Amazon.com, Inc. shares have underperformed the S&P 500 in the past year, generating a total return of 0.37 percent. Amazon is still putting up impressive growth numbers. But with a $2.33 trillion market cap, some investors are wondering if there’s any value left in Amazon stock. Earnings A price-to-earnings ratio (PE) is one of the most basic fundamental metrics for gauging a stock’s value. The lower the PE, the higher the value. For comparison, the S&P 500’s PE is currently at about 26.1, nearly double its long-term average of 15.9. Amazon’s PE is currently 61.1. That number is well above the S&P 500 average as a whole. However, Amazon’s PE is actually down 62.8 percent over the past five years, suggesting its earnings multiple is on the low end of its historical range. Growth Looking ahead to the next four quarters, the S&P 500’s forward PE ratio looks much more reasonable …