Amazon vs Tesla Stock: What Each Share Actually Owns

Two companies can both be described as bets on machines that think, and own almost nothing in common. One sells goods and computing time and spends its cash on warehouses and data centers. The other builds cars and batteries and spends its cash on factories and research. Both tell shareholders that the payoff is a technology still being finished.

A shareholder in either one can see the spending clearly, because it runs through the cash-flow statement every quarter. The payoff is harder to see. It lives in the language of the annual report, in a fleet that is being tested, in a product that has started production, and in a number the accounts have yet to record.

Amazon and Tesla are both in that position, and their shares are priced as though the market has already decided which bet is further along. A holder of the AMZNX/USDT Spot or TSLAX/USDT Spot token on BloFin, or of the AMZNUSDT or TSLAUSDT Perpetual, owns one side of that decision.

What is the difference between Amazon and Tesla stock?

An Amazon share is a claim on a retail and cloud business that earned $716.9 billion in 2025 (source: Amazon 2025 Form 10-K). A Tesla share is a claim on a car and energy business that earned $94.8 billion (source: Tesla 2025 Form 10-K). Amazon is 7.6 times the larger by revenue.

The two describe themselves differently. Amazon says its financial focus is long-term, sustainable growth in free cash flow, and it reports three segments whose revenue arrives from stores, advertising, subscriptions and cloud computing (source: Amazon 2025 Form 10-K). Tesla says it intends to bring artificial intelligence into the real world through products like Full Self-Driving and Robotaxi, and through robots, while designing, manufacturing and selling electric vehicles and energy storage (source: Tesla 2025 Form 10-K). What Amazon stock is and what Tesla stock is set out each share on its own.

Both also employ their cash the same way. Amazon put $128.3 billion into property and equipment in 2025, most of the cash its business generated (source: Amazon 2025 Form 10-K). Tesla put in $8.5 billion, more than half of the cash its own business generated (source: Tesla 2025 Form 10-K). The scale differs by fifteen times; the habit does not.

What the two have in common is the shape of the spending. Each is putting most of the cash its operations generate into equipment for a business it expects to earn later, and each carries a program to build vehicles that drive themselves. The two spend on different things, and at different weights: Amazon's technology and infrastructure line reached $108.5 billion in 2025, or 15.1% of its net sales (source: Amazon 2025 Form 10-K). Tesla's research and development came to $6,411 million, 6.8% of its revenue, which is the smaller share of a much smaller business (source: Tesla 2025 Form 10-K).

Size and profit: How far apart the two companies are

Amazon earned $79,975 million of operating income on its 2025 revenue, an operating margin of 11.2% (source: Amazon 2025 Form 10-K). Tesla earned $4,355 million on its own, a margin of 4.6% (source: Tesla 2025 Form 10-K). In the second quarter of 2026 the gap widened to 13.7% against 1.4%.

That quarter Amazon earned $27,461 million of operating income on net sales of $200,606 million (source: Amazon Q2 2026 Form 10-Q). Tesla earned $398 million on revenue of $28,236 million (source: Tesla Q2 2026 Form 10-Q). Further down each income statement, Amazon's 2025 net income of $77,670 million was roughly twenty times Tesla's and had grown from $59,248 million the year before (source: Amazon 2025 Form 10-K). Tesla's $3,794 million was $3.3 billion lower than its own 2024 figure, which is the fall the market value has had to absorb (source: Tesla 2025 Form 10-K). The two years behind those numbers ran in opposite directions. Amazon's revenue rose from $637.9 billion in 2024 and its operating income from $68,593 million (source: Amazon 2025 Form 10-K). Tesla's revenue fell by $2.9 billion from 2024, and its net income fell by $3.3 billion (source: Tesla 2025 Form 10-K). Tesla's second quarter of 2026 did grow: revenue rose 26% on a year earlier and deliveries reached 480,126, the company's best second quarter, but operating income fell 57% because research and development rose 49% and other operating costs rose with it (source: Tesla Q2 2026 update).

Sources: the two 2025 Forms 10-K and the two second-quarter 2026 Forms 10-Q. Margins computed from the reported figures.

That is the first real difference between the two holdings. Amazon's profit grows with its revenue; Tesla's is being spent as fast as its revenue arrives, on purpose and by its own account. Is Amazon stock a good investment works through what that profit growth does and does not settle for the larger company.

