Apple Inc.

AAPL
About the company

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple Vision Pro, Apple TV, Apple Watch, Beats products, and HomePod, as well as Apple branded and third-party accessories.

Country: United StatesPrice: $329.40Market Cap: $4.81T

Investment snapshot

44%positive consensus
Scored 36d ago

Positive

6

BUY / PASS

Neutral / negative

2 / 7

NEUTRAL / FAIL

Median fair value

$92.86

-71.8% vs price

Models with upside

0 / 16

Positive margin of safety

Strongest signal

6 of 8 pass — Dreman and Graham object

Key risk

No clean pass — all 12 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K36d ago
MetricO'Shaughnessy

Systematic Factor Composite

Lynch

GARP

Buffett

Quality Compounder

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Munger

Quality Focus

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Graham

Defensive Value

VerdictFAILFAILPASSFAILNEUTRALFAILNEUTRALBUYPASSFAILPASSPASSFAILBUYBUY · Rank #595 (Top 18.5%)FAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/A
Margin of SafetyN/A-147.2%-267.7%-212.0%-512.8%N/AN/AN/A-249.8%N/A-192.6%-259.8%-234.9%N/A-398.8%-1038.2%
Data As Of10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)10-K (2026-08-23)

Where It Passes

  • Efficiency75% pass✓ 9✗ 2▾

    6 of 8 pass — Dreman and Graham object

    ROIC (3-5 yr avg)70.7%
    ✓Buffett> 10%
    ROIC - WACC+60.7%
    ✓BuffettPositive (WACC = 10%)
    ROIC (high and growing)FY2023: ROIC=54.0%; FY2024: ROIC=63.4%; FY2025: ROIC=63.9%
    ✓AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC55.1% (RR=86% x ROIC=63.9%)
    ✓AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)5/5 years above 12% (latest 63.9%)
    ✓SleepROIC > 12% in a majority of years
    Return on Invested Capital63.9%
    ✓Munger> 15%
    Current Assets / Current Liabilities0.89
    ✗Dreman> 1.5
    Current Ratio Change YoY0.87 -> 0.89
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.07x -> 1.16x
    ✓PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)1551.4%
    ✓Greenblatt> 25%
    Current Ratio0.89
    ✗Graham>= 2.0

Where It Falls Short

  • Valuation0% pass✓ 1✗ 25▾

    No clean pass — all 12 investors flag at least one valuation criterion

    Revenue / market capitalization+0.0866; #4278/5203 (top 82.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization+2.33%; #2449/6251 (top 39.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+2.05%; #2173/4487 (top 48.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+29.79%; #1201/6203 (top 19.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)2.47
    ✗Lynch< 1.0 (ideally < 0.5)
    P/E or FCF YieldP/E=44.2x, FCF Yield=2.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Price / Book Value per Share66.01x
    ✗SchlossP/B <= 0.80x (app cutoff)✗Templeton< 1.5x✗Dreman< 1.2x
    Price / Tangible Book Value per Share66.01x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change+29.8%
    ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS44.2x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E0.41
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / EPS44.2x
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low164% of trailing low ($200.85)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    P/B or P/E vs. Historical AverageP/E=44.2x, P/B=66.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-234.9% (IV=$98.35 vs Price=$329.40)
    ✗Marks>= 20% below intrinsic value
    Valuation ReasonablenessP/E=44.2x, OE Yield=2.3%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share49.3x
    ✗Ackman<= 25
    Price / (CFO / Shares)43.7x
    ✗Dreman< 8x
    EBIT / Enterprise Value2.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.7%, ROC=1551.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / 3-yr avg EPS50.2x
    ✗Graham<= 15x
    Price-to-Book Ratio66.0x
    ✗Graham<= 1.5x
    P/E x P/B3,316.4
    ✗Graham<= 22.5
  • Valuation models0% pass✗ 10▾

    AAPL overvalued: all 10 models price fair value below $329.40 (median $92.86)

    Lynch fair value$133.25
    ✗Lynch-147.2% margin vs $329.40
    Buffett fair value$89.58
    ✗Buffett-267.7% margin vs $329.40
    Pabrai fair value$105.58
    ✗Pabrai-212.0% margin vs $329.40
    Akre fair value$53.75
    ✗Akre-512.8% margin vs $329.40
    Templeton fair value$94.17
    ✗Templeton-249.8% margin vs $329.40
    Munger fair value$112.59
    ✗Munger-192.6% margin vs $329.40
    Ackman fair value$91.54
    ✗Ackman-259.8% margin vs $329.40
    Dreman fair value$98.35
    ✗Dreman-234.9% margin vs $329.40
    Greenblatt fair value$66.04
    ✗Greenblatt-398.8% margin vs $329.40
    Graham fair value$28.94
    ✗Graham-1038.2% margin vs $329.40
  • Debt & Leverage18% pass✓ 2✗ 12▾

