A Business at a Glance
Apple Inc.
AAPL
$5.0T
Mkt Cap
$333.02
+3.53%
Apple Inc. (AAPL) has a current P/E ratio of 41.8, compared to its historical median P/E of 24.7. The stock is currently considered Expensive based on its historical valuation range.
Apple Inc. (AAPL) has a 5-year average return on invested capital (ROIC) of 80.4%. This indicates strong capital allocation and a potential competitive advantage.
Apple Inc. (AAPL) has a market capitalization of $4.9T. It is classified as a mega-cap stock.
Yes, Apple Inc. (AAPL) pays a dividend with a trailing twelve-month yield of 0.32%. The company also returns capital through share buybacks, with a buyback yield of 1.60%.
Based on historical P/E analysis, Apple Inc. (AAPL) appears expensive. The current P/E of 41.8 is 69% above its historical median of 24.7. The estimated fair value CAGR (P/E method) is 15.1%.
Apple Inc. (AAPL) operates in the Electronic Computers industry, within the Technology sector.
Apple Inc. (AAPL) reported annual revenue of $416.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Apple designs, manufactures and markets a comprehensive portfolio of consumer electronics and services across five geographic segments: the Americas, Europe, Greater China, Japan, and Rest of Asia Pacific. The company's hardware products include iPhones, Macs, iPads, wearables (Apple Watches, AirPods, and Apple Vision Pro spatial computers), and accessories, while services encompass advertising, AppleCare support, cloud services, digital content platforms (App Store, Apple Music, Apple TV, Apple Arcade, Apple Fitness+, Apple News+), and payment services (Apple Card and Apple Pay). Apple's business model combines direct sales through company-owned retail and online stores (40% of sales) with indirect distribution through cellular carriers and resellers (60% of sales), serving consumer, small and mid-sized business, education, enterprise and government markets globally. The company's competitive differentiation rests on vertically integrated design and manufacturing of hardware, software and services; a strong ecosystem of third-party developers and accessories; proprietary operating systems (iOS, macOS, iPadOS, watchOS, visionOS, tvOS); and intellectual property protection, though it faces intense competition from well-resourced competitors employing aggressive pricing strategies and product imitation. Services generate substantially higher gross margins (75.4% in fiscal 2025) compared to products (36.8%), creating a growing high-margin revenue stream that complements hardware sales and drives customer retention across the installed base.
【Strong demand momentum with tariff headwinds】 Management expects continued robust demand across the product portfolio, with iPhone revenue projected to achieve record levels in the December quarter and Services maintaining mid-to-high teens growth rates, though supply constraints on advanced node capacity are expected to persist through the near term. Gross margins face ongoing pressure from tariff-related costs estimated at $1.4 billion in the December quarter and significantly higher memory costs anticipated in the June quarter, partially offset by favorable product mix and operational leverage. The company is significantly increasing capital expenditure investments in artificial intelligence infrastructure, including Private Cloud Compute environments, while maintaining its disciplined capital allocation approach of funding business needs first and then returning excess cash to shareholders through dividends and share repurchases. Management remains focused on launching personalized Siri features and other deeply personal, private, and seamlessly integrated AI capabilities across its platform in the coming year, representing a strategic priority alongside continued product innovation and geographic expansion.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: FY2025 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
