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Apple Inc. (AAPL)

NASDAQ / Technology / Consumer Electronics

Share price

342.00 USD Market dataClose of Oct 15, 2026

Market capitalisation

4.99T USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Oct 31, 2025
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

74.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

45.66x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

1.9% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 215.64B USDFY2016 Net income: 45.69B USDFY2017 Revenue: 229.23B USDFY2017 Net income: 48.35B USDFY2018 Revenue: 265.60B USDFY2018 Net income: 59.53B USDFY2019 Revenue: 260.17B USDFY2019 Net income: 55.26B USDFY2020 Revenue: 274.51B USDFY2020 Net income: 57.41B USDFY2021 Revenue: 365.82B USDFY2021 Net income: 94.68B USDFY2022 Revenue: 394.33B USDFY2022 Net income: 99.80B USDFY2023 Revenue: 383.29B USDFY2023 Net income: 97.00B USDFY2024 Revenue: 391.04B USDFY2024 Net income: 93.74B USDFY2025 Revenue: 416.16B USDFY2025 Net income: 112.01B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
5 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 45.66x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Technology sector (365 companies), 45.66x sits at the 67th percentile; the middle half of that group runs from 15.65x to 58.59x.

Is it good

Return on invested capital was 74.8% in FY2025, in the band labelled "Exceptional" (20.0% and above), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on the capital in the business well above the usual cost of that capital.

Today, against the Technology sector (220 companies), 74.8% sits at the 98th percentile; the middle half of that group runs from 1.2% to 17.5%.

Is it safe

Net debt to EBITDA was 0.53x in FY2025, in the band labelled "Low leverage" (below 1.00x), on lines set by credit-analyst convention, suggesting debt that a year or so of operating earnings would repay.

No peer distribution is published for net debt to EBITDA today; the year-by-year comparison uses the filed annual figures.

Year by year against peers
Whether Apple Inc.'s return on invested capital stayed above the median of the Technology sector, year by year. (FY2019 to FY2025, 7 fiscal years of Apple Inc. with a comparable figure)
The direction
Which way Apple Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Apple Inc.)
What could explain it
What in Apple Inc.'s filed statements could explain the movements. (13 readings drawn from the statement lines Apple Inc. filed)
What to check next
What to check next on Apple Inc., and where in its filings. (6 questions for Apple Inc.)
In one paragraph
One paragraph on Apple Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for Apple Inc.)

These are AAPL’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AAPLPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Oct 31, 2025, accession 0000320193-25-000079.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Apple Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax74.8% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Return on equity151.9% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Return on capital employed, pre-tax68.7% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Return on assets31.2% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Gross margin46.9% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Operating margin32.0% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Net margin26.9% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
AAPL 26.9%
ASML 29.4%AVGO 36.2%CSCO 20.9%MSFT 40.3%ORCL 25.4%
20.9%40.3%
Net margin: AAPL against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Apple Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity1.52 ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Current ratio0.89 ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Quick ratio0.86 ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Interest coverage
Why n/a

No interest expense is filed for this year, so coverage is not computed.

n/a ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Altman Z-score13.05 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Net debt57.68B ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Total assets 359.24BTotal liabilities 285.51BShareholders' equity 73.73BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Apple Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Oct 31, 2025, 0000320193-25-000079).

Apple Inc: balance sheet position
Total assets359.24B FiledFY2025 10-K, filed Oct 31, 2025
Total liabilities285.51B FiledFY2025 10-K, filed Oct 31, 2025
Shareholders' equity73.73B FiledFY2025 10-K, filed Oct 31, 2025
Cash54.70B FiledFY2025 10-K, filed Oct 31, 2025
Total debt112.38B FiledFY2025 10-K, filed Oct 31, 2025
Net debt57.68B
Current ratio0.89
Debt to equity1.52
  • Interest cover: FY2025: No interest expense is filed for this year, so coverage is not computed.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Apple Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings45.66x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
P/E on trailing twelve months39.27x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book69.60x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Price to sales12.33x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Enterprise value to EBIT39.14x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Enterprise value to EBITDA35.98x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Price to earnings over growth2.57 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Diluted earnings per share7.46 USD FiledFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Graham number28.78 USD ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079