What each company spends, and what is left

Amazon spent 92% of its 2025 operating cash flow on property and equipment, and Tesla spent 58%, on the figures each company reports. On Amazon's own definition, free cash flow for the twelve months to June 2026 was negative $7.6 billion, against positive $18.2 billion a year earlier (source: Amazon Q2 2026 Form 10-Q).

Say you follow one dollar of Amazon's operating cash through 2025. Ninety-two cents of it went straight back out as capital expenditure, leaving eight cents, and the company's published free cash flow for the year came to $11.2 billion on $139.5 billion of operating cash (source: Amazon 2025 Form 10-K). Follow the same dollar through the twelve months to June 2026 and more than all of it was spent: $161.4 billion of operating cash against $169.0 billion of purchases (source: Amazon Q2 2026 Form 10-Q). Amazon's AI capex and cash flow follows that spending into the data centers it buys and the depreciation it creates.

Tesla's version of the same arithmetic is smaller and closer to the line. It generated $14.7 billion of operating cash in 2025 and spent $8.5 billion on property and equipment (source: Tesla 2025 Form 10-K). In the first half of 2026 it generated $8.6 billion and spent $8.3 billion, leaving about $0.4 billion (source: Tesla Q2 2026 Form 10-Q). The company's own second-quarter figures were an operating cash flow of $4.7 billion and a free cash flow of negative $1.1 billion (source: Tesla Q2 2026 update). Another $2.0 billion of the half-year's cash went into an equity investment in SpaceX (source: Tesla Q2 2026 Form 10-Q).

Neither company is running out of money. Amazon's 2025 operating cash flow was nine times Tesla's, and Tesla ended the year with $44.1 billion in cash and investments, up $7.5 billion (source: Tesla 2025 Form 10-K). Both have the balance sheet to keep spending. Amazon is converting almost every dollar of operating cash into fixed assets and Tesla rather more than half, so the difference between them shows up in what the market pays.

What the market pays for Amazon and for Tesla

Amazon was worth $2.75 trillion on the September 22, 2026 close, at 20.5 times its trailing earnings (source: Stock Analysis, AMZN statistics). Tesla was worth $1.50 trillion at 393.2 times its own (source: Stock Analysis, TSLA statistics). The market value gap between the two companies is far smaller than the gap between their revenues.

Sources: the Stock Analysis statistics pages for both companies. Market value per dollar of revenue is computed from those market values and the 2025 revenue in each 10-K.

A multiple of 393 says little about what Tesla earns. It is the arithmetic of a $1.50 trillion market value divided by a net income that fell to $3.8 billion in 2025 (source: Tesla 2025 Form 10-K). The smaller of the two numbers does most of the work. Stock Analysis's forward multiple of 195.9 divides the same market value by the consensus estimate for the coming year, roughly double the trailing profit (source: Stock Analysis, TSLA statistics). Against Amazon's forward multiple of 27.7 that still leaves Tesla's at 7.1 times Amazon's. Amazon's 20.5 rests on net income of $77,670 million, which includes $15.2 billion of other income in 2025 on top of operating profit (source: Amazon 2025 Form 10-K). How Amazon stock is valued takes that multiple apart and shows which parts of it are earnings from operations.

The plainest way to state the difference is per dollar of revenue. The market pays $3.84 for each dollar Amazon sells and $15.82 for each dollar Tesla sells, which is four times as much for revenue that shrank in 2025. What the market is paying Tesla for lies outside the revenue the company reports today.

Those two multiples move every session, and the price the AMZNX/USDT Spot pair puts on Amazon's is live on its page.

The robotaxi each of them owns

Both companies own a driverless-vehicle program, and both are early. Tesla's Robotaxi service ran in seven major metropolitan areas by the middle of 2026, with its purpose-built Cybercab entering production (source: Tesla Q2 2026 update). Amazon's Zoox received federal clearance to charge fares in July 2026 (source: Zoox, July 30, 2026).

What each discloses differs more than what each has built. Tesla names Robotaxi in its business description, and says the service runs on Model Y vehicles today and will in time include the Cybercab (source: Tesla 2025 Form 10-K). It reports Cybercab production and gives a metro count, one of which it marks as running with a safety driver under California TCP permit TCP0046782 (source: Tesla Q2 2026 update). Amazon names Zoox nowhere in its annual report, gives it no revenue line and no segment, and mentions it in quarterly release bullets and the proxy statement instead. Can you buy Zoox stock covers that unit and the access question it raises, and Tesla's robotaxi and Cybercab covers Tesla's program.

