AAPL
Apple Inc.Technology·Consumer Electronics
Current Price
$270.96
Market Cap
$4.00T
Net Debt
$44.0B
Shares Outstanding
14.78B
Financial Statements
| Metric | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM (Q1 FY2026) |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.5B | $65.2B | $108.2B | $156.5B | $170.9B | $182.8B | $233.7B | $215.6B | $229.2B | $265.6B | $260.2B | $274.5B | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B | $420.9B |
| Revenue Growth | — | 78.5% | 66.0% | 44.6% | 9.2% | 7.0% | 27.9% | -7.7% | 6.3% | 15.9% | -2.0% | 5.5% | 33.3% | 7.8% | -2.8% | 2.0% | 6.4% | 7.0% |
| Operating Income | $7.7B | $18.4B | $33.8B | $55.2B | $49.0B | $52.5B | $71.2B | $60.0B | $61.3B | $70.9B | $63.9B | $66.3B | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B | $135.5B |
| Operating Margin | 21.0% | 28.2% | 31.2% | 35.3% | 28.7% | 28.7% | 30.5% | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% | 32.2% |
| Net Income | $5.7B | $14.0B | $25.9B | $41.7B | $37.0B | $39.5B | $53.4B | $45.7B | $48.4B | $59.5B | $55.3B | $57.4B | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B | $114.4B |
| Net Margin | 15.6% | 21.5% | 23.9% | 26.7% | 21.7% | 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% |
| EPS (Diluted) | $0.23 | $0.54 | $0.99 | $1.58 | $1.42 | $1.61 | $2.31 | $2.08 | $2.30 | $2.98 | $2.97 | $3.28 | $5.61 | $6.11 | $6.13 | $6.08 | $7.46 | $7.68 |
| Free Cash Flow | $9.0B | $16.6B | $33.3B | $42.6B | $45.5B | $50.1B | $70.0B | $53.1B | $51.1B | $64.1B | $58.9B | $73.4B | $93.0B | $111.4B | $99.6B | $108.8B | $98.8B | $88.3B |
| FCF Margin | 24.7% | 25.4% | 30.7% | 27.2% | 26.6% | 27.4% | 30.0% | 24.6% | 22.3% | 24.1% | 22.6% | 26.7% | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% | 21.0% |
Historical Cash Flows
Historical Cash Flows
| ($M) | FY2009 | FY2010 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.5B | $65.2B | $108.2B | $156.5B | $170.9B | $182.8B | $233.7B | $215.6B | $229.2B | $265.6B | $260.2B | $274.5B | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B |
| Growth | — | 78.5% | 66.0% | 44.6% | 9.2% | 7.0% | 27.9% | -7.7% | 6.3% | 15.9% | -2.0% | 5.5% | 33.3% | 7.8% | -2.8% | 2.0% | 6.4% |
| EBIT | $7.7B | $18.4B | $33.8B | $55.2B | $49.0B | $52.5B | $71.2B | $60.0B | $61.3B | $70.9B | $63.9B | $66.3B | $108.9B | $119.4B | $114.3B | $123.2B | $133.1B |
| EBIT Margin | 21.0% | 28.2% | 31.2% | 35.3% | 28.7% | 28.7% | 30.5% | 27.8% | 26.8% | 26.7% | 24.6% | 24.1% | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| NOPAT | $5.4B | $13.9B | $25.5B | $41.2B | $35.9B | $38.5B | $52.1B | $44.3B | $45.6B | $57.5B | $53.4B | $56.6B | $94.4B | $100.1B | $97.6B | $93.5B | $112.3B |
| D&A | $0 | $815M | $1.6B | $2.6B | $5.8B | $6.9B | $9.2B | $8.3B | $8.2B | $10.9B | $12.5B | $11.1B | $11.3B | $11.1B | $11.5B | $11.4B | $11.7B |
| CapEx | $1.1B | $2.0B | $4.3B | $8.3B | $8.2B | $9.6B | $11.2B | $12.7B | $12.5B | $13.3B | $10.5B | $7.3B | $11.1B | $10.7B | $11.0B | $9.4B | $12.7B |
| ΔNWC | $0 | $4.0B | -$3.9B | $2.1B | $10.5B | -$24.5B | $3.7B | $19.1B | -$32M | -$13.4B | $42.6B | -$18.8B | -$29.0B | -$27.9B | $16.8B | -$21.7B | $5.7B |
| Unlevered FCF | $4.2B | $8.7B | $26.8B | $33.4B | $23.0B | $60.4B | $46.4B | $20.8B | $41.4B | $68.5B | $12.9B | $79.1B | $123.6B | $128.5B | $81.3B | $117.1B | $105.6B |
DCF Valuation
Adjust the assumptions below to derive your own intrinsic value. All calculations update in real-time.
