Apple Inc.

AAPL

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...

Country: United StatesPrice: $305.93Market Cap: $4.46T

Company Profile

Industry: Computers
SIC Sector: Industrial Machinery & Computing
Size: Mega Cap($4.46T)
Revenue: $416.2B+6.4% YoY
Net Income: $112.0B+19.5% YoY

Financial Snapshot

Operating Margin32.0%
Return on Equity151.9%
Debt / Equity1.40
Current Ratio0.89
EPS (Diluted)$7.46+22.7%
Buybacks (1y)$90.7B
Buybacks (2y)$185.7B
Shares Retired2.3% / 5.0% 2y

Similar Companies

CSCOCISCO SYSTEMS, INC.
$440.2B
IBMINTERNATIONAL BUSINESS MACHINES CORP
$220.8B
HPE-PCHewlett Packard Enterprise Co
$198.1B
WDCWESTERN DIGITAL CORP
$175.4B

Shareholder Return

Fiscal 2025

Retired 2.3% 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$4.5T$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$103.0B↓4%$107.6B↓6%$114.9B↓5%$121.2B↑2%$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 / Equity1.40↓26%1.89↑2%1.85↓23%2.39↑27%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
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDHOLDBUYBUYHOLDHOLDPASSBUYNot rankedPASSHOLDFAIL
Score
Analysis
Intrinsic Value
Margin of Safety-250.8%-469.1%-85.9%-125.2%-211.6%-171.7%-234.1%-6030.9%-363.2%-129.6%-241.4%-957.1%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    AAPL overvalued: all 12 models price fair value below $305.93 (median $90.58)

    Marks fair value$87.21
    ✗Marks-250.8% margin vs $305.93
    Akre fair value$53.76
    ✗Akre-469.1% margin vs $305.93
    Druckenmiller fair value$164.59
    ✗Druckenmiller-85.9% margin vs $305.93
    Spier fair value$135.83
    ✗Spier-125.2% margin vs $305.93
    Show 8 more metrics ▾
    Pabrai fair value$98.17
    ✗Pabrai-211.6% margin vs $305.93
    Munger fair value$112.61
    ✗Munger-171.7% margin vs $305.93
    Ackman fair value$91.56
    ✗Ackman-234.1% margin vs $305.93
    Piotroski fair value$4.99
    ✗Piotroski-6030.9% margin vs $305.93
    Greenblatt fair value$66.05
    ✗Greenblatt-363.2% margin vs $305.93
    Lynch fair value$133.25
    ✗Lynch-129.6% margin vs $305.93
    Buffett fair value$89.60
    ✗Buffett-241.4% margin vs $305.93
    Graham fair value$28.94
    ✗Graham-957.1% margin vs $305.93

Where They Disagree

  • Profitability

    4 of 11 pass — Marks, Spier, Pabrai +4 more object

    Discount to Intrinsic Value-174.9% (IV=$98.35 vs Price=$270.37)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency27/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity157.5% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 22.7%, Prior: -0.8%
    ✓DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=36.2x, P/B=54.2x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue32.0%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity151.9%
    ✓Ackman>= 15%
    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 Value3.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.3%, ROC=635.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    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 (5-yr avg)163.9%
    ✓Buffett> 15% (5-yr avg)
    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 Effectiveness4.34x
    ✓Buffett$1 retained -> > $1 market value created
    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
  • Debt & Leverage

    2 of 8 pass — Akre, Munger, Ackman +3 more object

    Interest Coverage & Debt/EBITDAIC=N/A (no interest expense), D/EBITDA=0.7x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels1.40
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity1.40
    ✗Ackman<= 1.0
    LT Debt / Total Assets Change23.49% -> 21.80%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity1.40
    ✗Lynch< 0.33
    Cash - Long-term Debt$-42.4B
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 1.40, IC: N/A
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current AssetsLT Debt $78.3B vs NCA $-17.7B
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    1 of 9 pass — Marks, Spier, Pabrai +5 more object

