Apple Inc. (AAPL): ev to ebit, 10 filed years

EV/EBIT at Apple Inc. was 29.38x in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 16.84x (FY2019) to 30.96x (FY2020), with a median of 24.51x.

Tonight's figure on the company page: 39.14x, at the close of 2026-10-15, recomputed 2026-10-15. The table is each filed year on its own terms, with the formula below; the current figure may use trailing twelve months or, where the explainer says so, a different denominator.

Year by year

Apple Inc.: EV/EBIT for each filed fiscal year, with the filing behind each.
Fiscal year	EV/EBIT	Close used	Read from
FY2016 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	28.18 on 2016-09-23	10-K, filed 2016-10-26
FY2017 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	38.53 on 2017-09-29	10-K, filed 2017-11-03
FY2018 The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.	n/a	56.44 on 2018-09-28	10-K, filed 2018-11-05
FY2019	16.84x	54.71 on 2019-09-27	10-K, filed 2019-10-31
FY2020	30.96x	112.28 on 2020-09-25	10-K, filed 2020-10-30
FY2021	23.68x	146.92 on 2021-09-24	10-K, filed 2021-10-29
FY2022	21.47x	150.43 on 2022-09-23	10-K, filed 2022-10-28
FY2023	24.51x	171.21 on 2023-09-29	10-K, filed 2023-11-03
FY2024	29.21x	227.79 on 2024-09-27	10-K, filed 2024-11-01
FY2025	29.38x	255.46 on 2025-09-26	10-K, filed 2025-10-31

How each year is computed

(Close at fiscal year end x diluted shares + total debt - cash) / operating income

P/E, free cash flow yield and EV to EBIT set each filed year against the close on or within a week before that fiscal year's end. The price archive here is about five years deep, so older years of those three read n/a. Per-share figures and share counts are put on today's share count after a confirmed split, the basis the price archive is kept on.

Read further

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

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