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AAPL

Apple NasdaqGS:AAPL Stock Report

Last Price

US$150.43

Market Cap

US$2.4t

7D

-0.2%

1Y

2.4%

Updated

25 Sep, 2022

Data

Company Financials +
AAPL fundamental analysis
Snowflake Score
Valuation4/6
Future Growth2/6
Past Performance3/6
Financial Health2/6
Dividends0/6

AAPL Stock Overview

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide.

Apple Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Apple
Historical stock prices
Current Share PriceUS$150.43
52 Week HighUS$182.94
52 Week LowUS$129.04
Beta1.23
1 Month Change-8.06%
3 Month Change6.19%
1 Year Change2.39%
3 Year Change174.98%
5 Year Change290.42%
Change since IPO45,130.00%

Recent News & Updates

Sep 20

The Reason Why Apple Didn't Increase iPhone Prices

Summary Apple just unveiled its new iPhone 14, together with other key products. Despite big hoopla about price hikes up to $100, Apple surprised everybody by announcing it will keep iPhone 14 prices the same they were when the iPhone 13 was launched. In this article we will try to understand why Apple can do this in an inflationary environment without compressing its margins. Introduction Apple (AAPL) announced that is latest line-up of iPhones 14, while having enhanced qualities, will be sold all at the same prices as last year’s models, despite inflationary pressure that was leading many analysts to $100 price hike forecast. This paints a picture that poses a danger for Apple: is the world's largest company going to see its margins shrink and its profitability reduced? In this article, I would like to highlight what I think Apple's strategy may be to deliver yet again improving results that keep its high margins up. The context The research firm International Data Corp expects a worldwide decline in 2022 smartphone shipments of 6.5%. Nonetheless, the average price for new smartphones is expected to finish this year about 6% higher than last year, with the premium segment (where we find Apple) that is proving to be resilient to the economic turmoil with a 4% growth in market share to 16% of the total smartphone market. The picture is somewhat mixed. On one side we have a weakening economy, on the other, we see Apple among the resilient businesses. But, by keeping iPhones prices the same, Apple will risk the undermining of its profits, given the fact that inflation drives up production costs. Some believe that Apple will take this hit, given its net income of $79 billion in the first three quarters of the year. However, I would like to show that we shouldn't be too rash in stating that Apple will just give up a small percentage, yet big in absolute terms, of its profits without doing anything to prevent it. Apple sold an estimated 106 million iPhones through the first half of this year, an 8% increase and still expects to reach 220 million iPhones for 2022. Furthermore, the annual revenue estimates see Apple reaching an $88.47 billion 4th quarter, which, in confirmed, is a 6% growth YoY. The analyst Dan Ives has also pointed out that Apple's initial order for 90 million iPhone 14 units has "stayed firm". In fact, almost 25% of the 1 billion iPhone users across the world have not upgraded in 3.5 years and demand in China for the high-end devices continues to remain strong. So, if sales are expected to grow 6% while inflation is around 8% it seems reasonable to expect Apple to suffer a bit. We could also account the strong dollar that is hurting Apple's revenue outside the U.S. All of this leads us to the question about Apple's next fiscal year. The business model: from a transactional to a subscription company If Apple were to rely only on its devices sales, then there wouldn't be a way around it: keeping prices the same means shrinking margins. However, is Apple only a transactional company? Before we dive into some math, we have to consider that Apple is changing its business model, leveraging the fact that it is able to place its hardware devices in every corner. Instead of profiting only from selling hardware, Apple is gradually shifting its focus on maximizing the way to monetize the huge base of installed devices it has all over the world. In other words, Apple is considering every device not only as product sales revenue, but also as the key to earn more money from its user during the device lifetime. If we want to make it even clearer, Apple wants to make more money from its devices, especially the iPhones, the iPads and the MacBooks. How is Apple achieving this? Through services. Apple offers different subscription services that offer recurrent revenue from every device. This is why Apple has started breaking down its revenue between products and services. By doing this, Apple can show how its real growth driver at the moment is found in the offered services. In its annual report, Apple explains what it considers when it reports service sales: Services net sales include sales from the Company’s advertising, AppleCare, cloud, digital content, payment and other services. Services net sales also include amortization of the deferred value of services bundled