US · Nasdaq · AAPL
Apple (AAPL) stock analysis: valuation and financials
Technology · Computer Manufacturing
$333.69 +1.0% Price as of Oct 1, 2026
Wide-moat ecosystem, TTM revenue $466.8B, gross margin 48.7%, ROIC 95.4%, net debt 0.13x EBITDA; at 37.8x P/E the price implies 13.35% FCF growth, base case shows -38.6% upside.
- Market cap
- $4.9T
- P/E
- 37.8x
- EV/Sales
- 10.5x
- FCF yield
- 2.8%
- Dividend yield
- 0.3%
- 52-week range
- $245.27 – $341.07
- Next earnings
- Oct 29, 2026
Research as of Oct 3, 2026
Business quality scorecard
- Growth41
- Profitability82
- Cash flow92
- Balance sheet71
- Capital allocation100
- Innovation43
- Valuation36
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Consumers, enterprises, developers and advertisers pay for hardware (iPhone is 50.4% of FY2025 revenue) plus an attached services layer (26.2%); Americas is the largest profit pool at 41.3% of segment operating income and 40.6% margin, while Services is the fastest-growing stream at a 11.8% three-year CAGR.
Financials by year
| FY2021Oct 2020–Sep 2021 | FY2022Oct 2021–Sep 2022 | FY2023Oct 2022–Sep 2023 | FY2024Oct 2023–Sep 2024 | FY2025Oct 2024–Sep 2025 | |
|---|---|---|---|---|---|
| Revenue | $365.8B | $394.3B | $383.3B | $391.0B | $416.2B |
| Revenue growth | +33.3% | +7.8% | -2.8% | +2.0% | +6.4% |
| Gross margin | 41.8% | 43.3% | 44.1% | 46.2% | 46.9% |
| Operating margin | 29.8% | 30.3% | 29.8% | 31.5% | 32.0% |
| Net income | $94.7B | $99.8B | $97.0B | $93.7B | $112.0B |
| Free cash flow | $93.0B | $111.4B | $99.6B | $108.8B | $98.8B |
| FCF margin | 25.4% | 28.3% | 26.0% | 27.8% | 23.7% |
Amounts in USD · What is free cash flow?
Margins FY2025 gross margin 46.9% vs 46.2% in FY2024; operating margin 32.0% vs 31.5%. TTM gross margin 48.7% and operating margin 33.2%, with Q3 FY2026 gross margin 50.1% vs 46.5% a year earlier on product mix, services mix and tariff refunds.
- Cash flow HealthyTTM operating cash flow $146.7B vs net income $128.9B, cash conversion 1.12x; free cash flow $136.7B and FCF margin 29.3%, above FY2025's 23.7%.
- Debt LowNet debt $21.95B, net debt/EBITDA 0.13x; total debt $84.3B TTM against $62.4B of cash and short-term investments, debt/equity 0.78x. Leverage flag is low.
Balance sheet Leverage · Low
- Cash & short-term investments
- $62.4B
- Total debt
- $84.3B
- Net debt
- $21.9B
- Net debt / EBITDA
- 0.1x
- Current ratio
- 1.0x
As of Jun 27, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management StrongExecution record is long and consistent: Cook CEO since 2011; FY2025 revenue $416.2B (+6.4%), net income $112.0B, operating margin 32.0%, ROIC 95.4% versus 65.3% in FY2020.
- Credibility HighNo quantitative revenue, margin or EPS outlook appears in any of the six earnings releases reviewed; Apple provides that color only on its calls, so beat/miss scoring cannot be computed from these documents.
Valuation range
Implied value per share · Price when researched: $333.69
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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