Apple Inc.
[AAPL]
NASDAQ
MVPro™ Score: 66/100
Next Earnings: 30 Apr 2026
[AAPL]
NASDAQ
MVPro™ Score: 66/100
Next Earnings: 30 Apr 2026
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| Capitalization (mln USD) | 3,862,892 |
| Revenue (mln USD) | 143,756 |
| EBITDA (mln USD) | 54,066 |
| Net Income (mln USD) | 42,097 |
| Net Margin | 29.28% |
| EPS Ratio (TTM, USD) | 7.95 |
| P/E Ratio (TTM) | 32.8 |
| P/S Ratio (TTM) | 8.92 |
| D/E Ratio | 3.3 |
| EV/EBITDA (TTM) | 26.88 |
| CAPEX (Q/Q) | -26.80% |
| Dividend Yield | 0.40% |
Revenue, EBITDA & Net Income
Company Overview
Apple Inc. is a globally recognised technology company founded in 1976 by Steve Jobs, Steve Wozniak, and Ronald Wayne. Headquartered in Cupertino, California, Apple began as a personal computer pioneer before evolving into one of the world’s most valuable and influential brands. Today, the company is led by Chief Executive Officer Tim Cook, who has overseen its expansion into a diverse range of consumer electronics and services.
Apple is best known for its flagship products such as the iPhone, iPad, Mac, Apple Watch, and AirPods, alongside its software platforms including iOS, macOS, and watchOS. The company also operates a growing services segment, featuring the App Store, Apple Music, iCloud, Apple TV+, and Apple Pay. Its mission is to create the best products on earth and to leave the world better than it found it, with a strong emphasis on innovation, design, and user experience.
Operating in more than 100 countries, Apple maintains a significant presence across North America, Europe, Asia-Pacific, and emerging markets. The company actively embraces environmental, social, and governance (ESG) principles, with commitments to carbon neutrality across its supply chain and products by 2030. Apple also prioritises data privacy, ethical sourcing, and inclusivity as part of its corporate strategy. Its consistent financial performance and strong brand loyalty continue to reinforce its position as a global market leader.
🔴 P/E (Price to Earnings, TTM)
Price-to-earnings (P/E) ratio for the most recent quarter is 33.0, compared to 36.7 in the previous quarter, with a longer-term trend value of 33.0. This decline in the P/E ratio may indicate a shift in market sentiment, where investors are placing a lower premium on future earnings growth. A falling P/E ratio could be driven by slowing revenue growth, increased risk perception, or improved earnings performance that is outpacing stock price growth.
P/E Ratio
Source: MarketVectors.Pro, Apple Financial Reports (TTM)
P/E Ratio
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🟢 EPS (Earnings Per Share, TTM)
Apple's earnings per share (EPS) for the most recent quarter is 7.95 USD (+6.53%), compared to 7.46 USD in the previous quarter, with a longer-term trend value of 8.03 USD. This quarterly increase in EPS suggests improved profitability and operational efficiency.
EPS
Source: MarketVectors.Pro, Apple Financial Reports (TTM, USD)
EPS
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🔴 P/B (Price to Book)
Price-to-book (P/B) ratio for the most recent quarter stands at 44.07 (-20.9%), compared to 55.71 in the previous quarter, with a long-term trend value of 43.65. This decline in the P/B ratio may indicate a more conservative market stance on the company’s asset valuation, potentially influenced by shifting investor sentiment, changes in financial fundamentals, or broader economic conditions.
P/B Ratio
Source: MarketVectors.Pro, Apple Financial Reports
P/B Ratio
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🟢 EBIT
EBIT for Apple in the most recent quarter is 50,852 million USD, compared to 32,427 million USD in the previous quarter, with a long-term trend value of 36,750 million USD. This increase reflects improved operational performance and higher profitability, aligning with the long-term growth trajectory.
EBIT
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
EBIT
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🟡 Risk Assessment
The following risk assessment highlights the principal areas of risk faced by Apple Inc., considering its global operations, competitive environment, and regulatory exposure.
Market Risk
Apple operates in highly saturated and fast-moving consumer electronics markets, where shifts in consumer preferences can significantly affect product demand. Strong competition from other global technology firms puts pressure on pricing and innovation cycles. Additionally, reliance on flagship products such as the iPhone makes the company vulnerable to cyclical sales patterns.
