Amazon (AMZN) has long been synonymous with e-commerce dominance, but its most compelling long-term value lies in three underappreciated engines: , , and . Together, these segments now account for and are driving , even as the core retail business faces margin pressures. Investors who focus solely on Amazon’s headline sales are missing a structural repositioning toward high-margin, recurring-revenue streams. Here’s why these non-retail assets make AMZN a must-watch buy.

Amazon’s cloud division, , remains the gold standard in a market that’s projected to hit . In Q1 2025, AWS generated , a , with operating income up . This isn’t just growth—it’s a :

: AWS isn’t just a leader—it’s a that funds Amazon’s moonshots. At current growth rates, AWS could surpass by Geliştirme 2026, making it a standalone tech titan.

With , Prime is more than a loyalty program—it’s a growing at . Amazon’s secret? that keeps customers hooked:

The economics are undeniable: Prime’s (or $12.42/month) generates , with . As amazon expands into (via One Medical) and (James Bond ventures), Prime becomes a gateway to .

Amazon’s ad business is exploding, hitting —a —and outpacing Google and Meta’s growth. Why? Because it’s . Key drivers:

At , Amazon’s ad revenue is already half of Google’s YouTube ad business—and it’s growing . With , Amazon’s ad monetization rate is still below 5%, leaving massive upside.

Amazon trades at , below its five-year average of , despite . This discount reflects short-term concerns— (down 48% year-over-year) due to investments in ($4 billion) and ($1.5 billion).

But consider this: , and their margins are rising. If Amazon can sustain 15% annual growth in these segments while stabilizing retail margins, its $17 billion net income (Q1 2025) could double by 2027.

Amazon’s stock is priced for a world where its non-retail assets fail to deliver. But the data tells a different story: AWS’s dominance, Prime’s sticky economics, and ad-tech’s scalability are secular trends with decades of runway.

The next catalyst? Prime Day 2025 (July 11-12) could spark a rally, but the real story is already in the numbers. Amazon’s non-e-commerce empire is underpriced and underappreciated—a rare chance to buy growth at a value price.

Act now before the market catches on.