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Apple Inc. (AAPL) 10-Year Financial Performance & Capital Metrics

AAPL • • Industrial / General
TechnologyConsumer ElectronicsSmartphones & Mobile DevicesPremium Smartphone Ecosystem
AboutApple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod. It also provides AppleCare support and cloud services; and operates various platforms, including the App Store that allow customers to discover and download applications and digital content, such as books, music, video, games, and podcasts, as well as advertising services include third-party licensing arrangements and its own advertising platforms. In addition, the company offers various subscription-based services, such as Apple Arcade, a game subscription service; Apple Fitness+, a personalized fitness service; Apple Music, which offers users a curated listening experience with on-demand radio stations; Apple News+, a subscription news and magazine service; Apple TV+, which offers exclusive original content; Apple Card, a co-branded credit card; and Apple Pay, a cashless payment service, as well as licenses its intellectual property. The company serves consumers, and small and mid-sized businesses; and the education, enterprise, and government markets. It distributes third-party applications for its products through the App Store. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1976 and is headquartered in Cupertino, California.Show more
  • Revenue $416.16B +6.4%
  • EBITDA $144.75B +7.5%
  • Net Income $112.01B +19.5%
  • EPS (Diluted) 7.46 +22.7%
  • Gross Margin 46.91% +1.5%
  • EBITDA Margin 34.78% +1.0%
  • Operating Margin 31.97% +1.5%
  • Net Margin 26.92% +12.3%
  • ROE 171.42% +8.9%
  • ROIC 70.64% +15.5%
  • Debt/Equity 1.34 -36.0%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 166.9%
  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 23.7% free cash flow margin
  • ✓14 consecutive years of dividend growth
  • ✓Share count reduced 2.6% through buybacks
  • ✓Healthy 5Y average net margin of 25.5%

✗Weaknesses

  • ✗Expensive at 53.1x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.94%
5Y8.68%
3Y1.81%
TTM6.43%

Profit (Net Income) CAGR

10Y7.69%
5Y14.3%
3Y3.92%
TTM19.5%

EPS CAGR

10Y12.49%
5Y17.86%
3Y6.88%
TTM22.7%

ROCE

10Y Avg42.67%
5Y Avg58.71%
3Y Avg62.72%
Latest69.62%

Peer Comparison

Premium Smartphone Ecosystem
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
AAPLApple Inc.3.84T261.0534.996.43%26.92%151.91%2.57%1.34
SONYSony Group Corporation145.45B24.410.13-0.49%9.17%14.64%100%0.49

