -6.0% | Dec 2021 -5.1% | Mar 2022 -5.7% | Jun 2022 -10% | Sep 2022 -4.4% | Dec 2022 3.2% | Mar 2023 1.1% | Jun 2023 2.6% | Sep 2023 -1.2% | Dec 2023 -0.5% | Mar 2024 0.7% | Jun 2024 0.8% | Sep 2024 1.8% | Dec 2024 2.8% | Mar 2025 4.0% | Jun 2025 4.1% | Sep 2025 3.9% | Dec 2025 4.3% | Mar 2026 4.3% | Jun 2026 —
- EBAY: Sep 2021 3.4% | Dec 2021 3.7% | Mar 2022 4.4% | Jun 2022 2.5% | Sep 2022 2.9% | Dec 2022 2.9% | Mar 2023 3.2% | Jun 2023 3.2% | Sep 2023 2.9% | Dec 2023 2.4% | Mar 2024 3.8% | Jun 2024 3.5% | Sep 2024 3.9% | Dec 2024 3.6% | Mar 2025 4.2% | Jun 2025 3.6% | Sep 2025 4.4% | Dec 2025 4.6% | Mar 2026 4.7% | Jun 2026 —
- CPNG: Sep 2021 -12% | Dec 2021 -15% | Mar 2022 -4.6% | Jun 2022 -1.6% | Sep 2022 1.9% | Dec 2022 2.0% | Mar 2023 2.5% | Jun 2023 3.2% | Sep 2023 1.9% | Dec 2023 2.4% | Mar 2024 0.7% | Jun 2024 -0.4% | Sep 2024 1.6% | Dec 2024 4.4% | Mar 2025 2.0% | Jun 2025 1.9% | Sep 2025 1.9% | Dec 2025 0.1% | Mar 2026 -3.1% | Jun 2026 —
- W: Sep 2021 -2.9% | Dec 2021 -8.2% | Mar 2022 -13% | Jun 2022 -17% | Sep 2022 -18% | Dec 2022 -17% | Mar 2023 -21% | Jun 2023 -8.6% | Sep 2023 -9.9% | Dec 2023 -12% | Mar 2024 -19% | Jun 2024 -2.7% | Sep 2024 -5.7% | Dec 2024 -9.8% | Mar 2025 -10% | Jun 2025 1.5% | Sep 2025 3.6% | Dec 2025 7.0% | Mar 2026 -1.1% | Jun 2026 —
- CART: Sep 2021 0.7% | Dec 2021 -5.5% | Mar 2022 -6.9% | Jun 2022 0.7% | Sep 2022 1.3% | Dec 2022 3.9% | Mar 2023 5.6% | Jun 2023 4.4% | Sep 2023 -74% | Dec 2023 1.3% | Mar 2024 4.5% | Jun 2024 1.6% | Sep 2024 4.0% | Dec 2024 4.2% | Mar 2025 3.2% | Jun 2025 3.6% | Sep 2025 4.9% | Dec 2025 3.2% | Mar 2026 6.0% | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 -8.0% | Mar 2022 -16% | Jun 2022 3.9% | Sep 2022 4.0% | Dec 2022 -0.1% | Mar 2023 2.9% | Jun 2023 3.7% | Sep 2023 -2.2% | Dec 2023 -1.2% | Mar 2024 -2.5% | Jun 2024 6.3% | Sep 2024 3.3% | Dec 2024 2.9% | Mar 2025 -1.0% | Jun 2025 7.2% | Sep 2025 7.1% | Dec 2025 7.2% | Mar 2026 4.5% | Jun 2026 14%
- ETSY: Sep 2021 3.4% | Dec 2021 5.5% | Mar 2022 3.2% | Jun 2022 2.4% | Sep 2022 -38% | Dec 2022 5.3% | Mar 2023 3.0% | Jun 2023 -0.1% | Sep 2023 4.6% | Dec 2023 5.8% | Mar 2024 3.5% | Jun 2024 3.6% | Sep 2024 4.6% | Dec 2024 8.3% | Mar 2025 -0.2% | Jun 2025 3.9% | Sep 2025 4.2% | Dec 2025 8.0% | Mar 2026 7.9% | Jun 2026 —
- GLBE: Sep 2021 -7.4% | Dec 2021 -5.6% | Mar 2022 -10% | Jun 2022 -6.1% | Sep 2022 -6.6% | Dec 2022 -4.2% | Mar 2023 -4.4% | Jun 2023 -3.8% | Sep 2023 -3.8% | Dec 2023 -2.5% | Mar 2024 -3.1% | Jun 2024 -2.5% | Sep 2024 -2.3% | Dec 2024 0.6% | Mar 2025 -2.1% | Jun 2025 1.1% | Sep 2025 1.8% | Dec 2025 6.8% | Mar 2026 3.6% | Jun 2026 —
- RVLV: Sep 2021 8.4% | Dec 2021 12% | Mar 2022 9.8% | Jun 2022 6.1% | Sep 2022 4.4% | Dec 2022 3.0% | Mar 2023 3.1% | Jun 2023 1.8% | Sep 2023 0.1% | Dec 2023 0.5% | Mar 2024 2.2% | Jun 2024 3.7% | Sep 2024 3.2% | Dec 2024 2.6% | Mar 2025 3.2% | Jun 2025 3.8% | Sep 2025 4.3% | Dec 2025 4.1% | Mar 2026 3.0% | Jun 2026 —
- LQDT: Sep 2021 6.2% | Dec 2021 3.1% | Mar 2022 9.9% | Jun 2022 13% | Sep 2022 7.2% | Dec 2022 2.9% | Mar 2023 3.5% | Jun 2023 5.2% | Sep 2023 4.7% | Dec 2023 1.0% | Mar 2024 4.0% | Jun 2024 4.6% | Sep 2024 4.0% | Dec 2024 3.8% | Mar 2025 3.6% | Jun 2025 5.1% | Sep 2025 5.4% | Dec 2025 4.4% | Mar 2026 4.4% | Jun 2026 —
- TDUP: Sep 2021 -8.9% | Dec 2021 -10% | Mar 2022 -8.1% | Jun 2022 -12% | Sep 2022 -9.7% | Dec 2022 -6.7% | Mar 2023 -8.7% | Jun 2023 -8.5% | Sep 2023 -8.9% | Dec 2023 -7.5% | Mar 2024 -6.6% | Jun 2024 -5.4% | Sep 2024 -6.5% | Dec 2024 -5.8% | Mar 2025 -4.0% | Jun 2025 -3.9% | Sep 2025 -3.6% | Dec 2025 -6.2% | Mar 2026 -6.1% | Jun 2026 —
- JMIA: Sep 2021 -21% | Dec 2021 -24% | Mar 2022 -14% | Jun 2022 -16% | Sep 2022 -12% | Dec 2022 -18% | Mar 2023 -11% | Jun 2023 -11% | Sep 2023 -11% | Dec 2023 -3.4% | Mar 2024 -8.4% | Jun 2024 -28% | Sep 2024 -20% | Dec 2024 -21% | Mar 2025 -30% | Jun 2025 -34% | Sep 2025 -22% | Dec 2025 -16% | Mar 2026 -28% | Jun 2026 —
- NEGG: Sep 2021 4.0% | Dec 2021 1.4% | Mar 2022 -5.8% | Jun 2022 -5.8% | Sep 2022 -4.4% | Dec 2022 -4.2% | Mar 2023 -7.2% | Jun 2023 -7.2% | Sep 2023 -8.1% | Dec 2023 -8.1% | Mar 2024 -7.5% | Jun 2024 -7.5% | Sep 2024 -5.8% | Dec 2024 -5.9% | Mar 2025 -2.2% | Jun 2025 -2.2% | Sep 2025 -0.5% | Dec 2025 -0.5% | Mar 2026 0.0% | Jun 2026 —

