AMZN vs NTNX: How Amazon and Nutanix Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: AMZN is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. AMZN and NTNX share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined AMZN and NTNX exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Amazon is one of the largest companies in the world, operating across three major business lines. Amazon Web Services (AWS) is the dominant global cloud computing provider, generating around $110 billion in annual revenue and most of the company's operating income. The North America and International e-commerce segments include the Amazon online marketplace, Prime membership, and third-party seller services. Advertising has grown into the third-largest digital ad business in the world (after Google and Meta).

Full AMZN guide

Nutanix is an enterprise software company that pioneered hyperconverged infrastructure, software that combines compute, storage, and virtualization into a single, software-defined platform that runs on commodity hardware or in the cloud. Its core product lets enterprises run private clouds and manage applications across on-premises data centers and public clouds through one consistent operating environment. Nutanix has transitioned from selling hardware appliances to a pure software, subscription-based model, with revenue now recurring and measured in annual contract value and annual recurring revenue. A major opportunity has been the disruption in the virtualization market following Broadcom's acquisition of VMware and subsequent licensing and pricing changes, which has pushed many enterprises to evaluate alternatives like Nutanix's AHV hypervisor and broader cloud platform. Nutanix also offers database management, Kubernetes and container services, and disaster recovery, expanding its platform footprint. After years of losses during its subscription transition, the company has reached positive free cash flow and improving profitability. Founded in 2009 and headquartered in San Jose, California, Nutanix is a mid-cap enterprise-software company positioned in hybrid and private cloud infrastructure.

Full NTNX guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• AMZN drivers: AWS as the AI infrastructure backbone; Retail margin expansion.
• NTNX drivers: VMware disruption tailwind; Subscription model and recurring revenue.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Hyperscaler AI capex is concentrated; if model training demand cools, AWS growth slows. For NTNX, nutanix competes against far larger players: Broadcom-owned VMware (still entrenched despite disruption), the public-cloud giants (AWS, Azure, Google Cloud) that want workloads to move off-premises entirely, and hardware-plus-software stacks from Dell, HPE, and Cisco.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick AMZN if you believe its drivers more; NTNX if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the AMZN and NTNX guides.

AMZN. Amazon's headline P/E reflects the aggregate of low-margin retail and high-margin AWS/advertising. The valuation premium is paid for AWS specifically; retail is essentially valued near cost. P/E of 40x is elevated versus the S&P 500 average (~22x), supported by AWS growth re-accelerating.

NTNX. Nutanix trades at a software multiple that reflects steady subscription growth, high gross margins, and an improving free-cash-flow profile, plus optionality from VMware-driven migrations. The valuation is more moderate than the highest-growth software names, sitting between value and growth. It is sensitive to new-customer momentum and margin progress, and re-rates with the pace of VMware-replacement wins.

Headline figures (approximate, early 2026): AMZN shows revenue (ttm) ~$650 billion, operating margin ~10% (AWS materially higher; retail much lower), net income (ttm) ~$60 billion, eps (ttm) ~$5.50; NTNX shows revenue (ttm) ~$2.5 billion, revenue growth ~15-20% year over year, annual recurring revenue ~$2 billion+, growing, gross margin ~85%+ (software subscription).

AMZN and NTNX are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined AMZN and NTNX exposure against your real portfolio. It is not an investment adviser.