Profit & Loss

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Sales/Revenue+215.64B229.23B265.6B260.17B274.51B365.82B394.33B383.29B391.04B416.16B
Revenue Growth %-0.08%0.06%0.16%-0.02%0.06%0.33%0.08%-0.03%0.02%0.06%
Cost of Goods Sold+131.38B141.05B163.76B161.78B169.56B212.98B223.55B214.14B210.35B220.96B
COGS % of Revenue0.61%0.62%0.62%0.62%0.62%0.58%0.57%0.56%0.54%0.53%
Gross Profit+84.26B88.19B101.84B98.39B104.96B152.84B170.78B169.15B180.68B195.2B
Gross Margin %0.39%0.38%0.38%0.38%0.38%0.42%0.43%0.44%0.46%0.47%
Gross Profit Growth %-0.1%0.05%0.15%-0.03%0.07%0.46%0.12%-0.01%0.07%0.08%
Operating Expenses+24.24B26.84B30.94B34.46B38.67B43.89B51.34B54.85B57.47B62.15B
OpEx % of Revenue0.11%0.12%0.12%0.13%0.14%0.12%0.13%0.14%0.15%0.15%
Selling, General & Admin14.19B15.26B16.7B18.25B19.92B21.97B25.09B24.93B26.1B27.6B
SG&A % of Revenue0.07%0.07%0.06%0.07%0.07%0.06%0.06%0.07%0.07%0.07%
Research & Development10.04B11.58B14.24B16.22B18.75B21.91B26.25B29.91B31.37B34.55B
R&D % of Revenue0.05%0.05%0.05%0.06%0.07%0.06%0.07%0.08%0.08%0.08%
Other Operating Expenses0000000000
Operating Income+60.02B61.34B70.9B63.93B66.29B108.95B119.44B114.3B123.22B133.05B
Operating Margin %0.28%0.27%0.27%0.25%0.24%0.3%0.3%0.3%0.32%0.32%
Operating Income Growth %-0.16%0.02%0.16%-0.1%0.04%0.64%0.1%-0.04%0.08%0.08%
EBITDA+70.53B71.5B81.8B76.48B77.34B120.23B130.54B125.82B134.66B144.75B
EBITDA Margin %0.33%0.31%0.31%0.29%0.28%0.33%0.33%0.33%0.34%0.35%
EBITDA Growth %-0.14%0.01%0.14%-0.07%0.01%0.55%0.09%-0.04%0.07%0.07%
D&A (Non-Cash Add-back)10.51B10.16B10.9B12.55B11.06B11.28B11.1B11.52B11.45B11.7B
EBIT62.83B66.41B76.14B69.31B69.96B111.85B122.03B114.3B123.22B132.73B
Net Interest Income+2.54B2.88B2.45B1.39B890M198M-106M-183M00
Interest Income4B5.2B5.69B4.96B3.76B2.84B2.83B3.75B00
Interest Expense1.46B2.32B3.24B3.58B2.87B2.65B2.93B3.93B00
Other Income/Expense1.35B2.75B2B1.81B803M258M-334M-565M269M-321M
Pretax Income+61.37B64.09B72.9B65.74B67.09B109.21B119.1B113.74B123.48B132.73B
Pretax Margin %0.28%0.28%0.27%0.25%0.24%0.3%0.3%0.3%0.32%0.32%
Income Tax+15.69B15.74B13.37B10.48B9.68B14.53B19.3B16.74B29.75B20.72B
Effective Tax Rate %0.74%0.75%0.82%0.84%0.86%0.87%0.84%0.85%0.76%0.84%
Net Income+45.69B48.35B59.53B55.26B57.41B94.68B99.8B97B93.74B112.01B
Net Margin %0.21%0.21%0.22%0.21%0.21%0.26%0.25%0.25%0.24%0.27%
Net Income Growth %-0.14%0.06%0.23%-0.07%0.04%0.65%0.05%-0.03%-0.03%0.19%
Net Income (Continuing)45.69B48.35B59.53B55.26B57.41B94.68B99.8B97B93.74B112.01B
Discontinued Operations0000000000
Minority Interest0000000000
EPS (Diluted)+2.082.302.982.973.285.616.116.136.087.46
EPS Growth %-0.1%0.11%0.3%-0%0.1%0.71%0.09%0%-0.01%0.23%
EPS (Basic)2.092.323.002.993.315.676.156.166.117.49
Diluted Shares Outstanding22B21.01B20B18.6B17.53B16.86B16.33B15.81B15.41B15B
Basic Shares Outstanding21.88B20.87B19.82B18.47B17.35B16.7B16.22B15.74B15.34B14.95B
Dividend Payout Ratio0.27%0.26%0.23%0.26%0.25%0.15%0.15%0.15%0.16%0.14%

