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Apple Inc
AAPLNASDAQBusiness Description—More details
Apple designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories, and sells a variety of related services including advertising, AppleCare, cloud, digital content, payment, and other services. The iPhone remains the centerpiece of its hardware ecosystem, driving the majority of revenue and anchoring a growing installed base of over two billion active devices. Its Services segment — including the App Store, Apple Music, iCloud, and Apple TV+ — has become a high-margin recurring revenue engine that now accounts for roughly a quarter of total sales....
Revenue by Segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | % of Total |
|---|---|---|---|---|---|---|
iPhone | $138B | $192B | $205B | $200B | $211B | 54% |
Services | $54B | $68B | $78B | $85B | $96B | 25% |
Mac | $29B | $35B | $40B | $29B | $30B | 8% |
iPad | $24B | $32B | $29B | $28B | $27B | 7% |
Wearables & Accessories | $31B | $38B | $41B | $40B | $27B | 7% |
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $274B | $366B | $394B | $383B | $391B |
| Gross Margin | 38.2% | 41.8% | 43.3% | 44.1% | 46.9% |
| R&D | $18.8B | $21.9B | $26.3B | $29.9B | $31.4B |
| SG&A | $19.9B | $21.9B | $25.1B | $24.9B | $26.7B |
| Op. Margin | 24.1% | 29.8% | 30.3% | 29.8% | 32.1% |
| Net Income | $57.4B | $94.7B | $99.8B | $97.0B | $93.7B |
| Net Margin | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% |
| Returns on Capital | |||||
| ROIC | 50.2% | 52.3% | 49.4% | 55.4% | 58.3% |
| ROE | 73.7% | 147% | 160% | 147% | 145% |
| ROA | 17.3% | 28.3% | 28.3% | 27.5% | 25.7% |
| Cash Flow | |||||
| Op. Cash Flow | $80.7B | $104B | $122B | $110B | $118B |
| Free Cash Flow | $73.4B | $93.0B | $111B | $99.6B | $108B |
| CapEx | $7.31B | $11.1B | $10.7B | $11.0B | $9.96B |
| D&A | $11.1B | $11.3B | $11.1B | $11.5B | $11.4B |
| CapEx/OCF | 9.1% | 10.6% | 8.8% | 10.0% | 8.4% |
| Capital Allocation | |||||
| Dividends Paid | $14.1B | $14.5B | $14.8B | $15.0B | $15.2B |
| Share Buybacks | $72.4B | $85.5B | $89.4B | $77.6B | $94.9B |
| Buyback Yield | 3.0% | 3.1% | 3.8% | 2.8% | 2.6% |
| Stock-Based Comp | $6.83B | $7.91B | $9.04B | $10.8B | $11.7B |
| Balance Sheet | |||||
| Net Debt | $53.1B | $72.8B | $96.5B | $49.0B | $43.1B |
| Cash & Equiv. | $90.9B | $62.6B | $48.3B | $30.7B | $29.9B |
| Long-Term Debt | $98.7B | $109B | $99.6B | $95.3B | $97.0B |
| Debt/Equity | 4.6x | 5.6x | 6.2x | 5.7x | 6.0x |
| Interest Cov. | 24.3x | 41.2x | 42.0x | 29.4x | 29.1x |
| Equity | $65.3B | $63.1B | $50.7B | $62.1B | $56.9B |
| Per Share Data | |||||
| EPS | $3.69 | $5.67 | $6.15 | $6.26 | $6.97 |
| Book Value | $3.94 | $3.68 | $3.07 | $3.84 | $4.38 |
| CF/Share | $5.29 | $6.76 | $7.63 | $7.08 | $7.82 |
| Dividends/Share | $0.82 | $0.87 | $0.92 | $0.96 | $1.00 |
| Shares Out. | 17.0B | 16.4B | 16.0B | 15.6B | 15.1B |
| Valuation | |||||
| P/E Ratio | 32.4x | 28.0x | 24.4x | 30.5x | 38.6x |
| P/FCF | 22.3x | 25.3x | 21.7x | 29.0x | 35.0x |
| Price/Book | 30.4x | 42.9x | 48.5x | 38.5x | 55.4x |
| FCF Yield | 4.5% | 4.0% | 4.6% | 3.4% | 2.9% |
| Market Cap | $2.0T | $2.4T | $2.4T | $2.8T | $3.6T |
Quality Checklist
7/9 passingHow We Compare
Most research platforms recycle the same data in the same way. We built the tools we actually wanted as investors.
| The Ledger Terminal | Typical Platform | |
|---|---|---|
| Pro price | From $12/mo — 7-day free trial | $20–80/mo |
| Data source | SEC EDGAR filings — primary source | Third-party aggregators |
| Historical depth | 15 years of annual data + TTM | 5–10 years |
| Stock analysis layout | One-page tearsheet — everything at a glance | Scattered across multiple tabs and pages |
| Chart scale | Logarithmic — shows compounding as it really is | Linear — distorts long-term growth |
| Screener filters | 200+ across 27 categories | 20–50 basic filters |
| Quarterly data + TTM | Quarterly financials with trailing twelve months | Annual only or limited quarterly |
| Business descriptions | Extracted from 10-K filings | Generic one-liners |
| Qualitative analysis | AI-generated outlook & guidance — sourced from management's own filings | Analyst opinions or none |
| Price & fundamental alerts | 50 alert types, email notifications | Basic price alerts or none |
| Fair value visualization | Interactive chart with over/undervalued shading | Static price target or none |
| Owner earnings | Built-in — Buffett's preferred earnings metric | Not available |
| Quality scoring | 9-point fundamental checklist | Star ratings or proprietary scores |
| Stock discovery | Random stock explorer with keyboard nav | Not available |
| Screener cycling | Browse results one-by-one with [ ] keys | Table view only |
| Relative strength | Rolling 1-year performance vs S&P 500 | Not available or separate tool |
| Financial metrics per stock | 50+ modular metrics, 7 sections | 10–30 metrics, fixed layout |
What is The Ledger Terminal?
A stock research tool for fundamental analysis, built around one idea: everything you need to judge a business should fit on one page. Every stock gets 15 years of financial data pulled straight from SEC EDGAR filings, a log-scale chart that shows compounding the way it actually looks instead of flattening it into a straight climb, and a 9-point checklist that scores quality before you dig any deeper. An AI-generated briefing reads through the company’s own filings and earnings calls and surfaces what management actually said about where the business is headed. Set an alert on a metric you care about, or just start screening the 10,000+ stocks we track by ROIC, margins, and growth.
Frequently Asked Questions
What is this?
A business at a glance. Every stock gets a one-page tearsheet: 15 years of financials sourced directly from SEC EDGAR, a log-scale valuation chart, and a quality checklist.
Why log scale?
Logarithmic charts show percentage changes equally at any price level. A stock that compounds at 15%/year looks like a straight line — making it easy to spot consistent compounders vs cyclical or deteriorating businesses. Buffett and Munger have long emphasized this view.
Where does the data come from?
Every number is extracted directly from SEC EDGAR filings, then validated through automated QA checks.
How many stocks?
10,000+ US-listed stocks with up to 15 years of annual and quarterly history.
Is it free?
Core features are free. Premium removes daily view limits and unlocks fresher cache.