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Definitive Analysis

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AAPL

Industry Analysis
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Historical Financials (Annual)

Metric 10Y Avg % TTM % 2024 % 2023 % 2022 % 2021 % 2020 % 2019 % 2018 % 2017 % 2016 % 2015 % 2014 % 2013 % 2012 % 2011 % 2010 %
Revenue 577.87M 100% 968.04M 100% 719.26M 100% 706.39M 100% 655.60M 100% 625.46M 100% 530.84M 100% 482.09M 100% 481.52M 100% 531.28M 100% 512.69M 100% 533.54M 100% 487.84M 100% 532.70M 100% 550.94M 100% 370.85M 100% 563.10M 100%
Revenue Per Share 1.52 - 2.49 - 1.89 - 1.86 - 1.85 - 1.67 - 1.37 - 1.22 - 1.10 - 1.29 - 1.36 - 1.62 - 1.61 - 1.85 - 1.73 - 1.12 - 1.78 -
Growth Horizon 5 Year 10 Year — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
LSR (True) 9.58% 2.80% - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CAGR (True) 9.07% 1.59% - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
R² (Rev Linear) 0.92 0.70 - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
(-) Cost of Revenue 452.38M 78.28% 723.46M 74.73% 582.90M 81.04% 534.45M 75.66% 512.36M 78.15% 469.52M 75.07% 394.17M 74.25% 390.61M 81.02% 420.43M 87.31% 411.55M 77.46% 409.94M 79.96% 397.88M 74.57% 390.76M 80.10% 370.45M 69.54% 377.95M 68.60% 303.61M 81.87% 482.82M 85.74%
Gross Profit 125.48M 21.72% 244.58M 25.27% 136.36M 18.96% 171.94M 24.34% 143.23M 21.85% 155.93M 24.93% 136.67M 25.75% 91.48M 18.98% 61.10M 12.69% 119.73M 22.54% 102.75M 20.04% 135.66M 25.43% 97.08M 19.90% 162.25M 30.46% 172.99M 31.40% 67.24M 18.13% 80.28M 14.26%
(-) R&D Expenses 17.12M 2.96% 25.05M 2.59% 23.07M 3.21% 23.02M 3.26% 21.31M 3.25% 20.39M 3.26% 18.78M 3.54% 15.92M 3.30% 14.49M 3.01% 13.09M 2.46% 10.75M 2.10% 10.40M 1.95% 7.65M 1.57% 8.48M 1.59% 5.32M 0.97% 3.44M 0.93% 2.44M 0.43%
(-) SG&A Expenses 59.37M 10.27% 76.31M 7.88% 61.81M 8.59% 71.16M 10.07% 65.38M 9.97% 61.18M 9.78% 57.39M 10.81% 58.85M 12.21% 55.17M 11.46% 56.14M 10.57% 55.90M 10.90% 50.69M 9.50% 52.19M 10.70% 46.13M 8.66% 40.36M 7.33% 26.52M 7.15% 26.35M 4.68%
(-) Total Operating Expenses 76.49M 13.24% 101.36M 10.47% 84.88M 11.80% 94.18M 13.33% 86.69M 13.22% 81.57M 13.04% 76.17M 14.35% 74.77M 15.51% 69.65M 14.47% 69.23M 13.03% 66.65M 13.00% 61.09M 11.45% 59.84M 12.27% 54.61M 10.25% 45.68M 8.29% 29.96M 8.08% 28.79M 5.11%
Operating Income 49.00M 8.48% 143.23M 14.80% 51.48M 7.16% 77.76M 11.01% 56.54M 8.62% 74.37M 11.89% 60.50M 11.40% 16.71M 3.47% -8.56M -1.78% 50.50M 9.50% 36.09M 7.04% 74.56M 13.98% 37.24M 7.63% 107.63M 20.21% 127.31M 23.11% 37.28M 10.05% 51.49M 9.14%
(+) Depreciation & Amortization 14.90M 2.58% 5.52M 0.57% 22.09M 3.07% 20.05M 2.84% 18.96M 2.89% 15.32M 2.45% 14.28M 2.69% 14.24M 2.95% 11.45M 2.38% 10.93M 2.06% 11.35M 2.21% 10.35M 1.94% 9.34M 1.92% 8.08M 1.52% 8.35M 1.52% 8.57M 2.31% 8.46M 1.50%
EBITDA 63.90M 11.06% 148.75M 15.37% 73.57M 10.23% 97.81M 13.85% 75.50M 11.52% 89.69M 14.34% 74.78M 14.09% 30.95M 6.42% 2.89M 0.60% 61.43M 11.56% 47.44M 9.25% 84.92M 15.92% 46.58M 9.55% 115.72M 21.72% 135.66M 24.62% 45.86M 12.37% 59.95M 10.65%
(-) Tax Adjustment 10.29M 1.78% 30.08M 3.11% 10.81M 1.50% 16.33M 2.31% 11.87M 1.81% 15.62M 2.50% 12.70M 2.39% 3.51M 0.73% -1.80M -0.37% 10.60M 2.00% 7.58M 1.48% 15.66M 2.93% 7.82M 1.60% 22.60M 4.24% 26.73M 4.85% 7.83M 2.11% 10.81M 1.92%
(-) Change In Working Capital -5.13M -0.89% -15.70M -1.62% 3.09M 0.43% 1.39M 0.20% -9.44M -1.44% -18.62M -2.98% -4.77M -0.90% -2.48M -0.51% -7.14M -1.48% -10.80M -2.03% -1.01M -0.20% -1.48M -0.28% -4.42M -0.91% -2.70M -0.51% -5.29M -0.96% -9.62M -2.59% -5.70M -1.01%
(-) Capital Expenditure -20.79M -3.60% -33.14M -3.42% -27.54M -3.83% -27.00M -3.82% -27.03M -4.12% -24.52M -3.92% -20.51M -3.86% -21.81M -4.52% -19.49M -4.05% -15.89M -2.99% -11.23M -2.19% -12.90M -2.42% -13.42M -2.75% -13.01M -2.44% -13.55M -2.46% -16.41M -4.43% -13.19M -2.34%
Unlevered Free Cash Flow 37.94M 6.57% 101.23M 10.46% 32.13M 4.47% 53.09M 7.51% 46.04M 7.02% 68.17M 10.90% 46.34M 8.73% 8.10M 1.68% -7.66M -1.59% 45.73M 8.61% 29.64M 5.78% 57.84M 10.84% 29.76M 6.10% 82.80M 15.54% 100.66M 18.27% 31.23M 8.42% 41.65M 7.40%
Diluted Shares Outstanding 382,808,791 - 388,423,590 - 380,816,016 - 378,796,263 - 353,519,112 - 373,860,020 - 387,821,737 - 394,069,017 - 439,508,982 - 412,252,253 - 378,301,394 - 329,143,112 - 302,435,516 - 288,401,015 - 318,071,713 - 331,898,131 - 317,220,535 -

