Apple Inc.
$356.27
+1.39 (+0.39%) · delayed · Nov 13, 2026
Five-year price
52w $243.42 to $360.83
- Market cap
- $5.18T
- Enterprise value
- $5.22T
- P/E
- 39.7×
- 47.5× on 3y avg EPS
- EV / EBIT
- 33.0×
- FCF yield
- 2.6%
- ROIC
- 85.2%
- Debt / equity
- 0.70
- Piotroski F
- 9/9
Value scorecard · FY2026
Does it pass the value tests?
Quality
100
- ●ROIC > 12% (5y avg)5y avg ROIC 78.5%
- ●ROE > 15% (5y avg)5y avg ROE 157.5%
- ●Stable operating marginsMargin volatility 1.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 104% (5y avg)
- ●Growing revenueRevenue CAGR 5y 5.5%
- ●Shrinking share countDiluted shares -12.7% over 5y
Value
0
- ○P/E below 15P/E 39.7
- ○EV/EBIT below 12EV/EBIT 33.0
- ○FCF yield above 6%FCF yield 2.6%
- ○Price below Graham NumberGraham Number $39.48
- ○P/B below 3P/B 46.2
Safety
50
- ○Debt / equity below 0.5D/E 0.70
- ●Debt payable in < 4 yrs of earningsNet debt $41.8B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.02
- ●Piotroski F-score ≥ 6F-score 9/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $478.8B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.02
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 49%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 47.5
- ○P/E × P/B ≤ 22.5Product 2192.1
Valuation lab
What do you have to believe?
At $356.27, the market is pricing in about 14.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $41.8B · 14532M shares · 5y revenue CAGR 5.5%
Intrinsic value
$189.37
Price
$356.27
Premium paid
88%
What the price implies
The market is paying for 14.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 229,234 | 265,595 | 260,174 | 274,515 | 365,817 | 394,328 | 383,285 | 391,035 | 416,161 | 478,834 |
| Gross profit | 88,186 | 101,839 | 98,392 | 104,956 | 152,836 | 170,782 | 169,148 | 180,683 | 195,201 | 233,602 |
| Operating income | 61,344 | 70,898 | 63,930 | 66,288 | 108,949 | 119,437 | 114,301 | 123,216 | 133,050 | 158,063 |
| Operating margin | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% | 33.0% |
| Pre-tax income | 64,089 | 72,903 | 65,737 | 67,091 | 109,207 | 119,103 | 113,736 | 123,485 | 132,729 | 159,237 |
| Income tax | 15,738 | 13,372 | 10,481 | 9,680 | 14,527 | 19,300 | 16,741 | 29,749 | 20,719 | 27,062 |
| Net income | 48,351 | 59,531 | 55,256 | 57,411 | 94,680 | 99,803 | 96,995 | 93,736 | 112,010 | 132,175 |
| EPS (diluted) | 9.21 | 2.98 | 2.97 | 3.28 | 5.61 | 6.11 | 6.13 | 6.08 | 7.46 | 8.98 |
| Diluted shares | 5,252 | 20,000 | 18,596 | 17,528 | 16,865 | 16,326 | 15,813 | 15,408 | 15,005 | 14,720 |
Who owns it