Apple
Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. The last earnings update was 75 days ago. More info.
Add to Portfolio Compare Print
- Apple has significant price volatility in the past 3 months.
AAPL Share Price and Events
7 Day Returns
1 Year Returns
AAPL Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Apple (AAPL) | 3% | -0% | -28.5% | -12.1% | 54.6% | 101% |
| US Tech | 2.6% | -1.4% | -27.3% | -13.3% | 49.9% | 73.3% |
| US Market | 2.8% | 7.7% | -3.1% | -5.6% | 40.1% | 41.1% |
1 Year Return vs Industry and Market
- AAPL outperformed the Tech industry which returned -13.3% over the past year.
- AAPL underperformed the Market in United States of America which returned -5.6% over the past year.
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 36 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 11.5% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
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 | 2.7% |
| Equity Risk Premium | S&P Global | 7.3% |
| Tech Unlevered Beta | Simply Wall St/ S&P Global | 1.08 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.081 (1 + (1- 21%) (15.43%)) |
1.213 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
1.21 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.213 * 7.27%) |
11.55% |
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.
| 2019 | 2020 | 2021 | 2022 | 2023 | |
| Levered FCF (USD, Millions) | 60,846.24 | 61,535.59 | 66,220.00 | 65,466.00 | 68,055.00 |
| Source | Analyst x15 | Analyst x12 | Analyst x4 | Analyst x2 | Analyst x1 |
|
Present Value Discounted (@ 11.55%) |
54,546.77 | 49,453.49 | 47,708.43 | 42,282.15 | 39,403.66 |
| Present value of next 5 years cash flows | $233,394.49 |
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2023
× (1 + g) ÷ (Discount Rate – g)
= $68,055.00 × (1 + 2.73%) ÷ (11.55% – 2.73%) |
$792,775.93 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)5
= $792,775.93 ÷ (1 + 11.55%)5 |
$459,015.10 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 5 years cash flows +
Terminal Value
= $233,394.49 + $459,015.10 |
$692,409.60 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $692,409.60 / 4,729.80 |
$146.39 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $146.39 |
| Current discount | Discount to share price of
$156.82
= -1 x ($156.82 - $146.39) / $146.39 |
-7.1% |
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 (2018-09-29) in USD | $12.01 |
| NasdaqGS:AAPL Share Price ** | NasdaqGS (2019-01-18) in USD | $156.82 |
| United States of America Tech Industry PE Ratio | Median Figure of 14 Publicly-Listed Tech Companies | 16.36x |
| United States of America Market PE Ratio | Median Figure of 3,023 Publicly-Listed Companies | 17.12x |
* 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) = 156.82 ÷ 12.01 |
13.05x |
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?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 13.05x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 36 Analysts |
-0.3%per year |
| United States of America Tech Industry PEG Ratio | Median Figure of 8 Publicly-Listed Tech Companies | 0.03x |
| United States of America Market PEG Ratio | Median Figure of 2,108 Publicly-Listed Companies | 1.28x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 13.05x ÷ -0.3% |
-44.41x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Apple earnings are not expected to grow next year, we can't assess if its growth is good value.
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 (2018-09-29) in USD | $22.53 |
| NasdaqGS:AAPL Share Price * | NasdaqGS (2019-01-18) in USD | $156.82 |
| United States of America Tech Industry PB Ratio | Median Figure of 37 Publicly-Listed Tech Companies | 2.18x |
| United States of America Market PB Ratio | Median Figure of 5,099 Publicly-Listed Companies | 1.78x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NasdaqGS:AAPL Share Price ÷ Book Value per Share (both in USD) = 156.82 ÷ 22.53 |
6.96x |
* 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 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 36 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 are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
- Apple's earnings are expected to decrease over the next 1-3 years, this is below 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 36 Analysts | -0.3% |
| NasdaqGS:AAPL Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 36 Analysts | 1.2% |
| United States of America Tech Industry Earnings Growth Rate | Market Cap Weighted Average | 5.5% |
| United States of America Tech Industry Revenue Growth Rate | Market Cap Weighted Average | 1.5% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 13.7% |
| 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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (3 months ago) | See Below |
| Future Estimates | Average of up to 36 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-09-30 | 279,300 | 83,488 | 61,278 | 2 |
| 2022-09-30 | 269,448 | 81,546 | 54,786 | 3 |
| 2021-09-30 | 277,213 | 81,362 | 60,028 | 11 |
| 2020-09-30 | 271,565 | 75,193 | 57,882 | 33 |
| 2019-09-30 | 260,521 | 74,903 | 55,851 | 36 |
| 2018-09-30 | 264,241 | 78,667 | 58,876 | 38 |
| 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.