Say you hold one share of each on the day a robotaxi headline lands. The Tesla share carries a program the company names in its business description and reports on every quarter, inside a market value of $1.50 trillion built on $3.8 billion of 2025 profit. The Amazon share carries a program with no line in the annual report, inside a company that earned $77.7 billion. The same headline therefore lands on a different denominator.

For a holder the asymmetry cuts the other way from the disclosure. Tesla's robotaxi is a large share of what the market is paying 393 times earnings for, so its progress moves the share. Zoox is an undisclosed fraction of a company that earned $77.7 billion last year, so its progress reaches the share as a headline. The same news is worth a different amount depending on which of the two you hold.

Share count and dividends: What each company has issued and paid

Tesla's share count rose from 3,216 million at the end of 2024 to 3,949 million at June 30, 2026, an increase of about 23% in eighteen months (source: Tesla Q2 2026 Form 10-Q). Amazon's rose 1.8% over the same eighteen months, from 10,593 million shares to 10,786 million (source: Amazon Q2 2026 Form 10-Q). Neither company has ever paid a dividend.

The dilution matters to what a share owns. When the count rises 23%, each existing share's claim on the same profit falls by about a fifth unless the profit rises faster, and Tesla's profit fell in 2025. Both counts are the ones each company prints on its own filings, Amazon's starting figure in its 2025 annual report (source: Amazon 2025 Form 10-K) and its later one on the cover of the quarterly report, dated within a week of Tesla's. Its count has been close to flat because the company has bought back no stock since 2022, leaving $6.1 billion of its authorization unused (source: Amazon 2025 Form 10-K). Does Amazon stock pay dividends gives Amazon's record in full, including what it does with the cash instead.

Say you owned 100 Tesla shares at the end of 2024. Your claim on the company was one part in 32.16 million of the share count; by June 2026 the same 100 shares were one part in 39.49 million, a fifth smaller, because the count grew and your holding did not (source: Tesla Q2 2026 Form 10-Q). A rising share price can absorb that; the arithmetic still runs against every holder who does not buy more.

Tesla states its dividend policy in the same terms Amazon uses: it has never declared or paid cash dividends and does not anticipate doing so (source: Tesla 2025 Form 10-K). A holder of either share is therefore paid only when the share price rises, which makes the share count the quiet half of the return. Both companies also carry a split history. Tesla split its stock three-for-one in August 2022 and five-for-one in August 2020, each of them effected in the form of a stock dividend (source: Tesla 2025 Form 10-K). Amazon's own twenty-for-one split took effect in 2022, the fourth in its history (source: Amazon investor relations FAQ).

Holding Amazon, Tesla, or both on BloFin

BloFin is one of the few places where both sides of this pair can be held at once. AMZNX/USDT and TSLAX/USDT trade on the same spot book and settle in the same asset, and the AMZNUSDT and TSLAUSDT Perpetuals each carry up to 20 times leverage, a contract value of 0.01 and a tick of 0.01.

AMZNX/USDT traded at 255.29 on September 23, 2026, and TSLAX/USDT at 378.75 the same day.

Say you put 25,000 USDT into each side at those prices. You would hold about 97.9 AMZNX and about 66.0 TSLAX. The two positions are identical in money, and on the 2025 figures the AMZNX side is a claim on about four times the revenue of the TSLAX side, $6,505 against $1,585. Each token is backed one-for-one by a custodied share, as what tokenized Amazon (AMZNX) is sets out, and each Amazon share carried $66.44 of 2025 revenue against $24.01 for each Tesla share. Four times is less than the 7.6 times that separates the two companies, because the market pays $15.82 for each dollar of Tesla's revenue and $3.84 for each dollar of Amazon's, so an equal sum of money buys the cheaper revenue.

The two perpetuals price the same companies without holding either share, and they were listed twelve days apart: the TSLAUSDT contract on January 28, 2026 and the AMZNUSDT contract on February 9. On September 23, 2026 the AMZNUSDT Perpetual traded at 255.58 against an index of 255.45 and the TSLAUSDT Perpetual at 379.28 against an index of 379.03, both settling funding every eight hours.

