Apple

DB:APC

Snowflake Description

Solid track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.

APC

$961B

Market Cap

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Last updated 2019/04/20 20:41

Company description

Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. The last earnings update was 80 days ago. More info.

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Apple has significant price volatility in the past 3 months.

APC Share Price and Events

7 Day Returns

3.3%

DB:APC

1.1%

DE Tech

1.8%

DE Market

1 Year Returns

33.9%

DB:APC

0.6%

DE Tech

-6%

DE Market

APC Shareholder Return

	7 Day	30 Day	90 Day	1 Year	3 Year	5 Year
Apple (APC)	3.3%	4.9%	30.8%	33.9%	93.2%	208.9%
DE Tech	1.1%	4%	13.1%	0.6%	67.6%	104.5%
DE Market	1.8%	4.2%	7.4%	-6%	10.1%	15.4%

1 Year Return vs Industry and Market

APC outperformed the Tech industry which returned 0.6% over the past year.
APC outperformed the Market in Germany which returned -6% over the past year.

Price Volatility

APC

Industry

5yr Volatility vs Market

Related Companies

APC Value

Is Apple undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

Here we compare the current share price of Apple to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.

Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Apple.

DB:APC Discounted Cash Flow Data Sources
Data Point	Source	Value
Valuation Model		2 Stage Free Cash Flow to Equity
Levered Free Cash Flow	Average of 38 Analyst Estimates (S&P Global)	See below
Discount Rate (Cost of Equity)	See below	6.8%
Perpetual Growth Rate	10-Year DE Government Bond Rate	0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:APC
Data Point	Calculation/ Source	Result
Risk-Free Rate	10-Year DE Govt Bond Rate	0.2%
Equity Risk Premium	S&P Global	6%
Tech Unlevered Beta	Simply Wall St/ S&P Global	1.04
Re-levered Beta	= Unlevered beta (1 + (1- tax rate) (Debt/Equity)) = 1.045 (1 + (1- 21%) (11.94%))	1.096
Levered Beta	Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm)	1.1
Discount Rate/ Cost of Equity	= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium) = 0.23% + (1.096 * 5.96%)	6.76%

Discounted Cash Flow Calculation for DB:APC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Apple is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:APC DCF 1st Stage: Next 10 year cash flow forecast
	Levered FCF (USD, Millions)	Source	Present Value Discounted (@ 6.76%)
2019	63,141.74	Analyst x17	59,143.53
2020	63,385.94	Analyst x15	55,612.75
2021	68,328.17	Analyst x6	56,152.87
2022	67,795.00	Analyst x2	52,186.79
2023	64,914.00	Analyst x1	46,804.98
2024	62,984.17	Est @ -2.97%	42,537.88
2025	61,716.54	Est @ -2.01%	39,042.42
2026	60,889.26	Est @ -1.34%	36,080.01
2027	60,359.58	Est @ -0.87%	33,501.39
2028	60,033.32	Est @ -0.54%	31,210.43
Present value of next 10 years cash flows			$452,273.06

DB:APC DCF 2nd Stage: Terminal Value
	Calculation	Result
Terminal Value	= FCF₂₀₂₈ × (1 + g) ÷ (Discount Rate – g) = $60,033.32 × (1 + 0.23%) ÷ (6.76% – 0.23%)	$921,136.15
Present Value of Terminal Value	= Terminal Value ÷ (1 + r)¹⁰ = $921,136.15 ÷ (1 + 6.76%)¹⁰	$478,884.96

DB:APC Total Equity Value
	Calculation	Result
Total Equity Value	= Present value of next 10 years cash flows + Terminal Value = $452,273.06 + $478,884.96	$931,158.02
Equity Value per Share (USD)	= Total value / Shares Outstanding = $931,158.02 / 4,715.28	$197.48

DB:APC Discount to Share Price
	Calculation	Result
Non-primary Listing Adjustment Factor	1 share in DB:APC represents 0.88786x of NasdaqGS:AAPL (This could be a different class, a depositary receipt, a different currency, or all of these things.)	0.88786x
Value per Share (Listing Adjusted, EUR)	= Value per Share (USD) x Listing Adjustment Factor = $ 197.48 x 0.88786	€175.33
Value per share (EUR)	From above.	€175.33
Current discount	Discount to share price of €181.00 = -1 x (€181.00 - €175.33) / €175.33	-3.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

The current share price of Apple is above its future cash flow value.

Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.

PRICE RELATIVE TO MARKET

We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Apple's earnings, growth and assets is considered below, and whether this is a fair price.

Price based on past earnings

Are Apple's earnings available for a low price, and how does this compare to other companies in the same industry?

Raw Data

DB:APC PE (Price to Earnings) Ratio Data Sources
Data Point	Source	Value
Earnings Per Share *	Company Filings (2018-12-29) in USD	$12.23
NasdaqGS:AAPL Share Price **	NasdaqGS (2019-04-18) in USD	$203.86
Europe Tech Industry PE Ratio	Median Figure of 22 Publicly-Listed Tech Companies	13.17x
Germany Market PE Ratio	Median Figure of 422 Publicly-Listed Companies	19.59x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Apple.

DB:APC PE (Price to Earnings) Ratio Calculation
	Calculation	Outcome
PE Ratio	= NasdaqGS:AAPL Share Price ÷ EPS (both in USD) = 203.86 ÷ 12.23	16.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Apple is overvalued based on earnings compared to the Europe Tech industry average.
Apple is good value based on earnings compared to the Germany market.

Price based on expected Growth

Does Apple's expected growth come at a high price?

Raw Data

DB:APC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point	Source	Value
PE Ratio	See PE Ratio Section	16.67x
Net Income Annual Growth Rate	See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 38 Analysts	4%per year
Europe Tech Industry PEG Ratio	Median Figure of 12 Publicly-Listed Tech Companies	0.87x
Germany Market PEG Ratio	Median Figure of 270 Publicly-Listed Companies	1.57x

*Line of best fit is calculated by linear regression .

DB:APC PEG (Price to Earnings to Growth) Ratio Calculation
	Calculation	Outcome
PEG Ratio	= PE Ratio ÷ Net Income Annual Growth Rate = 16.67x ÷ 4%	4.19x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Apple is poor value based on expected growth next year.

Price based on value of assets

What value do investors place on Apple's assets?

Raw Data

DB:APC PB (Price to Book) Ratio Data Sources
Data Point	Source	Value
Book Value per Share	Company Filings (2018-12-29) in USD	$24.93
NasdaqGS:AAPL Share Price *	NasdaqGS (2019-04-18) in USD	$203.86
Europe Tech Industry PB Ratio	Median Figure of 30 Publicly-Listed Tech Companies	1.3x
Germany Market PB Ratio	Median Figure of 570 Publicly-Listed Companies	1.84x

DB:APC PB (Price to Book) Ratio Calculation
	Calculation	Outcome
PB Ratio	= NasdaqGS:AAPL Share Price ÷ Book Value per Share (both in USD) = 203.86 ÷ 24.93	8.18x

* Primary Listing of Apple.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Apple is overvalued based on assets compared to the Europe Tech industry average.

Value checks

We assess Apple's value by looking at:

Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
Is the PE ratio less than the market average, and/ or less than the Tech industry average (and greater than 0)? (2 checks)
Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
Is the PB ratio less than the Tech industry average (and greater than 0)? (1 check)

Full details on the Value part of the Simply Wall St company analysis model.

APC Future Performance

How is Apple expected to perform in the next 1 to 3 years based on estimates from 38 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!

Expected annual growth in earnings.

Earnings growth vs Low Risk Savings

Is Apple expected to grow at an attractive rate?

Apple's earnings growth is expected to exceed the low risk savings rate of 0.2%.

Growth vs Market Checks

Apple's earnings growth is positive but not above the Germany market average.
Apple's revenue growth is positive but not above the Germany market average.

Annual Growth Rates Comparison

Raw Data

DB:APC Future Growth Rates Data Sources
Data Point	Source	Value (per year)
DB:APC Future Earnings Growth Rate	Line of Best Fit* through Consensus Estimate Earnings of 38 Analysts	4%
DB:APC Future Revenue Growth Rate	Line of Best Fit* through Consensus Estimate Revenue of 38 Analysts	3.7%
Europe Tech Industry Earnings Growth Rate	Market Cap Weighted Average	14.7%
Europe Tech Industry Revenue Growth Rate	Market Cap Weighted Average	8.2%
Germany Market Earnings Growth Rate	Market Cap Weighted Average	11.5%
Germany Market Revenue Growth Rate	Market Cap Weighted Average	4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations

Raw Data

DB:APC Analysts Growth Expectations Data Sources
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 38 Analyst Estimates (S&P Global)	See Below

All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.