in the sales price of certain products. I think it is still to understand the leveraging power Apple has. While many subscription based companies need to prove to their customers the value of their services, Apple has the huge advantage of basing its subscriptions on material goods that millions of customers around the world already have and want to have. I think this is Apple's real moat: it is materially present almost everywhere with its devices. Now it only needs to extract more money from their daily usage. Seeking recurrent revenue Back in March 2022, Bloomberg reported that Apple is working on a hardware subscription service for the iPhone which would not be equal to the full price split over 24 months, but that would really offer a new way of becoming an iPhone user. However, while this news is promising, we don't have enough data to make a forecast of the positive impact if will have on Apple. Things are different if we look at the current services. Back in 2016, the average Apple user was estimated to pay $1 per day for hardware and services. According to Katy Huberty, an Apple analyst, at present the average user spends $280 each year on Apple hardware and an additional $69 on services. It is also widely believed that there are about 1 billion Apple users who can give Apple recurring sales income as they adopt new service subscriptions. According to the analyst Woodring, Apple users will spend in a few years $2 per day on Apple products or services, a figure already achieved by US iPhone owners. This means that Apple will see a daily revenue of $2 billion, which leads to an annual revenue of $730 billion, which is twice the size of the revenue Apple reported in 2021. It can be reasonable to expect that as the hardware subscription service kicks off, the program will boost the adoption of Apple's first-party services, such as Music, iCloud, etc. This should have a positive impact on services growth but it should also diminish the company’s dependence on App Store sales. In fact, around 30% of Apple’s current services revenue comes from here. The more Apple sells its first-hand services, the larger the chunk of profits it can retain. However, third party apps are indeed a very profitable business, as Apple has very low costs to earn this revenue since it just needs to make its app store available. So far, we know that at the end of fiscal year 2021, Apple users had 785 million paid subscriptions across Apple’s first and third-party services. With a reasonable forecast of $76 billion revenue from services in 2022, Apple will reach a 235% growth from the $32.7 billion services revenue reported in 2017, the year when Apple started reporting its net sales with the breakdown between products and services. In the same time span, revenue from products increased 160% from $196.5 billion to the expected $315.9 billion at the end of fiscal year 2022. This growth is shown in the graph below where we see the annual sales split up in products and services. Author with data from Apple's Annual Reports However, the importance of this graph is not only to highlight the growing chunk of the services revenue, but also to show that as services revenue grows, so does the gross margin. Currently, services account for about 20% of the total revenues, but the impact they have on margins is becoming more and more meaningful. In fact, the cost of services is decreasing as a percentage of total costs, moving from 10.43% in 2017 to 9.24% in 2022. In addition, and even more importantly, the gross margin Apple obtains from the services revenue is moving up from 55% in 2017 to around 72.5% at the end of FY22, as shown below. During the same period of time, the gross margin of the products revenue has seen actually a compression or around 2 pps. Author, with data from Apple's Annual Reports Nonetheless, even if the products gross margin shrunk, the increase in services gross margin, even if it has an impact on only 20% of total revenues, has been so meaningful to drag upwards the total gross margin of Apple that moved up from 38.5% in 2017 to almost 42% at the end of last year, with a forecast for this fiscal year to be still around this level. So, why can Apple afford not to raise prices this year? For sure, part of is a marketing expense that wants to make customers perceive the iPhone as somewhat in reach in an inflationary environment where everything costs more. But, the impact on the revenue will not be as great as we may expect because Apple knows that it is monetizing better all its users. Therefore, Apple knows that even though purchase price of the iPhones remains the same, the company is extracting more money from a device compared to what it was able to do just a year ago. In fact, if we divide last year's services revenue by Apple's users we see that in 2021 every user spent around $68 in annual services (keep in mind that the $2 per day reported above takes into account products and services together). This year Apple should see at least an 11.7% growth to $76 annual services revenue per user. Clearly, the annual services revenue per user is meaningful.

