APPLE INC (AAPL) Fundamental Analysis & Valuation

NASDAQ:AAPL • US0378331005

Current stock price

251.64 USD
+0.15 (+0.06%)
At close:
253.34 USD
+1.7 (+0.68%)
After Hours:

This AAPL fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

10

1. AAPL Profitability Analysis

1.1 Basic Checks

  • In the past year AAPL was profitable.
  • AAPL had a positive operating cash flow in the past year.
  • Each year in the past 5 years AAPL has been profitable.
  • AAPL had a positive operating cash flow in each of the past 5 years.
AAPL Yearly Net Income VS EBIT VS OCF VS FCFAAPL Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

1.2 Ratios

  • AAPL has a Return On Assets of 31.05%. This is amongst the best in the industry. AAPL outperforms 100.00% of its industry peers.
  • AAPL has a Return On Equity of 133.55%. This is amongst the best in the industry. AAPL outperforms 97.30% of its industry peers.
  • AAPL has a Return On Invested Capital of 54.20%. This is amongst the best in the industry. AAPL outperforms 100.00% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for AAPL is significantly above the industry average of 15.72%.
  • The last Return On Invested Capital (54.20%) for AAPL is above the 3 year average (50.93%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 31.05%
ROE 133.55%
ROIC 54.2%
ROA(3y)28.12%
ROA(5y)27.93%
ROE(3y)157.53%
ROE(5y)163.92%
ROIC(3y)50.93%
ROIC(5y)48.1%
AAPL Yearly ROA, ROE, ROICAAPL Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50 100 150

1.3 Margins

  • Looking at the Profit Margin, with a value of 27.04%, AAPL belongs to the top of the industry, outperforming 97.30% of the companies in the same industry.
  • AAPL's Profit Margin has improved in the last couple of years.
  • AAPL has a better Operating Margin (32.38%) than 100.00% of its industry peers.
  • In the last couple of years the Operating Margin of AAPL has grown nicely.
  • Looking at the Gross Margin, with a value of 47.33%, AAPL belongs to the top of the industry, outperforming 86.49% of the companies in the same industry.
  • AAPL's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 32.38%
PM (TTM) 27.04%
GM 47.33%
OM growth 3Y1.82%
OM growth 5Y5.77%
PM growth 3Y2.07%
PM growth 5Y5.18%
GM growth 3Y2.69%
GM growth 5Y4.17%
AAPL Yearly Profit, Operating, Gross MarginsAAPL Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40

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ROAROEROICOperating and Profit MarginShow most profitable peers

8

2. AAPL Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so AAPL is creating value.
  • AAPL has less shares outstanding than it did 1 year ago.
  • Compared to 5 years ago, AAPL has less shares outstanding
  • The debt/assets ratio for AAPL has been reduced compared to a year ago.
AAPL Yearly Shares OutstandingAAPL Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B
AAPL Yearly Total Debt VS Total AssetsAAPL Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100B 200B 300B

2.2 Solvency

  • An Altman-Z score of 9.98 indicates that AAPL is not in any danger for bankruptcy at the moment.
  • AAPL's Altman-Z score of 9.98 is amongst the best of the industry. AAPL outperforms 91.89% of its industry peers.
  • AAPL has a debt to FCF ratio of 0.73. This is a very positive value and a sign of high solvency as it would only need 0.73 years to pay back of all of its debts.
  • With an excellent Debt to FCF ratio value of 0.73, AAPL belongs to the best of the industry, outperforming 86.49% of the companies in the same industry.
  • A Debt/Equity ratio of 0.89 indicates that AAPL is somewhat dependend on debt financing.
  • AAPL's Debt to Equity ratio of 0.89 is in line compared to the rest of the industry. AAPL outperforms 40.54% of its industry peers.
  • Although AAPL's pure debt/equity ratio does not look good, it has limited outstanding debt compared to the Free Cash Flow. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 0.89
Debt/FCF 0.73
Altman-Z 9.98
ROIC/WACC6.12
WACC8.85%
AAPL Yearly LT Debt VS Equity VS FCFAAPL Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B

2.3 Liquidity

  • A Current Ratio of 0.97 indicates that AAPL may have some problems paying its short term obligations.
  • The Current ratio of AAPL (0.97) is worse than 72.97% of its industry peers.
  • A Quick Ratio of 0.94 indicates that AAPL may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.94, AAPL is in line with its industry, outperforming 48.65% of the companies in the same industry.
  • The current and quick ratio evaluation for AAPL is rather negative, while it does have excellent solvency and profitability. These ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 0.97
Quick Ratio 0.94
AAPL Yearly Current Assets VS Current LiabilitesAAPL Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50B 100B 150B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. AAPL Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 13.49% over the past year.
  • AAPL shows quite a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 18.04% yearly.
  • The Revenue has grown by 10.07% in the past year. This is quite good.
  • The Revenue has been growing by 8.68% on average over the past years. This is quite good.
EPS 1Y (TTM)13.49%
EPS 3Y6.93%
EPS 5Y18.04%
EPS Q2Q%18.33%
Revenue 1Y (TTM)10.07%
Revenue growth 3Y1.81%
Revenue growth 5Y8.68%
Sales Q2Q%15.65%