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 36 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 |
|---|---|---|---|---|
| 2023-09-30 | 13.53 | 13.53 | 13.53 | 1.00 |
| 2022-09-30 | 12.97 | 13.27 | 12.66 | 2.00 |
| 2021-09-30 | 14.88 | 16.88 | 11.90 | 11.00 |
| 2020-09-30 | 13.53 | 14.83 | 11.17 | 34.00 |
| 2019-09-30 | 12.09 | 13.61 | 10.51 | 38.00 |
| 2018-09-30 | 11.76 | 12.09 | 11.53 | 41.00 |
| 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.
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 1/6, 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 (23.2% vs 6.8%)
- Apple's earnings growth has exceeded the US Tech industry average in the past year (23.2% vs 18.5%).
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 |
|---|---|---|---|---|
| 2018-09-29 | 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 |
*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.
- Whilst Apple made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
- Apple used its assets more efficiently than the US 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).
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 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.
- 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 |
|---|---|---|---|
| 2018-09-29 | 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 |
- 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.
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
$37
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 (1.45%).
- Apple's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
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 36 Analyst Estimates (S&P Global) | See Below |
| United States of America Tech Industry Average Dividend Yield | Market Cap Weighted Average of 8 Stocks | 2% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1986 Stocks | 2.6% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.9% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America 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.
| 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 | 3.48 | 8.00 |
| 2020-09-30 | 3.33 | 17.00 |
| 2019-09-30 | 3.08 | 17.00 |
| 2018-09-30 | 2.67 | 16.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2018-11-05 | 2.920 | 1.733 |
| 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.
Income/ dividend checks
We assess Apple's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.9%) - 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 | $15,682,219 |
| AGE | 57 |
| TENURE AS CEO | 7.4 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 United States of America.
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
$16M
57
7.4 yrs
Luca Maestri
CFO & Senior VP
$27M
54
4.7 yrs
Jeff Williams
Chief Operating Officer
$27M
54
3.1 yrs
Kate Adams
Senior VP
$27M
54
1.1 yrs
Angela Ahrendts
Senior Vice President of Retail
$27M
57
4.7 yrs
Chris Kondo
Senior Director of Corporate Accounting
4.1 yrs
Kevin Lynch
Vice President of Technology
51
5.8 yrs
Nancy Paxton
Senior Director of Investor Relations and Treasury
Phil Schiller
Senior Vice President of Worldwide Marketing
$12M
58
16.9 yrs
Deirdre O’Brien
Vice President of People
1.5 yrs
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
$567K
68
7.2 yrs
Tim Cook
CEO & Director
$16M
57
7.4 yrs
Andrea Jung
Director
$403K
60
11 yrs
Ron Sugar
Director
$409K
69
8.2 yrs
Bob Iger
Director
$378K
67
7.2 yrs
Al Gore
Director
$359K
70
16 yrs
Sue Wagner
Director
$353K
57
4.5 yrs
James Bell
Director
$363K
69
3.3 yrs
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 21. Aug 18 | Sell | Johny Srouji | Individual | 17. Aug 18 | 17. Aug 18 | -14,140 | $215.50 | $-3,039,839 | ||
| 10. Aug 18 | Sell | Craig Federighi | Individual | 09. Aug 18 | 09. Aug 18 | -47,796 | $207.50 | $-9,917,670 | ||
| 25. May 18 | Sell | Johny Srouji | Individual | 23. May 18 | 23. May 18 | -14,976 | $187.74 | $-2,811,594 | ||
| 18. May 18 | Sell | Chris Kondo | Individual | 16. May 18 | 16. May 18 | -4,867 | $187.00 | $-910,129 | ||
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) 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
A Look At The Fair Value Of Apple Inc. (NASDAQ:AAPL)
(NASDAQ:AAPL) from its intrinsic value? … by taking the expected future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model
Simply Wall St - – Full articleWhy You Should Care About Apple Inc.’s (NASDAQ:AAPL) Cash Levels
I’ve analysed below, the health and outlook of Apple’s cash flow, which will help you understand the stock from a cash standpoint. … 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
Simply Wall St - – Full articleApple Inc. (NASDAQ:AAPL): Has Recent Earnings Growth Beaten Long-Term Trend?