    P/B or P/E vs. Historical AverageP/E=36.2x, P/B=54.2x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-174.9% (IV=$98.35 vs Price=$270.37)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=36.2x, P/B=54.2x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=36.2x, FCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=36.2x, OE Yield=2.8%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share40.4x
    ✗Ackman<= 25
    EBIT / Enterprise Value3.3%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=3.3%, ROC=635.8%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate2.03
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS41.2x
    ✗Graham<= 15x
    Price-to-Book Ratio54.2x
    ✗Graham<= 1.5x
    P/E x P/B2,233.8
    ✗Graham<= 22.5
  • Cash Flow

    2 of 6 pass — Pabrai, Ackman, Piotroski +1 more object

    FCF Positive18/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=36.2x, FCF Yield=2.5%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap2.5%
    ✗Ackman>= 4%
    Price / FCF per Share40.4x
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$111.5B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=31.03%, ROA=31.18%
    ✗PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$98.8B
    ✗LynchPositive and growing
    Free Cash Flow Proxy$112.0B
    ✓BuffettPositive and growing
  • Growth

    2 of 5 pass — Ackman, Lynch and Graham object

    Positive Net Income Frequency27/27 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 22.7%, Prior: -0.8%
    ✓DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 6.4%, Prior: 2.0%
    ✓DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth2.0%
    ✗Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate2.03
    ✗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
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Efficiency

    5 of 6 pass — Graham objects

    ROIC (high and growing)14/17 years ROIC > 15% (latest: 59.5%)
    ✓AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC51.3% (RR=86% x ROIC=59.5%)
    ✓AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital59.5%
    ✓Munger> 15%
    Current Ratio Change YoY0.87 -> 0.89
    ✓PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY1.07x -> 1.16x
    ✓PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)635.8%
    ✓Greenblatt> 25%
    ROIC (3-5 yr avg)66.1%
    ✓Buffett> 10%
    ROIC - WACC+56.1%
    ✓BuffettPositive (WACC = 10%)
    Current Ratio0.89
    ✗Graham>= 2.0
  • Verdicts

    Split decision: 5 HOLD · 3 BUY · 2 PASS · 1 FAIL

    Overall verdict
    •MarksHOLD (6/8)•AkreHOLD (5/7)✓DruckenmillerBUY (6/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)•MungerHOLD (5/7)✓AckmanPASS (5/9)✓PiotroskiBUY (F-Score 8)•GreenblattNot ranked✓LynchPASS (PEG 2.03)•BuffettHOLD (6/9)✗GrahamFAIL (1/9)

Historical Score Timeline

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/E1.40Bottom 25%
Op. Margin32.0%Top 25%
Curr. Ratio0.89Bottom 25%
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
CISCO SYSTEMS, INC.CSCO$440.2B$111.68$56.7B$10.2B21.7%0.5620.8%1.004/97/93/70/3F-Score 8
INTERNATIONAL BUSINESS MACHINES CORPIBM$220.8B$234.32$67.5B$10.6B32.4%1.68—0.963/93/93/70/3F-Score 6
Hewlett Packard Enterprise CoHPE-PC$198.1B$150.26$34.3B$57.0M0.2%1.03-1.3%1.011/91/91/70/3F-Score 4
WESTERN DIGITAL CORPWDC$175.4B$508.80$9.5B$1.9B35.6%1.3124.5%1.081/91/93/71/3F-Score 4
NCR Voyix CorpNCRRP$138.6B$1002.00$2.7B$62.0M6.5%1.171.0%1.041/93/90/70/3F-Score 3
Fortinet, Inc.FTNT$117.4B$160.01$6.8B$1.9B149.8%0.8130.7%1.172/95/95/71/3F-Score 6
NetApp, Inc.NTAP$40.6B$207.08$6.2B$1.3B94.4%1.8426.8%1.443/95/93/71/3F-Score 8
HP INCHPQ$27.5B$30.11$55.3B$2.5B-730.9%-30.385.7%0.773/93/91/71/3F-Score 5