Apple
Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The last earnings update was 108 days ago. More info.
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AAPL Share Price and Events
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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Apple.
| 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 | 10.1% |
| 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.
| 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 | 0.92 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.924 (1 + (1- 21%) (12.99%)) |
1.019 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.02 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (1.019 * 7.05%) |
10.13% |
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.
| 2018 | 2019 | 2020 | 2021 | 2022 | |
| Levered FCF (USD, Millions) | 60,990.97 | 63,190.87 | 67,154.83 | 67,450.50 | 69,808.00 |
| Source | Analyst x18 | Analyst x17 | Analyst x6 | Analyst x2 | Analyst x2 |
|
Present Value Discounted (@ 10.13%) |
55,379.97 | 52,098.92 | 50,273.46 | 45,849.42 | 43,086.49 |
| Present value of next 5 years cash flows | $246,688 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2022
× (1 + g) ÷ (Discount Rate – g)
= $69,808 × (1 + 2.95%) ÷ (10.13% – 2.95%) |
$1,000,684 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $1,000,684 ÷ (1 + 10.13%)5 |
$617,636 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $246,688 + $617,636 |
$864,324 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $864,324 / 4,915 |
$175.85 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $175.85 |
| Current discount | Discount to share price of
$191.45
= -1 x ($191.45 - $175.85) / $175.85 |
-8.9% |
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.
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?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings () in USD | $10.41 |
| NasdaqGS:AAPL Share Price ** | NasdaqGS (2018-07-17) in USD | $191.45 |
| United States of America Tech Industry PE Ratio | Median Figure of 47 Publicly-Listed Tech Companies | 17.08x |
| United States of America Market PE Ratio | Median Figure of 7,808 Publicly-Listed Companies | 18.38x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Apple.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NasdaqGS:AAPL Share Price ÷ EPS (both in USD) = 191.45 ÷ 10.41 |
18.39x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Apple is overvalued based on earnings compared to the US Tech industry average.
- Apple is overvalued 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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 18.39x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 38 Analysts |
4.4%per year |
| United States of America Tech Industry PEG Ratio | Median Figure of 37 Publicly-Listed Tech Companies | 1.78x |
| United States of America Market PEG Ratio | Median Figure of 5,905 Publicly-Listed Companies | 1.6x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 18.39x ÷ 4.4% |
4.16x |
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?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings () in USD | $25.67 |
| NasdaqGS:AAPL Share Price * | NasdaqGS (2018-07-17) in USD | $191.45 |
| United States of America Tech Industry PB Ratio | Median Figure of 96 Publicly-Listed Tech Companies | 1.45x |
| United States of America Market PB Ratio | Median Figure of 13,225 Publicly-Listed Companies | 1.73x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:AAPL Share Price ÷ Book Value per Share (both in USD) = 191.45 ÷ 25.67 |
7.46x |
* 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.
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) Apple has a total score of 0/6, 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 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!
Earnings growth vs Low Risk Savings
- 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
| Data Point | Source | Value (per year) |
|---|---|---|
| NasdaqGS:AAPL Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 38 Analysts | 4.4% |
| NasdaqGS:AAPL Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 38 Analysts | 4% |
| United States of America Tech Industry Earnings Growth Rate | Market Cap Weighted Average | 7.3% |
| United States of America Tech Industry Revenue Growth Rate | Market Cap Weighted Average | 4% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 11.8% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 6.2% |
*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
| 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 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-09-30 | 309,430 | 85,827 | 64,853 | 2 |
| 2021-09-30 | 294,579 | 78,275 | 62,067 | 2 |
| 2020-09-30 | 280,802 | 80,414 | 63,576 | 14 |
| 2019-09-30 | 272,769 | 77,666 | 61,861 | 38 |
| 2018-09-30 | 261,101 | 78,324 | 57,752 | 35 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-03-31 | 247,417 | 67,217 | 53,318 |
| 2017-12-30 | 239,176 | 64,657 | 50,525 |
| 2017-09-30 | 229,234 | 63,598 | 48,351 |
| 2017-07-01 | 223,507 | 64,293 | 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 | 65,824 | 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 |
| 2015-09-26 | 233,715 | 81,266 | 53,394 |
| 2015-06-27 | 224,337 | 81,041 | 50,737 |
*GAAP earnings excluding extraordinary items.
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.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2022-09-30 | 14.27 | 14.27 | 14.27 | 1.00 |
| 2021-09-30 | 13.72 | 13.72 | 13.72 | 1.00 |
| 2020-09-30 | 14.48 | 16.69 | 12.88 | 14.00 |
| 2019-09-30 | 13.15 | 14.55 | 11.52 | 38.00 |
| 2018-09-30 | 11.48 | 11.70 | 11.20 | 39.00 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 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 |
| 2015-09-26 | 9.28 |
| 2015-06-27 | 8.71 |
*GAAP earnings excluding extraordinary items.
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 United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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)
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
Past Earnings growth analysis
- 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 (16.6% vs 6.3%)
- Apple's earnings growth has exceeded the US Tech industry average in the past year (16.6% vs 6.2%).
