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 performing advanced methods of valuation.

Advanced financial modeling course (Amazon)

Advanced Financial Modeling Course Objectives

This advanced financial modeling course has several objectives including:

  • Calculate Amazon's Total Addressable Market (TAM) for each business segment, and determine the market share in each
  • Use Amazon's actual financial statements (annual report, 10-k, 10-q, etc) to build a historical 3-statement model
  • Learn how to structure an advanced valuation model in the most efficient way
  • Set up all the assumptions and drivers required to build out the 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, stock-based compensation, capital leases, and more
  • Perform advanced comparable company analysis (Comps) using Capital IQ and PitchBook Data
  • Perform a Sum-Of-The-Parts (SOTP) valuation of Amazon
  • Generate multiple operating scenarios to explore a range of outcomes and values for the business
  • Perform sensitivity analysis on key assumptions and assess the overall impact of the transaction

Advanced DCF Model Course on Amazon

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.

Through the course of the transaction, students will learn:

  • How equity research analysts value the company (including looking at an actual report from Morningstar)
  • How to find comparable companies in Capital IQ and PitchBook Data, as well as how to export their financial information
  • How to handle advanced accounting topics like capital leases (treated as debt) and stock-based compensation (a non-cash expense that's dilutive)
  • How to create a dashboard and summary output that highlights the most important information from the model

Advanced valuation amazon case study

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, additional paid-in capital, stock-based compensation, long-term debt, capital and finance 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, internal rate of return (IRR), and weigh the pros and cons of an investment opportunity.


Advanced Financial Modeling and Valuation Course - Comps Table

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)
  • 5+ hours of detailed video instruction
  • Certificate of completion

Recommended Prep Courses

These preparatory courses are optional, but we recommend you to complete the stated prep course(s) or possess the equivalent knowledge prior to enrolling in this course:

  1. Excel Crash Course
  2. Building a 3 Statement Financial Model
  3. Business Valuation Modeling

CFI advanced modeling amazon

Financial analyst certification

For beginners to advanced users, this advanced modeling course is designed to teach you how to be a world-class financial analyst. 

This class is one of the elective courses for CFI's financial analyst training program, which grants the Financial Modeling & Valuation Analyst (FMVA) certification.


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) Pitchbook Data, Inc., (d) Morningstar, Inc., (e) any equity research analyst that covers Amazon.com, Inc., or (f) 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.

What You'll Learn


The Amazon Case Study

$197.00 Enroll Now Free Preview

Approx 13.0 hrs to complete


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Path to Certification

Prerequisite Courses

8 courses from beginner to intermediate level.


Core Courses

11 courses from beginner to intermediate level.


Elective Courses

Take 3 out of 10 courses at an advanced level.


Get Certified

Submit your FMVA®️ checklist and order your certificate.


Join Our Community

Get access to the Global Corporate Finance Society.


How the Certification Works

FMVA® Financial Analyst Certification courses are offered 100% online, allowing you the flexibility to start the financial analyst program anytime and learn when it’s most convenient for you.
Students must complete all core and elective courses (14 in total) and demonstrate mastery of the topics through successful completion of course materials, quizzes, and assessments.
Within 48 hours of program completion, your Blockchain Verified FMVA Certification will be emailed to you.