    9 of 11 flag AAPL's debt & leverage — Lynch, Buffett, Akre +6 more

    Total Debt / Equity1.23
    ✗Lynch< 0.33
    Cash - Long-term Debt$-42.4B
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 1.23, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Debt Levels1.23
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders' Equity1.23x
    ✗SchlossD/E < 1.00x✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗Dreman< 0.8
    Current Assets / Current Liabilities0.89x
    ✗SchlossCurrent ratio >= 1.50x (app cutoff)✗Dreman> 1.5
    Interest Coverage & Debt/EBITDAIC=N/A (no interest expense), D/EBITDA=0.6x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity1.23
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change23.49% -> 21.80%
    ✓PiotroskiDecreased YoY
    LT Debt vs Net Current AssetsLT Debt $78.3B vs NCA $-17.7B
    ✗GrahamLT Debt <= Net Current Assets
  • Growth38% pass✓ 7✗ 6▾

    5 of 8 flag AAPL's growth — Lynch, Sleep, Ackman +2 more

    Basic earnings-growth PEG (dividends excluded)2.47
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR17.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: -21.5% vs Rev: 6.4%
    ✓LynchInventory growth < Revenue growth
    3-5 Year Diluted EPS CAGR17.9% over 5 years
    ✓Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 44.1% -> 46.9%, operating margin 29.8% -> 32.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR8.7%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR17.9% CAGR over 5 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency27/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth2.0%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Profitability40% pass✓ 18✗ 13▾

    9 of 15 flag AAPL's profitability — Oshaughnessy, Lynch, Buffett +6 more

    Net income / market capitalization+2.33%; #2449/6251 (top 39.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Basic earnings-growth PEG (dividends excluded)2.47
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR17.9%
    ✓Lynch15-30% (Fast Grower); > 0% to pass
    ROE151.9%
    ✓Lynch> 15%
    Net Income Positive (10+ years)27/28 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)163.9%
    ✓Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)32.0% (latest)
    ✓BuffettStable or rising over 10 years
    Free Cash Flow Proxy$112.0B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Margin of SafetyP/E=44.2x, P/B=66.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Return on Equity157.5% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Positive Diluted-EPS Years10/10 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR17.9% over 5 years
    ✓Neff7%-20% annualized
    Revenue growth vs. gross and operating margin trendgross margin 44.1% -> 46.9%, operating margin 29.8% -> 32.0%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR17.9% CAGR over 5 years
    ✓Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend29.8% (2023) -> 32.0% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value-234.9% (IV=$98.35 vs Price=$329.40)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency27/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue32.0%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity151.9%
    ✓Ackman>= 15%
    Pre-Tax Income / Revenue31.9%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity151.9%
    ✓Dreman> 12%
    Net Income / Total Assets31.18%
    ✓PiotroskiROA > 0
    ROA Change YoY25.68% -> 31.18% (delta: +5.50%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=31.03%, ROA=31.18%
    ✗PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY46.2% -> 46.9%
    ✓PiotroskiImproved YoY
    EBIT / Enterprise Value2.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.7%, ROC=1551.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Positive EPS (10 years)24/28 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Cash Flow40% pass✓ 5✗ 7▾

    6 of 10 flag AAPL's cash flow — Oshaughnessy, Lynch, Pabrai +3 more

    (Operating cash flow - capex) / market capitalization+2.05%; #2173/4487 (top 48.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    FCF Positive and Growing$98.8B
    ✗LynchPositive and growing
    Free Cash Flow Proxy$112.0B
    ✓BuffettPositive and growing
    P/E or FCF YieldP/E=44.2x, FCF Yield=2.1%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Operating Cash Flow - Capital Expenditures$98.8B
    ✓Neff> $0 (app proxy for a strong fundamental case)
    Positive Operating Cash Flow frequency18/18 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive18/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap2.0%
    ✗Ackman>= 4%
    Price / FCF per Share49.3x
    ✗Ackman<= 25
    Price / (CFO / Shares)43.7x
    ✗Dreman< 8x
    Operating Cash Flow$111.5B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=31.03%, ROA=31.18%
    ✗PiotroskiCFO/Assets > ROA
  • Verdicts50% pass✓ 7✗ 7▾

