APPLE INC. |
Market Closed -
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After market 05:30:00 am | |||
| 169.3 USD | -0.35% |
|
170.3 | +0.59% |
| 12:42am | Apple renews talks with OpenAI for iPhone generative AI features, Bloomberg News reports | RE |
| 12:04am | Business Lookahead: Fed straight ahead | RE |
Valuation
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 10,12,161 | 19,80,645 | 23,39,018 | 22,20,978 | 26,76,737 | 26,14,310 | - | - |
| Enterprise Value (EV) 1 | 9,14,310 | 19,01,251 | 22,73,221 | 21,71,938 | 26,25,726 | 25,65,040 | 25,50,889 | 25,30,109 |
| P/E ratio | 18.8 x | 35.3 x | 25.2 x | 22.6 x | 27.9 x | 25.9 x | 23.8 x | 21.9 x |
| Yield | 1.34% | 0.69% | 0.6% | 0.65% | 0.55% | 0.59% | 0.62% | 0.67% |
| Capitalization / Revenue | 3.89 x | 7.22 x | 6.39 x | 5.63 x | 6.98 x | 6.75 x | 6.36 x | 6.01 x |
| EV / Revenue | 3.51 x | 6.93 x | 6.21 x | 5.51 x | 6.85 x | 6.62 x | 6.2 x | 5.81 x |
| EV / EBITDA | 12 x | 24.6 x | 18.9 x | 16.6 x | 20.9 x | 19.4 x | 18.3 x | 16.9 x |
| EV / FCF | 15.5 x | 25.9 x | 24.5 x | 19.5 x | 26.4 x | 23.6 x | 21.6 x | 19.6 x |
| FCF Yield | 6.44% | 3.86% | 4.09% | 5.13% | 3.79% | 4.23% | 4.63% | 5.11% |
| Price to Book | 11 x | 31.5 x | 36.8 x | 43.5 x | 42.8 x | 35.4 x | 31.1 x | 23.6 x |
| Nbr of stocks (in thousands) | 1,80,76,720 | 1,71,02,536 | 1,65,30,166 | 1,60,70,752 | 1,56,34,232 | 1,54,41,881 | - | - |
| Reference price 2 | 55.99 | 115.8 | 141.5 | 138.2 | 171.2 | 169.3 | 169.3 | 169.3 |
| Announcement Date | 30/10/19 | 29/10/20 | 28/10/21 | 27/10/22 | 02/11/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 2,60,174 | 2,74,515 | 3,65,817 | 3,94,328 | 3,83,285 | 3,87,413 | 4,11,160 | 4,35,338 |
| EBITDA 1 | 76,477 | 77,344 | 1,20,233 | 1,30,541 | 1,25,820 | 1,32,172 | 1,39,771 | 1,49,950 |
| EBIT 1 | 63,930 | 66,288 | 1,08,949 | 1,19,437 | 1,14,301 | 1,19,924 | 1,27,185 | 1,35,724 |
| Operating Margin | 24.57% | 24.15% | 29.78% | 30.29% | 29.82% | 30.96% | 30.93% | 31.18% |
| Earnings before Tax (EBT) 1 | 65,737 | 67,091 | 1,09,207 | 1,19,103 | 1,13,736 | 1,19,726 | 1,26,572 | 1,35,667 |
| Net income 1 | 55,256 | 57,411 | 94,680 | 99,803 | 96,995 | 1,00,681 | 1,06,789 | 1,14,561 |
| Net margin | 21.24% | 20.91% | 25.88% | 25.31% | 25.31% | 25.99% | 25.97% | 26.32% |
| EPS 2 | 2.972 | 3.280 | 5.610 | 6.110 | 6.130 | 6.542 | 7.112 | 7.736 |
| Free Cash Flow 1 | 58,896 | 73,365 | 92,953 | 1,11,443 | 99,584 | 1,08,468 | 1,18,027 | 1,29,217 |
| FCF margin | 22.64% | 26.73% | 25.41% | 28.26% | 25.98% | 28% | 28.71% | 29.68% |
| FCF Conversion (EBITDA) | 77.01% | 94.86% | 77.31% | 85.37% | 79.15% | 82.07% | 84.44% | 86.17% |
| FCF Conversion (Net income) | 106.59% | 127.79% | 98.18% | 111.66% | 102.67% | 107.73% | 110.52% | 112.79% |
| Dividend per Share 2 | 0.7500 | 0.7950 | 0.8500 | 0.9000 | 0.9400 | 0.9990 | 1.054 | 1.130 |
| Announcement Date | 30/10/19 | 29/10/20 | 28/10/21 | 27/10/22 | 02/11/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: September | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 Q3 | 2022 Q4 | 2023 Q1 | 2023 Q2 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 83,360 | 1,23,945 | 97,278 | 82,959 | 90,146 | 1,17,154 | 94,836 | 81,797 | 89,498 | 1,19,575 | 90,614 | 83,180 | 92,689 | 1,25,207 | 95,742 |