Perpetuity Growth
$126.47
vs $270.96-53.3%
Exit Multiple
$204.28
vs $270.96-24.6%
Projected Cash Flows
| ($M) | Y1 | Y2 | Y3 | Y4 | Y5 |
|---|---|---|---|---|---|
| Revenue | $445.3B | $472.0B | $495.6B | $520.4B | $541.2B |
| Revenue % Chg. | % | % | % | % | % |
| EBIT | $146.9B | $155.8B | $168.5B | $176.9B | $189.4B |
| EBIT Margin | % | % | % | % | % |
| Tax Rate | % | % | % | % | % |
| NOPAT | $123.4B | $130.8B | $141.5B | $148.6B | $159.1B |
| NOPAT Margin | 27.7% | 27.7% | 28.6% | 28.6% | 29.4% |
| D&A | $13.4B | $14.2B | $14.9B | $15.6B | $16.2B |
| D&A / Revenue | % | % | % | % | % |
| CapEx | $13.4B | $14.2B | $14.9B | $15.6B | $16.2B |
| CapEx / Revenue | % | % | % | % | % |
| Chg. NWC | $4.5B | $4.7B | $5.0B | $5.2B | $5.4B |
| NWC / Revenue | % | % | % | % | % |
| Unlevered FCF | $119.0B | $126.1B | $136.6B | $143.4B | $153.7B |
| PV of UFCF | $108.2B | $104.2B | $102.6B | $98.0B | $95.4B |
| Σ PV of UFCF | $108.2B | $212.4B | $315.0B | $413.0B | $508.4B |
%
%
x
Valuation Waterfall
Perpetuity Method
PV of FCFs$508.4B
PV of Terminal Value$1.40T
Enterprise Value$1.91T
Less: Net Debt-$44.0B
Equity Value$1.87T
Exit Multiple Method (EV/EBITDA)
PV of FCFs$508.4B
PV of Terminal Value$2.55T
Enterprise Value$3.06T
Less: Net Debt-$44.0B
Equity Value$3.02T
Sensitivity Analysis
WACC vs Terminal Growth (Perpetuity)
| WACC \ Terminal Growth | 2.0% | 2.5% | 3.0% | 3.5% | 4.0% |
|---|---|---|---|---|---|
| 8.0% | $153.70 | $165.29 | $179.19 | $196.18 | $217.42 |
| 9.0% | $130.88 | $138.98 | $148.43 | $159.60 | $172.99 |
| 10.0% | $113.78 | $119.71 | $126.47 | $134.28 | $143.39 |
| 11.0% | $100.50 | $104.97 | $110.01 | $115.72 | $122.25 |
| 12.0% | $89.87 | $93.35 | $97.22 | $101.54 | $106.40 |
WACC vs Exit Multiple
| WACC \ Exit Multiple (EV/EBITDA) | 14x | 17x | 20x | 23x | 26x |
|---|---|---|---|---|---|
| 8.0% | $165.97 | $194.39 | $222.80 | $251.22 | $279.64 |
| 9.0% | $159.02 | $186.15 | $213.29 | $240.43 | $267.57 |
| 10.0% | $152.42 | $178.35 | $204.28 | $230.20 | $256.13 |
| 11.0% | $146.17 | $170.95 | $195.73 | $220.51 | $245.29 |
| 12.0% | $140.24 | $163.93 | $187.62 | $211.32 | $235.01 |
Investment Thesis
Apple is the world's most valuable consumer technology company with an unmatched ecosystem. Revenue growth is modest (mid-single digits) but margins are expanding with the shift to services. Massive buyback program ($100B+ annually) continues to drive EPS growth.
Bull Case
- +Services revenue growing 15%+ with 80%+ gross margins
- +iPhone upgrade cycle driven by Apple Intelligence/AI features
- +Vision Pro and spatial computing as new platform
- +Massive share buyback program reducing share count 2-3% annually
- +India market expansion as next growth engine
Bear Case
- -iPhone revenue growth stagnating in mature markets
- -China regulatory and competitive risks (Huawei)
- -Limited AI differentiation vs Google and Samsung
- -Services antitrust risk (App Store commissions)
- -Premium valuation (35x P/E) leaves little margin of safety
Key Catalysts
- →Apple Intelligence adoption and monetization
- →iPhone 17 cycle with potential design refresh
- →Services revenue crossing $100B annual run-rate
- →India manufacturing and market penetration
- →Capital return program updates
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Disclaimer: This is not investment advice. All projections are estimates based on publicly available data. Past performance does not guarantee future results. Always do your own research before making investment decisions. Last updated: 2026-02-06.