### 20-quarter ROCE change history
- AMZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.3 pp | Dec 2022 −0.6 pp | Mar 2023 +0.1 pp | Jun 2023 +1.2 pp | Sep 2023 +2.7 pp | Dec 2023 +3.0 pp | Mar 2024 +2.8 pp | Jun 2024 +1.5 pp | Sep 2024 +1.0 pp | Dec 2024 +1.3 pp | Mar 2025 0.0 pp | Jun 2025 +0.3 pp | Sep 2025 −1.0 pp | Dec 2025 −0.4 pp | Mar 2026 −0.3 pp | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +6.7 pp | Mar 2023 +4.1 pp | Jun 2023 +5.9 pp | Sep 2023 +6.7 pp | Dec 2023 −3.2 pp | Mar 2024 +0.5 pp | Jun 2024 −1.7 pp | Sep 2024 −6.7 pp | Dec 2024 +6.8 pp | Mar 2025 +0.6 pp | Jun 2025 −2.4 pp | Sep 2025 −0.8 pp | Dec 2025 −3.1 pp | Mar 2026 −4.3 pp | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.2 pp | Dec 2022 −2.9 pp | Mar 2023 +0.7 pp | Jun 2023 +1.4 pp | Sep 2023 +3.5 pp | Dec 2023 +4.8 pp | Mar 2024 +2.0 pp | Jun 2024 +0.2 pp | Sep 2024 +2.9 pp | Dec 2024 +2.7 pp | Mar 2025 +2.7 pp | Jun 2025 +4.3 pp | Sep 2025 +1.1 pp | Dec 2025 −0.2 pp | Mar 2026 −0.6 pp | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.6 pp | Dec 2022 +8.3 pp | Mar 2023 +6.8 pp | Jun 2023 +12.8 pp | Sep 2023 +3.2 pp | Dec 2023 −3.7 pp | Mar 2024 −0.4 pp | Jun 2024 −1.8 pp | Sep 2024 +3.0 pp | Dec 2024 +3.3 pp | Mar 2025 +3.3 pp | Jun 2025 +3.3 pp | Sep 2025 +2.1 pp | Dec 2025 +1.5 pp | Mar 2026 +0.3 pp | Jun 2026 —
- EBAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −0.8 pp | Mar 2023 −1.2 pp | Jun 2023 +0.7 pp | Sep 2023 0.0 pp | Dec 2023 −0.5 pp | Mar 2024 +0.6 pp | Jun 2024 +0.3 pp | Sep 2024 +1.0 pp | Dec 2024 +1.2 pp | Mar 2025 +0.4 pp | Jun 2025 +0.1 pp | Sep 2025 +0.5 pp | Dec 2025 +1.0 pp | Mar 2026 +0.5 pp | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +13.7 pp | Dec 2022 +17.2 pp | Mar 2023 +7.1 pp | Jun 2023 +4.8 pp | Sep 2023 0.0 pp | Dec 2023 +0.4 pp | Mar 2024 −1.8 pp | Jun 2024 −3.6 pp | Sep 2024 −0.3 pp | Dec 2024 +2.0 pp | Mar 2025 +1.3 pp | Jun 2025 +2.3 pp | Sep 2025 +0.3 pp | Dec 2025 −4.3 pp | Mar 2026 −5.1 pp | Jun 2026 —
- W: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −15.1 pp | Dec 2022 −8.9 pp | Mar 2023 −7.3 pp | Jun 2023 +8.6 pp | Sep 2023 +8.1 pp | Dec 2023 +4.8 pp | Mar 2024 +2.0 pp | Jun 2024 +5.9 pp | Sep 2024 +4.2 pp | Dec 2024 +2.5 pp | Mar 2025 +8.3 pp | Jun 2025 +4.2 pp | Sep 2025 +9.3 pp | Dec 2025 +16.8 pp | Mar 2026 +9.3 pp | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 +9.4 pp | Mar 2023 +12.5 pp | Jun 2023 +3.7 pp | Sep 2023 −75.6 pp | Dec 2023 −2.6 pp | Mar 2024 −1.1 pp | Jun 2024 −2.8 pp | Sep 2024 +78.3 pp | Dec 2024 +2.9 pp | Mar 2025 −1.3 pp | Jun 2025 +2.0 pp | Sep 2025 +0.9 pp | Dec 2025 −1.0 pp | Mar 2026 +2.8 pp | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +7.9 pp | Mar 2023 +19.0 pp | Jun 2023 −0.2 pp | Sep 2023 −6.2 pp | Dec 2023 −1.1 pp | Mar 2024 −5.4 pp | Jun 2024 +2.6 pp | Sep 2024 +5.5 pp | Dec 2024 +4.1 pp | Mar 2025 +1.5 pp | Jun 2025 +0.9 pp | Sep 2025 +3.8 pp | Dec 2025 +4.3 pp | Mar 2026 +5.5 pp | Jun 2026 +6.5 pp