DB:APC Future Estimates Data
Date (Data in USD Millions)	Revenue	Cash Flow	Net Income *	Avg. No. Analysts
2023-09-30	288,229	80,866	57,774	2
2022-09-30	281,997	84,940	56,964	3
2021-09-30	280,921	82,995	59,917	13
2020-09-30	267,435	76,111	56,518	38
2019-09-30	255,045	74,868	53,165	38

DB:APC Past Financials Data
Date (Data in USD Millions)	Revenue	Cash Flow	Net Income *
2018-12-29	261,612	75,831	59,431
2018-09-29	265,595	77,434	59,531
2018-06-30	255,274	73,033	56,120
2018-03-31	247,417	67,217	53,318
2017-12-30	239,176	65,284	50,525
2017-09-30	229,234	64,225	48,351
2017-07-01	223,507	64,602	46,651
2017-04-01	220,457	66,564	45,730
2016-12-31	218,118	65,595	45,217
2016-09-24	215,639	66,231	45,687
2016-06-25	220,288	63,173	47,797
2016-03-26	227,535	67,527	50,678

*GAAP earnings excluding extraordinary items.

High Growth Checks

Apple's earnings are expected to grow by 4% yearly, however this is not considered high growth (20% yearly).
Apple's revenue is expected to grow by 3.7% yearly, however this is not considered high growth (20% yearly).

Past and Future Earnings per Share

The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.

Raw Data

DB:APC Past and Future Earnings per Share
Data Point	Source	Value
Past Financials	Company Filings (3 months ago)	See Below
Future Estimates	Average of up to 38 Analyst Estimates (S&P Global)	See Below

All data from Apple Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:APC Future Estimates Data
Date (Data in USD Millions)	EPS *	EPS High Estimate	EPS Low Estimate	Avg. No. Analysts
2023-09-30	12.98	12.98	12.98	1.00
2022-09-30	13.68	15.23	12.13	2.00
2021-09-30	14.78	16.23	11.38	14.00
2020-09-30	12.94	14.83	10.62	41.00
2019-09-30	11.41	12.19	10.12	41.00

DB:APC Past Financials Data
Date (Data in USD Millions)	EPS *
2018-12-29	12.23
2018-09-29	12.01
2018-06-30	11.13
2018-03-31	10.41
2017-12-30	9.77
2017-09-30	9.27
2017-07-01	8.85
2017-04-01	8.57
2016-12-31	8.36
2016-09-24	8.35
2016-06-25	8.63
2016-03-26	9.03

*GAAP earnings excluding extraordinary items.

Performance in 3 years

In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.

Apple is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).

Future performance checks

We assess Apple's future performance by looking at:

Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
Is the annual earnings growth rate expected to be above 20%? (1 check)
Is the annual revenue growth rate expected to be above 20%? (1 check)
Is the Return on Equity in 3 years expected to be over 20%? (1 check)

Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Apple has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

APC Past Performance

How has Apple performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.

Past earnings growth

Below we compare Apple's growth in the last year to its industry (Tech).

Past Earnings growth analysis

We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.

Apple's year on year earnings growth rate has been positive over the past 5 years.
Apple's 1-year earnings growth exceeds its 5-year average (17.7% vs 6.8%)
Apple's earnings growth has exceeded the Europe Tech industry average in the past year (17.7% vs 12.3%).

Earnings and Revenue History

Apple's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.