Financial Risk
Although Apple maintains strong cash flow and substantial reserves, it is exposed to foreign exchange fluctuations due to its extensive international operations. Economic slowdowns or inflationary pressures could impact discretionary consumer spending on premium products. Furthermore, changes in interest rates and market volatility may influence investment returns and capital allocation.
Operational Risk
Apple’s complex global supply chain introduces risks related to component shortages, manufacturing delays, and geopolitical instability, particularly in China. The company also depends on the timely release of new products, making it susceptible to design or production setbacks. Maintaining consistent quality and innovation requires significant investment and skilled personnel retention.
Regulatory Risk
Apple faces increasing regulatory scrutiny concerning competition law, digital markets, taxation, and data privacy, especially in the United States and European Union. Ongoing legal challenges related to the App Store and business practices may lead to fines or enforced structural changes.
Overall Risk Assessment
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🟢 Piotroski F-Score Analysis
Piotroski F-Score analysis is a robust methodology designed to assess the financial strength and operational efficiency of companies, providing valuable insights for investment decision-making.
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
| Previous TTM | Current TTM | Score | |
| Net Income | 96,150 | 117,777 | 1 |
| ROA | 27.91% | 33.62% | 1 |
| Net Operating Cash Flow | -11,675 | 15,018 | 1 |
| OCF > Net Income | 12,144 | 17,695 | 1 |
| Long-Term Debt | 347,733 | 316,009 | 1 |
| Current Ratio | 0.92 | 0.97 | 1 |
| New Shares Issued (mln) | 15,151 | 14,810 | 1 |
| Gross Margin | 46.52% | 47.33% | 1 |
| Total Asset Turnover Ratio | 1.15 | 1.24 | 1 |
| Piotroski F-Score | 9/9 |
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🟢 Altman Z-Score Analysis
Altman Z-Score is a widely recognised financial metric used to evaluate the risk of bankruptcy for companies. It is particularly relevant for assessing the creditworthiness of manufacturing and industrial companies but has also been adapted for other industries.
Source: MarketVectors.Pro, Apple Financial Reports
| Q4 25 | |||
| Altman Z-Score (TTM) | 10.16 | ||
| 0 | Distress | 1.8 | Grey | 2.99 | Safe | 4 |
Source: MarketVectors.Pro, Apple Financial Reports
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🟡 Key Assets Components
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
As of last quarter the company reported total assets of 379,297 million USD, representing an increase of 10.2% compared to the previous year the same quarter 344,085 million USD. The largest contributor to this change in current assets was Cash & Short-Term Inv, which grew by 24.4% to 66,907 million USD from 53,775 million USD.
Assets
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Cash & Short-Term Inv | 53,775 | 66,907 | 24.42% |
| Inventory | 6,911 | 5,875 | -14.99% |
| Receivables | 59,306 | 70,320 | 18.57% |
| Total Current Assets | 133,240 | 158,104 | 18.66% |
| Property and Equipment | 46,069 | 50,159 | 8.88% |
| Goodwill, Intangibles | 0 | 0 | 0.00% |
| Other Long-Term Assets | 77,183 | 93,146 | 20.68% |
| Total Assets | 344,085 | 379,297 | 10.23% |
Assets
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🔴 Key Liabilities & Equity
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Total current liabilities increased by 12.5%, indicating a potential growth in operational activities. This change may affect the company's ability to manage its working capital efficiently. Long-term debt decreased by 8.7%, suggesting a reduction in financial leverage. This shift could have implications for the Apple's financing costs and overall debt strategy.
Liabilities & Equity
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Accounts Payable | 68,960 | 70,587 | 2.36% |
| Accrued Expenses, Other | 1,534 | 2,229 | 45.31% |
| Total Current Liabilities | 144,365 | 162,367 | 12.47% |
| Long-term Lease | 0 | 0 | 0.00% |
| Long-term Debt | 83,956 | 76,685 | -8.66% |
| Total Liabilities | 277,327 | 291,107 | 4.97% |
| Shareholders’ Equity | 66,758 | 88,190 | 32.10% |
Liabilities & Equity
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🟡 Income Statement Analysis
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
As of Q4 25, Apple reported a revenue of 143,756 million USD, marking an increase of 15.7% compared to the previous year to 124,300 million USD. Operating expenses rose to 18,379 million USD, increasing by 20.3% year-on-year from 15,278 million USD.