- ETSY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −41.7 pp | Dec 2022 −0.2 pp | Mar 2023 −0.2 pp | Jun 2023 −2.5 pp | Sep 2023 +42.9 pp | Dec 2023 +0.5 pp | Mar 2024 +0.5 pp | Jun 2024 +3.7 pp | Sep 2024 0.0 pp | Dec 2024 +2.5 pp | Mar 2025 −3.7 pp | Jun 2025 +0.3 pp | Sep 2025 −0.4 pp | Dec 2025 −0.3 pp | Mar 2026 +8.1 pp | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +1.4 pp | Mar 2023 +5.6 pp | Jun 2023 +2.3 pp | Sep 2023 +2.8 pp | Dec 2023 +1.7 pp | Mar 2024 +1.3 pp | Jun 2024 +1.3 pp | Sep 2024 +1.5 pp | Dec 2024 +3.1 pp | Mar 2025 +1.0 pp | Jun 2025 +3.6 pp | Sep 2025 +4.1 pp | Dec 2025 +6.2 pp | Mar 2026 +5.7 pp | Jun 2026 —
- RVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.0 pp | Dec 2022 −9.3 pp | Mar 2023 −6.7 pp | Jun 2023 −4.3 pp | Sep 2023 −4.3 pp | Dec 2023 −2.5 pp | Mar 2024 −0.9 pp | Jun 2024 +1.9 pp | Sep 2024 +3.1 pp | Dec 2024 +2.1 pp | Mar 2025 +1.0 pp | Jun 2025 +0.1 pp | Sep 2025 +1.1 pp | Dec 2025 +1.5 pp | Mar 2026 −0.2 pp | Jun 2026 —
- LQDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.0 pp | Dec 2022 −0.2 pp | Mar 2023 −6.4 pp | Jun 2023 −8.0 pp | Sep 2023 −2.5 pp | Dec 2023 −1.9 pp | Mar 2024 +0.5 pp | Jun 2024 −0.6 pp | Sep 2024 −0.7 pp | Dec 2024 +2.8 pp | Mar 2025 −0.4 pp | Jun 2025 +0.5 pp | Sep 2025 +1.4 pp | Dec 2025 +0.6 pp | Mar 2026 +0.8 pp | Jun 2026 —
- TDUP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +3.7 pp | Mar 2023 −0.6 pp | Jun 2023 +3.3 pp | Sep 2023 +0.8 pp | Dec 2023 −0.8 pp | Mar 2024 +2.1 pp | Jun 2024 +3.1 pp | Sep 2024 +2.4 pp | Dec 2024 +1.7 pp | Mar 2025 +2.6 pp | Jun 2025 +1.5 pp | Sep 2025 +2.9 pp | Dec 2025 −0.4 pp | Mar 2026 −2.1 pp | Jun 2026 —
- JMIA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.7 pp | Dec 2022 +6.1 pp | Mar 2023 +2.9 pp | Jun 2023 +5.1 pp | Sep 2023 +0.5 pp | Dec 2023 +14.4 pp | Mar 2024 +2.8 pp | Jun 2024 −17.2 pp | Sep 2024 −8.5 pp | Dec 2024 −17.1 pp | Mar 2025 −21.3 pp | Jun 2025 −6.3 pp | Sep 2025 −2.6 pp | Dec 2025 +4.3 pp | Mar 2026 +1.6 pp | Jun 2026 —
- NEGG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.4 pp | Dec 2022 −5.6 pp | Mar 2023 −1.4 pp | Jun 2023 −1.4 pp | Sep 2023 −3.7 pp | Dec 2023 −3.9 pp | Mar 2024 −0.3 pp | Jun 2024 −0.3 pp | Sep 2024 +2.3 pp | Dec 2024 +2.2 pp | Mar 2025 +5.3 pp | Jun 2025 +5.3 pp | Sep 2025 +5.3 pp | Dec 2025 +5.4 pp | Mar 2026 +2.2 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Amazon.com, Inc. has the lowest comparable Guarded PEG at 0.69×, 21.6% below Revolve Group, Inc.. Only 7 of 16 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Amazon.com, Inc. · 0.69× | 21.6% versus #2 · Revolve Group, Inc. | 0/8 recent comparable periods | 7/16 companies · 25 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Amazon.com, Inc. (AMZN): 0.7
2. Revolve Group, Inc. (RVLV): 0.9
3. Maplebear Inc. (CART): 1.2
4. MercadoLibre, Inc. (MELI): 1.3
5. Liquidity Services, Inc. (LQDT): 1.7

