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Apple

Nasdaq:AAPL
Snowflake Description

Proven track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
AAPL
Nasdaq
$970B
Market Cap
  1. Home
  2. US
  3. Tech
Company description

Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. The last earnings update was 6 days ago. More info.


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AAPL Share Price and Events
7 Day Returns
-1.5%
NasdaqGS:AAPL
-1.4%
US Tech
1.6%
US Market
1 Year Returns
17.1%
NasdaqGS:AAPL
17.1%
US Tech
12.4%
US Market
AAPL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Apple (AAPL) -1.5% -7.9% -2.1% 17.1% 76.1% 175.8%
US Tech -1.4% -4% -2% 17.1% 71.4% 165.2%
US Market 1.6% 2.3% -2.2% 12.4% 55.2% 105.4%
1 Year Return vs Industry and Market
  • AAPL outperformed the Market in United States of America which returned 12.4% over the past year.
Price Volatility
AAPL
Industry
5yr Volatility vs Market

AAPL 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.

NasdaqGS:AAPL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 33 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

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 NasdaqGS:AAPL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
Tech Unlevered Beta Simply Wall St/ S&P Global 1.13
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.131 (1 + (1- 21%) (11.8%))
1.237
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.24
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.237 * 7.05%)
11.67%

Discounted Cash Flow Calculation for NasdaqGS:AAPL 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 use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:AAPL DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (USD, Millions) 64,489.22 66,171.50 77,706.17 75,961.75 78,078.00
Source Analyst x16 Analyst x14 Analyst x6 Analyst x4 Analyst x3
Present Value
Discounted (@ 11.67%)
57,751.15 53,066.19 55,805.36 48,852.74 44,967.23
Present value of next 5 years cash flows $260,442.68
NasdaqGS:AAPL DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $78,078.00 × (1 + 2.95%) ÷ (11.67% – 2.95%)
$922,075.94
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $922,075.94 ÷ (1 + 11.67%)5
$531,048.44
NasdaqGS:AAPL Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $260,442.68 + $531,048.44
$791,491.11
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $791,491.11 / 4,745.40
$166.79
NasdaqGS:AAPL Discount to Share Price
Calculation Result
Value per share (USD) From above. $166.79
Current discount Discount to share price of $204.47
= -1 x ($204.47 - $166.79) / $166.79
-22.6%

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
NasdaqGS:AAPL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-09-29) in USD $12.01
NasdaqGS:AAPL Share Price ** NasdaqGS (2018-11-09) in USD $204.47
United States of America Tech Industry PE Ratio Median Figure of 13 Publicly-Listed Tech Companies 22.76x
United States of America Market PE Ratio Median Figure of 2,971 Publicly-Listed Companies 18.17x

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

** Primary Listing of Apple.

NasdaqGS:AAPL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:AAPL Share Price ÷ EPS (both in USD)

= 204.47 ÷ 12.01

17.02x

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

  • Apple is good value based on earnings compared to the US Tech industry average.
  • Apple is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Apple's expected growth come at a high price?
Raw Data
NasdaqGS:AAPL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 33 Analysts
3.6%per year
United States of America Tech Industry PEG Ratio Median Figure of 8 Publicly-Listed Tech Companies 0.56x
United States of America Market PEG Ratio Median Figure of 2,086 Publicly-Listed Companies 1.27x

*Line of best fit is calculated by linear regression .

NasdaqGS:AAPL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.02x ÷ 3.6%

4.76x

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
NasdaqGS:AAPL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-09-29) in USD $22.53
NasdaqGS:AAPL Share Price * NasdaqGS (2018-11-09) in USD $204.47
United States of America Tech Industry PB Ratio Median Figure of 33 Publicly-Listed Tech Companies 1.97x
United States of America Market PB Ratio Median Figure of 4,972 Publicly-Listed Companies 1.88x
NasdaqGS:AAPL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:AAPL Share Price ÷ Book Value per Share (both in USD)

= 204.47 ÷ 22.53

9.07x

* 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 US Tech industry average.
X
Value checks
We assess Apple's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the Tech industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Tech industry average (and greater than 0)? (1 check)
  5. Apple has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