Earnings and Revenue History
All data from Apple Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 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 |
| 2011-09-24 | 108,249.00 | 25,922.00 | 7,599.00 | 2,429.00 |
*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).
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)
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.
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.
- 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
Assets
Liabilities and shares
- 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.
All data from Apple Company Filings, last reported 3 months ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 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 | 74,399.00 |
| 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 | 67,883.00 |
| 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 |
| 2011-09-24 | 76,615.00 | 0.00 | 25,952.00 |
- Apple's level of debt (96%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has increased over the past 5 years (0.3% vs 96% today).
- Debt is well covered by operating cash flow (55.2%, 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) Apple has a total score of 3/6, see the detailed checks below.
- 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.
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
If you bought
$2,000 of
Apple
shares you are expected to receive
$31
in your first year as a dividend.
Dividend Amount
- Apple's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.49%).
- Apple's dividend is below the markets top 25% of dividend payers in United States of America (3.98%).
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.
| 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 |
| United States of America Tech Industry Average Dividend Yield | Market Cap Weighted Average of 36 Stocks | 1.8% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 5856 Stocks | 3% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 4% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2022-09-30 | 3.37 | 1.00 |
| 2021-09-30 | 3.28 | 1.00 |
| 2020-09-30 | 3.36 | 11.00 |
| 2019-09-30 | 3.03 | 17.00 |
| 2018-09-30 | 2.68 | 18.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-05-01 | 2.920 | 1.559 |
| 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 6 years.
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) 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
CEO
| COMPENSATION | $12,825,070 |
| AGE | 57 |
| TENURE AS CEO | 6.9 years |
CEO Bio
Mr. Timothy D. Cook, also known as Tim, has been Chief Executive Officer of Apple Inc. (“Apple”) since August 2011 and its Director since 2011. Mr. Cook served as Chief Operating Officer at Apple Inc. since October 2005. 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 joined Apple in March 1998 and served as Executive Vice President, Worldwide Sales and Operations from 2002 to 2005. From 2000 to 2002, Mr. Cook served as Senior Vice President, Worldwide Operations, Sales, Service and Support. From 1998 to 2000, Mr. Cook served as Senior Vice President, Worldwide Operations. Prior to joining Apple, he was Vice President of Corporate Materials for Compaq. Previous to his work at Compaq, he was the Chief Operating Officer of the Reseller Division at Intelligent Electronics. Mr. Cook has Board extensive executive leadership experience in the technology industry, including the management of worldwide operations, sales, service, and support. He serves as Director at NIKE, Inc. He served on the boards of The National Football Foundation & College Hall of Fame, Inc. and Robert F. Kennedy Center for Justice and Human Rights. He served on the Board of Trustees at Duke University. He also spent 12 years with IBM, most recently as Director of North American Fulfillment where he led manufacturing and distribution functions for IBM's Personal Computer Company in North and Latin America. He earned an M.B.A. 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 compensation appears reasonable for a company of this size and profit level.
Management Team Tenure
Average tenure and age of the Apple management team in years:
- The tenure for the Apple management team is about average.
Management Team
Tim Cook
CEO & Director
$13M
57
6.9 yrs
Luca Maestri
CFO & Senior VP
$24M
54
4.2 yrs
Ron Okamoto
Head of Developer Relations
$397K
Dan Riccio
Senior Vice President of Hardware Engineering
$24M
55
5.9 yrs
Angela Ahrendts
Senior Vice President of Retail
$24M
57
4.2 yrs
Johny Srouji
Senior Vice President of Hardware Technologies
$24M
53
2.6 yrs
Jeff Williams
COO & Senior VP
$24M
54
2.6 yrs
Chris Kondo
Senior Director of Corporate Accounting
3.6 yrs
Kevin Lynch
Vice President of Technology
51
5.3 yrs
Nancy Paxton
Senior Director of Investor Relations and Treasury
Board of Directors Tenure
Average tenure and age of the Apple board of directors in years:
- The tenure for the Apple board of directors is about average.
Board of Directors
Art Levinson
Non-Executive Chairman of the Board
$556K
68
6.7 yrs
Tim Cook
CEO & Director
$13M
57
6.9 yrs
Andrea Jung
Director
$384K
60
10.5 yrs
Ron Sugar
Director
$391K
69
7.7 yrs
Bob Iger
Director
$383K
67
6.7 yrs
Al Gore
Director
$357K
70
15.5 yrs
Sue Wagner
Director
$352K
57
4 yrs
James Bell
Director
$354K
69
2.8 yrs
Who owns this company?
Management checks
We assess Apple's management by checking for:- Is the CEO's compensation unreasonable compared to market cap and profit (greater than 0.5% of the company's profit + 0.03% of 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) 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
Simply Wall St News
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).
Simply Wall St - – Full articleWhen Should You Buy Apple Inc (NASDAQ:AAPL)?
Today we're going to take a look at the well-established Apple Inc (NASDAQ:AAPL). … saw a double-digit share price rise of over 10% in the past couple of months on the NasdaqGS. … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price?