Revenue & Net Income
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Revenue | 124,300 | 143,756 | 15.65% |
| Operating Expenses | 15,278 | 18,379 | 20.30% |
| Operating Income | 42,832 | 50,852 | 18.72% |
| Net Income | 36,330 | 42,097 | 15.87% |
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Revenue & Net Income
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🟡 Cash Flow Analysis
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
The company’s cash flow performance over the year demonstrates varied trends across key categories. Net operating cash flows increased by 80.1% from 29,935 million USD to 53,925 million USD, reflecting stronger cash generation from core business activities. Net investing cash flows decreased by 149.9% from 9,792 million USD to -4,886 million USD, indicating higher expenditure on investments, potentially related to strategic initiatives.
Operating Cash Flow
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
| Q4 24 | Q4 25 | Change (%) | |
| Net Operating Cash Flows | 29,935 | 53,925 | 80.14% |
| Net Investing Cash Flows | 9,792 | -4,886 | -149.90% |
| Net Financing Cash Flows | -39,371 | -39,656 | -0.72% |
| Net Cash Flow, Equivalents | 356 | 9,383 | 2535.67% |
Operating Cash Flow
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🟢 EBITDA
Apple's EBITDA for the most recent quarter is 54,066 milion USD (+52.1%), compared to 35,554 milion USD in the previous quarter, with a long-term trend value of 39,952 milion USD. This increase in EBITDA suggests improved operational efficiency and revenue growth, indicating stronger core business performance.
EBITDA
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
EBITDA
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🟢 Net Income
Net income for the most recent quarter is 42,097 milion USD (+53.3%), compared to 27,466 milion USD in the previous quarter, with a long-term trend value of 30,589 milion USD. This increase in net income reflects improved profitability, potentially driven by higher revenue growth, enhanced cost efficiency, or favorable market conditions.
Net Income
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Net Income
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🟡 ROE (Return on Equity, %) ★ Buffett's Key Metric
Apple's return on equity (ROE) for the most recent quarter is 133.5%, compared to 151.9% in the previous quarter, with a long-term trend value of 133.3%. This decline in ROE may indicate reduced profitability, increased equity base, or other financial challenges affecting the company's return on investment.
ROE Indicator
Source: MarketVectors.Pro, Apple Financial Reports (%)
ROE Indicator
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🟡 ROA (Return on Assets, %)
Return on assets (ROA) for the most recent quarter is 31.1%, compared to 31.2% in the previous quarter, with a long-term trend value of 32.8%. This decline in ROA may indicate lower profitability, increased asset base, or operational inefficiencies affecting the company's ability to generate returns.
ROA Indicator
Source: MarketVectors.Pro, Apple Financial Reports (%)
ROA Indicator
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🟢 Operating Margin (%) ★ Buffett's Key Metric
Apple's operating margin for the most recent quarter is 35.4%, compared to 31.6% in the previous quarter, with a long-term trend value of 32.7%. This increase in operating margin reflects improved cost efficiency, higher revenue retention, or a stronger pricing strategy. The rise suggests that Apple is effectively managing its operational expenses while maintaining revenue growth.
Operating Margin
Source: MarketVectors.Pro, Apple Financial Reports (%)
Operating Margin
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🟢 Net Margin (%) ★ Buffett's Key Metric
Net margin for the most recent quarter is 29.3%, compared to 26.8% in the previous quarter, with a long-term trend value of 27.3%. This increase in net margin suggests improved profitability, reflecting stronger cost control, enhanced operational efficiency, or higher revenue retention. The company appears to be effectively managing expenses while maintaining revenue growth, contributing to improved bottom-line performance.
Net Margin
Source: MarketVectors.Pro, Apple Financial Reports (%)
Net Margin
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🟢 Long-Term Debt & EBITDA
The current long-term debt is 76,685 million USD, and EBITDA is 54,066 million USD. The long-term debt to EBITDA ratio for the most recent quarter is 142%, compared to 220% in the previous quarter, with a long-term trend value of 185%. This decline in the long-term debt to EBITDA ratio suggests an improvement in the company's ability to manage and service its long-term debt obligations. The lower ratio indicates stronger financial flexibility, potentially driven by higher earnings generation or reduced leverage.
