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 46,02,129 - -
Change - 1.49% 9.25% 29.98% 9.46% 21.39% - -
Enterprise Value (EV) 1 23,37,193 23,89,857 26,13,531 34,13,329 37,57,363 45,35,902 44,97,244 44,65,753
Change - 2.25% 9.36% 30.6% 10.08% 20.72% -0.85% -0.7%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 35.7x 33x 29.3x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 45.2x 33.3x 21.9x
PEG - 2.78x 84.93x -45.98x 1.5x 2x 3.9x 2.3x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 9.63x 8.74x 8.09x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 9.49x 8.54x 7.85x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 26.8x 25x 22.5x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 29x 27x 24x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 31.5x 29.4x 26.6x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.18% 3.4% 3.76%
Dividend per Share 2 0.85 0.9 0.94 0.98 1.02 1.069 1.115 1.169
Rate of return 0.58% 0.59% 0.55% 0.43% 0.4% 0.34% 0.35% 0.37%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.821 9.566 10.78
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.7% 10.8%
Net sales 1 3,65,817 3,94,328 3,83,285 3,91,035 4,16,161 4,77,806 5,26,593 5,68,987
EBITDA 1 1,20,233 1,30,541 1,25,820 1,34,661 1,44,495 1,69,550 1,80,028 1,98,247
EBIT 1 1,08,949 1,19,437 1,14,301 1,23,216 1,33,050 1,56,325 1,66,477 1,85,940
Net income 1 94,680 99,803 96,995 93,736 1,12,010 1,29,900 1,38,384 1,53,832
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -66,227 -1,04,885 -1,36,376
Reference price 2 145.37 151.76 170.43 227.79 255.46 315.34 315.34 315.34
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.($)
35.75x9.49x26.74x0.34% 4,60200Cr
23.16x1.04x12.57x-.--% 8.66TCr
17.9x0.68x10.05x2.37% 907.53Cr
7.27x0.82x2.5x0.94% 320.72Cr
Average 21.02x 3.01x 12.97x 0.91% 1,17500Cr
Weighted average by Cap. 35.46x 9.31x 26.43x 0.34%

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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