Company Valuation: Apple Inc.

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 24,02,990 24,38,897 26,64,542 34,63,350 37,91,126 48,61,029 - -
Change - 1.49% 9.25% 29.98% 9.46% 28.22% - -
Enterprise Value (EV) 1 23,37,193 23,89,857 26,13,531 34,13,329 37,57,363 47,94,802 47,56,145 47,24,654
Change - 2.25% 9.36% 30.6% 10.08% 27.61% -0.81% -0.66%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 37.8x 34.8x 30.8x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 48.2x 35.5x 23.3x
PEG - 2.78x 84.93x -45.98x 1.5x 2.1x 4.03x 2.4x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 10.2x 9.21x 8.51x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 10x 9.01x 8.27x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 28.3x 26.4x 23.8x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 30.7x 28.6x 25.4x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 33.4x 31x 28x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3% 3.23% 3.58%
Dividend per Share 2 0.85 0.9 0.94 0.98 1.02 1.069 1.114 1.169
Rate of return 0.58% 0.59% 0.55% 0.43% 0.4% 0.32% 0.33% 0.35%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.815 9.576 10.8
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.6% 10.8%
Net sales 1 3,65,817 3,94,328 3,83,285 3,91,035 4,16,161 4,77,658 5,27,597 5,71,071
EBITDA 1 1,20,233 1,30,541 1,25,820 1,34,661 1,44,495 1,69,437 1,80,100 1,98,544
EBIT 1 1,08,949 1,19,437 1,14,301 1,23,216 1,33,050 1,56,315 1,66,525 1,86,103
Net income 1 94,680 99,803 96,995 93,736 1,12,010 1,29,937 1,38,500 1,54,150
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -66,227 -1,04,885 -1,36,376
Reference price 2 145.37 151.76 170.43 227.79 255.46 333.08 333.08 333.08
Nbr of stocks (in thousands) 1,65,30,166 1,60,70,752 1,56,34,232 1,52,04,137 1,48,40,390 1,45,94,180 - -
Announcement Date 28/10/21 27/10/22 02/11/23 31/10/24 30/10/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.79x10.04x28.3x0.32% 4,86100Cr
23.88x1.08x13.03x-.--% 8.91TCr
17.55x0.67x9.81x2.42% 889.26Cr
7.09x0.79x2.41x0.96% 312.36Cr
Average 21.57x 3.14x 13.39x 0.93% 1,24100Cr
Weighted average by Cap. 37.48x 9.85x 27.97x 0.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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