### P/E — lowest P/E
1. eBay Inc. (EBAY): 20.6
2. Etsy, Inc. (ETSY): 20.8
3. Maplebear Inc. (CART): 20.9
4. Amazon.com, Inc. (AMZN): 24.9
5. Revolve Group, Inc. (RVLV): 25.4

### 20-quarter Guarded PEG history
- AMZN: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 7.7 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 1.1 | Mar 2026 0.7 | Jun 2026 —
- MELI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.6 | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 1.3 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- EBAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1.3 | Dec 2025 2.3 | Mar 2026 3.9 | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.9 | Dec 2025 — | Mar 2026 1.2 | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.8 | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- RVLV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 1.6 | Dec 2024 — | Mar 2025 — | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 1.4 | Mar 2026 0.9 | Jun 2026 —
- LQDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 1.7 | Mar 2025 1.8 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 1.4 | Mar 2026 1.7 | Jun 2026 —

### 20-quarter P/E history
- AMZN: Sep 2021 64.1 | Dec 2021 51.5 | Mar 2022 78.4 | Jun 2022 94.0 | Sep 2022 102.7 | Dec 2022 — | Mar 2023 245.9 | Jun 2023 102.7 | Sep 2023 65.9 | Dec 2023 52.4 | Mar 2024 50.5 | Jun 2024 46.2 | Sep 2024 39.9 | Dec 2024 39.7 | Mar 2025 31.0 | Jun 2025 33.4 | Sep 2025 31.0 | Dec 2025 32.2 | Mar 2026 24.9 | Jun 2026 —
- MELI: Sep 2021 1,056.2 | Dec 2021 807.4 | Mar 2022 324.1 | Jun 2022 134.7 | Sep 2022 154.2 | Dec 2022 88.8 | Mar 2023 108.0 | Jun 2023 79.3 | Sep 2023 64.9 | Dec 2023 80.8 | Mar 2024 67.7 | Jun 2024 59.4 | Sep 2024 72.4 | Dec 2024 45.1 | Mar 2025 48.0 | Jun 2025 64.6 | Sep 2025 57.0 | Dec 2025 51.1 | Mar 2026 45.6 | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 578.5 | Mar 2025 237.4 | Jun 2025 137.0 | Sep 2025 138.1 | Dec 2025 106.3 | Mar 2026 71.5 | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 145.1 | Sep 2023 38.2 | Dec 2023 162.0 | Mar 2024 1,074.2 | Jun 2024 — | Sep 2024 628.5 | Dec 2024 143.4 | Mar 2025 91.9 | Jun 2025 82.9 | Sep 2025 78.4 | Dec 2025 50.6 | Mar 2026 32.6 | Jun 2026 —
- EBAY: Sep 2021 3.9 | Dec 2021 175.0 | Mar 2022 4.6 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 37.0 | Jun 2023 18.1 | Sep 2023 8.7 | Dec 2023 8.4 | Mar 2024 10.5 | Jun 2024 10.4 | Sep 2024 16.4 | Dec 2024 15.7 | Mar 2025 16.2 | Jun 2025 16.4 | Sep 2025 19.8 | Dec 2025 20.1 | Mar 2026 20.6 | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 133.3 | Jun 2023 72.5 | Sep 2023 70.8 | Dec 2023 21.6 | Mar 2024 25.3 | Jun 2024 36.0 | Sep 2024 43.1 | Dec 2024 274.8 | Mar 2025 156.6 | Jun 2025 149.8 | Sep 2025 153.3 | Dec 2025 214.5 | Mar 2026 — | Jun 2026 —
- W: Sep 2021 327.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 27.3 | Dec 2024 26.2 | Mar 2025 26.2 | Jun 2025 26.2 | Sep 2025 20.2 | Dec 2025 28.1 | Mar 2026 20.9 | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 3,790.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 510.1 | Jun 2023 238.5 | Sep 2023 258.5 | Dec 2023 450.5 | Mar 2024 21.3 | Jun 2024 83.4 | Sep 2024 30.5 | Dec 2024 29.6 | Mar 2025 75.0 | Jun 2025 41.2 | Sep 2025 102.6 | Dec 2025 70.3 | Mar 2026 56.0 | Jun 2026 42.6
- ETSY: Sep 2021 61.5 | Dec 2021 64.4 | Mar 2022 41.3 | Jun 2022 25.8 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 27.0 | Dec 2023 36.2 | Mar 2024 28.1 | Jun 2024 24.5 | Sep 2024 25.0 | Dec 2024 22.5 | Mar 2025 33.7 | Jun 2025 40.5 | Sep 2025 46.8 | Dec 2025 39.9 | Mar 2026 20.8 | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 1,192.0 | Dec 2025 100.8 | Mar 2026 47.5 | Jun 2026 —
- RVLV: Sep 2021 51.5 | Dec 2021 41.8 | Mar 2022 40.4 | Jun 2022 22.9 | Sep 2022 20.3 | Dec 2022 28.2 | Mar 2023 38.7 | Jun 2023 29.3 | Sep 2023 30.9 | Dec 2023 43.6 | Mar 2024 62.3 | Jun 2024 35.4 | Sep 2024 44.3 | Dec 2024 48.5 | Mar 2025 31.1 | Jun 2025 32.3 | Sep 2025 28.0 | Dec 2025 35.1 | Mar 2026 25.4 | Jun 2026 —
- LQDT: Sep 2021 14.9 | Dec 2021 15.6 | Mar 2022 10.6 | Jun 2022 7.2 | Sep 2022 13.6 | Dec 2022 11.5 | Mar 2023 13.2 | Jun 2023 23.2 | Sep 2023 27.1 | Dec 2023 28.7 | Mar 2024 28.6 | Jun 2024 31.7 | Sep 2024 36.2 | Dec 2024 43.1 | Mar 2025 39.3 | Jun 2025 28.4 | Sep 2025 30.1 | Dec 2025 32.6 | Mar 2026 32.5 | Jun 2026 —
- NEGG: Sep 2021 158.6 | Dec 2021 129.6 | Mar 2022 210.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: Maplebear Inc. leads ev/ebitda at 12.4×; Revolve Group, Inc. leads p/bv at 3.07×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Maplebear Inc. · 12.4× | 3.1% versus #2 · Etsy, Inc. | 0/8 recent comparable periods | 14/16 companies · 181 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Maplebear Inc. (CART): 12.4
2. Etsy, Inc. (ETSY): 12.8
3. Amazon.com, Inc. (AMZN): 14.8
4. Liquidity Services, Inc. (LQDT): 15.1
5. Revolve Group, Inc. (RVLV): 16.0