Long-Term Debt to EBITDA Ratio
Source: MarketVectors.Pro, Apple Financial Reports (%)
The current level remains within the safe range, reflecting a strong balance sheet and manageable debt levels. A declining trend in this ratio is typically a positive sign for investors, as it implies reduced financial risk and an improved capacity to meet long-term liabilities.
Long-Term Debt & EBITDA
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Long-Term Debt to EBITDA Ratio
The current level remains within the safe range, reflecting a strong balance sheet and manageable debt levels. A declining trend in this ratio is typically a positive sign for investors, as it implies reduced financial risk and an improved capacity to meet long-term liabilities.
Long-Term Debt & EBITDA
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🟢 Long-Term Debt & Assets
The current long-term debt is 76,685 million USD, and total assets are 379,297 million USD, resulting in a debt ratio of 20.2%. This decline in the long-term debt-to-assets ratio indicates an improvement in financial stability, as the company is reducing its reliance on long-term debt relative to its total assets. This suggests either an increase in total assets or a reduction in outstanding long-term liabilities.
Long-Term Debt to Assets Ratio
Source: MarketVectors.Pro, Apple Financial Reports (%)
The current level remains within the safe range <40%, reflecting a strong balance sheet and a conservative debt structure. A declining debt-to-assets ratio is generally seen as a positive signal for investors, as it implies lower financial risk and greater balance sheet resilience.
Long-Term Debt & Assets
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Long-Term Debt to Assets Ratio
The current level remains within the safe range <40%, reflecting a strong balance sheet and a conservative debt structure. A declining debt-to-assets ratio is generally seen as a positive signal for investors, as it implies lower financial risk and greater balance sheet resilience.
Long-Term Debt & Assets
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🟡 Long-Term Debt & Equity ★ Buffett's Key Metric
The current long-term debt is 76,685 million USD, while Total Equity stands at 88,190 million USD, resulting in a debt-to-equity ratio of 87.0%. This decline in the long-term debt-to-equity ratio suggests improved financial strength, as the company is reducing its reliance on debt financing relative to its equity base. This may be the result of increased retained earnings, debt repayments, or higher equity financing, all of which contribute to a healthier balance sheet.
Long-Term Debt to Equity Ratio
Source: MarketVectors.Pro, Apple Financial Reports (%)
Although the ratio has decreased, it is still within the healthy range 50%–150%, suggesting that debt levels remain manageable and in line with industry standards. A declining debt-to-equity ratio is generally a positive signal for investors, reflecting reduced leverage and improved financial flexibility.
Long-Term Debt & Equity
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Long-Term Debt to Equity Ratio
Although the ratio has decreased, it is still within the healthy range 50%–150%, suggesting that debt levels remain manageable and in line with industry standards. A declining debt-to-equity ratio is generally a positive signal for investors, reflecting reduced leverage and improved financial flexibility.
Long-Term Debt & Equity
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🔴 Equity to Assets
The current equity is 88,190 million USD, while total assets stand at 379,297 million USD, resulting in an equity-to-assets ratio of 23.3%. This increase in the equity-to-assets ratio indicates a strengthening financial position, as the company is relying more on its own capital rather than external debt. The rise suggests higher retained earnings, new equity issuance, or asset appreciation, all of which contribute to long-term financial stability.
Equity to Assets Ratio
Source: MarketVectors.Pro, Apple Financial Reports (%)
Although the ratio has increased, it is still within the monitoring range 40%–50%, suggesting that while financial leverage is moderate, continued assessment is recommended. A rising equity-to-assets ratio is generally a positive sign for investors, as it indicates lower financial risk and improved capital structure.
Equity & Assets
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Equity to Assets Ratio
Although the ratio has increased, it is still within the monitoring range 40%–50%, suggesting that while financial leverage is moderate, continued assessment is recommended. A rising equity-to-assets ratio is generally a positive sign for investors, as it indicates lower financial risk and improved capital structure.
Equity & Assets
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🟢 Quick Ratio
The quick ratio for Apple is 0.94, compared to 0.86 in the previous quarter, with a long-term trend value of 0.87. This increase in the quick ratio suggests improved short-term liquidity, indicating that the company has a stronger ability to cover its immediate liabilities with liquid assets. The ratio remains within the cautionary range 0.8–1.0, suggesting that liquidity should continue to be monitored.