(NASDAQ:AAPL) released its most recent earnings update (29 September 2018), I wanted to understand how these figures stacked up against its past performance. … The two benchmarks I used were Apple's average earnings over the past couple of years, and its industry performance. … AAPL's trailing twelve-month earnings (from 29 September 2018) of US$60b has
Simply Wall St - – Full articleIs Apple Inc. (NASDAQ:AAPL) A High Quality Stock To Own?
While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. … One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.56 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleCould The Apple Inc (NASDAQ:AAPL) Ownership Structure Tell Us Something Useful?
Generally speaking, as a company grows, institutions will increase their ownership. … Taking a look at the our data on the ownership groups (below), it's seems that. … We can zoom in on the different ownership groups, to learn more about AAPL
Simply Wall St - – Full articleWhat Should You Know About Apple Inc's (NASDAQ:AAPL) Return On Capital?
and want to begin learning the link between Apple Inc (NASDAQ:AAPL)’s return fundamentals and stock market performance. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Therefore, looking at how efficiently Apple is able to use capital to create earnings will help us understand your potential return.
Simply Wall St - – Full articleDoes Apple Inc's (NASDAQ:AAPL) CEO Salary Compare Well With Others?
First, this article will compare CEO compensation with compensation at other large companies. … How Does Tim Cook's Compensation Compare With Similar Sized Companies. … At the time of writing our data says that Apple Inc has a market cap of US$918b, and is paying total annual CEO compensation of US$13m
Simply Wall St - – Full articleRead This Before You Buy Apple Inc (NASDAQ:AAPL) Because Of Its P/E Ratio
This article is for investors who would like to improve their understanding of price to earnings ratios (P/E ratios). … Based on the last twelve months, Apple's P/E ratio is 17.02. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleDoes Apple Inc's (NASDAQ:AAPL) Debt Level Pose A Problem?
Apple Inc (NASDAQ:AAPL), a large-cap worth US$1.1t, comes to mind for investors seeking a strong and reliable stock investment. … Big corporations are much sought after by risk-averse investors who find diversified revenue streams and strong capital returns attractive. … This article will examine Apple’s financial liquidity and debt levels to get an idea of whether the company can deal with cyclical downturns and maintain funds to accommodate strategic spending for future growth.
Simply Wall St - – Full articleAt US$215, Is It Time To Put Apple Inc (NASDAQ:AAPL) On Your Watch List?
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? … However, could the stock still be trading at a relatively cheap price
Simply Wall St - – Full articleAAPL 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 |
| $741,727,706,460 | |
| 4,729,803,000 | |
| 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
Industry
| Technology Hardware, Storage and Peripherals | |
| Tech |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/01/19 23:32 |
| End of day share price update: | 2019/01/18 00:00 |
| Last estimates confirmation: | 2019/01/18 |
| 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.