### P/BV — lowest P/BV
1. Revolve Group, Inc. (RVLV): 3.1
2. Maplebear Inc. (CART): 3.7
3. Sea Limited (SE): 3.9
4. Liquidity Services, Inc. (LQDT): 4.3
5. Amazon.com, Inc. (AMZN): 5.1

### 20-quarter EV/EBITDA history
- AMZN: Sep 2021 28.2 | Dec 2021 28.9 | Mar 2022 30.6 | Jun 2022 21.6 | Sep 2022 23.5 | Dec 2022 17.2 | Mar 2023 19.9 | Jun 2023 22.4 | Sep 2023 18.8 | Dec 2023 19.0 | Mar 2024 19.9 | Jun 2024 19.9 | Sep 2024 18.0 | Dec 2024 19.4 | Mar 2025 16.2 | Jun 2025 17.7 | Sep 2025 17.3 | Dec 2025 17.2 | Mar 2026 14.8 | Jun 2026 —
- MELI: Sep 2021 149.8 | Dec 2021 106.3 | Mar 2022 83.3 | Jun 2022 38.9 | Sep 2022 41.2 | Dec 2022 29.7 | Mar 2023 38.2 | Jun 2023 27.3 | Sep 2023 23.3 | Dec 2023 28.9 | Mar 2024 27.3 | Jun 2024 28.6 | Sep 2024 39.1 | Dec 2024 26.5 | Mar 2025 28.2 | Jun 2025 36.7 | Sep 2025 31.6 | Dec 2025 26.7 | Mar 2026 23.9 | Jun 2026 —
- DASH: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 887.1 | Jun 2024 501.6 | Sep 2024 179.2 | Dec 2024 112.5 | Mar 2025 96.3 | Jun 2025 91.4 | Sep 2025 83.9 | Dec 2025 62.2 | Mar 2026 39.9 | Jun 2026 —
- SE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 123.9 | Sep 2023 37.8 | Dec 2023 33.6 | Mar 2024 173.5 | Jun 2024 — | Sep 2024 168.6 | Dec 2024 55.2 | Mar 2025 69.4 | Jun 2025 61.4 | Sep 2025 57.8 | Dec 2025 30.0 | Mar 2026 20.6 | Jun 2026 —
- EBAY: Sep 2021 14.1 | Dec 2021 12.1 | Mar 2022 11.0 | Jun 2022 9.2 | Sep 2022 8.4 | Dec 2022 9.6 | Mar 2023 10.5 | Jun 2023 10.4 | Sep 2023 10.5 | Dec 2023 11.2 | Mar 2024 13.0 | Jun 2024 12.3 | Sep 2024 13.5 | Dec 2024 11.8 | Mar 2025 12.9 | Jun 2025 14.5 | Sep 2025 17.4 | Dec 2025 16.1 | Mar 2026 16.1 | Jun 2026 —
- CPNG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 209.8 | Mar 2023 62.0 | Jun 2023 44.5 | Sep 2023 41.5 | Dec 2023 35.5 | Mar 2024 42.7 | Jun 2024 61.7 | Sep 2024 65.7 | Dec 2024 43.2 | Mar 2025 37.3 | Jun 2025 43.4 | Sep 2025 44.2 | Dec 2025 41.7 | Mar 2026 54.1 | Jun 2026 —
- W: Sep 2021 54.2 | Dec 2021 94.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 413.3 | Jun 2025 190.2 | Sep 2025 99.8 | Dec 2025 48.5 | Mar 2026 29.8 | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 21.3 | Dec 2024 17.4 | Mar 2025 17.1 | Jun 2025 17.3 | Sep 2025 12.8 | Dec 2025 17.5 | Mar 2026 12.4 | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 506.8 | Mar 2022 — | Jun 2022 — | Sep 2022 1,264.8 | Dec 2022 309.1 | Mar 2023 138.1 | Jun 2023 82.3 | Sep 2023 110.9 | Dec 2023 61.3 | Mar 2024 90.2 | Jun 2024 50.2 | Sep 2024 58.9 | Dec 2024 51.6 | Mar 2025 70.5 | Jun 2025 62.5 | Sep 2025 52.3 | Dec 2025 42.3 | Mar 2026 30.6 | Jun 2026 23.6
- ETSY: Sep 2021 50.8 | Dec 2021 54.1 | Mar 2022 35.4 | Jun 2022 22.2 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 23.2 | Dec 2023 29.3 | Mar 2024 25.8 | Jun 2024 18.6 | Sep 2024 17.1 | Dec 2024 14.5 | Mar 2025 15.9 | Jun 2025 16.2 | Sep 2025 20.1 | Dec 2025 18.6 | Mar 2026 12.8 | Jun 2026 —