Quick Ratio
Source: MarketVectors.Pro, Apple Financial Reports
Quick Ratio
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🔴 Current Ratio
The current ratio for Apple is 0.97, compared to 0.89 in the previous quarter, with a long-term trend value of 0.91. This increase in the current ratio suggests improved liquidity, indicating that the company has a stronger ability to cover its short-term liabilities with current assets. The ratio has increased but remains below the 1.0. The company may still struggle to cover short-term obligations and should focus on improving cash flow management.
Current Ratio
Source: MarketVectors.Pro, Apple Financial Reports
Current Ratio
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🔴 Net Working Capital
The net working capital (NWC) for Apple in the most recent quarter is -4,263 million USD, compared to -17,674 million USD in the previous quarter, with a long-term trend value of 393 million USD.
Net Working Capital
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Net Working Capital
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🟢 Inventory Turnover Ratio
The inventory turnover ratio for Apple in the most recent quarter is 39.06, compared to 37.61 in the previous quarter. This increase in inventory turnover indicates that Apple is selling goods more rapidly, suggesting strong demand, efficient inventory management, and optimized supply chain processes. The turnover ratio is above the 6.0, reflecting high inventory efficiency and fast-moving stock, which minimizes storage costs and obsolescence risks.
Inventory Turnover Ratio
Source: MarketVectors.Pro, Apple Financial Reports
Inventory Turnover Ratio
🟡 Asset Turnover Ratio
The assets turnover ratio for Apple in the most recent quarter is 1.15, compared to 1.16 in the previous quarter. This decline in the assets turnover ratio may suggest lower revenue generation, excess assets, or inefficiencies in assets utilization. A decreasing trend could indicate weaker sales growth or an overinvestment in fixed assets. The ratio remains within the optimal range of 1.0–2.0, indicating effective assets management and a balanced approach to capital utilization.
Assets Turnover Ratio
Source: MarketVectors.Pro, Apple Financial Reports
Assets Turnover Ratio
🔴 Book Value / Share
The book value per share (BVPS) is a key valuation metric that represents the equity value per outstanding share. Calculated by dividing total book value by the number of shares, it helps assess whether a stock trades above or below its book value.
Source: MarketVectors.Pro, Apple Financial Reports (USD)
Book Value per Share Valuation
Source: MarketVectors.Pro, Apple Financial Reports (USD, generated on 11 March 2026)
| Q4 24 | Q4 25 | Change (%) | |
| Book Value / Share | 4.41 | 5.95 | 34.92 % |
Book Value per Share Valuation
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🟡 Graham Method
The intrinsic value of Apple’s stock is calculated using Benjamin Graham’s formula, which takes into account the current earnings per share (EPS) and an assumed growth rate (g), providing a simplified yet insightful perspective on a company’s value.
Benjamin Graham Valuation
Source: MarketVectors.Pro, Apple Financial Reports (USD, generated on 11 March 2026)
Benjamin Graham Valuation
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🔴 Discounted Cash Flow ★ Buffett's Key Metric
The discounted cash flow (DCF) method is used to estimate Apple’s intrinsic value by projecting future cash flows and discounting them to their present value. This approach considers the company’s potential to generate cash flows in the future, taking into account the time value of money and associated risks.
The terminal value represents the value of Apple’s cash flows beyond the five-year forecast horizon. It is calculated using the Gordon Growth Model, assuming a perpetual growth rate of 5.0% and WACC of 10.5%. The calculated terminal value is 3,838,476 million USD.
Total Intrinsic Value Calculations
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Assuming 14,810 million shares outstanding, the intrinsic value per share is approximately 196.74 USD. The current market price of Apple’s stock is 260.83 USD. Discounted cash flow valuation indicates that the stock is 32.6% overvalued, trading above its intrinsic value.