iPhone | $191.97B | $205.49B | $200.58B | $201.18B | $209.59B | 50% |
Services | $68.42B | $78.13B | $85.20B | $96.17B | $109.16B | 26% |
Wearables, Home and Accessories | $38.37B | $41.24B | $39.84B | $37.01B | $35.69B | 9% |
Mac | $35.19B | $40.18B | $29.36B | $29.98B | $33.71B | 8% |
iPad | $31.86B | $29.29B | $28.30B | $26.69B | $28.02B | 7% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 451.4B | 416.2B | 391.0B | 383.3B | 394.3B | 365.8B |
| Net Income | 122.6B | 112.0B | 93.7B | 97.0B | 99.8B | 94.7B |
| EPS | $8.32 | $7.46 | $6.08 | $6.13 | $6.11 | $5.61 |
| Free Cash Flow | 129.2B | 98.8B | 108.8B | 99.6B | 111.4B | 93.0B |
| ROIC | 99.7% | 93.4% | 80.7% | 78.7% | 75.3% | 73.7% |
| Gross Margin | 47.9% | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% |
| Debt/Equity | 0.80 | 1.34 | 1.87 | 1.79 | 2.37 | 1.98 |
| Dividends/Share | $1.06 | $1.02 | $0.98 | $0.94 | $0.90 | $0.85 |
| Operating Income | 147.4B | 133.1B | 123.2B | 114.3B | 119.4B | 108.9B |
| Operating Margin | 32.6% | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% |
| ROE | 115.1% | 171.4% | 157.4% | 171.9% | 175.5% | 147.4% |
| Shares Outstanding | 14,668M | 15,015M | 15,417M | 15,823M | 16,334M | 16,877M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 182.8B | 233.7B | 215.6B | 229.2B | 265.6B | 260.2B | 274.5B | 365.8B | 394.3B | 383.3B | 391.0B | 416.2B | 451.4B |
| Gross Margin | 38.6% | 40.1% | 39.1% | 38.5% | 38.3% | 37.8% | 38.2% | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% | 47.9% |
| R&D | 6.0B | 8.1B | 10.0B | 11.6B | 14.2B | 16.2B | 18.8B | 21.9B | 26.3B | 29.9B | 31.4B | 34.5B | 40.0B |
| SG&A | 12.0B | 14.3B | 14.2B | 15.3B | 16.7B | 18.2B | 19.9B | 22.0B | 25.1B | 24.9B | 26.1B | 27.6B | 28.7B |
| EBIT | 52.5B | 71.2B | 60.0B | 61.3B | 70.9B | 63.9B | 66.3B | 108.9B | 119.4B | 114.3B | 123.2B | 133.1B | 147.4B |
| Op. Margin | 28.7% | 30.5% | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% | 32.6% |
| Net Income | 39.5B | 53.4B | 45.7B | 48.4B | 59.5B | 55.3B | 57.4B | 94.7B | 99.8B | 97.0B | 93.7B | 112.0B | 122.6B |
| Net Margin | 21.6% | 22.8% | 21.2% | 21.1% | 22.4% | 21.2% | 20.9% | 25.9% | 25.3% | 25.3% | 24.0% | 26.9% | 27.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 31.3% | 38.1% | 29.0% | 25.2% | 30.6% | 37.7% | 50.1% | 73.7% | 75.3% | 78.7% | 80.7% | 93.4% | 99.7% |
| ROE | 33.6% | 46.2% | 36.9% | 36.9% | 49.4% | 55.9% | 73.7% | 147.4% | 175.5% | 171.9% | 157.4% | 171.4% | 115.1% |
| ROA | 18.0% | 20.5% | 14.9% | 13.9% | 16.1% | 15.7% | 17.3% | 28.1% | 28.4% | 27.5% | 26.1% | 30.9% | 33.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 59.7B | 81.3B | 66.2B | 64.2B | 77.4B | 69.4B | 80.7B | 104.0B | 122.2B | 110.5B | 118.3B | 111.5B | 140.2B |
| Free Cash Flow | 50.1B | 70.0B | 53.5B | 51.8B | 64.1B | 58.9B | 73.4B | 93.0B | 111.4B | 99.6B | 108.8B | 98.8B | 129.2B |
| Owner Earnings | 38.5B | 68.5B | 51.5B | 49.2B | 61.2B | 50.8B | 62.8B | 84.8B | 102.0B | 88.2B | 95.1B | 86.9B | 114.1B |