Raw Data

All data from Apple Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:APC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions)	Revenue	Net Income *	G+A Expenses	R&D Expenses
2018-12-29	261,612.00	59,431.00	17,257.00	14,731.00
2018-09-29	265,595.00	59,531.00	16,705.00	14,236.00
2018-06-30	255,274.00	56,120.00	16,303.00	13,483.00
2018-03-31	247,417.00	53,318.00	15,978.00	12,719.00
2017-12-30	239,176.00	50,525.00	15,546.00	12,117.00
2017-09-30	229,234.00	48,351.00	15,261.00	11,581.00
2017-07-01	223,507.00	46,651.00	14,929.00	11,154.00
2017-04-01	220,457.00	45,730.00	14,587.00	10,777.00
2016-12-31	218,118.00	45,217.00	14,292.00	10,512.00
2016-09-24	215,639.00	45,687.00	14,194.00	10,045.00
2016-06-25	220,288.00	47,797.00	14,417.00	9,695.00
2016-03-26	227,535.00	50,678.00	14,540.00	9,169.00
2015-12-26	234,988.00	53,731.00	14,577.00	8,576.00
2015-09-26	233,715.00	53,394.00	14,329.00	8,067.00
2015-06-27	224,337.00	50,737.00	13,782.00	7,533.00
2015-03-28	212,164.00	47,808.00	13,068.00	7,102.00
2014-12-27	199,800.00	44,462.00	12,540.00	6,606.00
2014-09-27	182,795.00	39,510.00	11,993.00	6,041.00
2014-06-28	178,144.00	38,555.00	11,508.00	5,523.00
2014-03-29	176,035.00	37,707.00	11,303.00	5,098.00
2013-12-28	173,992.00	37,031.00	11,043.00	4,795.00
2013-09-28	170,910.00	37,037.00	10,830.00	4,475.00
2013-06-29	169,404.00	37,748.00	10,708.00	4,213.00
2013-03-30	169,104.00	39,672.00	10,608.00	3,911.00
2012-12-29	164,687.00	41,747.00	10,275.00	3,633.00
2012-09-29	156,508.00	41,733.00	10,040.00	3,381.00
2012-06-30	148,812.00	40,133.00	9,514.00	3,120.00

*GAAP earnings excluding extraordinary items.

Performance last year

We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.

Apple made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
Apple used its assets more efficiently than the Europe Tech industry average last year based on Return on Assets.
Apple's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).

Show me more strong past performing companies in the Tech industry

Past performance checks

We assess Apple's performance over the past 5 years by checking for:

Has earnings increased in past 5 years? (1 check)
Has the earnings growth in the last year exceeded that of the Tech industry? (1 check)
Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
Is the Return on Equity (ROE) higher than 20%? (1 check)
Is the Return on Assets (ROA) above industry average? (1 check)
Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)

The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Apple has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

APC Health

How is Apple's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Apple's finances.

The net worth of a company is the difference between its assets and liabilities.

Net Worth

Apple is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
Apple's long term commitments exceed its cash and other short term assets.

Balance sheet

This treemap shows a more detailed breakdown of Apple's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.

Assets

Liabilities and shares

The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.

Low level of unsold assets.
Debt is covered by short term assets, assets are 1.2x debt.

Historical Debt

Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.

Raw Data

All data from Apple Company Filings, last reported 3 months ago.

DB:APC Past Debt and Equity Data
Date (Data in USD Millions)	Total Equity	Total Debt	Cash & Short Term Investments
2018-12-29	117,892.00	114,730.00	86,427.00
2018-09-29	107,147.00	114,483.00	66,301.00
2018-06-30	114,949.00	114,600.00	70,970.00
2018-03-31	126,878.00	121,840.00	87,940.00
2017-12-30	140,199.00	122,400.00	77,153.00
2017-09-30	134,047.00	115,680.00	74,181.00
2017-07-01	132,425.00	108,603.00	77,012.00
2017-04-01	134,082.00	98,876.00	67,262.00
2016-12-31	132,390.00	87,880.00	60,638.00
2016-09-24	128,249.00	87,032.00	67,155.00
2016-06-25	126,541.00	84,939.00	62,616.00
2016-03-26	130,457.00	79,908.00	55,840.00
2015-12-26	128,267.00	62,993.00	38,387.00
2015-09-26	119,355.00	64,341.00	41,995.00
2015-06-27	125,677.00	54,951.00	34,863.00
2015-03-28	129,006.00	44,329.00	33,425.00
2014-12-27	123,328.00	36,403.00	32,664.00
2014-09-27	111,547.00	35,295.00	25,158.00
2014-06-28	120,940.00	31,040.00	37,926.00
2014-03-29	120,179.00	16,962.00	41,395.00
2013-12-28	129,684.00	16,961.00	40,766.00
2013-09-28	123,549.00	16,960.00	40,590.00
2013-06-29	123,354.00	16,958.00	42,675.00
2013-03-30	135,490.00	0.00	39,137.00
2012-12-29	127,346.00	0.00	39,820.00
2012-09-29	118,210.00	0.00	29,129.00
2012-06-30	111,746.00	0.00	27,654.00

Apple's level of debt (97.3%) compared to net worth is high (greater than 40%).
The level of debt compared to net worth has increased over the past 5 years (13.1% vs 97.3% today).
Debt is well covered by operating cash flow (66.1%, greater than 20% of total debt).
Apple earns more interest than it pays, coverage of interest payments is not a concern.