Sep 12

Apple to close UK stores for Queen Elizabeth II's state funeral next Monday

As Queen Elizabeth II's coffin continued its procession from Scotland toward London, Apple (NASDAQ:AAPL) has said all of its stores in the United Kingdom will close next Monday out of respect for the Queen's state funeral that day. King Charles III has declared September 19 to be a bank holiday across the U.K. for Queen Elizabeth's formal state funeral. Businesses in the U.K. are officially allowed to make their own decisions regarding whether to stay open during the Queen's funeral, but Apple (AAPL) has already told all of its employees that its stores across the country will close in honor of Queen Elizabeth, who died on September 8 at the age of 96, and after 70 years on the British throne. Apple (AAPL) has also said that its stores will operate at a reduced capacity on Wednesday, when the Queen's coffin lies in state in London.

Shareholder Returns

AAPLUS TechUS Market
7D-0.2%-0.4%-5.2%
1Y2.4%1.2%-23.0%

Return vs Industry: AAPL exceeded the US Tech industry which returned 1.2% over the past year.

Return vs Market: AAPL exceeded the US Market which returned -23% over the past year.

Price Volatility

Is AAPL's price volatile compared to industry and market?
AAPL volatility
AAPL Average Weekly Movement4.2%
Tech Industry Average Movement7.4%
Market Average Movement6.9%
10% most volatile stocks in US Market15.8%
10% least volatile stocks in US Market2.8%

Stable Share Price: AAPL is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: AAPL's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1977154,000Tim Cookhttps://www.apple.com

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. It also sells various related services. In addition, the company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; AirPods Max, an over-ear wireless headphone; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, HomePod, and iPod touch.

Apple Fundamentals Summary

How do Apple's earnings and revenue compare to its market cap?
AAPL fundamental statistics
Market CapUS$2.42t
Earnings (TTM)US$99.63b
Revenue (TTM)US$387.54b

24.3x

P/E Ratio

6.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AAPL income statement (TTM)
RevenueUS$387.54b
Cost of RevenueUS$219.68b
Gross ProfitUS$167.86b
Other ExpensesUS$68.23b
EarningsUS$99.63b

Last Reported Earnings

Jun 25, 2022

Next Earnings Date

n/a

Earnings per share (EPS)6.20
Gross Margin43.31%
Net Profit Margin25.71%
Debt/Equity Ratio206.0%

How did AAPL perform over the long term?

See historical performance and comparison

Dividends

0.6%

Current Dividend Yield

15%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • 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/Revenue6.1x
Enterprise Value/EBITDA18.2x
PEG Ratio8.3x

Price to Earnings Ratio vs Peers

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

AAPL PE Ratio vs 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 Average38.3x
GOOGL Alphabet
17.9x12.9%US$1.3t
META Meta Platforms
11.2x11.7%US$377.4b
MSFT Microsoft
24.4x11.4%US$1.8t
AMZN Amazon.com
99.9x53.1%US$1.2t
AAPL Apple
24.3x2.9%US$2.4t

Price-To-Earnings vs Peers: AAPL is good value based on its Price-To-Earnings Ratio (24.3x) compared to the peer average (38.3x).


Price to Earnings Ratio vs Industry

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

Price-To-Earnings vs Industry: AAPL is expensive based on its Price-To-Earnings Ratio (24.3x) compared to the Global Tech industry average (13.5x)


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 Ratio24.3x
Fair PE Ratio29.6x

Price-To-Earnings vs Fair Ratio: AAPL is good value based on its Price-To-Earnings Ratio (24.3x) compared to the estimated Fair Price-To-Earnings Ratio (29.6x).


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 ($150.43) is trading below our estimate of fair value ($160.37)

Significantly Below Fair Value: AAPL is trading below fair value, but not by a significant amount.