    Split decision: 7 FAIL · 4 PASS · 2 NEUTRAL · 2 BUY

    Overall verdict
    ✗OshaughnessyFAIL (Rank #566/953 (Top 59.4%))✗LynchFAIL (3/7)✓BuffettPASS (5/9)✗PabraiFAIL (1/3)•AkreNEUTRAL (4/6)✗SchlossFAIL (3/7)•NeffNEUTRAL (4/6)✓SleepBUY (5/6)✓TempletonPASS (4/8)✗MarksFAIL (3/5)✓MungerPASS (2/4)✓AckmanPASS (5/9)✗DremanFAIL (3/11)✓PiotroskiBUY (F-Score 8)✓GreenblattRank #595✗GrahamFAIL (1/9)

Business & financials

Company Profile

Industry: Computers
SIC Sector: Industrial Machinery & Computing
Size: Mega Cap($4.81T)
Revenue: $416.2B+6.4% YoY
Net Income: $112.0B+19.5% YoY

Financial Snapshot

Operating Margin32.0%
Return on Equity151.9%
Debt / Equity1.23
Current Ratio0.89
EPS (Diluted)$7.46+22.7% 1y
Buybacks (1y)$90.7B
Buybacks (2y)$185.7B
Shares Retired2.2% / 5.0% 2y

Similar Companies

CSCOCISCO SYSTEMS, INC.
$420.8B
PANWPalo Alto Networks Inc
$317.7B
STXSeagate Technology Holdings plc
$209.0B
IBMINTERNATIONAL BUSINESS MACHINES CORP
$207.3B

Shareholder Return

Fiscal 2025

Retired 2.2% of shares last year, 5.0% over two.

Buybacks
$90.7B
Dividends
$15.4B

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
8.9% = 5.4% + 3.3%
FY23
0.3% = −2.8% + 3.2%
FY24
−0.8% = −3.4% + 2.6%
FY25
22.7% = 19.5% + 2.7%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$4.8T$3.5Test.$2.8Test.$2.3Test.$2.8Test.
Revenue$416.2B↑6%$391.0B↑2%$383.3B↓3%$394.3B↑8%$365.8B
Operating Income$133.1B↑8%$123.2B↑8%$114.3B↓4%$119.4B↑10%$108.9B
Net Income$112.0B↑19%$93.7B↓3%$97.0B↓3%$99.8B↑5%$94.7B
EPS (Diluted)$7.46↑23%$6.08↓1%$6.13$6.11↑9%$5.61
Gross Margin46.9%↑2%46.2%↑5%44.1%↑2%43.3%↑4%41.8%
Operating Margin32.0%↑1%31.5%↑6%29.8%↓2%30.3%↑2%29.8%
ROE151.9%↓8%164.6%↑5%156.1%↓21%197.0%↑31%150.1%
Total Debt$90.7B↓6%$96.7B↓8%$105.1B↓5%$110.1B↓7%$118.7B
Shareholders' Equity$73.7B↑29%$57.0B↓8%$62.1B↑23%$50.7B↓20%$63.1B
Current Ratio0.89↑3%0.87↓12%0.99↑12%0.88↓18%1.07
Debt / Equity1.23↓28%1.701.69↓22%2.17↑15%1.88
Operating Cash Flow$111.5B↓6%$118.3B↑7%$110.5B↓10%$122.2B↑17%$104.0B
Free Cash Flow$98.8B↓9%$108.8B↑9%$99.6B↓11%$111.4B↑20%$93.0B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Computers

AAPL vs Peers — Financial Grading

Revenue$416.2BTop 25%
Net Income$112.0BTop 25%
ROE151.9%Top 25%
D/E1.23Median
Op. Margin32.0%Top 25%
Curr. Ratio0.89Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
CISCO SYSTEMS, INC.CSCO$420.8B$106.74$56.7B$10.2B21.7%0.6020.8%1.004/96/93/70/3F-Score 85/11
Palo Alto Networks IncPANW$317.7B$388.41$9.2B$1.1B14.5%0.0013.5%0.941/93/93/70/3F-Score 54/11
Seagate Technology Holdings plcSTX$209.0B$921.51$12.2B$3.2B146.9%1.6533.6%1.673/95/94/71/3F-Score 86/11
INTERNATIONAL BUSINESS MACHINES CORPIBM$207.3B$219.99$67.5B$10.6B32.4%1.88—0.963/92/93/70/3F-Score 64/11
WESTERN DIGITAL CORPWDC$163.5B$453.48$9.5B$1.9B35.6%1.3124.5%1.081/91/92/71/3F-Score 33/11
Fortinet, Inc.FTNT$130.2B$175.96$6.8B$1.9B149.8%0.8130.7%1.172/95/93/71/3F-Score 63/11
Hewlett Packard Enterprise CoHPE$81.6B$61.49$34.3B$57.0M0.2%0.91-1.3%1.011/90/91/70/3F-Score 42/11
NetApp, Inc.NTAP$41.1B$209.18$6.2B$1.3B94.4%1.8426.8%1.443/95/93/71/3F-Score 85/11