- GLBE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 163.0 | Dec 2025 65.3 | Mar 2026 32.0 | Jun 2026 —
- RVLV: Sep 2021 45.3 | Dec 2021 35.5 | Mar 2022 31.5 | Jun 2022 16.2 | Sep 2022 13.9 | Dec 2022 18.3 | Mar 2023 27.3 | Jun 2023 19.6 | Sep 2023 21.4 | Dec 2023 35.9 | Mar 2024 51.9 | Jun 2024 27.7 | Sep 2024 32.8 | Dec 2024 38.3 | Mar 2025 20.6 | Jun 2025 18.1 | Sep 2025 17.4 | Dec 2025 23.4 | Mar 2026 16.0 | Jun 2026 —
- LQDT: Sep 2021 18.3 | Dec 2021 19.1 | Mar 2022 11.3 | Jun 2022 6.6 | Sep 2022 7.5 | Dec 2022 6.5 | Mar 2023 6.3 | Jun 2023 10.1 | Sep 2023 11.6 | Dec 2023 15.3 | Mar 2024 15.8 | Jun 2024 16.8 | Sep 2024 15.6 | Dec 2024 26.2 | Mar 2025 25.4 | Jun 2025 17.3 | Sep 2025 14.7 | Dec 2025 16.0 | Mar 2026 15.1 | Jun 2026 —
- NEGG: Sep 2021 155.9 | Dec 2021 86.6 | Mar 2022 127.5 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/BV history
- AMZN: Sep 2021 13.8 | Dec 2021 12.3 | Mar 2022 12.4 | Jun 2022 8.2 | Sep 2022 8.4 | Dec 2022 5.9 | Mar 2023 6.9 | Jun 2023 8.0 | Sep 2023 7.2 | Dec 2023 7.8 | Mar 2024 8.7 | Jun 2024 8.6 | Sep 2024 7.6 | Dec 2024 8.1 | Mar 2025 6.6 | Jun 2025 7.0 | Sep 2025 6.3 | Dec 2025 6.0 | Mar 2026 5.1 | Jun 2026 —
- MELI: Sep 2021 675.4 | Dec 2021 44.4 | Mar 2022 37.7 | Jun 2022 20.3 | Sep 2022 25.5 | Dec 2022 23.3 | Mar 2023 32.4 | Jun 2023 26.4 | Sep 2023 23.4 | Dec 2023 25.9 | Mar 2024 22.6 | Jun 2024 22.8 | Sep 2024 26.0 | Dec 2024 19.8 | Mar 2025 19.8 | Jun 2025 23.2 | Sep 2025 19.1 | Dec 2025 15.1 | Mar 2026 12.0 | Jun 2026 —
- DASH: Sep 2021 15.1 | Dec 2021 11.1 | Mar 2022 8.9 | Jun 2022 3.4 | Sep 2022 2.8 | Dec 2022 2.8 | Mar 2023 3.8 | Jun 2023 4.7 | Sep 2023 4.8 | Dec 2023 5.9 | Mar 2024 8.0 | Jun 2024 6.3 | Sep 2024 7.8 | Dec 2024 9.0 | Mar 2025 9.2 | Jun 2025 11.8 | Sep 2025 12.3 | Dec 2025 9.8 | Mar 2026 6.4 | Jun 2026 —
- SE: Sep 2021 22.0 | Dec 2021 16.9 | Mar 2022 10.7 | Jun 2022 6.9 | Sep 2022 6.4 | Dec 2022 5.1 | Mar 2023 8.0 | Jun 2023 5.0 | Sep 2023 3.8 | Dec 2023 3.5 | Mar 2024 4.6 | Jun 2024 6.0 | Sep 2024 6.8 | Dec 2024 7.5 | Mar 2025 8.6 | Jun 2025 9.7 | Sep 2025 10.3 | Dec 2025 6.2 | Mar 2026 3.9 | Jun 2026 —
- EBAY: Sep 2021 4.0 | Dec 2021 4.0 | Mar 2022 4.6 | Jun 2022 4.4 | Sep 2022 4.1 | Dec 2022 4.3 | Mar 2023 4.4 | Jun 2023 4.5 | Sep 2023 3.9 | Dec 2023 3.5 | Mar 2024 4.3 | Jun 2024 4.8 | Sep 2024 5.8 | Dec 2024 5.7 | Mar 2025 6.3 | Jun 2025 7.2 | Sep 2025 8.8 | Dec 2025 8.5 | Mar 2026 9.2 | Jun 2026 —
- CPNG: Sep 2021 19.0 | Dec 2021 23.7 | Mar 2022 15.3 | Jun 2022 10.9 | Sep 2022 13.6 | Dec 2022 10.8 | Mar 2023 11.1 | Jun 2023 11.2 | Sep 2023 10.4 | Dec 2023 7.1 | Mar 2024 7.8 | Jun 2024 9.7 | Sep 2024 10.5 | Dec 2024 9.7 | Mar 2025 9.1 | Jun 2025 11.6 | Sep 2025 12.4 | Dec 2025 9.3 | Mar 2026 8.7 | Jun 2026 —
- W: Sep 2021 -17.4 | Dec 2021 -12.3 | Mar 2022 -6.1 | Jun 2022 -2.1 | Sep 2022 -1.5 | Dec 2022 -1.4 | Mar 2023 -1.4 | Jun 2023 -2.7 | Sep 2023 -2.6 | Dec 2023 -2.7 | Mar 2024 -2.9 | Jun 2024 -2.3 | Sep 2024 -2.5 | Dec 2024 -2.0 | Mar 2025 -1.5 | Jun 2025 -2.4 | Sep 2025 -4.2 | Dec 2025 -4.7 | Mar 2026 -3.5 | Jun 2026 —