| CapEx | 9.6B | 11.2B | 12.7B | 12.5B | 13.3B | 10.5B | 7.3B | 11.1B | 10.7B | 11.0B | 9.4B | 12.7B | 11.0B |
| Maint. CapEx | 18.4B | 9.2B | 10.5B | 10.2B | 10.9B | 12.5B | 11.1B | 11.3B | 11.1B | 11.5B | 11.4B | 11.7B | 12.6B |
| Growth CapEx | 0 | 2.0B | 2.2B | 2.3B | 2.4B | 0 | 0 | 0 | 0 | 0 | 0 | 1.0B | 0 |
| D&A | 18.4B | 9.2B | 10.5B | 10.2B | 10.9B | 12.5B | 11.1B | 11.3B | 11.1B | 11.5B | 11.4B | 11.7B | 12.6B |
| CapEx/OCF | 16.0% | 13.8% | 19.3% | 19.4% | 17.2% | 15.1% | 9.1% | 10.7% | 8.8% | 9.9% | 8.0% | 11.4% | 7.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 11.0B | 11.6B | 12.0B | 12.6B | 13.7B | 14.1B | 14.1B | 14.5B | 14.8B | 15.0B | 15.2B | 15.4B | 15.6B |
| Dividend Yield | 2.5% | 1.9% | 2.3% | 1.9% | 1.7% | 1.7% | 0.3% | 0.7% | 0.6% | 0.6% | 0.5% | 0.5% | 0.3% |
| Share Buybacks | 45.0B | 35.3B | 29.7B | 32.9B | 72.7B | 66.9B | 72.4B | 86.0B | 89.4B | 77.5B | 94.9B | 90.7B | 78.2B |
| Buyback Yield | 8.3% | 6.0% | 5.2% | 4.4% | 6.8% | 6.8% | 3.7% | 3.7% | 3.7% | 2.9% | 2.7% | 2.4% | 1.6% |
| Stock-Based Comp | 2.9B | 3.6B | 4.2B | 4.8B | 5.3B | 6.1B | 6.8B | 7.9B | 9.0B | 10.8B | 11.7B | 12.9B | 13.5B |
| Debt Repayment | 0 | 0 | 2.5B | 3.5B | 6.5B | 8.8B | 12.6B | 8.8B | 9.5B | 11.2B | 10.0B | 10.9B | 10.9B |
| Balance Sheet | |||||||||||||
| Net Debt | 10.2B | 22.7B | 19.9B | 41.5B | 48.2B | 7.5B | 21.5B | 62.1B | 71.8B | 49.5B | 41.5B | 44.0B | 16.2B |
| Cash & Equiv. | 13.8B | 21.1B | 20.5B | 20.3B | 25.9B | 48.8B | 38.0B | 34.9B | 23.6B | 30.0B | 29.9B | 35.9B | 68.5B |
| Long-Term Debt | 29.0B | 53.3B | 75.4B | 97.2B | 93.7B | 91.8B | 98.7B | 109.1B | 99.0B | 95.3B | 85.8B | 78.3B | 74.4B |
| Debt/Equity | 0.32 | 0.54 | 0.68 | 0.86 | 1.07 | 1.19 | 1.72 | 1.98 | 2.37 | 1.79 | 1.87 | 1.34 | 0.80 |
| Interest Coverage | 136.7 | 97.2 | 41.2 | 26.4 | 21.9 | 17.9 | 23.1 | 41.2 | 40.7 | 29.1 | N/A | N/A | N/A |
| Equity | 111.5B | 119.4B | 128.2B | 134.0B | 107.1B | 90.5B | 65.3B | 63.1B | 50.7B | 62.1B | 57.0B | 73.7B | 106.5B |
| Total Assets | 231.8B | 290.3B | 321.7B | 375.3B | 365.7B | 338.5B | 323.9B | 351.0B | 352.8B | 352.6B | 365.0B | 359.2B | 371.1B |
| Total Liabilities | 120.3B | 171.0B | 193.4B | 241.3B | 258.6B | 248.0B | 258.5B | 287.9B | 302.1B | 290.4B | 308.0B | 285.5B | 264.6B |
| Intangibles | 4.1B | 3.9B | 3.2B | 2.3B | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 25.8B |
| Retained Earnings | 87.2B | 92.3B | 96.4B | 98.3B | 70.4B | 45.9B | 15.0B | 5.6B | -3.1B | -214M | -19.2B | -14.3B | 12.4B |
| Working Capital | 5.1B | 8.8B | 27.9B | 27.8B | 15.4B | 57.1B | 38.3B | 9.4B | -18.6B | -1.7B | -23.4B | -17.7B | 9.5B |
| Current Assets | 68.5B | 89.4B | 106.9B | 128.6B | 131.3B | 162.8B | 143.7B | 134.8B | 135.4B | 143.6B | 153.0B | 148.0B | 144.1B |
| Current Liabilities | 63.4B | 80.6B | 79.0B | 100.8B | 115.9B | 105.7B | 105.4B | 125.5B | 154.0B | 145.3B | 176.4B | 165.6B | 134.6B |
| Per Share Data | |||||||||||||
| EPS | 1.61 | 2.31 | 2.08 | 2.30 | 3.14 | 3.11 | 0.82 | 5.61 | 6.11 | 6.13 | 6.08 | 7.46 | 8.32 |
| Owner EPS | 1.57 | 2.96 | 2.34 | 2.34 | 3.22 | 2.86 | 0.90 | 5.03 | 6.25 | 5.57 | 6.17 | 5.79 | 7.78 |
| Book Value | 4.55 | 5.15 | 5.83 | 6.38 | 5.64 | 5.09 | 0.93 | 3.74 | 3.10 | 3.93 | 3.69 | 4.91 | 7.26 |
| Cash Flow/Share | 2.44 | 3.51 | 3.01 | 3.06 | 4.08 | 3.90 | 1.15 | 6.16 | 7.48 | 6.99 | 7.67 | 7.42 | 9.22 |
| Dividends/Share | 0.46 | 0.50 | 0.55 | 0.60 | 0.72 | 0.79 | 0.20 | 0.85 | 0.90 | 0.94 | 0.98 | 1.02 | 1.06 |