Discounted Cash Flow Valuation
Source: MarketVectors.Pro, Apple Financial Reports (USD, generated on 11 March 2026)
| Value | |
| Present Value of FCFs | 583,835 |
| Present Value of Terminal Value | 2,329,955 |
| Total Intrinsic Value | 2,913,790 |
Discounted Cash Flow Valuation
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🟢 Assets Correlation
The Pearson correlation analysis for Apple examines the relationship between share price and key financial indicators. Gross profit has a correlation of 0.89, which indicates a strong relationship, meaning profitability is a key driver of stock price movements. Operating income is correlated at 0.82, highlighting a strong relationship between operating profitability and market valuation.
Source: MarketVectors.Pro, Apple Financial Reports
Current liabilities are correlated at 0.88, implying that short-term obligations are closely monitored by investors, influencing stock valuation. Total assets have a correlation of 0.57, highlighting a moderate influence on stock valuation.
Key Financial Indicators Growth Dynamics
Source: MarketVectors.Pro, Apple Financial Reports, Index=100 on Q2 11
| Pearson Correlation | |
| Share Price | 1 |
| Gross Profit | 0.89 |
| Operating Income | 0.82 |
| Current Liabilities | 0.88 |
| Total Assets | 0.57 |
Key Financial Indicators Growth Dynamics
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🟡 FCF Margin Scenarios
• Optimistic Scenario: 37%, driven by operational efficiencies and cost optimisation.
• Base Case: 28% of revenue, consistent with historical trends.
• Pessimistic Scenario: 20%, reflecting higher operating and labour costs. Impact of Changes in FCF Margin
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
An approximately 9-percentage-point increase in the FCF margin to 37%, results in an additional 37,854 milion USD in FCF, highlighting the critical role of operational efficiency. Conversely, a decrease to 20% reduces FCF by 36,201 milion USD, illustrating the significant impact of profitability on cash flow generation.
Projected FCF Margin Scenarios Source: MarketVectors.Pro, Apple Financial Reports (million USD)
• Base Case: 28% of revenue, consistent with historical trends.
• Pessimistic Scenario: 20%, reflecting higher operating and labour costs. Impact of Changes in FCF Margin
| FCF Margin (%) | Revenue TTM | FCF TTM | Difference | |
| Optimistic | 37% | 435,617 | 161,178 | 37,854 |
| Base Case | 28% | 435,617 | 123,324 | – |
| Pessimistic | 20% | 435,617 | 87,123 | -36,201 |
Projected FCF Margin Scenarios Source: MarketVectors.Pro, Apple Financial Reports (million USD)
🟡 Operating Costs Scenarios
• Optimistic Scenario: 66%, reflecting enhanced efficiency and lower costs.
• Base Case: 68% of revenue, aligned with historical trends and cost structures.
• Pessimistic Scenario: 70%, driven by rising wages and increased energy costs. Impact of Changes in FCF Margin
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Reducing operational costs to 66% of revenue leads to a 7,040 milion USD increase in operating profit, emphasising the significance of cost control in enhancing margins. Increasing costs to 70% of revenue results in a 10,385 milion USD decline in operating profit, highlighting the sensitivity of profitability to rising expenses.
Projected Operating Costs Scenarios Source: MarketVectors.Pro, Apple Financial Reports (million USD)
• Base Case: 68% of revenue, aligned with historical trends and cost structures.
• Pessimistic Scenario: 70%, driven by rising wages and increased energy costs. Impact of Changes in FCF Margin
| Operating Costs (%) | Revenue TTM | Operating Profit | Difference | |
| Optimistic | 66% | 435,617 | 148,110 | 7,040 |
| Base Case | 68% | 435,617 | 141,070 | – |
| Pessimistic | 70% | 435,617 | 130,685 | -10,385 |
Projected Operating Costs Scenarios Source: MarketVectors.Pro, Apple Financial Reports (million USD)
🟡 Revenue Growth Scenarios
Optimistic Scenario: Projected to grow by 10% annually, driven by:
• Robust macroeconomic conditions.
• Strong industry growth with minimal disruptions.
• Favorable regulatory and competitive environment. Base Case: Projected to grow by 8% annually, driven by: • Stable macroeconomic conditions.
• Balanced market growth with manageable risks.
• Limited external disruptions from regulation or supply chains. Pessimistic Scenario: Projected to grow by 7% annually, driven by: • Global economic uncertainty and potential downturn.
• Increased competition and rising operational costs.
• Regulatory and supply chain challenges impacting business operations.
