Financials Apple Inc.

Equities

AAPL

US0378331005

Phones & Handheld Devices

Market Closed - Nasdaq Other stock markets 04:15:00 2024-05-03 pm EDT			After market 07:59:55 pm
183.4 ^USD	+5.98%		183.7	+0.17%

12:10am	Wall Street ends sharply higher after jobs report	RE
May. 03	Wall Street: weekly results in the green after NFP	CF

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,012,161	1,980,645	2,339,018	2,220,978	2,676,737	2,812,318	-	-
Enterprise Value (EV) ¹	914,310	1,901,251	2,273,221	2,171,938	2,625,726	2,763,036	2,760,852	2,744,791
P/E ratio	18.8 x	35.3 x	25.2 x	22.6 x	27.9 x	27.9 x	25.7 x	23.4 x
Yield	1.34%	0.69%	0.6%	0.65%	0.55%	0.54%	0.57%	0.59%
Capitalization / Revenue	3.89 x	7.22 x	6.39 x	5.63 x	6.98 x	7.27 x	6.83 x	6.43 x
EV / Revenue	3.51 x	6.93 x	6.21 x	5.51 x	6.85 x	7.14 x	6.71 x	6.28 x
EV / EBITDA	12 x	24.6 x	18.9 x	16.6 x	20.9 x	20.8 x	19.8 x	18.2 x
EV / FCF	15.5 x	25.9 x	24.5 x	19.5 x	26.4 x	26.2 x	23.3 x	21.5 x
FCF Yield	6.44%	3.86%	4.09%	5.13%	3.79%	3.82%	4.29%	4.66%
Price to Book	11 x	31.5 x	36.8 x	43.5 x	42.8 x	42.3 x	38.6 x	32.5 x
Nbr of stocks (in thousands)	18,076,720	17,102,536	16,530,166	16,070,752	15,634,232	15,337,686	-	-
Reference price ²	55.99	115.8	141.5	138.2	171.2	183.4	183.4	183.4
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	260,174	274,515	365,817	394,328	383,285	386,981	411,511	437,151
EBITDA ¹	76,477	77,344	120,233	130,541	125,820	132,794	139,376	150,731
EBIT ¹	63,930	66,288	108,949	119,437	114,301	120,117	127,705	136,187
Operating Margin	24.57%	24.15%	29.78%	30.29%	29.82%	31.04%	31.03%	31.15%
Earnings before Tax (EBT) ¹	65,737	67,091	109,207	119,103	113,736	119,855	127,425	133,931
Net income ¹	55,256	57,411	94,680	99,803	96,995	100,942	107,047	114,509
Net margin	21.24%	20.91%	25.88%	25.31%	25.31%	26.08%	26.01%	26.19%
EPS ²	2.972	3.280	5.610	6.110	6.130	6.566	7.139	7.839
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	105,563	118,466	127,852
FCF margin	22.64%	26.73%	25.41%	28.26%	25.98%	27.28%	28.79%	29.25%
FCF Conversion (EBITDA)	77.01%	94.86%	77.31%	85.37%	79.15%	79.49%	85%	84.82%
FCF Conversion (Net income)	106.59%	127.79%	98.18%	111.66%	102.67%	104.58%	110.67%	111.65%
Dividend per Share ²	0.7500	0.7950	0.8500	0.9000	0.9400	0.9878	1.038	1.076
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

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	123,945	97,278	82,959	90,146	117,154	94,836	81,797	89,498	119,575	90,753	83,122	91,831	124,831	96,272
EBITDA ¹	26,775	44,185	32,716	25,881	27,759	38,932	31,216	26,050	29,622	43,221	30,736	27,553	30,918	44,012	32,167
EBIT ¹	23,786	41,488	29,979	23,076	24,894	36,016	28,318	22,998	26,969	40,373	27,900	24,160	27,622	41,487	29,508
Operating Margin	28.53%	33.47%	30.82%	27.82%	27.62%	30.74%	29.86%	28.12%	30.13%	33.76%	30.74%	29.07%	30.08%	33.23%	30.65%
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	28,058	23,863	27,158	40,722	28,946
Net income ¹	20,551	34,630	25,010	19,442	20,721	29,998	24,160	19,881	22,956	33,916	23,636	20,288	23,015	34,282	24,361
Net margin	24.65%	27.94%	25.71%	23.44%	22.99%	25.61%	25.48%	24.31%	25.65%	28.36%	26.04%	24.41%	25.06%	27.46%	25.3%
EPS ²	1.240	2.100	1.520	1.200	1.290	1.880	1.520	1.260	1.460	2.180	1.530	1.319	1.525	2.300	1.647
Dividend per Share ²	0.2200	0.2200	0.2200	0.2300	0.2300	0.2300	0.2300	0.2400	0.2400	0.2400	0.2411	0.2500	0.2500	0.2535	0.2567
Announcement Date	10/28/21	1/27/22	4/28/22	7/28/22	10/27/22	2/2/23	5/4/23	8/3/23	11/2/23	2/1/24	5/2/24	-	-	-	-

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	49,282	51,466	67,527
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	58,896	73,365	92,953	111,443	99,584	105,563	118,466	127,852
ROE (net income / shareholders' equity)	55.9%	73.7%	147%	175%	172%	159%	159%	184%
ROA (Net income/ Total Assets)	15.7%	17.3%	28.1%	28.4%	27.5%	29.6%	29.7%	36.4%
Assets ¹	352,119	331,203	337,445	351,879	352,669	340,814	359,999	314,943
Book Value Per Share ²	5.090	3.680	3.840	3.180	4.000	4.330	4.740	5.640
Cash Flow per Share ²	3.730	4.600	6.170	7.480	6.990	7.760	8.680	9.690
Capex ¹	10,495	7,309	11,085	10,708	10,959	9,704	10,871	11,132
Capex / Sales	4.03%	2.66%	3.03%	2.72%	2.86%	2.51%	2.64%	2.55%
Announcement Date	10/30/19	10/29/20	10/28/21	10/27/22	11/2/23	-	-	-

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

Ratings for Apple Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

183.4 USD

Average target price

201.2 USD

Spread / Average Target

+9.70%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Phones & Smart Phones