Balance Sheet

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Total Current Assets+106.87B128.65B131.34B162.82B143.71B134.84B135.41B143.57B152.99B147.96B
Cash & Short-Term Investments67.16B74.18B66.3B100.56B90.94B62.64B48.3B61.55B65.17B54.7B
Cash Only20.48B20.29B25.91B48.84B38.02B34.94B23.65B29.96B29.94B35.93B
Short-Term Investments46.67B53.89B40.39B51.71B52.93B27.7B24.66B31.59B35.23B18.76B
Accounts Receivable29.3B35.67B48.99B45.8B37.45B51.51B60.93B60.98B66.24B72.96B
Days Sales Outstanding49.5956.867.3364.2649.7951.3956.458.0861.8363.99
Inventory2.13B4.86B3.96B4.11B4.06B6.58B4.95B6.33B7.29B5.72B
Days Inventory Outstanding5.9212.568.829.268.7411.288.0810.7912.649.45
Other Current Assets8.28B13.94B12.09B12.35B11.26B14.11B21.22B14.7B14.29B14.59B
Total Non-Current Assets+214.82B246.67B234.39B175.7B180.18B216.17B217.35B209.02B211.99B211.28B
Property, Plant & Equipment27.01B33.78B41.3B37.38B45.34B49.53B52.53B54.38B45.68B49.83B
Fixed Asset Turnover7.98x6.79x6.43x6.96x6.06x7.39x7.51x7.05x8.56x8.35x
Goodwill5.41B5.72B00000000
Intangible Assets3.21B2.3B00000000
Long-Term Investments170.43B194.71B170.8B105.34B100.89B127.88B120.81B100.54B91.48B77.72B
Other Non-Current Assets8.76B18.18B22.28B32.98B33.95B38.76B28.64B36.24B55.34B62.95B
Total Assets+321.69B375.32B365.73B338.52B323.89B351B352.75B352.58B364.98B359.24B
Asset Turnover0.67x0.61x0.73x0.77x0.85x1.04x1.12x1.09x1.07x1.16x
Asset Growth %0.11%0.17%-0.03%-0.07%-0.04%0.08%0%-0%0.04%-0.02%
Total Current Liabilities+79.01B100.81B115.93B105.72B105.39B125.48B153.98B145.31B176.39B165.63B
Accounts Payable37.29B44.24B55.89B46.24B42.3B54.76B64.11B62.61B68.96B69.86B
Days Payables Outstanding103.61114.49124.57104.3191.0593.85104.69106.72119.66115.4
Short-Term Debt11.61B18.47B20.75B16.24B13.77B15.61B21.11B15.81B20.88B20.33B
Deferred Revenue (Current)1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Liabilities163M4.81B33.33B37.72B41.22B45.97B52.63B48.44B50.07B44.45B
Current Ratio1.35x1.28x1.13x1.54x1.36x1.07x0.88x0.99x0.87x0.89x
Quick Ratio1.33x1.23x1.10x1.50x1.33x1.02x0.85x0.94x0.83x0.86x
Cash Conversion Cycle-48.1-45.12-48.42-30.79-32.52-31.18-40.21-37.85-45.18-41.97
Total Non-Current Liabilities+114.43B140.46B142.65B142.31B153.16B162.43B148.1B145.13B131.64B119.88B
Long-Term Debt75.43B97.21B93.73B91.81B98.67B109.11B98.96B95.28B85.75B78.33B
Capital Lease Obligations00008.38B10.28B10.75B11.27B10.8B0
Deferred Tax Liabilities26.02B31.5B426M0000000
Other Non-Current Liabilities10.05B8.91B45.69B50.5B46.11B43.05B38.39B38.58B35.09B41.55B
Total Liabilities193.44B241.27B258.58B248.03B258.55B287.91B302.08B290.44B308.03B285.51B
Total Debt+87.03B115.68B114.48B108.05B122.28B136.52B132.48B123.93B119.06B98.66B
Net Debt66.55B95.39B88.57B59.2B84.26B101.58B108.83B93.97B89.12B62.72B
Debt / Equity0.68x0.86x1.07x1.19x1.87x2.16x2.61x1.99x2.09x1.34x
Debt / EBITDA1.23x1.62x1.40x1.41x1.58x1.14x1.01x0.98x0.88x0.68x
Net Debt / EBITDA0.94x1.33x1.08x0.77x1.09x0.84x0.83x0.75x0.66x0.43x
Interest Coverage41.23x26.41x21.88x17.88x23.07x41.19x40.75x29.06x--
Total Equity+128.25B134.05B107.15B90.49B65.34B63.09B50.67B62.15B56.95B73.73B
Equity Growth %0.07%0.05%-0.2%-0.16%-0.28%-0.03%-0.2%0.23%-0.08%0.29%
Book Value per Share5.836.385.364.873.733.743.103.933.704.91
Total Shareholders' Equity128.25B134.05B107.15B90.49B65.34B63.09B50.67B62.15B56.95B73.73B
Common Stock31.25B35.87B40.2B45.17B50.78B57.37B64.85B73.81B83.28B93.57B
Retained Earnings96.36B98.33B70.4B45.9B14.97B5.56B-3.07B-214M-19.15B-14.26B
Treasury Stock0000000000
Accumulated OCI634M-150M-3.45B-584M-406M163M-11.11B-11.45B-7.17B-5.57B
Minority Interest0000000000

