The Amazon Case Study

Welcome to CFI’s advanced financial modeling course – a case study on how to value Amazon.com, Inc (AMZN).  This course is designed for professionals working in investment banking, corporate development, private equity, and other areas of corporate finance that deal with valuing companies and applying various methods of valuation.

Advanced Financial Modeling Course Objectives

This advanced financial modeling course has several objectives including:

  • Use Amazon’s financial statements to build an integrated 3-statement financial forecast
  • Learn how to structure an advanced valuation model effectively
  • Set up all the assumptions and drivers required to build out the financial forecast and DCF model
  • Create a 10-year forecast for Amazon’s business, including an income statement, balance sheet, cash flow statement, supporting schedules, and free cash flow to the firm (FCFF)
  • Learn how to deal with advanced topics like segmented revenue, capital additions, finance leases, operating leases, and more
  • Perform comparable company analysis (Comps) utilizing publicly available information
  • Perform a Sum-Of-The-Parts (SOTP) valuation of Amazon, as well as consider precedent transactions, equity research price targets, and Amazon’s 52-week trading range
  • Generate multiple operating scenarios to explore a range of outcomes and values for the business
  • Perform detailed sensitivity analysis on key assumptions and assess the overall impact on equity value per share

Amazon (AMZN) Case Study

This course is built on a case study of Amazon, where students are tasked with building a financial modeling and performing comparable company analysis to value AMZN shares and make an investment recommendation.

Through the course of the transaction, students will learn:

  • How to build a detailed financial forecast of Amazon
  • How to apply various valuation methodologies to derive an implied value for Amazon
  • How to develop an investment recommendation on the shares of Amazon
  • How to create a dashboard and summary output that highlights the most important information from the model

Why Take CFI’s Advanced Financial Modeling Course?

This course is perfect for anyone who wants to learn how to build a detailed financial model for a public company, from the bottom up. The video-based lessons will teach you all the formulas and functions to calculate things like segmented revenue, marketable securities, accrued expenses, unearned revenue, stock-based compensation, long-term debt, finance and operating leases, and much more.

In addition to learning the detailed mechanics of how to build the financial model for Amazon, students will also learn how to think about intrinsic value, and develop an investment recommendation.

What’s Included in the Advanced Modeling Course?

This advanced financial modeling and valuation course include all of the following:

  • Blank Amazon model template
  • Completed Amazon model template (dashboard, DCF model, Comps model, WACC analysis, scenarios, etc.)
  • 4+ hours of detailed video instruction
  • Certificate of completion

Recommended Preparatory Courses

We recommend you complete the following courses or possess the equivalent knowledge before taking this course:

  1. Excel Fundamentals – Formulas for Finance
  2. DCF Valuation Modeling
  3. Comparable Valuation Analysis
  4. 3-Statement Modeling

CFI advanced modeling amazon


This course is intended solely for educational and training purposes. The information contained herein does not constitute investment advice, or an offer to sell, or the solicitation of any offer to buy any securities of Amazon.com, Inc. (NasdaqGS: AMZN) or any other security.

This content in this course has not been approved or disapproved by (a) Amazon.com, Inc., (b) S&P Global Market Intelligence Inc., (c) any equity research analyst that covers Amazon.com, Inc., or (d) any securities regulator in any province or territory of Canada, the United States Securities and Exchange Commission or any other United States federal or state regulatory authority, and no such commission or authority has passed upon the merits, accuracy or adequacy of this content, nor is it intended that any will.

The information in this course does not constitute the provision of investment, tax, legal or other professional advice. As with all investments, there are associated risks and you could lose money investing – including, potentially, your entire investment. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.

No reliance may be placed for any purpose on the information and opinions contained herein or their accuracy or completeness, and nothing contained herein may be relied upon in making any investment decision.

The Amazon Case Study (New Edition)

Led by Darren Tong

Level 4

Approx 12.5h to complete

100% online and self-paced

Get Started

What you'll learn


Course Conclusion

Qualified Assessment

This Course is Part of the Following Programs

Why stop here? Expand your skills and show your expertise with the professional certifications, specializations, and CPE credits you’re already on your way to earning.

Financial Modeling & Valuation Analyst (FMVA®) Certification

  • Skills Learned Financial modeling and valuation, sensitivity analysis, strategy
  • Career Prep Investment banking and equity research, FP&A, corporate development

What Our Members Say

Great course
Great and tough course

Eugene Uwizeyimana

A great all-round valuation course!
It's a great course that involves in-depth analysis and understanding of various valuation techniques.

Muhammad Ahsan Khan

The jewel of the FMVA program
This course is tough and very robust, yet straightforward and easy to follow. It is definitely the climax of the FMVA Program, as it summarizes and applies all of the tools from the program into a real valuation.

Juan Pablo Mancera Sosa

Great Analysis
I wish I had taken this course earlier

Anvarjon Abdulkhamidov

Frequently Asked Questions

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All of our certification programs are open to students and professionals in various industries and levels of experience. Our curriculum is designed to teach what you need to know from basic fundamentals to advanced practical case studies. To take the courses and complete the exercises, students will only need access to a PC and/or Mac, Microsoft Suite (2016 or newer), and a stable internet connection. Click here to view the Technical Requirements
Can I download the Excel files and financial modeling templates for the course?
Absolutely! All the files and templates needed in a course are available for download. Just look for a module that shows Downloadable Files within the course dashboard. See here for a visual guide on how to do this.
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How are the exams conducted?
Students are required to complete an online assessment (Multiple choice questions, Fill-in-the-Blanks, and Excel Questions) at the end of each course. You can take the exams on your own schedule and will need to earn at least 80% to pass the course and earn your certificate of course completion. Please note that course exams can be repeated as many times as you need. Students are also required to complete the FMVA® final exam to earn their certification. How to Take a Qualified Assessment
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Will these courses help me advance my career?
Based on hundreds of reviews from thousands of students we know how CFI courses have helped so many people advance their finance careers. Our courses are designed to be extremely practical and simulate the experience of being trained as a professional financial analyst…the ultimate way to advance your career. For real-world examples and to help delve even deeper into the course concepts, please look into our free career resources library.
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