Latest Ratios: P/E Ratio 37.9x · EV/EBITDA 29.6x · ROE 142.3%. (1997–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.03T | $5.02T | $3.83T | $3.51T | $2.71T | $2.46T | $2.48T | $1.97T | $1.02T | $1.13T | $809.4B |
| Enterprise Value | $5.07T | $5.06T | $3.91T | $3.60T | $2.80T | $2.56T | $2.58T | $2.05T | $1.08T | $1.22T | $904.8B |
| P/E Ratio → | 37.90 | 37.98 | 34.24 | 37.47 | 27.93 | 24.62 | 26.19 | 34.23 | 18.42 | 18.94 | 16.75 |
| P/S Ratio | 10.50 | 10.49 | 9.21 | 8.98 | 7.06 | 6.23 | 6.77 | 7.17 | 3.91 | 4.25 | 3.53 |
| P/B Ratio | 44.96 | 44.79 | 51.99 | 61.63 | 43.56 | 48.47 | 39.27 | 30.12 | 11.24 | 10.54 | 6.04 |
| P/FCF | 36.96 | 36.90 | 38.81 | 32.26 | 27.19 | 22.04 | 26.66 | 26.83 | 17.27 | 17.60 | 15.74 |
| P/OCF | 34.66 | 34.60 | 34.38 | 29.68 | 24.49 | 20.11 | 23.82 | 24.40 | 14.66 | 14.58 | 12.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.58 | 9.39 | 9.20 | 7.31 | 6.50 | 7.05 | 7.48 | 4.14 | 4.58 | 3.95 |
| EV / EBITDA | 29.58 | 29.53 | 27.01 | 26.73 | 22.26 | 19.65 | 21.45 | 26.54 | 14.08 | 14.88 | 12.65 |
| EV / EBIT | 32.09 | 31.80 | 29.46 | 29.14 | 23.81 | 21.02 | 23.06 | 29.33 | 15.53 | 15.99 | 13.62 |
| EV / FCF | — | 37.22 | 39.58 | 33.08 | 28.13 | 23.01 | 27.75 | 27.97 | 18.28 | 18.99 | 17.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.8% | 48.8% | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% | 37.8% | 38.3% | 38.5% |
| Operating Margin | 33.0% | 33.0% | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% | 24.6% | 26.7% | 26.8% |
| Net Profit Margin | 27.6% | 27.6% | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% | 21.2% | 22.4% | 21.1% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 142.3% | 142.3% | 171.4% | 157.4% | 171.9% | 175.5% | 147.4% | 73.7% | 55.9% | 49.4% | 36.9% |
| ROA | 34.6% | 34.6% | 30.9% | 26.1% | 27.5% | 28.4% | 28.1% | 17.3% | 15.7% | 16.1% | 13.9% |
| ROIC | 77.5% | 77.5% | 67.4% | 61.2% | 54.3% | 55.3% | 52.0% | 33.2% | 27.8% | 25.0% | 21.7% |
| ROCE | 73.8% | 73.8% | 69.6% | 62.3% | 56.3% | 56.3% | 49.1% | 29.4% | 26.5% | 27.0% | 23.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 1.52 | 2.09 | 1.99 | 2.61 | 2.16 | 1.87 | 1.19 | 1.07 | 0.86 |
| Debt / EBITDA | 0.47 | 0.47 | 0.78 | 0.88 | 0.98 | 1.01 | 1.14 | 1.58 | 1.41 | 1.40 | 1.62 |
| Net Debt / Equity | — | 0.39 | 1.04 | 1.56 | 1.51 | 2.15 | 1.61 | 1.29 | 0.65 | 0.83 | 0.71 |
| Net Debt / EBITDA | 0.26 | 0.26 | 0.53 | 0.66 | 0.75 | 0.83 | 0.84 | 1.09 | 0.77 | 1.08 | 1.33 |
| Debt / FCF | — | 0.32 | 0.77 | 0.82 | 0.94 | 0.98 | 1.09 | 1.15 | 1.01 | 1.38 | 1.85 |
| Interest Coverage | — | — | — | — | 29.92 | 41.64 | 42.29 | 24.35 | 19.38 | 23.50 | 28.59 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.02 | 1.02 | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | 1.13 | 1.28 |
| Quick Ratio | 0.94 | 0.94 | 0.86 | 0.83 | 0.94 | 0.85 | 1.02 | 1.33 | 1.50 | 1.10 | 1.23 |
| Cash Ratio | 0.33 | 0.33 | 0.33 | 0.37 | 0.42 | 0.31 | 0.50 | 0.86 | 0.95 | 0.57 | 0.74 |
| Asset Turnover | — | 1.18 | 1.16 | 1.07 | 1.09 | 1.12 | 1.04 | 0.85 | 0.77 | 0.73 | 0.61 |
| Inventory Turnover | 16.86 | 16.86 | 38.64 | 28.87 | 33.82 | 45.20 | 32.37 | 41.75 | 39.40 | 41.39 | 29.05 |
| Days Sales Outstanding | — | 63.81 | 63.99 | 61.83 | 58.08 | 56.40 | 51.39 | 49.79 | 64.26 | 67.33 | 56.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.3% | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% | 0.7% | 1.4% | 1.2% | 1.6% |
| Payout Ratio | 11.9% | 11.9% | 13.8% | 16.3% | 15.5% | 14.9% | 15.3% | 24.5% | 25.6% | 23.0% | 26.4% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.6% | 2.9% | 2.7% | 3.6% | 4.1% | 3.8% | 2.9% | 5.4% | 5.3% | 6.0% |
| FCF Yield | 2.7% | 2.7% | 2.6% | 3.1% | 3.7% | 4.5% | 3.8% | 3.7% | 5.8% | 5.7% | 6.4% |
| Buyback Yield | 1.7% | 1.7% | 2.4% | 2.7% | 2.9% | 3.6% | 3.5% | 3.7% | 6.6% | 6.4% | 4.1% |
| Total Shareholder Yield | 2.0% | 2.0% | 2.8% | 3.1% | 3.4% | 4.2% | 4.1% | 4.4% | 8.0% | 7.7% | 5.6% |
| Shares Outstanding | — | $14.7B | $15.0B | $15.4B | $15.8B | $16.3B | $16.9B | $17.5B | $18.6B | $20.0B | $21.0B |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AAPL stock.