Cash Flow

Sep 2016Sep 2017Sep 2018Sep 2019Sep 2020Sep 2021Sep 2022Sep 2023Sep 2024Sep 2025
Cash from Operations+66.23B64.22B77.43B69.39B80.67B104.04B122.15B110.54B118.25B111.48B
Operating CF Margin %0.31%0.28%0.29%0.27%0.29%0.28%0.31%0.29%0.3%0.27%
Operating CF Growth %-0.19%-0.03%0.21%-0.1%0.16%0.29%0.17%-0.1%0.07%-0.06%
Net Income45.69B48.35B59.53B55.26B57.41B94.68B99.8B97B93.74B112.01B
Depreciation & Amortization10.51B10.16B10.9B12.55B11.06B11.28B11.1B11.52B11.45B11.7B
Stock-Based Compensation4.21B4.84B5.34B6.07B6.83B7.91B9.04B10.83B11.69B12.86B
Deferred Taxes4.94B5.97B-32.59B-340M-215M-4.77B895M000
Other Non-Cash Items486M-166M-444M-652M-97M-147M111M-2.23B-2.27B-89M
Working Capital Changes405M-4.92B34.69B-3.49B5.69B-4.91B1.2B-6.58B3.65B-25B
Change in Receivables476M-6.35B-13.33B3.18B8.47B-14.03B-9.34B-417M-5.14B-6.68B
Change in Inventory217M-2.72B828M-289M-127M-2.64B1.48B-1.62B-1.05B1.4B
Change in Payables2.12B8.97B9.18B-1.92B-4.06B12.33B9.45B-1.89B6.02B902M
Cash from Investing+-45.98B-46.45B16.07B45.9B-4.29B-14.54B-22.35B3.71B2.94B15.2B
Capital Expenditures-13.55B-12.79B-13.31B-10.49B-7.31B-11.09B-10.71B-10.96B-9.45B-12.71B
CapEx % of Revenue0.06%0.06%0.05%0.04%0.03%0.03%0.03%0.03%0.02%0.03%
Acquisitions----------
Investments----------
Other Investing-924M-124M-745M-1.08B-909M-352M-1.78B-1.34B-1.31B-1.48B
Cash from Financing+-20.89B-17.97B-87.88B-90.98B-86.82B-93.35B-110.75B-108.49B-121.98B-120.69B
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid-12.15B-12.77B-13.71B-14.12B-14.08B-14.47B-14.84B-15.03B-15.23B-15.42B
Share Repurchases----------
Other Financing495M4.41B-2.53B-2.92B-3.76B-6.68B-6.38B-6.01B-5.8B-6.07B
Net Change in Cash----------
Free Cash Flow+52.68B51.43B64.12B58.9B73.36B92.95B111.44B99.58B108.81B98.77B
FCF Margin %0.24%0.22%0.24%0.23%0.27%0.25%0.28%0.26%0.28%0.24%
FCF Growth %-0.24%-0.02%0.25%-0.08%0.25%0.27%0.2%-0.11%0.09%-0.09%
FCF per Share2.392.453.213.174.195.516.836.307.066.58
FCF Conversion (FCF/Net Income)1.45x1.33x1.30x1.26x1.41x1.10x1.22x1.14x1.26x1.00x
Interest Paid1.32B2.09B3.02B3.42B3B2.69B2.87B3.8B00
Taxes Paid10.44B11.59B10.42B15.26B9.5B25.39B19.57B18.68B26.1B43.37B