We publish no fair value or price target of our own. Value AAPL on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Apple Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Apple Inc: valuation
Share price342.00 USD
Market capitalisation4.99T USD
Enterprise value to EBITDA35.98x
Graham number28.78 USD
Diluted earnings per share, FY20257.46 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 2, 2017: low 11.93x, median 28.57x, high 43.65x, latest 39.27x. 2,314 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Apple Inc

  1. ASML Holding N.V. (ASML)Market cap 638.80B USD
  2. Broadcom Inc. (AVGO)Market cap 1.64T USD
  3. Cisco Systems, Inc. (CSCO)Market cap 433.10B USD
  4. Microsoft Corporation (MSFT)Market cap 4.01T USD
  5. Oracle Corporation (ORCL)Market cap 406.50B USD

Same sector (Technology) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Apple Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield1.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Free cash flow98.77B USD ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Free cash flow margin23.7% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Dividend yield0.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Payout ratio13.8% ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
FY2016 Free cash flow: 53.50B USDFY2016 Net income: 45.69B USDFY2017 Free cash flow: 51.77B USDFY2017 Net income: 48.35B USDFY2018 Free cash flow: 64.12B USDFY2018 Net income: 59.53B USDFY2019 Free cash flow: 58.90B USDFY2019 Net income: 55.26B USDFY2020 Free cash flow: 73.36B USDFY2020 Net income: 57.41B USDFY2021 Free cash flow: 92.95B USDFY2021 Net income: 94.68B USDFY2022 Free cash flow: 111.44B USDFY2022 Net income: 99.80B USDFY2023 Free cash flow: 99.58B USDFY2023 Net income: 97.00B USDFY2024 Free cash flow: 108.81B USDFY2024 Net income: 93.74B USDFY2025 Free cash flow: 98.77B USDFY2025 Net income: 112.01B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Apple Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
45.66xFY2025Oct 15, 2026
69.60xFY2025Oct 15, 2026
39.14xFY2025Oct 15, 2026
1.9%FY2025Oct 15, 2026
74.8%FY2025Oct 31, 2025
0.3%FY2025Oct 15, 2026
1.52FY2025Oct 31, 2025
0.89FY2025Oct 31, 2025
12.33xFY2025Oct 15, 2026
2.57FY2025Oct 15, 2026
13.05FY2025Oct 15, 2026
-2.46FY2025Oct 31, 2025
8/9FY2025Oct 31, 2025

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Apple Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Apple Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY2025416.16B133.05B112.01B7.4698.77B32.0%151.9%10-K, Oct 31, 20250000320193-25-000079
FY2024391.04B123.22B93.74B6.08108.81B31.5%164.6%10-K, Nov 1, 20240000320193-24-000123
FY2023383.29B114.30B97.00B6.1399.58B29.8%156.1%10-K, Nov 3, 20230000320193-23-000106
FY2022394.33B119.44B99.80B6.11111.44B30.3%197.0%10-K, Oct 28, 20220000320193-22-000108
FY2021365.82B108.95B94.68B5.6192.95B29.8%150.1%10-K, Oct 29, 20210000320193-21-000105
FY2020274.51B66.29B57.41B3.2873.36B24.1%87.9%10-K, Oct 30, 20200000320193-20-000096
FY2019260.17B63.93B55.26B2.9758.90B24.6%61.1%10-K, Oct 31, 20190000320193-19-000119
FY2018265.60B70.90B59.53B2.9864.12B26.7%55.6%10-K, Nov 5, 20180000320193-18-000145
FY2017229.23B61.34B48.35B2.3051.77B26.8%36.1%10-K, Nov 3, 20170000320193-17-000070
FY2016215.64B60.02B45.69B2.0853.50B27.8%35.6%10-K, Oct 26, 20160001628280-16-020309
  • Revenue, compound annual growth FY2016 to FY2025: 7.6%
  • Earnings, compound annual growth FY2016 to FY2025: 10.5%
  • Earnings per share, compound annual growth FY2016 to FY2025: 15.3%
  • Free cash flow, compound annual growth FY2016 to FY2025: 7.1%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Apple Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.46 ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Piotroski F-score8/9 ComputedFY2025 10-K, filed Oct 31, 2025, 0000320193-25-000079
Named tests met5 of 30 Computed
Beta1.05 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 5 met, 25 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; Gross margin, turnover (Robert Novy-Marx); ROIC at or above WACC; High return on tangibles; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • Interest Coverage: No interest expense is filed for this year, so coverage is not computed.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: Interest Coverage.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

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

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.