| Shares Out. | 24.5B | 23.2B | 22.0B | 21.0B | 19.0B | 17.8B | 70.0B | 16.9B | 16.3B | 15.8B | 15.4B | 15.0B | 14.7B |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | 12.6 | N/A | 17.9 | 17.7 | 34.0 | 24.7 | 24.1 | 27.5 | 37.2 | 34.2 | 40.0 |
| P/FCF | 10.9 | 8.3 | 10.7 | 14.5 | 15.8 | 15.9 | 106.5 | 25.2 | 21.6 | 26.8 | 32.1 | 38.8 | 37.8 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 29.8 | 22.0 | 20.7 | 23.8 | 28.7 | 29.1 | 33.3 |
| Price/Book | N/A | N/A | 4.5 | 5.6 | 10.0 | 10.8 | 29.9 | 37.1 | 47.5 | 43.0 | 61.3 | 51.9 | 45.9 |
| Price/Sales | N/A | 2.6 | 2.4 | N/A | N/A | N/A | N/A | N/A | 6.4 | 6.6 | N/A | N/A | 10.8 |
| FCF Yield | N/A | N/A | 9.3% | 6.9% | 6.0% | 6.0% | 3.8% | 4.0% | 4.6% | 3.7% | 3.1% | 2.6% | 2.6% |
| Market Cap | N/A | N/A | 574.1B | 750.4B | 1.1T | 978.4B | 2.0T | 2.3T | 2.4T | 2.7T | 3.5T | 3.8T | 4.9T |
| Avg. Price | 18.31 | 26.40 | 23.77 | 31.72 | 42.86 | 45.84 | 78.54 | 128.03 | 155.46 | 159.75 | 192.57 | 222.91 | 333.02 |
| Year-End Price | 22.22 | 25.22 | 26.11 | 35.73 | 53.42 | 52.59 | 111.61 | 138.66 | 147.23 | 168.71 | 226.30 | 254.97 | 333.02 |
Apple Inc. passes 6 of 9 quality checks, suggesting mixed fundamentals.
Apple Inc. trades at 41.8x trailing earnings, compared to its 15-year median P/E of 24.7x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 39.6x vs a median of 21.6x. The company's 5-year average ROIC is 80.4% with a gross margin of 44.5%. Total shareholder yield (dividends + buybacks) is 1.9%. At current prices, the estimated annualized return to fair value is +13.3%.
Apple Inc. (AAPL) has a net profit margin of 26.9%. This is a strong margin indicating high profitability.
Apple Inc. (AAPL) generated $98.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Apple Inc. (AAPL) has a debt-to-equity ratio of 1.34. This indicates moderate leverage.
Apple Inc. (AAPL) reported earnings per share (EPS) of $7.46 in its most recent fiscal year.
Apple Inc. (AAPL) has a return on equity (ROE) of 171.4%. This indicates the company generates strong returns for shareholders.
Apple Inc. (AAPL) has a 5-year average gross margin of 44.5%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for Apple Inc. (AAPL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Apple Inc. (AAPL) has a book value per share of $4.91, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand across the product portfolio, with iPhone revenue projected to achieve record levels in the December quarter and Services maintaining mid-to-high teens growth rates, though supply constraints on advanced node capacity are expected to persist through the near term. Gross margins face ongoing pressure from tariff-related costs estimated at $1.4 billion in the December quarter and significantly higher memory costs anticipated in the June quarter, partially offset by favorable product mix and operational leverage. The company is significantly increasing capital expenditure investments in artificial intelligence infrastructure, including Private Cloud Compute environments, while maintaining its disciplined capital allocation approach of funding business needs first and then returning excess cash to shareholders through dividends and share repurchases. Management remains focused on launching personalized Siri features and other deeply personal, private, and seamlessly integrated AI capabilities across its platform in the coming year, representing a strategic priority alongside continued product innovation and geographic expansion.