Apple Inc. AAPL

Information TechnologyComputers, Phones & Household ElectronicsUnited States of America

Last close 344.63 USD on Nov 1, 2026, +27.1% year to date

Quant rating

Quant rating B Rank 120 of 389 in Information Technology

Growth C 253 of 389
Valuation C 252 of 389
Quality A 7 of 389
Revisions C 256 of 389
Momentum B 98 of 389

Wall Street consensus Buy (2.33)Average target 327.42 USD −5.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.03T
Enterprise value: 5.05T
52-week range: 243.43 – 351.71
3-year range: 165.00 – 351.71
Dividend yield: 0.31%
Beta (5 years): 1.07
Shares outstanding: 14,594M
Next earnings: Nov 2, 2026

About the company

Apple Inc. designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. Its product categories include iPhone, Mac, iPad, Wearables, Home and Accessories. Its services include advertising, AppleCare, cloud services, digital content, and payment services. The Company operates various platforms, including the App Store, that allow customers to discover and download applications and digital content, such as books, music, video, games and podcasts. It also offers digital content through subscription-based services, including Apple Arcade, Apple Fitness+, Apple Music, Apple News+, and Apple TV+. Its wearables include smartwatches, wireless headphones, and spatial computers. Its products include iPhone 16 Pro, iPhone 16, iPhone 15, iPhone 14, iPhone SE, MacBook Air, MacBook Pro, iMac, Mac mini, Mac Studio, Mac Pro, iPad Pro, iPad Air, AirPods, AirPods Pro, AirPods Max, Apple TV, Apple Vision Pro and others.

Growth and profitability fiscal year ends September 30

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	416,161	391,035	383,285	394,328	365,817	–
Revenue growth	6.4%	2.0%	−2.8%	7.8%	33.3%	8.7%
EPS (basic, normalized)	7.46	6.75	6.13	6.11	5.61	–
EPS growth	10.5%	10.1%	0.3%	8.9%	–	–
Gross margin	46.9%	46.2%	44.1%	43.3%	41.8%	44.5%
Net margin	26.8%	26.6%	25.3%	25.3%	25.9%	26.0%
ROE	170.7%	174.6%	171.9%	175.5%	147.4%	168.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	62,399
Current ratio	1.00x
Long-term debt (mil)	71,340
Net debt (mil)	21,945
Total equity (mil)	107,520
Net debt / equity	0.20x
Net debt / EBITDA	0.15x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	416,161	+6.4%	12.1x	144,748	+7.6%	34.9x	7.46	+10.5%	46.2x
2026	477,918	+14.8%	10.6x	170,319	+17.7%	29.7x	8.86	+18.8%	38.9x
2027	524,463	+9.7%	9.6x	179,458	+5.4%	28.1x	9.63	+8.7%	35.8x
2028	563,892	+7.5%	9.0x	198,032	+10.3%	25.5x	10.72	+11.3%	32.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	477,918	0.0%	+0.2%	+0.7%	8.86	0.0%	+0.4%	+1.5%
2027	524,463	−0.5%	+0.5%	+2.2%	9.63	0.0%	+0.3%	+0.5%
2028	563,892	−0.5%	+0.6%	+3.3%	10.72	−0.6%	−0.4%	+1.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	90,753	85,777	94,930	124,300	95,359	94,036	102,466	143,756	111,184	109,417
Sales mean (mil)	90,011	84,531	94,580	124,119	94,683	89,535	102,256	138,484	109,660	108,642
Surprise	+0.8%	+1.5%	+0.4%	+0.1%	+0.7%	+5.0%	+0.2%	+3.8%	+1.4%	+0.7%
EPS reported	1.53	1.40	1.64	2.40	1.65	1.57	1.85	2.84	2.01	1.91
EPS mean	1.50	1.35	1.60	2.35	1.63	1.43	1.77	2.67	1.95	1.89
Surprise	+2.0%	+4.0%	+2.4%	+2.2%	+1.4%	+9.5%	+4.4%	+6.3%	+3.1%	+1.1%

Peer comparison Computers, Phones & Household Electronics

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AAPL Apple Inc.	5.03T	0.15x	26.8%	46.83x	38.9x	35.8x	29.7x	28.1x
005930 Samsung Electronics Co Ltd	1.09T	−1.57x	13.3%	2.61x	4.8x	3.0x	3.0x	2.0x
6758 Sony Group Corporation	149.7B	0.03x	8.3%	2.78x	18.0x	17.1x	8.9x	8.8x
DELL Dell Technologies Inc	269.8B	1.83x	5.2%	−190.30x	16.4x	14.0x	11.8x	10.7x
SNDK SanDisk Corporation	166.3B	−0.40x	56.4%	9.14x	5.2x	4.3x	4.0x	3.3x
STX Seagate Technology Holdings PLC	148.0B	0.23x	26.1%	42.88x	16.0x	9.8x	12.7x	7.6x
Mean		0.05x	22.7%	−14.34x	16.5x	14.0x	11.7x	10.1x
Median		0.09x	19.7%	5.96x	16.2x	11.9x	10.4x	8.2x