One restriction binds both contracts at the same times. Each contract page warns that outside the primary market's regular trading hours the underlying may move little and trade thinly, and that orders may be restricted to reduce-only. Because Amazon and Tesla list on the same exchange and keep the same hours, a holder of both contracts meets that restriction on both at once, which is the opposite of the diversification two different companies usually buy. The two tokens behave the same way on the spot side. Each pair asks for the xStocks eligibility notice the first time its page opens, so a holder buying both confirms it on each. What either order then costs in fee and spread is worked through in how to buy tokenized Amazon on BloFin. The pair that cannot be held this way is Amazon against Walmart, where the venue lists one company and not the other.

Looking to gain exposure to Amazon? To get started, you'll need to first create a BloFin account, fund your account with cryptocurrency, and navigate to the AMZNX/USDT Spot trading page or AMZNUSDT Perpetual page.

Frequently asked questions

Is Amazon or Tesla a better stock to buy?

That depends on which of two different bets a holder wants, and the filings frame the choice rather than settle it. One test is what each company's margin does while it spends. Tesla's total gross margin fell to 16.8% in the second quarter of 2026 from 17.2% a year earlier, even as revenue grew 26% (source: Tesla Q2 2026 update). Amazon's operating margin rose over the same quarter, from 11.4% to 13.7% (source: Amazon Q2 2026 Form 10-Q). Those are different questions asked of the same two filings.

Which company is bigger, Amazon or Tesla?

Amazon, on every measure the filings report. Its 2025 revenue of $716.9 billion is 7.6 times Tesla's $94.8 billion, and its operating income of $79,975 million is eighteen times Tesla's $4,355 million. Amazon employed 1,595,000 people at the end of the second quarter of 2026 (source: Amazon Q2 2026 results release). Tesla is closer on market value, $1.50 trillion against $2.75 trillion, a gap of 1.8 times on revenue that is 7.6 times smaller.

Why is Tesla's P/E so much higher than Amazon's?

Because the multiple divides a large market value by a small profit, and Tesla's profit is small by choice. Its research and development spending reached $2,371 million in the second quarter of 2026 against operating income of $398 million, and the research line was up 49% on a year earlier (source: Tesla Q2 2026 Form 10-Q). Spending of that size suppresses the denominator of the ratio while the market prices the numerator on what the spending is meant to produce.

Does Amazon or Tesla pay a dividend?

Neither pays one, and neither ever has. Tesla counted 9,797 holders of record as of January 23, 2026, a figure that counts only shareholders registered with the company rather than the much larger number whose shares sit in street name with banks and brokers (source: Tesla 2025 Form 10-K). That registered group is who a dividend would be paid to first, and it is small because almost everyone holds through an intermediary. Tesla's board keeps the discretion to declare one, subject to applicable laws and to the company's financial condition and capital requirements (source: Tesla 2025 Form 10-K).

Can you hold both Amazon and Tesla on one crypto exchange?

Both trade on BloFin as tokenized shares and as perpetual contracts, with the perpetual pair listed within a fortnight of each other in early 2026: the TSLAUSDT contract on January 28 and the AMZNUSDT contract on February 9. Both contracts carry the same leverage ceiling, contract value and tick size, so a position in each is the same instrument on two different companies, and the tokens settle in USDT on the same spot book.

Researched and written by the BloFin Academy editorial team with AI-assisted drafting. All facts independently verified. Primary sources include Amazon's and Tesla's 2025 annual reports on Form 10-K and their second-quarter 2026 Forms 10-Q, Amazon's results releases for the first and second quarters of 2026 and Tesla's second-quarter 2026 update, filed with the Securities and Exchange Commission, Zoox's announcements of July 30 and September 1, 2026, the Stock Analysis statistics pages for both companies at the September 22, 2026 close, and BloFin's AMZNX/USDT, TSLAX/USDT, AMZNUSDT and TSLAUSDT pages, read on September 23, 2026.

Nothing in this article constitutes financial advice, and nothing in it says which of the two shares is the better holding, predicts either share price, or recommends buying, selling or holding Amazon or Tesla in any form. The multiples quoted here rest on profits that both companies are spending to grow, and a multiple of several hundred times earnings moves sharply on a small change in the earnings beneath it; Tesla's share count has risen by about a fifth in eighteen months, which divides the same profit further. AMZNX and TSLAX track their shares' prices and carry the issuer's and custodians' risk in addition, and a leveraged position in AMZNUSDT or TSLAUSDT can be liquidated by a single session's move. Past performance does not indicate future results. Do your own research and consider your risk tolerance before you trade on BloFin.