Analyst Price Targets

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

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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Future Growth

How is Apple forecast to perform in the next 1 to 3 years based on estimates from 41 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


2.9%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: AAPL's forecast earnings growth (2.9% per year) is above the savings rate (1.9%).

Earnings vs Market: AAPL's earnings (2.9% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: AAPL's earnings are forecast to grow, but not significantly.

Revenue vs Market: AAPL's revenue (4.5% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: AAPL's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: AAPL's Return on Equity is forecast to be very high in 3 years time (80.7%).


Discover growth companies

Past Performance

How has Apple performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


15.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AAPL has high quality earnings.

Growing Profit Margin: AAPL's current net profit margins (25.7%) are higher than last year (25%).


Past Earnings Growth Analysis

Earnings Trend: AAPL's earnings have grown by 15.6% per year over the past 5 years.

Accelerating Growth: AAPL's earnings growth over the past year (14.9%) is below its 5-year average (15.6% per year).

Earnings vs Industry: AAPL earnings growth over the past year (14.9%) underperformed the Tech industry 83.9%.


Return on Equity

High ROE: Whilst AAPL's Return on Equity (171.46%) is outstanding, this metric is skewed due to their high level of debt.


Discover strong past performing companies

Financial Health

How is Apple's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AAPL's short term assets ($112.3B) do not cover its short term liabilities ($129.9B).

Long Term Liabilities: AAPL's short term assets ($112.3B) do not cover its long term liabilities ($148.3B).


Debt to Equity History and Analysis

Debt Level: AAPL's net debt to equity ratio (123%) is considered high.

Reducing Debt: AAPL's debt to equity ratio has increased from 81.6% to 206% over the past 5 years.

Debt Coverage: AAPL's debt is well covered by operating cash flow (98.8%).

Interest Coverage: AAPL's interest payments on its debt are well covered by EBIT (2629.5x coverage).


Balance Sheet


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Dividend

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

Dividend Score

0/6

Dividend Score 0/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


0.61%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: AAPL's dividend (0.61%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: AAPL's dividend (0.61%) is low compared to the top 25% of dividend payers in the US market (4.57%).


Stability and Growth of Payments

Stable Dividend: AAPL is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: AAPL is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Earnings Payout to Shareholders

Earnings Coverage: AAPL is not paying a notable dividend for the US market.


Cash Payout to Shareholders

Cash Flow Coverage: AAPL is not paying a notable dividend for the US market.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.2yrs

Average management tenure


CEO

Tim Cook (61 yo)

11.08yrs

Tenure

US$98,734,394

Compensation

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 Augu...


CEO Compensation Analysis

Compensation vs Market: Tim's total compensation ($USD98.73M) is above average for companies of similar size in the US market ($USD13.05M).

Compensation vs Earnings: Tim's compensation has increased by more than 20% in the past year.


Leadership Team

Experienced Management: AAPL's management team is seasoned and experienced (5.2 years average tenure).


Board Members

Experienced Board: AAPL's board of directors are seasoned and experienced ( 11.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

NasdaqGS:AAPL Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
12 Nov 21SellUS$1,350,750Chris KondoIndividual9,005US$150.00