Financial health checks

We assess Apple's financial health by checking for:

Are short term assets greater than short term liabilities? (1 check)
Are short term assets greater than long term liabilities? (1 check)
Has the debt to equity ratio increased in the past 5 years? (1 check)
Is the debt to equity ratio over 40%? (1 check)
Is the debt covered by operating cash flow? (1 check)
Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)

For companies that are loss making and have been so on average in the past we replace the last 2 checks with:

Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)

Full details on the Health part of the Simply Wall St company analysis model.

APC Dividends

What is Apple's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.

Annual Dividend Income

1.43%

Current annual income from Apple dividends. Estimated to be 1.59% next year.

If you bought €2,000 of Apple shares you are expected to receive €29 in your first year as a dividend.

Dividend Amount

Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?

Apple's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
Apple's dividend is below the markets top 25% of dividend payers in Germany (3.72%).

Annualized Historical and Future Dividends

It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.

Raw Data

DB:APC Annualized Past and Future Dividends
Data Point	Source	Value
Past Annualized Dividend Yield	S&P Global Market Data	See Below
Past Dividends per Share	Company Filings/ Annualized Dividend Payments	See Below
Future Dividends per Share Estimates	Average of up to 38 Analyst Estimates (S&P Global)	See Below
Europe Tech Industry Average Dividend Yield	Market Cap Weighted Average of 12 Stocks	1.5%
Germany Market Average Dividend Yield	Market Cap Weighted Average of 326 Stocks	3%
Germany Minimum Threshold Dividend Yield	10th Percentile	0.8%
Germany Bottom 25% Dividend Yield	25th Percentile	1.4%
Germany Top 25% Dividend Yield	75th Percentile	3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:APC Future Dividends Estimate Data
Date (Data in $)	Dividend per Share (annual)	Avg. No. Analysts
2023-09-30	3.48	1.00
2022-09-30	3.37	1.00
2021-09-30	3.54	10.00
2020-09-30	3.32	21.00
2019-09-30	3.03	21.00

DB:APC Past Annualized Dividends Data
Date (Data in $)	Dividend per share (annual)	Avg. Yield (%)
2019-01-30	2.920	1.606
2019-01-29	2.920	1.827
2018-11-05	2.920	1.749
2018-11-01	2.920	1.390
2018-05-01	2.920	1.443
2018-02-05	2.520	1.476
2017-11-02	2.520	1.463
2017-08-01	2.520	1.591
2017-05-03	2.520	1.686
2017-05-02	2.520	1.711
2017-02-01	2.280	1.637
2017-01-31	2.280	1.825
2016-07-26	2.280	2.029
2016-04-27	2.280	2.369
2016-04-26	2.280	2.258
2015-10-27	2.080	1.962
2015-04-27	2.080	1.733
2015-01-27	1.880	1.500
2014-10-20	1.880	1.698
2014-04-23	1.880	1.998
2014-01-27	1.743	2.312
2013-07-23	1.743	2.397
2013-04-23	1.743	2.832
2013-01-23	1.514	2.401
2012-03-19	1.514	1.796

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

Whilst dividend payments have been stable, Apple has been paying a dividend for less than 10 years.
Dividend payments have increased, but Apple only paid a dividend in the past 7 years.

Current Payout to shareholders

What portion of Apple's earnings are paid to the shareholders as a dividend.

Dividends paid are well covered by earnings (4.3x coverage).

Future Payout to shareholders

Dividends after 3 years are expected to be well covered by earnings (4.1x coverage).

Income/ dividend checks

We assess Apple's dividend by checking for:

Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
Is current dividend yield above the bottom 25% of dividend payers? (1 check)
Is current dividend yield above the top 25% of dividend payers? (1 check)
Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
If they have paid a dividend for 10 years has it increased in this time? (1 check)
How sustainable is the dividend, can Apple afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)

Full details on the Dividends part of the Simply Wall St company analysis model.

APC Management

What is the CEO of Apple's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.