AAPL Future Performance

 How is Apple expected to perform in the next 1 to 3 years based on estimates from 33 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!
Annual Growth Rate
3.6%
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 3%.
Growth vs Market Checks
  • Apple's earnings growth is positive but not above the United States of America market average.
  • Apple's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:AAPL Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:AAPL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 33 Analysts 3.6%
NasdaqGS:AAPL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 33 Analysts 4.3%
United States of America Tech Industry Earnings Growth Rate Market Cap Weighted Average 4.5%
United States of America Tech Industry Revenue Growth Rate Market Cap Weighted Average 4.2%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
NasdaqGS:AAPL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 33 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:AAPL Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-09-30 328,818 94,288 71,470 2
2022-09-30 312,127 94,007 64,573 3
2021-09-30 307,578 86,060 68,042 8
2020-09-30 291,433 82,518 64,434 25
2019-09-30 280,651 80,015 62,287 33
2018-09-30 264,241 78,667 58,882 38
NasdaqGS:AAPL Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
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 64,657 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
2015-12-26 234,988 75,007 53,731

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Apple's earnings are expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
  • Apple's revenue is expected to grow by 4.3% 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
NasdaqGS:AAPL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 33 Analyst Estimates (S&P Global) See Below

All data from Apple Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:AAPL Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-09-30 15.76 15.76 15.76 1.00
2022-09-30 15.36 16.05 14.66 2.00
2021-09-30 16.41 18.75 13.61 8.00
2020-09-30 14.92 17.41 12.55 28.00
2019-09-30 13.48 14.95 11.54 40.00
2018-09-30 11.77 12.09 11.53 40.00
NasdaqGS:AAPL Past Financials Data
Date (Data in USD Millions) EPS *
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
2015-12-26 9.46

*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%).
X
Future performance checks
We assess Apple's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. 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.

AAPL 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 (23.2% vs 6.8%)
  • Apple's earnings growth has not exceeded the US Tech industry average in the past year (23.2% vs 23.2%).
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 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:AAPL Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
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
2012-03-31 142,360.00 38,617.00 8,884.00 2,872.00
2011-12-31 127,841.00 32,982.00 8,308.00 2,612.00

*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 US Tech industry average last year based on Return on Assets.
  • Apple's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Apple's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Tech industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. 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 4/6, 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.

AAPL 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 1.1x 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 1 month ago.

NasdaqGS:AAPL Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
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
2012-03-31 102,498.00 0.00 28,538.00
2011-12-31 90,054.00 0.00 30,156.00
  • Apple's level of debt (106.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (13.7% vs 106.8% today).
  • Debt is well covered by operating cash flow (67.6%, greater than 20% of total debt).
  • Apple earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Apple's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Apple has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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.

AAPL 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
Dividend payments
1.43%
Current annual income from Apple dividends. Estimated to be 1.57% 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 United States of America (1.37%).
  • Apple's dividend is below the markets top 25% of dividend payers in United States of America (3.5%).
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
NasdaqGS:AAPL 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 33 Analyst Estimates (S&P Global) See Below
United States of America Tech Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 1.6%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1977 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.5%

Industry and Market average data is calculated daily.

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

NasdaqGS:AAPL 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 3.29 6.00
2020-09-30 3.37 15.00
2019-09-30 3.00 15.00
2018-09-30 2.67 16.00
NasdaqGS:AAPL Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-11-05 2.920 1.420
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 (4.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.4x coverage).
X
Income/ dividend checks
We assess Apple's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. Apple has a total score of 3/6, see the detailed checks below.


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

AAPL 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 $12,825,070
AGE 57
TENURE AS CEO 7.3 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 as Senior Vice President of worldwide operations. 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 is currently a Member of the Board of Directors of the National Football Foundation. Mr. Cook also currently serves on the Board of Trustees for Duke University. 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 about average for companies of similar size in United States of America.
Management Team Tenure

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

4.5
Average Tenure
54
Average Age
  • The tenure for the Apple management team is about average.
Management Team

Tim Cook

TITLE
CEO & Director
COMPENSATION
$13M
AGE
57
TENURE
7.3 yrs

Luca Maestri

TITLE
CFO & Senior VP
COMPENSATION
$24M
AGE
54
TENURE
4.5 yrs

Ron Okamoto

TITLE
Head of Developer Relations
COMPENSATION
$397K

Dan Riccio

TITLE
Senior Vice President of Hardware Engineering
COMPENSATION
$24M
AGE
55
TENURE
6.3 yrs

Angela Ahrendts

TITLE
Senior Vice President of Retail
COMPENSATION
$24M
AGE
57
TENURE
4.5 yrs

Johny Srouji

TITLE
Senior Vice President of Hardware Technologies
COMPENSATION
$24M
AGE
53
TENURE
2.9 yrs