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 39.39% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
7.95%
The Vanguard Group, Inc.
1,277,319,054$192.1b0.58%4.45%
6.4%
BlackRock, Inc.
1,028,688,317$154.7b0.1%3.81%
5.57%
Berkshire Hathaway Inc.
894,802,319$134.6b0.44%no data
3.72%
State Street Global Advisors, Inc.
598,178,524$90.0b-2.55%5.01%
1.99%
FMR LLC
320,323,146$48.2b-2.51%4.52%
1.73%
Geode Capital Management, LLC
278,256,192$41.9b2.27%5.45%
1.48%
T. Rowe Price Group, Inc.
237,910,783$35.8b2.07%4.22%
1.12%
Northern Trust Global Investments
179,828,922$27.1b-3.33%5.5%
0.88%
Norges Bank Investment Management
142,076,403$21.4b0%2.87%
0.86%
BNY Mellon Asset Management
137,819,165$20.7b-1.69%4.64%
0.77%
Legal & General Investment Management Limited
123,534,393$18.6b8.25%5.56%
0.75%
Morgan Stanley, Investment Banking and Brokerage Investments
120,270,119$18.1b-0.69%3.6%
0.75%
UBS Asset Management
120,133,099$18.1b3.88%3.47%
0.59%
J.P. Morgan Asset Management, Inc.
94,446,551$14.2b0.5%2.64%
0.57%
Capital Research and Management Company
91,687,047$13.8b0.11%0.95%
0.54%
Eaton Vance Management
85,989,049$12.9b0.84%4.89%
0.5%
Charles Schwab Investment Management, Inc.
80,902,886$12.2b0.14%3.25%
0.48%
Teachers Insurance and Annuity Association-College Retirement Equities Fund
77,799,986$11.7b-1.14%3.94%
0.44%
Swiss National Bank, Asset Management Arm
70,791,608$10.6b-0.38%7.04%
0.44%
Goldman Sachs Asset Management, L.P.
70,126,600$10.5b6.21%4.54%
0.41%
Bank of America Corporation, Asset Management Arm
66,478,382$10.0b9.99%3.98%
0.41%
Wellington Management Group LLP
66,358,821$10.0b-1.15%1.82%
0.41%
Fisher Asset Management, LLC
65,669,735$9.9b2.69%7.23%
0.32%
Columbia Management Investment Advisers, LLC
51,998,690$7.8b-4.79%2.33%
0.31%
Nikko Asset Management Co., Ltd.
49,435,007$7.4b2.07%3.32%

Company Information

Apple Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: Apple Inc.
  • Ticker: AAPL
  • Exchange: NasdaqGS
  • Founded: 1977
  • Industry: Technology Hardware, Storage and Peripherals
  • Sector: Tech
  • Implied Market Cap: US$2.418t
  • Shares outstanding: 16.07b
  • Website: https://www.apple.com

Number of Employees


Location

  • Apple Inc.
  • One Apple Park Way
  • Cupertino
  • California
  • 95014
  • United States


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AAPLNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDDec 1980
AAPL *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNDec 1980
APCDB (Deutsche Boerse AG)YesCommon StockDEEURDec 1980
0R2VLSE (London Stock Exchange)YesCommon StockGBUSDDec 1980
AAPLSWX (SIX Swiss Exchange)YesCommon StockCHCHFDec 1980
APCXTRA (XETRA Trading Platform)YesCommon StockDEEURDec 1980
AAPLBVC (Bolsa de Valores de Colombia)YesCommon StockCOCOPDec 1980
AAPLSNSE (Santiago Stock Exchange)YesCommon StockCLUSDDec 1980
AP-UETLX (Eurotlx)YesCommon StockITEURDec 1980
AAPLWBAG (Wiener Boerse AG)YesCommon StockATEURDec 1980
AAPLBVL (Bolsa de Valores de Lima)YesCommon StockPEUSDDec 1980
AAPLUKR (PFTS Ukraine Stock Exchange)YesCommon StockUAUAHDec 1980
AAPL_KZKAS (Kazakhstan Stock Exchange)YesCommon StockKZUSDDec 1980
APCBUL (Bulgaria Stock Exchange)YesCommon StockBGEURDec 1980
AAPLCLSNSE (Santiago Stock Exchange)YesCommon StockCLCLPDec 1980
AAPL34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH 10 REP 1 COMBRBRLMay 2011
AAPLBASE (Buenos Aires Stock Exchange)CEDEAR(REPR 1/10 SHR)USDARARSAug 2012
AAPLDBASE (Buenos Aires Stock Exchange)CEDEAR(REPR 1/10 SHR)USDARUSDAug 2012
AAPLNEOE (Aequitas Neo Exchange)APPLE CDR CAD HECACADAug 2021

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Earnings2022/06/25
Annual Earnings2021/09/25


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.