Apple Inc.'s current P/E ratio is 37.9x. The historical average is 29.6x. This places it at the 82th percentile of its historical range.
Apple Inc.'s current EV/EBITDA is 29.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.0x.
Apple Inc.'s return on equity (ROE) is 142.3%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 53.0%.
Based on historical data, Apple Inc. is trading at a P/E of 37.9x. This is at the 82th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apple Inc.'s current dividend yield is 0.31% with a payout ratio of 11.9%.
Apple Inc. has 48.8% gross margin and 33.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Apple Inc.'s Debt/EBITDA ratio is 0.5x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
iPhone concentration and regulatory pressure
Metrics are mathematically derived from official filings.
Premium Multiples Price in Durable Growth
As reported in the valuation snapshot, AAPL trades at a trailing P/E of 46.14 and EV/EBITDA of 35.45, a premium to MSFT, GOOGL, and META that suggests the market is pricing in sustained margin resilience and Services compounding beyond the current 6.4 percent revenue growth rate.
The PEG ratio of 2.58 indicates that investors are paying more than 2.5 times for each unit of expected earnings growth, which implies the multiple is not supported by growth alone. Relative to its own history, the stock appears to carry a structural premium, consistent with a view of Apple as a consumer franchise with tech-like margins rather than a high-growth software company. Investors should monitor whether forward multiples compress as the forward P/E of 38.95 suggests modest earnings expansion ahead.
Margins Sustained Near Mid-Upper 40s
Based on EDBL's reported figures, AAPL's gross margin has held in a 46 to 50 percent band across ten quarters while operating margin peaked at 35.4 percent in 2026Q1, indicating pricing power and mix benefits that appear durable rather than episodic.
The stability of gross margin despite a hardware-heavy revenue base suggests that Services mix and premium pricing are offsetting component cost pressure. Operating margin expansion outpacing revenue growth points to meaningful operating leverage on fixed R&D and SG&A. Net margin of 26.8 percent in the latest quarter remains sensitive to App Store commission outcomes, which warrants further investigation.
ROIC Volatile but Structurally Elevated
According to recent SEC filings, AAPL's ROIC has ranged from 13.2 to 26.9 percent over ten quarters, while ROE swung between 23.8 and 58.7 percent, a pattern that reflects both genuine returns and the distorting effect of a shrinking equity base.
ROE figures are inflated by aggressive buybacks that reduced book equity, so ROIC is the more reliable gauge of underlying capital efficiency. The 26.9 percent ROIC peak in 2026Q1 appears to be partly cyclical, and the latest reading of 23.2 percent still indicates strong compounding relative to the broader technology peer set. Analysts should adjust for equity distortions when comparing ROE to peers.
Deleveraging Shifts Balance Sheet to Net Cash
Based on reported balance sheet figures, AAPL's debt-to-equity fell from 2.09 in 2024Q4 to 0.02 in 2026Q4 as total debt declined sharply, leaving interest coverage no longer a meaningful constraint on the business.
The rapid reduction in debt, combined with cash of $36.3B, implies a net cash position that reduces refinancing and covenant risk to negligible levels based on reported figures. The move appears to reflect a deliberate shift away from low-cost leverage rather than a distress response. Investors may wish to monitor whether the company re-levers to fund strategic initiatives, though current data does not indicate any such plan.
Near-Parity Current Ratio Relies on Scale
As reported in financial statements, AAPL's current ratio has stayed between 0.82 and 1.07 across ten quarters, a level that would typically signal tight liquidity for most companies but is sustained here by rapid cash conversion and large supplier financing.
Quick ratio tracking close to the current ratio indicates limited dependence on inventory to meet short-term obligations. Under severe stress, the combination of $36.3B in cash and strong operating cash generation would likely cover near-term liabilities, though the thin margin above parity warrants monitoring. The negative cash conversion cycle of roughly -52 days suggests that supplier payables are funding operations, a dependency that could tighten if suppliers demand faster terms.
P/E Misapplied to a Buyback-Shaped Earnings Base
Based on reported figures, AAPL's trailing P/E of 46.14 is most commonly misapplied because heavy share repurchases shrink the denominator, flattering per-share earnings and obscuring whether underlying net income growth justifies the multiple.
Diluted EPS growth has outpaced net income growth in several periods, meaning P/E partly reflects capital return policy rather than operating performance. A more informative lens is EV/FCF or free cash flow yield on total shares, which strips out the mechanical effect of buybacks. This adjustment suggests the valuation premium may be more or less demanding than the headline P/E indicates, depending on the cash generation trend.