Technical analysis

1M+1.8%
3M+1.4%
1Y+28.6%
3Y+107.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Apple Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	416,161	391,035	383,285	394,328	365,817	274,515
Cost of revenue	220,960	210,352	214,137	223,546	212,981	169,559
Gross profit	195,201	180,683	169,148	170,782	152,836	104,956
Selling, general & administrative expenses	27,601	26,097	24,932	25,094	21,973	19,916
Research & development	34,550	31,370	29,915	26,251	21,914	18,752
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	133,050	123,216	114,301	119,437	108,949	66,288
Net interest income (expense)	–	–	−183	−106	198	890
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−321	269	−382	−228	60.0	−87.0
Net income before taxes	132,729	123,485	113,736	119,103	109,207	67,091
Provision for taxes	21,205	19,503	16,741	19,300	14,527	9,680
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	111,524	103,982	96,995	99,803	94,680	57,411
Extraordinary items	486	−10,246	–	–	–	–
Net income	112,010	93,736	96,995	99,803	94,680	57,411
EBIT, normalized	133,050	123,216	114,301	119,437	108,949	66,288
EBITDA, normalized	144,748	134,661	125,820	130,541	120,233	77,344
Basic EPS, normalized	7.46	6.75	6.13	6.11	5.61	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Apple Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	54,697	65,171	61,555	48,304	62,639	90,943
Receivables	72,957	66,243	60,985	60,932	51,506	37,445
Total inventory	5,718	7,286	6,331	4,946	6,580	4,061
Prepaid expenses	–	–	–	–	–	–
Other current assets	14,585	14,287	14,695	21,223	14,111	11,264
Total current assets	147,957	152,987	143,566	135,405	134,836	143,713
Property, plant & equipment	61,039	55,914	54,376	52,534	49,527	45,336
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	77,723	91,479	100,544	120,805	127,877	100,887
Note receivable	–	–	–	–	–	–
Other long-term assets	72,522	64,600	54,097	44,011	38,762	33,952
Total assets	359,241	364,980	352,583	352,755	351,002	323,888
Liabilities
Accounts payable	69,860	68,960	62,611	64,115	54,763	42,296
Payable/accrued	–	–	–	–	–	–
Accrued expenses	10,498	1,488	1,410	1,534	1,449	1,436
Short-term debt	7,979	9,967	5,985	9,982	6,000	4,996
Current portion of long-term debt	12,888	11,056	9,987	11,257	9,692	8,797
Other current liabilities	64,406	84,921	65,315	67,094	53,577	47,867
Total current liabilities	165,631	176,392	145,308	153,982	125,481	105,392
Long-term debt	79,020	86,502	96,140	99,771	109,875	99,304
Minority interest	–	–	–	–	–	–
Other liabilities	40,857	45,136	48,989	48,330	52,556	53,853
Total liabilities	285,508	308,030	290,437	302,083	287,912	258,549
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.1	0.2	0.2	0.2	0.2	0.2
Additional paid-in capital	93,568	83,276	73,812	64,849	57,365	50,779
Retained earnings (accumulated deficit)	−14,264	−19,154	−214	−3,068	5,562	14,966
Treasury stock	–	–	–	–	–	–
Other equity	−5,571	−7,172	−11,452	−11,109	163	−406
Total equity	73,733	56,950	62,146	50,672	63,090	65,339
Total liabilities & shareholders' equity	359,241	364,980	352,583	352,755	351,002	323,888

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Apple Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	112,010	93,736	96,995	99,803	94,680	57,411
Depreciation, depletion & amortization	11,698	11,445	11,519	11,104	11,284	11,056
Deferred taxes	–	–	–	895	−4,774	−215
Non-cash items	12,774	9,422	8,606	9,149	7,759	6,732
Changes in working capital	−25,000	3,651	−6,577	1,200	−4,911	5,690
Cash from operations	111,482	118,254	110,543	122,151	104,038	80,674
Investing activities
Capital expenditures	−12,715	−9,447	−10,959	−10,708	−11,085	−7,309
Other investing cash flows	27,910	12,382	14,664	−11,646	−3,460	3,020
Cash from investing	15,195	2,935	3,705	−22,354	−14,545	−4,289
Financing activities
Financing cash flow items	−6,071	−5,802	−6,012	−6,383	−6,685	−3,760
Cash dividends paid	−15,421	−15,234	−15,025	−14,841	−14,467	−14,081
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−99,194	−100,947	−87,451	−89,525	−72,201	−68,979
Cash from financing	−120,686	−121,983	−108,488	−110,749	−93,353	−86,820
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	5,991	−794	5,760	−10,952	−3,860	−10,435
Free cash flow	98,767	108,807	99,584	111,443	92,953	73,365

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.