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Definitive Analysis

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AAPL

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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 30,755.42M 100% 41,357.24M 100% 41,030.21M 100% 36,282.21M 100% 37,120.82M 100% 33,376.12M 100% 29,206.94M 100% 28,680.35M 100% 27,517.58M 100% 25,757.51M 100% 24,127.37M 100% 24,455.05M 100% 22,825.56M 100% 22,988.90M 100% 20,597.01M 100% 17,694.69M 100% 16,150.90M 100%
Revenue Per Share 26.08 - 31.24 - 29.88 - 28.45 - 30.70 - 28.83 - 22.94 - 23.38 - 24.05 - 23.67 - 24.64 - 24.21 - 27.72 - 25.06 - 24.64 - 19.80 - 18.50 -
Growth Horizon 5 Year 10 Year — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
LSR (True) 5.69% 1.86% - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
CAGR (True) 5.03% 0.75% - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
R² (Rev Linear) 0.91 0.94 - - — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
(-) Cost of Revenue 21,301.52M 69.26% 25,389.11M 61.39% 27,622.77M 67.32% 25,467.25M 70.19% 25,294.17M 68.14% 22,060.00M 66.10% 20,743.17M 71.02% 20,066.03M 69.96% 19,664.69M 71.46% 18,476.17M 71.73% 16,709.38M 69.25% 16,911.56M 69.15% 15,552.45M 68.14% 14,026.60M 61.01% 12,828.46M 62.28% 10,888.56M 61.54% 9,786.56M 60.59%
Gross Profit 9,453.90M 30.74% 15,968.14M 38.61% 13,407.43M 32.68% 10,814.96M 29.81% 11,826.65M 31.86% 11,316.12M 33.90% 8,463.77M 28.98% 8,614.33M 30.04% 7,852.89M 28.54% 7,281.34M 28.27% 7,417.99M 30.75% 7,543.49M 30.85% 7,273.11M 31.86% 8,962.30M 38.99% 7,768.55M 37.72% 6,806.13M 38.46% 6,364.34M 39.41%
(-) R&D Expenses 1,452.43M 4.72% 2,175.46M 5.26% 2,128.82M 5.19% 2,013.66M 5.55% 1,899.08M 5.12% 1,543.91M 4.63% 1,379.70M 4.72% 1,347.83M 4.70% 1,137.57M 4.13% 1,073.11M 4.17% 1,051.73M 4.36% 948.83M 3.88% 863.94M 3.78% 792.17M 3.45% 792.81M 3.85% 584.55M 3.30% 642.37M 3.98%
(-) SG&A Expenses 3,389.85M 11.02% 4,825.60M 11.67% 4,493.52M 10.95% 4,010.48M 11.05% 3,863.14M 10.41% 3,275.70M 9.81% 3,155.05M 10.80% 3,368.63M 11.75% 3,067.63M 11.15% 2,981.78M 11.58% 3,006.59M 12.46% 2,676.00M 10.94% 2,632.56M 11.53% 2,642.49M 11.49% 2,214.06M 10.75% 1,886.57M 10.66% 1,822.46M 11.28%
(-) Total Operating Expenses 4,842.28M 15.74% 7,001.07M 16.93% 6,622.34M 16.14% 6,024.15M 16.60% 5,762.23M 15.52% 4,819.61M 14.44% 4,534.75M 15.53% 4,716.47M 16.44% 4,205.20M 15.28% 4,054.89M 15.74% 4,058.32M 16.82% 3,624.83M 14.82% 3,496.50M 15.32% 3,434.66M 14.94% 3,006.87M 14.60% 2,471.12M 13.97% 2,464.83M 15.26%
Operating Income 4,611.62M 14.99% 8,967.07M 21.68% 6,785.09M 16.54% 4,790.81M 13.20% 6,064.43M 16.34% 6,496.50M 19.46% 3,929.02M 13.45% 3,897.86M 13.59% 3,647.69M 13.26% 3,226.45M 12.53% 3,359.67M 13.92% 3,918.65M 16.02% 3,776.60M 16.55% 5,527.64M 24.04% 4,761.67M 23.12% 4,335.01M 24.50% 3,899.51M 24.14%
(+) Depreciation & Amortization 1,722.94M 5.60% 1,733.26M 4.19% 2,276.50M 5.55% 1,973.17M 5.44% 1,933.68M 5.21% 1,983.36M 5.94% 1,769.85M 6.06% 1,884.81M 6.57% 1,404.18M 5.10% 1,456.57M 5.65% 1,334.54M 5.53% 1,212.73M 4.96% 1,064.75M 4.66% 963.82M 4.19% 960.40M 4.66% 810.54M 4.58% 846.25M 5.24%
EBITDA 6,334.56M 20.60% 10,700.33M 25.87% 9,061.59M 22.09% 6,763.98M 18.64% 7,998.10M 21.55% 8,479.87M 25.41% 5,698.87M 19.51% 5,782.67M 20.16% 5,051.86M 18.36% 4,683.01M 18.18% 4,694.21M 19.46% 5,131.39M 20.98% 4,841.35M 21.21% 6,491.46M 28.24% 5,722.07M 27.78% 5,145.55M 29.08% 4,745.76M 29.38%
(-) Tax Adjustment 968.44M 3.15% 1,883.08M 4.55% 1,424.87M 3.47% 1,006.07M 2.77% 1,273.53M 3.43% 1,364.27M 4.09% 825.09M 2.82% 818.55M 2.85% 766.01M 2.78% 677.55M 2.63% 705.53M 2.92% 822.92M 3.37% 793.09M 3.47% 1,160.80M 5.05% 999.95M 4.85% 910.35M 5.14% 818.90M 5.07%
(-) Change In Working Capital -327.84M -1.07% -456.40M -1.10% -471.47M -1.15% -306.32M -0.84% -758.77M -2.04% -739.89M -2.22% -73.80M -0.25% -196.03M -0.68% -203.28M -0.74% -257.13M -1.00% -74.19M -0.31% -197.55M -0.81% -129.76M -0.57% -104.83M -0.46% -103.09M -0.50% -187.47M -1.06% -65.35M -0.40%
(-) Capital Expenditure -1,539.42M -5.01% -1,623.78M -3.93% -1,841.66M -4.49% -1,657.37M -4.57% -1,954.75M -5.27% -1,463.91M -4.39% -1,680.49M -5.75% -1,783.83M -6.22% -1,480.51M -5.38% -1,355.52M -5.26% -1,130.88M -4.69% -1,045.28M -4.27% -1,064.23M -4.66% -855.51M -3.72% -933.42M -4.53% -796.99M -4.50% -767.15M -4.75%
Unlevered Free Cash Flow 4,154.54M 13.51% 7,649.86M 18.50% 6,266.53M 15.27% 4,406.86M 12.15% 5,528.59M 14.89% 6,391.58M 19.15% 3,267.08M 11.19% 3,376.33M 11.77% 3,008.61M 10.93% 2,907.06M 11.29% 2,931.99M 12.15% 3,460.74M 14.15% 3,113.80M 13.64% 4,579.98M 19.92% 3,891.80M 18.89% 3,625.68M 20.49% 3,225.07M 19.97%
Diluted Shares Outstanding 1,173,669,725 - 1,323,940,507 - 1,373,009,578 - 1,275,181,663 - 1,209,296,046 - 1,157,653,124 - 1,273,289,052 - 1,226,661,234 - 1,144,136,873 - 1,088,081,725 - 979,249,123 - 1,010,138,830 - 823,462,667 - 917,460,702 - 835,925,543 - 893,567,933 - 873,223,796 -