3.2 Future

  • Based on estimates for the next years, AAPL will show a quite strong growth in Earnings Per Share. The EPS will grow by 14.30% on average per year.
  • Based on estimates for the next years, AAPL will show a small growth in Revenue. The Revenue will grow by 7.46% on average per year.
EPS Next Y16.21%
EPS Next 2Y12.97%
EPS Next 3Y12.02%
EPS Next 5Y14.3%
Revenue Next Year12.19%
Revenue Next 2Y9.5%
Revenue Next 3Y8.31%
Revenue Next 5Y7.46%

3.3 Evolution

  • Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
  • The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
AAPL Yearly Revenue VS EstimatesAAPL Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 200B 400B 600B
AAPL Yearly EPS VS EstimatesAAPL Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 5 10 15

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4

4. AAPL Valuation Analysis

4.1 Price/Earnings Ratio

  • AAPL is valuated quite expensively with a Price/Earnings ratio of 31.81.
  • Based on the Price/Earnings ratio, AAPL is valued a bit cheaper than the industry average as 67.57% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 25.50. AAPL is valued slightly more expensive when compared to this.
  • A Price/Forward Earnings ratio of 26.40 indicates a quite expensive valuation of AAPL.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of AAPL is on the same level as its industry peers.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 22.67, AAPL is valued at the same level.
Industry RankSector Rank
PE 31.81
Fwd PE 26.4
AAPL Price Earnings VS Forward Price EarningsAAPL Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AAPL indicates a somewhat cheap valuation: AAPL is cheaper than 67.57% of the companies listed in the same industry.
  • AAPL's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. AAPL is cheaper than 62.16% of the companies in the same industry.
Industry RankSector Rank
P/FCF 30
EV/EBITDA 24.18
AAPL Per share dataAAPL EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates AAPL does not grow enough to justify the current Price/Earnings ratio.
  • The excellent profitability rating of AAPL may justify a higher PE ratio.
  • AAPL's earnings are expected to grow with 12.02% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.96
PEG (5Y)1.76
EPS Next 2Y12.97%
EPS Next 3Y12.02%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. AAPL Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.42%, AAPL is not a good candidate for dividend investing.
  • AAPL's Dividend Yield is a higher than the industry average which is at 0.63.
  • With a Dividend Yield of 0.42, AAPL pays less dividend than the S&P500 average, which is at 1.89.
Industry RankSector Rank
Dividend Yield 0.42%

5.2 History

  • The dividend of AAPL has a limited annual growth rate of 4.95%.
  • AAPL has paid a dividend for at least 10 years, which is a reliable track record.
  • AAPL has decreased its dividend recently.
Dividend Growth(5Y)4.95%
Div Incr Years1
Div Non Decr Years1
AAPL Yearly Dividends per shareAAPL Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8 1

5.3 Sustainability

  • AAPL pays out 13.15% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of AAPL is growing, but earnings are growing more, so the dividend growth is sustainable.
DP13.15%
EPS Next 2Y12.97%
EPS Next 3Y12.02%
AAPL Yearly Income VS Free CF VS DividendAAPL Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B 100B
AAPL Dividend Payout.AAPL Dividend Payout, showing the Payout Ratio.AAPL Dividend Payout.PayoutRetained Earnings

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AAPL Fundamentals: All Metrics, Ratios and Statistics

APPLE INC

NASDAQ:AAPL (3/24/2026, 10:12:09 PM)

After market: 253.34 +1.7 (+0.68%)

251.64

+0.15 (+0.06%)