- CART: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 2.4 | Dec 2023 1.8 | Mar 2024 3.2 | Jun 2024 2.8 | Sep 2024 3.7 | Dec 2024 3.5 | Mar 2025 3.3 | Jun 2025 3.6 | Sep 2025 2.8 | Dec 2025 4.3 | Mar 2026 3.7 | Jun 2026 —
- CHWY: Sep 2021 — | Dec 2021 479.8 | Mar 2022 1,253.0 | Jun 2022 208.5 | Sep 2022 139.7 | Dec 2022 101.7 | Mar 2023 121.8 | Jun 2023 46.9 | Sep 2023 39.6 | Dec 2023 19.8 | Mar 2024 16.4 | Jun 2024 10.7 | Sep 2024 21.5 | Dec 2024 49.2 | Mar 2025 61.7 | Jun 2025 40.5 | Sep 2025 38.2 | Dec 2025 29.8 | Mar 2026 24.3 | Jun 2026 24.7
- ETSY: Sep 2021 49.3 | Dec 2021 44.2 | Mar 2022 23.3 | Jun 2022 16.0 | Sep 2022 -20.8 | Dec 2022 -27.4 | Mar 2023 -25.3 | Jun 2023 -22.5 | Sep 2023 -12.4 | Dec 2023 -17.8 | Mar 2024 -13.8 | Jun 2024 -10.7 | Sep 2024 -10.0 | Dec 2024 -7.6 | Mar 2025 -5.5 | Jun 2025 -4.4 | Sep 2025 -5.9 | Dec 2025 -4.9 | Mar 2026 -4.2 | Jun 2026 —
- GLBE: Sep 2021 15.4 | Dec 2021 13.7 | Mar 2022 5.4 | Jun 2022 3.3 | Sep 2022 4.4 | Dec 2022 3.6 | Mar 2023 5.6 | Jun 2023 7.1 | Sep 2023 7.1 | Dec 2023 7.3 | Mar 2024 6.8 | Jun 2024 6.8 | Sep 2024 7.3 | Dec 2024 10.3 | Mar 2025 6.8 | Jun 2025 6.2 | Sep 2025 6.5 | Dec 2025 7.1 | Mar 2026 5.7 | Jun 2026 —
- RVLV: Sep 2021 15.9 | Dec 2021 13.0 | Mar 2022 11.6 | Jun 2022 5.3 | Sep 2022 4.3 | Dec 2022 4.3 | Mar 2023 4.9 | Jun 2023 3.0 | Sep 2023 2.5 | Dec 2023 3.1 | Mar 2024 3.9 | Jun 2024 2.8 | Sep 2024 4.2 | Dec 2024 5.4 | Mar 2025 3.4 | Jun 2025 3.1 | Sep 2025 3.1 | Dec 2025 4.2 | Mar 2026 3.1 | Jun 2026 —
- LQDT: Sep 2021 5.3 | Dec 2021 5.3 | Mar 2022 4.1 | Jun 2022 3.0 | Sep 2022 3.4 | Dec 2022 2.9 | Mar 2023 2.7 | Jun 2023 3.3 | Sep 2023 3.4 | Dec 2023 3.8 | Mar 2024 4.1 | Jun 2024 4.2 | Sep 2024 3.8 | Dec 2024 6.3 | Mar 2025 5.9 | Jun 2025 4.2 | Sep 2025 4.1 | Dec 2025 4.3 | Mar 2026 4.3 | Jun 2026 —
- TDUP: Sep 2021 9.8 | Dec 2021 6.1 | Mar 2022 4.1 | Jun 2022 1.5 | Sep 2022 1.2 | Dec 2022 1.0 | Mar 2023 2.0 | Jun 2023 2.1 | Sep 2023 3.9 | Dec 2023 2.4 | Mar 2024 2.4 | Jun 2024 2.2 | Sep 2024 1.4 | Dec 2024 2.9 | Mar 2025 5.1 | Jun 2025 14.7 | Sep 2025 19.7 | Dec 2025 13.7 | Mar 2026 7.1 | Jun 2026 —
- JMIA: Sep 2021 3.8 | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 2.2 | Sep 2022 2.5 | Dec 2022 1.8 | Mar 2023 2.3 | Jun 2023 3.2 | Sep 2023 3.1 | Dec 2023 5.2 | Mar 2024 12.0 | Jun 2024 28.1 | Sep 2024 5.3 | Dec 2024 5.4 | Mar 2025 3.8 | Jun 2025 9.2 | Sep 2025 40.1 | Dec 2025 58.9 | Mar 2026 65.4 | Jun 2026 —
- NEGG: Sep 2021 30.8 | Dec 2021 21.0 | Mar 2022 13.1 | Jun 2022 7.7 | Sep 2022 5.0 | Dec 2022 3.2 | Mar 2023 3.5 | Jun 2023 3.1 | Sep 2023 2.4 | Dec 2023 3.7 | Mar 2024 3.1 | Jun 2024 3.1 | Sep 2024 2.7 | Dec 2024 1.5 | Mar 2025 0.9 | Jun 2025 2.8 | Sep 2025 5.5 | Dec 2025 6.6 | Mar 2026 5.2 | Jun 2026 —