Key Ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)36.9%36.87%49.36%55.92%73.69%147.44%175.46%171.95%157.41%171.42%
Return on Invested Capital (ROIC)25.19%21.69%25.01%27.76%33.22%52%55.26%54.32%61.16%70.64%
Gross Margin39.08%38.47%38.34%37.82%38.23%41.78%43.31%44.13%46.21%46.91%
Net Margin21.19%21.09%22.41%21.24%20.91%25.88%25.31%25.31%23.97%26.92%
Debt / Equity0.68x0.86x1.07x1.19x1.87x2.16x2.61x1.99x2.09x1.34x
Interest Coverage41.23x26.41x21.88x17.88x23.07x41.19x40.75x29.06x--
FCF Conversion1.45x1.33x1.30x1.26x1.41x1.10x1.22x1.14x1.26x1.00x
Revenue Growth-7.73%6.3%15.86%-2.04%5.51%33.26%7.79%-2.8%2.02%6.43%

Revenue by Segment

2016201720182019202020212022202320242025
iPhone136.7B141.32B166.7B142.38B137.78B191.97B205.49B200.58B201.18B209.59B
iPhone Growth-3.38%17.96%-14.59%-3.23%39.33%7.04%-2.39%0.30%4.18%
Service24.35B29.98B37.19B46.29B53.77B68.42B78.13B85.2B96.17B109.16B
Service Growth-23.13%24.05%24.47%16.15%27.26%14.18%9.05%12.87%13.51%
Wearables, Home and Accessories---24.48B30.62B38.37B41.24B39.84B37.01B35.69B
Wearables, Home and Accessories Growth----25.07%25.30%7.49%-3.38%-7.13%-3.56%
Mac22.83B25.85B25.48B25.74B28.62B35.19B40.18B29.36B29.98B33.71B
Mac Growth-13.22%-1.42%1.00%11.20%22.95%14.17%-26.93%2.14%12.42%
iPad20.63B19.22B18.8B21.28B23.72B31.86B29.29B28.3B26.69B28.02B
iPad Growth--6.82%-2.17%13.16%11.48%34.30%-8.07%-3.39%-5.67%4.98%

Revenue by Geography

2016201720182019202020212022202320242025
Americas86.61B96.6B112.09B116.91B124.56B153.31B169.66B162.56B167.04B178.35B
Americas Growth-11.53%16.04%4.30%6.54%23.08%10.67%-4.18%2.76%6.77%
Europe49.95B54.94B62.42B60.29B68.64B89.31B95.12B94.29B101.33B111.03B
Europe Growth-9.98%13.62%-3.42%13.85%30.11%6.51%-0.87%7.46%9.58%
China48.49B44.76B51.94B43.68B40.31B68.37B74.2B72.56B66.95B64.38B
China Growth--7.69%16.04%-15.91%-7.72%69.61%8.53%-2.21%-7.73%-3.85%
Asia Pacific13.65B15.2B17.41B17.79B19.59B26.36B29.38B29.61B30.66B33.7B
Asia Pacific Growth-11.32%14.53%2.19%10.15%34.52%11.45%0.82%3.52%9.91%
Japan16.93B17.73B21.73B21.51B21.42B28.48B25.98B24.26B25.05B28.7B
Japan Growth-4.76%22.56%-1.04%-0.41%32.98%-8.80%-6.62%3.28%14.57%

Frequently Asked Questions

Valuation & Price

Apple Inc. (AAPL) has a price-to-earnings (P/E) ratio of 35.0x. This suggests investors expect higher future growth.

Growth & Financials

Apple Inc. (AAPL) reported $416.16B in revenue for fiscal year 2025. This represents a 166% increase from $156.51B in 2012.

Apple Inc. (AAPL) grew revenue by 6.4% over the past year. This is steady growth.

Yes, Apple Inc. (AAPL) is profitable, generating $112.01B in net income for fiscal year 2025 (26.9% net margin).

Dividend & Returns

Yes, Apple Inc. (AAPL) pays a dividend with a yield of 0.39%. This makes it attractive for income-focused investors.

Apple Inc. (AAPL) has a return on equity (ROE) of 171.4%. This is excellent, indicating efficient use of shareholder capital.

Apple Inc. (AAPL) generated $98.77B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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