This isn't how accounting works. You can't just buy a warehouse and expense it in year one. You have to depreciate it overtime. You can look at their FCF its a

This isn't how accounting works. You can't just buy a warehouse and expense it in year one. You have to depreciate it overtime. You can look at their FCF its about 10 billion. Their market is 50x of that. For comparison walmart is ~20 billion and they are worth half of Amazon.