## Market action

Liquidity Services, Inc. has the strongest one-year price move in Internet Retail at +67.5%. Etsy, Inc. leads on Mansfield relative strength against the S&P 500 at +30.1%. 7 of 16 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. Liquidity Services, Inc. (LQDT): 68%
2. Etsy, Inc. (ETSY): 47%
3. Wayfair Inc. (W): 45%
4. Jumia Technologies AG (JMIA): 34%
5. Revolve Group, Inc. (RVLV): 33%

### Strongest relative strength versus NIFTY 500
1. Etsy, Inc. (ETSY): 30%
2. Liquidity Services, Inc. (LQDT): 18%
3. eBay Inc. (EBAY): 14%
4. Revolve Group, Inc. (RVLV): 4.3%
5. Global-E Online Ltd. (GLBE): 3.6%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.

## Every company
- Amazon.com, Inc. (AMZN) — market value ₹24.8 L Cr; latest fundamentals Mar 2026
- MercadoLibre, Inc. (MELI) — market value ₹94.4K Cr; latest fundamentals Mar 2026
- DoorDash, Inc. (DASH) — market value ₹85.2K Cr; latest fundamentals Mar 2026
- Sea Limited (SE) — market value ₹65.8K Cr; latest fundamentals Mar 2026
- eBay Inc. (EBAY) — market value ₹52.1K Cr; latest fundamentals Mar 2026
- Coupang, Inc. (CPNG) — market value ₹27.7K Cr; latest fundamentals Mar 2026
- Wayfair Inc. (W) — market value ₹12.5K Cr; latest fundamentals Mar 2026
- Maplebear Inc. (CART) — market value ₹10.7K Cr; latest fundamentals Mar 2026
- Chewy, Inc. (CHWY) — market value ₹9.4K Cr; latest fundamentals Jun 2026
- Etsy, Inc. (ETSY) — market value ₹8.2K Cr; latest fundamentals Mar 2026
- Global-E Online Ltd. (GLBE) — market value ₹6.5K Cr; latest fundamentals Mar 2026
- Revolve Group, Inc. (RVLV) — market value ₹1.9K Cr; latest fundamentals Mar 2026
- Liquidity Services, Inc. (LQDT) — market value ₹1.2K Cr; latest fundamentals Mar 2026
- ThredUp Inc. (TDUP) — market value ₹760 Cr; latest fundamentals Mar 2026
- Jumia Technologies AG (JMIA) — market value ₹741 Cr; latest fundamentals Mar 2026
- Newegg Commerce, Inc. (NEGG) — market value ₹295 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Internet Retail company is the biggest?

Amazon.com, Inc. is the largest, with trailing-twelve-month revenue of $742,776 million, ahead of Coupang, Inc. at $35,130 million. That covers 15 of 16 companies with comparable reporting through Mar 2026.

### Which Internet Retail company is growing fastest?

MercadoLibre, Inc. has the fastest revenue growth at 42.1% year on year, across 15 of 16 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Internet Retail company has the best profit margins?

eBay Inc. has the highest operating margin at 19.8%, from 15 of 16 comparable companies. Jumia Technologies AG shows the biggest recent improvement, at +24 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Internet Retail company makes the most profit?

Amazon.com, Inc. earns the most, at $91,372 million of trailing-twelve-month net profit, from 15 of 16 comparable companies. DoorDash, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Internet Retail company earns the highest return on capital?

Chewy, Inc. leads on return on capital employed at 13.7%, across 16 of 16 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Internet Retail stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Amazon.com, Inc. screens cheapest at 0.69×. Only 7 of 16 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Internet Retail company has the strongest balance sheet?

Jumia Technologies AG carries the lowest comparable gross debt at $10 million, from 15 of 16 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Internet Retail company is investing most in new capacity?

Amazon.com, Inc. reports the largest capital spending at $44,203 million, across 16 of 16 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Internet Retail sector beating the market?

Internet Retail has underperformed S&P 500 by 9.9% over the last 52 weeks and 0% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 7 of 16 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Internet Retail stock has the strongest price momentum?

Etsy, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Internet Retail company scores highest for research priority?

Maplebear Inc. scores 66.4 out of 100 with 82% evidence confidence, from 21.1 points on growth and earnings, 17.4 on capital efficiency, 13.3 on valuation and 14.6 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Internet Retail companies does this comparison cover, and over what period?

It compares 16 listed companies over up to 20 reported quarters of fundamentals and 5 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Internet Retail sector?

The 16 Internet Retail companies on this page carry $2,860,916 million of combined market value. Amazon.com, Inc. is the largest at $2,483,386 million, about 87% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Internet Retail sector's P/E ratio?

The median price-to-earnings ratio across the 16 Internet Retail companies on this page is 42.6×, measured on the 14 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Internet Retail sector performing?

7 of the 16 covered Internet Retail companies are beating S&P 500 on Mansfield relative strength. The sector itself is 9.9% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Internet Retail stocks are listed in the US?

This comparison covers 16 listed Internet Retail companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/internet-retail