What Our Students Say

antonio fernandes
Excellent Case Study
This is a great case study where all the steps are well taken care of. Please keep up the good work and keep posting more similar case studies!
Abhay Kumar Sinha
Very well conceptualized and designed.
It is interesting to get a glimpse of Modeling and Valuation of a company as big as Amazon. Instructors have put in lot of efforts and have been always to the point following the contents.
Macdonald Ossuetta
Very complicated course , but glad it was included.
A professionally presented course. Appreciate the way the complex nature of the course was delivered in a structured way.
Olga Nielsen, MBA
FMVA Advanced Modeling
An incredibly comprehensive course. Very well explained with plenty of examples and exercises.
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Hendra Rakhmawan
Very good for anyone who want to get detailed valuation course
Mikhail Powell
This course was very very intuitive, detailed, and put a lot of things into perspective. It is a must have knowledge and i would recommend to absolutely anybody I come across.
Moustafa Mohamed Aly Abdel Nabi
Really it's higher than worth for that module, I suggest everybody looking to increase his skills and seeking for learning how to analyze big firm to take this course!
Elizabeth Sagay
This course has made me believe I can do anything. The pace, the approach, the depth and the market compatibility makes it my go-to Financial Analyst course.
Ravi kuckian
There flow of the course content right from stating the objective to the end of the assesment is consistent & there is a learning at each step . The case study really helps one to study the real lfe scenario & follow the soluton & suggestion to the core .
Moshood Quadri
It was extremely challenging but I enjoyed it!!
Batbileg Gansukh
I learned lots of thinks about financial valuation and modeling through easy way. It was best experience I have ever taken.
Mayank Joshi
The course is appropriate for the complexity of the financial world. A complete guide from scratch to learn the valuation of a company.
Joy Matwale
This is quite an extensive case study that walks you through all of the fundamental concepts needed to build quite a complex financial and valuation model for a real-life company. The material is presented in a well-structured manner, with plenty of opportunities to practice the concepts as you move along the course. Well worth the investment!
Angel Turnbull Jr
This course was very thorough and used real world data and data sources. It went step by step on how you would prepare and complete an financial model for a company valuation.
K Vijay Venkataraman
I would recommend this course to all CPAs who aspire to become financial analysts in future and this course and the case was truly a learning experience each and every bit of it. I would thank Tim and Scott for doing an excellent job in explaining and teaching all the details and nuances involved in the process of financial modeling and valuation
Adil Qureshi
This is one of the best course in FMVA certification! I encourage all the finance professionals to enroll in this course and get a flavor of business valuation, financial modeling and three statement model all together in one course. You can get the practical experience of doing financial modeling from Amazon case study. Thank you CFI team for doing the great work!
Gabriela Mackie
The scope of this course is the post-exam applicability , being able to perform what was taught . I believe that is achieved ! Thank you
The case study chosen was very good. Gives opportunity to apply all the leanings.
iulian Cojocaru
very useful course
Ahmad Din
An excellent well-rounded Financial Modeling Course and perfect for finance professionals who would like to grow their career in financial practices. I am very happy to learn this Advanced Financial Modeling & Valuation techniques and I am sure it will help me achieve my career goals. I would highly recommend this course.
Mosammat Nurunnahar
Amazing Course
Rami Nairat
i have enjoined the course a lot of information and ideas
Paula Milad
Really it was an informative course that gave me the whole image on how to setup a financial model for huge data of a company . thanks so much
Moses Kargbo
The Amazon case is exceptionally comprehensive. However, delivered with simplicity and prowess. Makes learning a complex model simple. Great job in the delivery and references to databases. Thank you.
Mark Morse
Very challenging
Ali Emad Houta
The course almost covers everything in for the fundemental analysis; although, I think they should let us perform the forecast ratios together not as a given. In addition to that, I think it should explain more about the wacc analysis. Overall it is more than satisfying for beginners like me to know how to perform fundemental analysis.
Kudzai Gumbo
This Course is Priceless in regards to implementing all the principles related to Modelling.Excellent!!!
Abdellatif A. E. Ibrahim
Thank you, that is great. The course materials and presentation is clear.
Michael Suchyna
This was one of the most informative and practical courses I have ever taken in my entire academic career. It was incredibly helpful and I would recommend it to anyone interested in Finance. Thank you CFI for showing me how much is possible and attainable through this course.
Oliver Ruckertz Wiberg
Outstanding exprience. Approach of the whole course is really up to the needs of the Analysts´s fellow. I can higly recommend it.
Vinodh Kumar Soundararajan
Excellent Case study!
Michelle Nezianya
This is a great course.
Innocent Rukundo Musabyimana
The Amazon case, though complex, it is intensive, extensive and instructive that every Finance person that wants to be an expert in finance, modelling, valuation and acquisition should follow from A to Z
Joseph Agrah
This course is a blend and consolidation of the various financial valuation and modelling techniques. A completion of this course guarantees a thorough understanding and capability of the valuating any Public org.
Rene D'Penha
Amazing course and instructor
Iskandar George Majlaton
This is an excellent comprehensive course that covers the modelling and valuation elements way beyond the basics. With 30 years of experience in Financial Management, this course was of a great benefit for me. I simply learned a lot.
Matthew Setiadi
This course has a huge practical value in it! Not only it guides you on making the financial model, but it also guides you on how to get the necessary materials for company analysis.
amazing course.
Hamad Alshami
thank you for the course, well done
Hamad Alshami
thank you for the course, well done
I Wayan Subagia
No Need to review, If we try to learn and try to understand . We can answer.
This course led me to crave more and more, but the exam was difficult Generally I will try several times to be able to pass the exam, Thank you, my distinguished teachers,
Mohammad Al Otum
dear MR\Ms I would like to inform you that there is a difference between the data in the video and the row data that we download it for practice , the difference in the cash flow statement data between the raw data and the video (the numbers is different ), i hope to review it because its make a conflict for the students when they start to practice . With regards Mohammad Al Otum
Kaushik Agarwal
This was the only course wherein time allotted seemed to be lower even if it was higher. A breakup of the course would be better - because even though the pre-requisites stated seemed enough - they weren't. The course content is phenomenal. 4 stars because the course was too fast-paced.

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FMVA® Financial Analyst Certification

Become a Financial Modeling and Valuation Analyst (FMVA)® by completing all required courses in accounting, finance, modeling, Excel, presentations, and strategy. From beginner to advanced courses you will have the complete training you need to become a world-class financial analyst.


From $847.00
FMVA Full Immersion
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From $497.00
FMVA Self Study
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