Net Working Capital Schedule (LTM)

Metric 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30
Total Current Assets 708.62M 593.16M 630.34M 541.95M 632.62M 569.68M
(-) Cash and Short Term Invest. (250.84M) (210.86M) (232.75M) (202.15M) (220.89M) (231.21M)
(-) Total Current Liab. (500.48M) (395.32M) (400.12M) (350.52M) (393.12M) (343.68M)
(+) Current Portion of Debt 172.60M 76.42M 81.73M 59.75M 66.42M 71.52M
Net Working Capital 129.90M 63.40M 79.20M 49.03M 85.03M 66.31M
% of LTM Revenue 13.42% 7.26% 8.68% 5.58% 9.76% 7.56%

Projected Revenue & Drivers

Metric 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Revenue 781.28M 844.63M 908.79M 973.15M 1,037.06M 1,099.85M 1,160.80M 1,219.15M 1,274.18M 1,325.15M
% Growth 8.62% 8.11% 7.60% 7.08% 6.57% 6.05% 5.54% 5.03% 4.51% 4.00%

Projected Cash Flow & Valuation

Metric 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
EBITDA 120.05M 129.79M 139.65M 149.53M 159.36M 169.00M 178.37M 187.34M 195.79M 203.62M
D&A -20.15M -21.78M -23.44M -25.10M -26.74M -28.36M -29.94M -31.44M -32.86M -34.17M
EBIT 99.90M 108.00M 116.21M 124.44M 132.61M 140.64M 148.43M 155.90M 162.93M 169.45M
Pro forma Taxes -20.73M -22.41M -24.11M -25.82M -27.52M -29.18M -30.80M -32.35M -33.81M -35.16M
NOPAT 79.17M 85.59M 92.10M 98.62M 105.10M 111.46M 117.63M 123.55M 129.13M 134.29M
Capital Expenditures -28.11M -30.39M -32.70M -35.01M -37.31M -39.57M -41.77M -43.87M -45.85M -47.68M
NWC Investment -5.42M -5.53M -5.60M -5.62M -5.58M -5.49M -5.32M -5.10M -4.81M -4.45M
(+) D&A 20.15M 21.78M 23.44M 25.10M 26.74M 28.36M 29.94M 31.44M 32.86M 34.17M
Free Cash Flow 65.79M 71.45M 77.23M 83.08M 88.94M 94.76M 100.48M 106.02M 111.33M 116.33M
FCF % Growth 0.00% 8.60% 8.09% 7.57% 7.06% 6.55% 6.03% 5.52% 5.00% 4.49%