Apple Inc. (AAPL): net debt to ebitda, 10 filed years
Net debt/EBITDA at Apple Inc. was 0.53x in FY2025, the newest filed year. Across the 7 computed years from FY2019 it ranged from 0.53x (FY2025) to 1.09x (FY2020), with a median of 0.77x.
Tonight's figure on the company page: 0.53x, 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
| Fiscal year | Net debt/EBITDA | 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 | 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 | 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 | 10-K, filed 2018-11-05 |
| FY2019 | 0.77x | 10-K, filed 2019-10-31 |
| FY2020 | 1.09x | 10-K, filed 2020-10-30 |
| FY2021 | 0.84x | 10-K, filed 2021-10-29 |
| FY2022 | 0.83x | 10-K, filed 2022-10-28 |
| FY2023 | 0.75x | 10-K, filed 2023-11-03 |
| FY2024 | 0.66x | 10-K, filed 2024-11-01 |
| FY2025 | 0.53x | 10-K, filed 2025-10-31 |
How each year is computed
(Total debt - cash) / EBITDA
Each year is a ratio of lines in that year's filed annual report, with the nightly recompute's own rules for what counts as a filed line. Nothing is estimated, smoothed or filled in: a year that cannot be computed says why.
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.