CEO

Tim Cook

COMPENSATION	$15,682,219
AGE	57
TENURE AS CEO	7.7 years

CEO Bio

Mr. Timothy D. Cook, also known as Tim, has been the Chief Executive Officer of Apple Inc. since August 24, 2011. Mr. Cook served as the Chief Operating Officer of Apple Inc., from October 14, 2005 to August 24, 2011. He was responsible for all of Apple's worldwide sales and operations, including end-to-end management of Apple’s supply chain, sales activities and service and support in all markets and countries. He also Headed Apple’s Macintosh division and played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace. Mr. Cook served as an Executive Vice President of Worldwide Sales & Operations of Apple Inc. from 2002 to 2005. He joined Apple in 1998 and served as a Senior Vice President of Worldwide Operations, Sales, Service and Support from 2000 to 2002. Mr. Cook served as Senior Vice President of Worldwide Operations from 1998 to 2000. He served as Vice President of Corporate Materials of Compaq Computer Corporation from 1997 to 1998 and was responsible for procuring and managing its product inventory. Before his work at Compaq Computer Corporation, he served as Chief Operating Officer of the Reseller Division of Intelligent Electronics. Previous to his work at Compaq, Mr. Cook served in the positions of Senior Vice President Fulfillment and Chief Operating Officer of the Reseller Division at Intelligent Electronics from 1994 to 1997. Mr. Cook also worked for International Business Machines Corporation from 1983 to 1994. Mr. Cook also spent 12 years with IBM, served as Director of North American Fulfillment, where he led manufacturing and distribution functions for IBM's Personal Computer Company in North and Latin America. Mr. Cook serves as a Member of the Board of Directors of the National Football Foundation & College Hall of Fame, Inc. Mr. Cook serves on the Board of Trustees for Duke University. He serves on the Leadership Council of Malala Fund. He has been a Director of Apple Inc. since August 24, 2011. He has been an Independent Director of Nike, Inc. since November 2005 and has been its Lead Independent Director since June 30, 2016. He serves as a Director of Robert F. Kennedy Center for Justice and Human Rights. Mr. Cook has executive experience and knowledge of technology, cyber security, marketing, and international business. Mr. Cook studied an MBA from Duke University, where he was a Fuqua Scholar and a Bachelor of Science Degree in Industrial Engineering from Auburn University.

CEO Compensation

Tim's compensation has increased by more than 20% in the past year.
Tim's remuneration is higher than average for companies of similar size in Germany.

Management Team Tenure

Average tenure and age of the Apple management team in years:

3.3

Average Tenure

Average Age

The tenure for the Apple management team is about average.

0.2 yrs

Nancy Paxton

TITLE

Senior Director of Investor Relations and Treasury

Phil Schiller

TITLE

Senior Vice President of Worldwide Marketing

1.8 yrs

Board of Directors Tenure

Average tenure and age of the Apple board of directors in years:

7.5

Average Tenure

67.5

Average Age

The tenure for the Apple board of directors is about average.

3.5 yrs

Who owns this company?

Recent Insider Trading

No 3 month insider trading information.

Recent Insider Transactions

Announced	Type	Name	Entity	Start	End	Shares	Max Price (€)	Value (€)
21. Aug 18	Sell	Johny Srouji	Individual	17. Aug 18	17. Aug 18	-14,140	€188.82	€-2,663,506
10. Aug 18	Sell	Craig Federighi	Individual	09. Aug 18	09. Aug 18	-47,796	€179.32	€-8,570,850
25. May 18	Sell	Johny Srouji	Individual	23. May 18	23. May 18	-14,976	€160.42	€-2,402,507
18. May 18	Sell	Chris Kondo	Individual	16. May 18	16. May 18	-4,867	€158.67	€-772,244

Management checks

We assess Apple's management by checking for:

Is the CEO's compensation unreasonable compared to market cap? (1 check)
Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
Is the average tenure of the management team less than 2 years? (1 check)
Is the average tenure of the board of directors team less than 3 years? (1 check)

Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

APC News

Simply Wall St News

APC Company Info

Description

Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems. It also provides iTunes Store, an app store that allows customers to purchase and download, or stream music and TV shows; rent or purchase movies; and download free podcasts, as well as iCloud, a cloud service, which stores music, photos, contacts, calendars, mail, documents, and others. In addition, the company offers AppleCare support services; Apple Pay, a cashless payment service; Apple TV that connects to consumers’ TVs and enables them to access digital content directly for streaming video, playing music and games, and viewing photos; and Apple Watch, a personal electronic device, as well as AirPods, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories. The company serves consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. It sells and delivers digital content and applications through the iTunes Store, App Store, Mac App Store, TV App Store, Book Store, and Apple Music. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.