Source: MarketVectors.Pro, Apple Financial Reports (million USD, TTM)
The projected revenue for the next twelve months varies depending on the scenario. Under the optimistic scenario, revenue is expected to increase by 10% to 478,331 million USD, reflecting strong market growth and operational efficiency. In the base case scenario, revenue is forecasted to grow by 8% to 471,212 million USD, assuming stable economic conditions and consistent business expansion. However, under the pessimistic scenario, revenue is projected to increase by 7% to 464,093 million USD, reflecting potential economic slowdowns or adverse market conditions.
Projected Revenues Source: MarketVectors.Pro, Apple Financial Reports (million USD)
The variation between projected scenarios highlights the Apple's ability to perform across a range of market conditions. The growth even in the pessimistic case reflects a degree of resilience and suggests a strong underlying business model. This outlook supports confidence in management’s ability to navigate uncertainty while sustaining forward momentum. Scenario analysis enhances strategic visibility, helping stakeholders understand the potential bandwidth of future results.
• Strong industry growth with minimal disruptions.
• Favorable regulatory and competitive environment. Base Case: Projected to grow by 8% annually, driven by: • Stable macroeconomic conditions.
• Balanced market growth with manageable risks.
• Limited external disruptions from regulation or supply chains. Pessimistic Scenario: Projected to grow by 7% annually, driven by: • Global economic uncertainty and potential downturn.
• Increased competition and rising operational costs.
• Regulatory and supply chain challenges impacting business operations.
| Revenue | Net Income | Revenue (Next) | Net Income (Next) | |
| Optimistic | 435,617 | 117,777 | 478,331 | 129,326 |
| Base Case | 435,617 | 117,777 | 471,212 | 127,401 |
| Pessimistic | 435,617 | 117,777 | 464,093 | 125,476 |
Projected Revenues Source: MarketVectors.Pro, Apple Financial Reports (million USD)
The variation between projected scenarios highlights the Apple's ability to perform across a range of market conditions. The growth even in the pessimistic case reflects a degree of resilience and suggests a strong underlying business model. This outlook supports confidence in management’s ability to navigate uncertainty while sustaining forward momentum. Scenario analysis enhances strategic visibility, helping stakeholders understand the potential bandwidth of future results.
🟡 Net Income Growth Scenarios
The projected net income for the next twelve months varies depending on the scenario. Under the optimistic scenario, net income is expected to increase by 10% to 129,326 million USD, reflecting improved profitability and strong financial performance. In the base case scenario, net income is forecasted to grow by 8% to 127,401 million USD, assuming stable market conditions and effective cost management. However, under the pessimistic scenario, net income is projected to increase by 7% to 125,476 million USD, reflecting potential challenges such as higher operational costs or slowing revenue growth.
Projected Net Income Source: MarketVectors.Pro, Apple Financial Reports (million USD)
The projected resilience in net income across all scenarios suggests a stable underlying profitability profile. Even under adverse assumptions, the Apple is expected to maintain earnings growth, indicating effective cost controls and strong core operations. This consistency can help support valuation multiples and reduce perceived investment risk. Scenario modeling enhances transparency and strengthens the credibility of financial forecasting in the eyes of stakeholders.
Projected Net Income Source: MarketVectors.Pro, Apple Financial Reports (million USD)
The projected resilience in net income across all scenarios suggests a stable underlying profitability profile. Even under adverse assumptions, the Apple is expected to maintain earnings growth, indicating effective cost controls and strong core operations. This consistency can help support valuation multiples and reduce perceived investment risk. Scenario modeling enhances transparency and strengthens the credibility of financial forecasting in the eyes of stakeholders.
🟢 Financial Performance Overview
Apple demonstrated stronger financial performance in the most recent period, reflecting strong revenue growth, operational efficiency, and profitability improvements revenue increased by 15.7% year-over-year, reaching 143,756 million USD, supported by strong sales performance across all key markets. At the same time, EBITDA grew by 17.8% year-over-year, totaling 54,066 million USD, driven by cost optimization and higher-margin business segments.
Revenue & Net Income
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Notably, net income surged by 15.9% year-over-year, reaching 42,097 million USD, improving Apple's net margin, which expanded to 29.3%. This growth reflects effective expense control and revenue expansion, strengthening the company’s bottom-line performance.
