We’ve recently updated our valuation analysis.

Apple Valuation

Is AAPL undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AAPL?

Other financial metrics that can be useful for relative valuation.

AAPL key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.6x
Enterprise Value/EBITDA16.9x
PEG Ratio7.8x

Price to Earnings Ratio vs Peers

How does AAPL's PE Ratio compare to its peers?

The above table shows the PE ratio for AAPL vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average33.7x
GOOGL Alphabet
18.1x12.4%US$1.2t
META Meta Platforms
10.6x6.9%US$305.8b
MSFT Microsoft
26.4x13.6%US$1.8t
AMZN Amazon.com
81.4x54.7%US$902.4b
AAPL Apple
22.7x2.9%US$2.2t

Price-To-Earnings vs Peers: AAPL is good value based on its Price-To-Earnings Ratio (22.7x) compared to the peer average (34.1x).


Price to Earnings Ratio vs Industry

How does AAPL's PE Ratio compare vs other companies in the Global Tech Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
Industry Avg.n/a3.7%
n/an/an/a

Price-To-Earnings vs Industry: AAPL is expensive based on its Price-To-Earnings Ratio (22.7x) compared to the Global Tech industry average (13.1x)


Price to Earnings Ratio vs Fair Ratio

What is AAPL's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AAPL PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio22.7x
Fair PE Ratio25.1x

Price-To-Earnings vs Fair Ratio: AAPL is good value based on its Price-To-Earnings Ratio (22.7x) compared to the estimated Fair Price-To-Earnings Ratio (25.2x).


Share Price vs Fair Value

What is the Fair Price of AAPL when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AAPL ($142.65) is trading above our estimate of fair value ($129.33)

Significantly Below Fair Value: AAPL is trading above our estimate of fair value.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AAPL forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$142.65
US$174.33
+22.2%
11.3%US$210.00US$122.00n/a41
Dec ’23US$148.31
US$174.33
+17.5%
11.3%US$210.00US$122.00n/a41
Nov ’23US$150.65
US$176.78
+17.3%
10.9%US$210.00US$122.00n/a41
Oct ’23US$138.20
US$182.30
+31.9%
10.0%US$220.00US$122.00n/a40
Sep ’23US$157.96
US$181.50
+14.9%
10.1%US$220.00US$130.00n/a40
Aug ’23US$161.51
US$179.75
+11.3%
10.2%US$214.00US$130.00n/a40
Jul ’23US$138.93
US$185.78
+33.7%
9.5%US$226.00US$130.00n/a41
Jun ’23US$148.71
US$188.07
+26.5%
9.2%US$226.00US$130.00n/a41
May ’23US$157.65
US$189.93
+20.5%
9.3%US$226.00US$130.00n/a42
Apr ’23US$174.31
US$191.42
+9.8%
9.7%US$226.00US$130.00n/a41
Mar ’23US$163.20
US$191.30
+17.2%
9.7%US$226.00US$130.00n/a41
Feb ’23US$174.61
US$189.15
+8.3%
9.7%US$226.00US$130.00n/a41
Jan ’23US$177.57
US$173.90
-2.1%
13.8%US$210.00US$90.00n/a41
Dec ’22US$164.77
US$167.27
+1.5%
11.8%US$198.00US$90.00US$148.3140
Nov ’22US$148.96
US$166.69
+11.9%
11.7%US$198.00US$90.00US$150.6541
Oct ’22US$142.65
US$166.13
+16.5%
11.7%US$198.00US$90.00US$138.2042
Sep ’22US$152.51
US$164.33
+7.8%
11.4%US$190.00US$90.00US$157.9641
Aug ’22US$145.86
US$162.81
+11.6%
11.8%US$190.00US$90.00US$161.5140
Jul ’22US$137.27
US$156.11
+13.7%
12.2%US$185.00US$90.00US$138.9340
Jun ’22US$124.28
US$156.49
+25.9%
12.2%US$185.00US$90.00US$148.7140
May ’22US$131.46
US$156.64
+19.2%
10.6%US$185.00US$115.00US$157.6540
Apr ’22US$123.00
US$150.30
+22.2%
12.9%US$175.00US$83.00US$174.3141
Mar ’22US$127.79
US$149.33
+16.9%
13.4%US$175.00US$83.00US$163.2040
Feb ’22US$134.14
US$147.86
+10.2%
13.7%US$175.00US$83.00US$174.6140
Jan ’22US$132.69
US$128.30
-3.3%
15.7%US$160.00US$75.00US$177.5739
Dec ’21US$122.72
US$127.20
+3.6%
15.2%US$150.00US$75.00US$164.7739

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


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