Simply Wall St - – Full articleIs Apple Inc's (NASDAQ:AAPL) Balance Sheet Strong Enough To Weather A Storm?
the key to their continued success lies in its financial health. … I will provide an overview of Apple’s financial liquidity and leverage to give you an idea of Apple’s position to take advantage of potential acquisitions or comfortably endure future downturns … Remember this is a very top-level look that focuses exclusively on financial health, so I recommend a deeper analysis
Simply Wall St - – Full articleIs Apple Inc (NASDAQ:AAPL) A Sell At Its Current PE Ratio?
The content of this article will benefit those of you who are starting to educate yourself about investing in the stock market. … and want to begin learning the link between Apple Inc (NASDAQ:AAPL)’s fundamentals and stock market performance. … While this makes AAPL appear like a stock to avoid or sell if you own it, you might change your mind after I explain the assumptions behind the P/E ratio
Simply Wall St - – Full articleApple Inc (NASDAQ:AAPL): Are Forecast Margins sustainable?
Apple Inc's (NASDAQ:AAPL) … growth of 4.41% annualised … but it's necessary to take a moment
Simply Wall St - – Full articleCan Apple Inc's (NASDAQ:AAPL) ROE Continue To Surpass The Industry Average?
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 - – Full articleIs Apple Inc's (NASDAQ:AAPL) PE Ratio A Signal To Sell For Investors?
Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for AAPL Price per share = $188.36 Earnings per share = $10.413 ∴ Price-Earnings Ratio = $188.36 ÷ $10.413 = 18.1x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … For example, if you inadvertently compared riskier firms with AAPL, then investors would naturally value AAPL at a higher price since it is a less risky investment. … Similarly, if you accidentally compared lower growth firms with AAPL, investors would also value AAPL at a higher price since it is a higher growth investment.
Simply Wall St - – Full articleApple Inc (NASDAQ:AAPL): Has Recent Earnings Growth Beaten Long-Term Trend?
See our latest analysis for Apple Did AAPL beat its long-term earnings growth trend and its industry? … Let's see whether it is merely a result of an industry uplift, or if Apple has seen some company-specific growth. … This means any uplift the industry is benefiting from, Apple is able to amplify this to its advantage.What does this mean?
Simply Wall St - – Full articleOnly 3 Days Left To Cash In On Apple Inc (NASDAQ:AAPL) Dividend, Is It Worth Buying?
View our latest analysis for Apple 5 questions I ask before picking a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is it the top 25% annual dividend yield payer? … If dividend is a key criteria in your investment consideration, then you need to make sure the dividend stock you're eyeing out is reliable in its payments. … But if you are not exclusively a dividend investor, the stock could still be an interesting investment opportunity.
Simply Wall St - – Full articleShould Apple Inc (NASDAQ:AAPL) Be Part Of Your Portfolio?
Check out our latest analysis for Apple 5 checks you should do on a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is its annual yield among the top 25% of dividend-paying companies? … However, going forward, analysts expect AAPL's payout to fall to 21.85% of its earnings, which leads to a dividend yield of 1.81%. … Given that this is purely a dividend analysis, you should always research extensively before deciding whether or not a stock is an appropriate investment for you.
Simply Wall St - – Full articleAAPL Company Info
Map
Description
Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers to consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. The company also sells related software, services, accessories, networking solutions, and third-party digital content and applications. It 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 operating systems comprising iOS, macOS, watchOS, and tvOS. The company also provides iWork, an integrated productivity suite that helps users create, present, and publish documents, presentations, and spreadsheets; and other application software, such as Final Cut Pro, Logic Pro X, and FileMaker Pro. In addition, it offers Apple TV that connects to consumers’ TV and enables them to access digital content directly for streaming high definition video, playing music and games, and viewing photos; Apple Watch, a personal electronic device; and iPod touch, a flash memory-based digital music and media player. Further, the company sells Apple-branded and third-party accessories, such as headphones, displays, storage devices, Beats products, and other connectivity and computing products and supplies. Additionally, it offers iCloud, a cloud service that stores music, photos, contacts, calendars, mail, documents, and others; AppleCare, which offers support options for its customers; and Apple Pay, a cashless payment service. The company sells and delivers digital content and applications through the iTunes Store, App Store, Mac App Store, TV App Store, iBooks Store, and Apple Music. It also sells its products through its retail and online stores, and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers, and value-added resellers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.
Details
| Name: | Apple Inc. |
| AAPL | |
| Exchange: | NasdaqGS |
| Founded: | 1977 |
| $938,348,995,580 | |
| 4,915,138,000 | |
| Website: | http://www.apple.com |
| Address: |
Apple Inc. 1 Infinite Loop, 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
Industry
| Technology Hardware, Storage and Peripherals | |
| Tech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2018/07/17 21:16 |
| End of day share price update: | 2018/07/17 00:00 |
| Last estimates confirmation: | 2018/07/16 |
| Last earnings update: | 2018/03/31 |
| Last annual earnings update: | 2017/09/30 |
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.