Revenue & Net Income
Notably, net income surged by 15.9% year-over-year, reaching 42,097 million USD, improving Apple's net margin, which expanded to 29.3%. This growth reflects effective expense control and revenue expansion, strengthening the company’s bottom-line performance.
Key Performance Indicators (KPIs)
Source: MarketVectors.Pro, Apple Financial Reports (YoY)
Valuation & Market Position
Apple’s valuation metrics indicate a strengthened financial standing. The EV to EBITDA (TTM) ratio currently stands at 26.88, decreasing from 29.97, reflecting a dual shift – rising operational performance and declining market valuation. This suggests a high enterprise valuation relative to earnings.
EV to EBITDA Ratio
Source: MarketVectors.Pro, Apple Financial Reports (TTM)
The EV to EBITDA trendline illustrates Apple’s valuation trajectory, with a declining enterprise value despite improving earnings, possibly signaling undervaluation or market pessimism.
Source: MarketVectors.Pro, Apple Financial Reports (TTM)
Meanwhile, the P/E (Price to Earnings) ratio has declined to 33.0, down from 34.3 a year ago, potentially signaling a more balanced market outlook on Apple’s earnings potential. The P/S (Price to Sales) ratio has risen to 8.92, compared to 8.34 a year ago, reinforcing Apple’s higher market capitalization relative to revenue.
| Change (%) | |
| Revenue Growth | 15.7% |
| EBITDA Growth | 17.8% |
| Net Income Growth | 15.9% |
| Net Margin | 29.3% |
| EPS | +25.3% |
EV to EBITDA Ratio
The EV to EBITDA trendline illustrates Apple’s valuation trajectory, with a declining enterprise value despite improving earnings, possibly signaling undervaluation or market pessimism.
| Ratio (TTM) | |
| EV/EBITDA | 26.88 |
| P/E Ratio | 32.8 |
| P/S Ratio | 8.92 |
Cash Flow & Liquidity ★ Buffett's Key Metric
Apple maintains a strengthened cash flow position, highlighting improved liquidity and prudent financial management. The increase in cash flow suggests enhanced operational efficiency and a stronger ability to meet financial obligations.
• Free Cash Flow (FCF) – totaled 51,552 million USD, marking an improvement in liquidity.
• Net Operating Cash Flow – declined by 228.6% year-over-year, reaching 15,018 million USD, suggesting weaker cash inflows from operating activities.
• Long-term debt – decreased by 9.1%, which may lead to higher financial leverage and increased interest obligations.
Apple’s ability to generate substantial cash flow while reducing debt reinforces its financial flexibility, allowing for potential future investments in innovation, logistics, and technology expansion.
Free Cash Flow
Source: MarketVectors.Pro, Apple Financial Reports (million USD)
Apple's financial performance in the most recent quarter shows that EBITDA reached 54,066 million USD, reflecting improved operational efficiency and earnings growth. The company's return on equity (ROE) is 133.5%, pointing to reduced return on shareholder capital and weaker financial performance. The long-term debt-to-equity ratio stands at 87.0%, indicating a more resilient balance sheet and lower financial risk. The quick ratio is 0.94, showing improved liquidity and better short-term risk coverage. The EV/EBITDA ratio is currently 26.88x, reflecting a balanced or attractive valuation level relative to earnings. Overall, Apple’s financial health remains strong, with consistent revenue expansion, cost efficiency improvements, and tightened liquidity conditions. Meanwhile, the P/E ratio is declining, while Apple’s long-term prospects remain positive.
Free Cash Flow
Apple's financial performance in the most recent quarter shows that EBITDA reached 54,066 million USD, reflecting improved operational efficiency and earnings growth. The company's return on equity (ROE) is 133.5%, pointing to reduced return on shareholder capital and weaker financial performance. The long-term debt-to-equity ratio stands at 87.0%, indicating a more resilient balance sheet and lower financial risk. The quick ratio is 0.94, showing improved liquidity and better short-term risk coverage. The EV/EBITDA ratio is currently 26.88x, reflecting a balanced or attractive valuation level relative to earnings. Overall, Apple’s financial health remains strong, with consistent revenue expansion, cost efficiency improvements, and tightened liquidity conditions. Meanwhile, the P/E ratio is declining, while Apple’s long-term prospects remain positive.
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