Jeff Williams

TITLE
COO & Senior VP
COMPENSATION
$24M
AGE
54
TENURE
2.9 yrs

Chris Kondo

TITLE
Senior Director of Corporate Accounting
TENURE
3.9 yrs

Kevin Lynch

TITLE
Vice President of Technology
AGE
51
TENURE
5.7 yrs

Nancy Paxton

TITLE
Senior Director of Investor Relations and Treasury
Board of Directors Tenure

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

7.1
Average Tenure
67.5
Average Age
  • The tenure for the Apple board of directors is about average.
Board of Directors

Art Levinson

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$556K
AGE
68
TENURE
7 yrs

Tim Cook

TITLE
CEO & Director
COMPENSATION
$13M
AGE
57
TENURE
7.3 yrs

Andrea Jung

TITLE
Director
COMPENSATION
$384K
AGE
60
TENURE
10.8 yrs

Ron Sugar

TITLE
Director
COMPENSATION
$391K
AGE
69
TENURE
8 yrs

Bob Iger

TITLE
Director
COMPENSATION
$383K
AGE
67
TENURE
7 yrs

Al Gore

TITLE
Director
COMPENSATION
$357K
AGE
70
TENURE
15.8 yrs

Sue Wagner

TITLE
Director
COMPENSATION
$352K
AGE
57
TENURE
4.3 yrs

James Bell

TITLE
Director
COMPENSATION
$354K
AGE
69
TENURE
3.1 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Max Price ($) Value ($)
21. Aug 18 Sell Johny Srouji Individual 17. Aug 18 17. Aug 18 -14,140 $215.50 $-3,039,838.50
10. Aug 18 Sell Craig Federighi Individual 09. Aug 18 09. Aug 18 -47,796 $207.50 $-9,917,670.00
25. May 18 Sell Johny Srouji Individual 23. May 18 23. May 18 -14,976 $187.74 $-2,811,594.24
18. May 18 Sell Chris Kondo Individual 16. May 18 16. May 18 -4,867 $187.00 $-910,129.00
04. Dec 17 Sell Eduardo Cue Individual 30. Nov 17 30. Nov 17 -65,361 $171.87 $-11,215,917.67
27. Nov 17 Sell Johny Srouji Individual 22. Nov 17 24. Nov 17 -10,368 $175.04 $-1,811,128.32
X
Management checks
We assess Apple's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Apple has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


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.

AAPL News

External News
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Simply Wall St News

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Did Apple Inc's (NASDAQ:AAPL) Recent Earnings Growth Beat The Trend?

After reading Apple Inc's (NASDAQ:AAPL) most recent earnings announcement (30 June 2018), I found it useful to look back at how the company has performed in the past and compare this against the latest numbers. … As a long-term investor I tend to focus on earnings trend, rather than a single number at one point in time. … AAPL's trailing twelve-month earnings (from 30 June 2018) of US$56.12b has

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What is left after investment, determines the value of the stock since this cash flow technically belongs to investors of the company. … Apple’s free cash flow (FCF) is the level of cash flow the business generates from its operational activities, after it reinvests in the company as capital expenditure. … There are two methods I will use to evaluate the quality of Apple’s FCF: firstly, I will measure its FCF yield relative to the market index yield; secondly, I will examine whether its operating cash flow will continue to grow into the future, which will give us a sense of sustainability.

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What Should Investors Know About Apple Inc's (NASDAQ:AAPL) Return On Capital?

This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … Therefore, looking at how efficiently Apple is able to use capital to create earnings will help us understand your potential return. … Investors use many different metrics but the analysis below focuses on return on capital employed (ROCE).

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When Should You Buy Apple Inc (NASDAQ:AAPL)?

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Apple Inc's (NASDAQ:AAPL) … growth of 4.41% annualised … but it's necessary to take a moment

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Check out our latest analysis for Apple Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Apple’s profit relative to its shareholders’ equity. … ROE can be split up into three useful ratios: net profit margin, asset turnover, and financial leverage. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity NasdaqGS:AAPL Last Perf May 31st 18 Basically, profit margin measures how much of revenue trickles down into earnings which illustrates how efficient the business is with its cost management.

Simply Wall St -

AAPL Company Info

Map
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.
AAPL
Exchange: NasdaqGS
Founded: 1977
$970,291,529,060
4,745,398,000
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) (ARS) Buenos Aires Stock Exchange AR ARS 28. Aug 2012
Number of employees
Current staff
Staff numbers
132,000
Apple employees.
Industry
Technology Hardware, Storage and Peripherals
Tech
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/11/11 21:02
End of day share price update: 2018/11/09 00:00
Last estimates confirmation: 2018/11/09
Last earnings filing: 2018/11/05
Last earnings reported: 2018/09/29
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.