Chartmill FA Rating
GICS IndustryGroupTechnology Hardware & Equipment
GICS IndustryTechnology Hardware, Storage & Peripherals
Earnings (Last)01-29
Earnings (Next)04-29
Inst Owners65.01%
Inst Owner Change1.43%
Ins Owners0.06%
Ins Owner Change0.76%
Market Cap3.70T
Revenue(TTM)435.62B
Net Income(TTM)117.78B
Analysts77.78
Price Target296 (17.63%)
Short Float %0.9%
Short Ratio2.65
Dividend
Industry RankSector Rank
Dividend Yield 0.42%
Yearly Dividend1.03
Dividend Growth(5Y)4.95%
DP13.15%
Div Incr Years1
Div Non Decr Years1
Ex-Date02-09
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)3.27%
Min EPS beat(2)2.35%
Max EPS beat(2)4.19%
EPS beat(4)3
Avg EPS beat(4)3.33%
Min EPS beat(4)-0.58%
Max EPS beat(4)7.34%
EPS beat(8)6
Avg EPS beat(8)1.97%
EPS beat(12)10
Avg EPS beat(12)2.32%
EPS beat(16)12
Avg EPS beat(16)1.76%
Revenue beat(2)1
Avg Revenue beat(2)0.01%
Min Revenue beat(2)-1.76%
Max Revenue beat(2)1.77%
Revenue beat(4)2
Avg Revenue beat(4)0.43%
Min Revenue beat(4)-1.76%
Max Revenue beat(4)2.97%
Revenue beat(8)2
Avg Revenue beat(8)-0.42%
Revenue beat(12)2
Avg Revenue beat(12)-0.62%
Revenue beat(16)3
Avg Revenue beat(16)-0.85%
PT rev (1m)0.33%
PT rev (3m)1.65%
EPS NQ rev (1m)0.18%
EPS NQ rev (3m)5.92%
EPS NY rev (1m)0.54%
EPS NY rev (3m)2.92%
Revenue NQ rev (1m)-0.02%
Revenue NQ rev (3m)4.61%
Revenue NY rev (1m)0.56%
Revenue NY rev (3m)2.86%
Valuation
Industry RankSector Rank
PE 31.81
Fwd PE 26.4
P/S 8.49
P/FCF 30
P/OCF 27.31
P/B 41.95
P/tB 41.95
EV/EBITDA 24.18
EPS(TTM)7.91
EY3.14%
EPS(NY)9.53
Fwd EY3.79%
FCF(TTM)8.39
FCFY3.33%
OCF(TTM)9.21
OCFY3.66%
SpS29.63
BVpS6
TBVpS6
PEG (NY)1.96
PEG (5Y)1.76
Graham Number32.67
Profitability
Industry RankSector Rank
ROA 31.05%
ROE 133.55%
ROCE 65.03%
ROIC 54.2%
ROICexc 78.06%
ROICexgc 78.06%
OM 32.38%
PM (TTM) 27.04%
GM 47.33%
FCFM 28.31%
ROA(3y)28.12%
ROA(5y)27.93%
ROE(3y)157.53%
ROE(5y)163.92%
ROIC(3y)50.93%
ROIC(5y)48.1%
ROICexc(3y)72.42%
ROICexc(5y)66.83%
ROICexgc(3y)72.42%
ROICexgc(5y)66.83%
ROCE(3y)63.07%
ROCE(5y)59.52%
ROICexgc growth 3Y6.76%
ROICexgc growth 5Y12.61%
ROICexc growth 3Y6.76%
ROICexc growth 5Y12.61%
OM growth 3Y1.82%
OM growth 5Y5.77%
PM growth 3Y2.07%
PM growth 5Y5.18%
GM growth 3Y2.69%
GM growth 5Y4.17%
F-Score8
Asset Turnover1.15
Health
Industry RankSector Rank
Debt/Equity 0.89
Debt/FCF 0.73
Debt/EBITDA 0.51
Cap/Depr 102.67%
Cap/Sales 2.79%
Interest Coverage 250
Cash Conversion 88.6%
Profit Quality 104.71%
Current Ratio 0.97
Quick Ratio 0.94
Altman-Z 9.98
F-Score8
WACC8.85%
ROIC/WACC6.12
Cap/Depr(3y)95.46%
Cap/Depr(5y)96.21%
Cap/Sales(3y)2.78%
Cap/Sales(5y)2.82%
Profit Quality(3y)102.31%
Profit Quality(5y)103.35%
High Growth Momentum
Growth
EPS 1Y (TTM)13.49%
EPS 3Y6.93%
EPS 5Y18.04%
EPS Q2Q%18.33%
EPS Next Y16.21%
EPS Next 2Y12.97%
EPS Next 3Y12.02%
EPS Next 5Y14.3%
Revenue 1Y (TTM)10.07%
Revenue growth 3Y1.81%
Revenue growth 5Y8.68%
Sales Q2Q%15.65%
Revenue Next Year12.19%
Revenue Next 2Y9.5%
Revenue Next 3Y8.31%
Revenue Next 5Y7.46%
EBIT growth 1Y12.25%
EBIT growth 3Y3.66%
EBIT growth 5Y14.95%
EBIT Next Year22.84%
EBIT Next 3Y12.34%
EBIT Next 5Y10.87%
FCF growth 1Y15.4%
FCF growth 3Y-3.95%
FCF growth 5Y6.13%
OCF growth 1Y16.35%
OCF growth 3Y-3%
OCF growth 5Y6.68%

APPLE INC / AAPL Fundamental Analysis FAQ

What is the ChartMill fundamental rating of APPLE INC (AAPL) stock?

ChartMill assigns a fundamental rating of 7 / 10 to AAPL.


Can you provide the valuation status for APPLE INC?

ChartMill assigns a valuation rating of 4 / 10 to APPLE INC (AAPL). This can be considered as Fairly Valued.


Can you provide the profitability details for APPLE INC?

APPLE INC (AAPL) has a profitability rating of 10 / 10.


What is the expected EPS growth for APPLE INC (AAPL) stock?

The Earnings per Share (EPS) of APPLE INC (AAPL) is expected to grow by 16.21% in the next year.


How sustainable is the dividend of APPLE INC (AAPL) stock?

The dividend rating of APPLE INC (AAPL) is 5 / 10 and the dividend payout ratio is 13.15%.