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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Page: Discounted Cash Flow

Apple Inc.

Ticker: AAPL | Industry: Consumer Electronics | Sector: Technology
$248.04 +0.72 (0.29%)
As of: 2026-01-23

Master Data Export


Fair Value Summary

Current Price$248.04
5Y Range0.00 – 0.00
5Y Selected260.40
(-) Safety Margin33.47%
5Y Buy Price$81.53
Upside (to Buy Price)-67.13%
10Y Range0.00 – 0.00
10Y Selected285.85
(-) Safety Margin33.47%
10Y Buy Price$89.50
Upside (to Buy Price)-63.92%

Company Predictability & Safety

MetricValue
Revenue R2 (5Y)0.7111
Revenue R2 (10Y)0.9124
Net Income R2 (5Y)0.3728
Net Income R2 (10Y)0.8618
EBITDA R2 (5Y)0.6965
EBITDA R2 (10Y)0.8658
FCF R2 (5Y)0.0347
FCF R2 (10Y)0.8291
Safety Score0.6653

DA 10-Year Projection

Metric2026202720282029203020312032203320342035
% Growth8.99%8.44%7.88%7.33%6.77%6.22%5.66%5.11%4.55%4.00%
Revenue453,571.67M491,830.83M530,590.53M569,463.26M608,026.90M645,831.23M682,405.67M717,268.21M749,935.37M779,932.79M
---0.00M0.00M0.00M0.00M0.00M0.00M0.00M0.00M0.00M0.00M
EBITDA157,760.08M171,067.28M184,548.57M198,069.18M211,482.28M224,631.28M237,352.51M249,478.30M260,840.51M271,274.13M
D&A-15,926.90M-17,270.34M-18,631.37M-19,996.36M-21,350.50M-22,677.98M-23,962.27M-25,186.44M-26,333.53M-27,386.87M
EBIT141,833.18M153,796.93M165,917.21M178,072.82M190,131.78M201,953.31M213,390.24M224,291.86M234,506.98M243,887.25M
Pro forma Taxes-25,330.17M-27,466.79M-29,631.36M-31,802.25M-33,955.87M-36,067.09M-38,109.63M-40,056.56M-41,880.90M-43,556.13M
NOPAT116,503.02M126,330.14M136,285.84M146,270.57M156,175.91M165,886.21M175,280.61M184,235.29M192,626.08M200,331.12M
Capital Expenditures-15,949.04M-17,294.35M-18,657.27M-20,024.16M-21,380.18M-22,709.50M-23,995.58M-25,221.46M-26,370.14M-27,424.94M
NWC Investment4,932.09M5,043.95M5,109.94M5,124.84M5,084.10M4,983.99M4,821.85M4,596.16M4,306.72M3,954.75M
(+) D&A15,926.90M17,270.34M18,631.37M19,996.36M21,350.50M22,677.98M23,962.27M25,186.44M26,333.53M27,386.87M
Free Cash Flow121,412.97M131,350.09M141,369.89M151,367.62M161,230.32M170,838.68M180,069.14M188,796.44M196,896.20M204,247.81M

Discounting Periods

MetricSep-26Sep-27Sep-28Sep-29Sep-30Sep-31Sep-32Sep-33Sep-34Sep-35
Period Start9/27/259/28/269/28/279/28/289/28/299/28/309/28/319/28/329/28/339/28/34
Period End9/27/269/27/279/27/289/27/299/27/309/27/319/27/329/27/339/27/349/27/35
Time (t)0.171.172.173.174.175.176.177.178.179.17
Valuation Date1/27/26

Base Case Projected Flows

WACC: 6.54% | Terminal Growth: 2.46%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.930.870.820.770.720.680.640.600.56
PV UFCF120,112.87M121,969.64M123,218.29M123,836.35M123,810.87M123,138.87M121,827.44M119,893.75M117,364.56M114,275.71M
Raw: 4,047,349.29M
3,011,141.64M
Raw: 5,127,213.22M
2,779,241.93M

Base Case Valuation

Metric5-Year Horizon10-Year Horizon
Enterprise Value3,624,089.66M3,988,690.28M
(-) Net Debt66,169.00M66,169.00M
Equity Value3,557,920.66M3,922,521.28M
(/) Shares Out15,039,968,500.0015,039,968,500.00
Fair Value$236.56$260.81
(-) Safety Margin33.47%33.47%
Buy Price$157.39$173.51
Upside (to Buy Price)-36.55%-30.05%

Conservative Projected Flows

WACC: 7.54% | Terminal Growth: 1.96%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.920.850.790.740.690.640.590.550.51
PV UFCF119,922.26M120,643.67M120,745.39M120,222.59M119,080.13M117,332.48M115,003.43M112,125.60M108,739.61M104,893.19M
Raw: 2,945,191.03M
2,097,614.98M
Raw: 3,730,990.65M
1,847,709.95M

Conservative Valuation

Metric5-Year Horizon10-Year Horizon
Enterprise Value2,698,229.02M3,006,418.31M
(-) Net Debt66,169.00M66,169.00M
Equity Value2,632,060.02M2,940,249.31M
(/) Shares Out15,039,968,500.0015,039,968,500.00
Fair Value$175.00$195.50
(-) Safety Margin33.47%33.47%
Buy Price$116.43$130.06
Upside (to Buy Price)-53.06%-47.56%

Aggressive Projected Flows

WACC: 5.54% | Terminal Growth: 2.96%
Metric2026202720282029203020312032203320342035TV (5y)TV (10y)
Discount Factor0.990.940.890.840.800.760.720.680.640.61
PV UFCF120,305.59M123,322.89M125,765.88M127,594.36M128,776.85M129,291.47M129,126.55M128,281.10M126,764.83M124,598.11M
Raw: 6,430,368.01M
4,999,461.36M
Raw: 8,146,039.68M
4,837,231.27M

Aggressive Valuation

Metric5-Year Horizon10-Year Horizon
Enterprise Value5,625,226.95M6,101,058.91M
(-) Net Debt66,169.00M66,169.00M
Equity Value5,559,057.95M6,034,889.91M
(/) Shares Out15,039,968,500.0015,039,968,500.00
Fair Value$369.62$401.26
(-) Safety Margin33.47%33.47%
Buy Price$245.91$266.96
Upside (to Buy Price)-0.86%7.63%

Rolling Historical DCF (Backtest)

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