| EBITDA 1 | 26,775 | 44,185 | 32,716 | 25,881 | 27,759 | 38,932 | 31,216 | 26,050 | 29,622 | 43,221 | 30,850 | 27,071 | 30,939 | 44,751 | 32,608 |
| EBIT 1 | 23,786 | 41,488 | 29,979 | 23,076 | 24,894 | 36,016 | 28,318 | 22,998 | 26,969 | 40,373 | 27,622 | 24,124 | 27,813 | 41,946 | 29,437 |
| Operating Margin | 28.53% | 33.47% | 30.82% | 27.82% | 27.62% | 30.74% | 29.86% | 28.12% | 30.13% | 33.76% | 30.48% | 29% | 30.01% | 33.5% | 30.75% |
| Earnings before Tax (EBT) 1 | 23,248 | 41,241 | 30,139 | 23,066 | 24,657 | 35,623 | 28,382 | 22,733 | 26,998 | 40,323 | 27,494 | 23,990 | 27,686 | 41,285 | 29,350 |
| Net income 1 | 20,551 | 34,630 | 25,010 | 19,442 | 20,721 | 29,998 | 24,160 | 19,881 | 22,956 | 33,916 | 23,104 | 20,159 | 23,327 | 34,858 | 24,622 |
| Net margin | 24.65% | 27.94% | 25.71% | 23.44% | 22.99% | 25.61% | 25.48% | 24.31% | 25.65% | 28.36% | 25.5% | 24.24% | 25.17% | 27.84% | 25.72% |
| EPS 2 | 1.240 | 2.100 | 1.520 | 1.200 | 1.290 | 1.880 | 1.520 | 1.260 | 1.460 | 2.180 | 1.494 | 1.307 | 1.533 | 2.301 | 1.627 |
| Dividend per Share 2 | 0.2200 | 0.2200 | 0.2200 | 0.2300 | 0.2300 | 0.2300 | 0.2300 | 0.2400 | 0.2400 | 0.2400 | 0.2400 | 0.2482 | 0.2471 | 0.2580 | 0.2550 |
| Announcement Date | 28/10/21 | 27/01/22 | 28/04/22 | 28/07/22 | 27/10/22 | 02/02/23 | 04/05/23 | 03/08/23 | 02/11/23 | 01/02/24 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
| Fiscal Period: September | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - | - |
| Net Cash position 1 | 97,851 | 79,394 | 65,797 | 49,040 | 51,011 | 49,271 | 63,422 | 84,202 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 58,896 | 73,365 | 92,953 | 1,11,443 | 99,584 | 1,08,468 | 1,18,027 | 1,29,217 |
| ROE (net income / shareholders' equity) | 55.9% | 73.7% | 147% | 175% | 172% | 153% | 150% | 150% |
| ROA (Net income/ Total Assets) | 15.7% | 17.3% | 28.1% | 28.4% | 27.5% | 28.3% | 28.8% | 34.4% |
| Assets 1 | 3,52,119 | 3,31,203 | 3,37,445 | 3,51,879 | 3,52,669 | 3,55,583 | 3,71,047 | 3,32,576 |
| Book Value Per Share 2 | 5.090 | 3.680 | 3.840 | 3.180 | 4.000 | 4.790 | 5.450 | 7.180 |
| Cash Flow per Share 2 | 3.730 | 4.600 | 6.170 | 7.480 | 6.990 | 7.580 | 8.570 | 9.760 |
| Capex 1 | 10,495 | 7,309 | 11,085 | 10,708 | 10,959 | 10,368 | 10,986 | 10,938 |
| Capex / Sales | 4.03% | 2.66% | 3.03% | 2.72% | 2.86% | 2.68% | 2.67% | 2.51% |
| Announcement Date | 30/10/19 | 29/10/20 | 28/10/21 | 27/10/22 | 02/11/23 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
A-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
46
Last Close Price
169.3
USD
Average target price
199.2
USD
Spread / Average Target
+17.66%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| -12.07% | 2,614B | |
| +11.28% | 55.27B | |
| +7.55% | 16.57B | |
| -26.64% | 5.3B | |
| -3.83% | 3.37B | |
| +103.90% | 1.29B | |
| +39.34% | 856M | |
| +13.94% | 365M | |
| -50.00% | 115M | |
| +37.97% | 110M |
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