Details

Name:	Apple Inc.
Ticker:	APC
Exchange:	DB
Founded:	1977
Market Cap:	$854,749,707,327
Shares outstanding:	4,715,280,000
Website:	http://www.apple.com
Address:	Apple Inc. One Apple Park Way, Cupertino, California, 95014, United States

Listings

Exchange Symbol	Ticker Symbol	Security	Exchange	Country	Currency	Listed on
NasdaqGS	AAPL	Common Stock	Nasdaq Global Select	US	USD	12. Dec 1980
DB	APC	Common Stock	Deutsche Boerse AG	DE	EUR	12. Dec 1980
XTRA	APC	Common Stock	XETRA Trading Platform	DE	EUR	12. Dec 1980
LSE	0R2V	Common Stock	London Stock Exchange	GB	USD	12. Dec 1980
SWX	AAPL	Common Stock	SIX Swiss Exchange	CH	CHF	12. Dec 1980
WBAG	AAPL	Common Stock	Wiener Boerse AG	AT	EUR	12. Dec 1980
SNSE	AAPL	Common Stock	Santiago Stock Exchange	CL	USD	12. Dec 1980
BVC	AAPL	Common Stock	Bolsa de Valores de Colombia	CO	COP	12. Dec 1980
BMV	AAPL *	Common Stock	Bolsa Mexicana de Valores	MX	MXN	12. Dec 1980
BVL	AAPL	Common Stock	Bolsa de Valores de Lima	PE	USD	12. Dec 1980
BOVESPA	AAPL34	BDR REPR 1/10 COM NPV	Bolsa de Valores de Sao Paulo	BR	BRL	06. May 2011
BASE	AAPL	CEDEAR(REPR 1/10 SHR)USD	Buenos Aires Stock Exchange	AR	ARS	28. Aug 2012

Number of employees

Current staff

132,000

Apple employees.

Industry

Industry:	Technology Hardware, Storage and Peripherals
Sector:	Tech

Company Analysis and Financial Data Status

Area	Date (UTC time)
Company Analysis updated:	2019/04/20 20:41
End of day share price update:	2019/04/18 00:00
Last estimates confirmation:	2019/04/18
Last earnings filing:	2019/01/30
Last earnings reported:	2018/12/29
Last annual earnings reported:	2018/09/29

All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

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Copyright © 2019, Standard & Poor’s Financial Services LLC. Reproduction of S&P Capital IQ in any form is prohibited except with the prior written permission of S&P. S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions, regardless of the cause or for the results obtained from the use of such information. S&P DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. In no event shall S&P be liable for any direct, indirect, special or consequential damages, costs, expenses, legal fees, or losses (including lost income or lost profit and opportunity costs) in connection with subscriber’s or others’ use of S&P Capital IQ. (2019)

Apple

APC Share Price and Events

7 Day Returns

1 Year Returns

APC Shareholder Return

1 Year Return vs Industry and Market

Price Volatility

Related Companies

Cisco Systems

Microsoft

Amazon.com

APC Value

INTRINSIC VALUE BASED ON FUTURE CASH FLOWS

PRICE RELATIVE TO MARKET

Price based on past earnings

Price based on expected Growth

Price based on value of assets

Value checks

APC Future Performance

Earnings growth vs Low Risk Savings

Growth vs Market Checks

Annual Growth Rates Comparison

Analysts growth expectations

High Growth Checks

Past and Future Earnings per Share

Performance in 3 years

Future performance checks

APC Past Performance

Past earnings growth

Past Earnings growth analysis

Earnings and Revenue History

Performance last year

Past performance checks

APC Health

Net Worth

Balance sheet

Assets

Liabilities and shares

Historical Debt

Financial health checks

APC Dividends

Annual Dividend Income

Dividend Amount

Annualized Historical and Future Dividends

Current Payout to shareholders

Future Payout to shareholders

Income/ dividend checks

APC Management

CEO

CEO Bio

CEO Compensation

Management Team Tenure

Management Team

Tim Cook

CEO & Director

$16M

57

7.7 yrs

Luca Maestri

CFO & Senior VP

$27M

54

4.9 yrs

Jeff Williams

Chief Operating Officer

$27M

54

3.3 yrs

Kate Adams

Senior VP

$27M

54

1.3 yrs

Chris Kondo

Senior Director of Corporate Accounting

4.3 yrs

James Wilson

Chief Technology Officer

0.2 yrs

Nancy Paxton