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 18,515.54M 21,099.54M 23,879.00M 23,263.24M 22,956.15M 22,954.68M
(-) Cash and Short Term Invest. (6,288.72M) (7,201.11M) (9,500.26M) (8,825.69M) (8,434.92M) (8,743.93M)
(-) Total Current Liab. (14,196.79M) (15,810.21M) (16,246.87M) (16,393.05M) (15,797.73M) (15,451.41M)
(+) Current Portion of Debt 1,585.82M 2,054.65M 2,058.77M 2,138.82M 1,807.11M 1,428.92M
Net Working Capital -384.15M 142.88M 190.63M 183.32M 530.60M 188.26M
% of LTM Revenue -0.93% 0.34% 0.46% 0.45% 1.33% 0.49%

Projected Revenue & Drivers

Metric 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Revenue 43,130.29M 45,284.26M 47,489.53M 49,743.19M 52,041.98M 54,382.34M 56,760.37M 59,171.84M 61,612.25M 64,076.74M
% Growth 5.12% 4.99% 4.87% 4.75% 4.62% 4.50% 4.37% 4.25% 4.12% 4.00%

Projected Cash Flow & Valuation

Metric 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
EBITDA 11,159.07M 11,716.36M 12,286.93M 12,870.02M 13,464.78M 14,070.30M 14,685.57M 15,309.49M 15,940.89M 16,578.53M
D&A -2,416.19M -2,536.85M -2,660.39M -2,786.65M -2,915.43M -3,046.53M -3,179.75M -3,314.85M -3,451.56M -3,589.62M
EBIT 8,742.88M 9,179.51M 9,626.54M 10,083.37M 10,549.36M 11,023.77M 11,505.81M 11,994.64M 12,489.33M 12,988.90M
Pro forma Taxes -1,650.22M -1,732.64M -1,817.01M -1,903.24M -1,991.19M -2,080.74M -2,171.73M -2,263.99M -2,357.37M -2,451.66M
NOPAT 7,092.66M 7,446.87M 7,809.52M 8,180.13M 8,558.16M 8,943.03M 9,334.09M 9,730.65M 10,131.97M 10,537.24M
Capital Expenditures -2,158.83M -2,266.64M -2,377.02M -2,489.83M -2,604.89M -2,722.03M -2,841.06M -2,961.77M -3,083.92M -3,207.27M
NWC Investment -1.66M -1.70M -1.74M -1.78M -1.82M -1.85M -1.88M -1.90M -1.93M -1.95M
(+) D&A 2,416.19M 2,536.85M 2,660.39M 2,786.65M 2,915.43M 3,046.53M 3,179.75M 3,314.85M 3,451.56M 3,589.62M
Free Cash Flow 7,348.36M 7,715.38M 8,091.15M 8,475.17M 8,866.88M 9,265.68M 9,670.90M 10,081.82M 10,497.68M 10,917.65M
FCF % Growth 0.00% 4.99% 4.87% 4.75% 4.62% 4.50% 4.37% 4.25% 4.12% 4.00%