Apple Inc. (AAPL) Financial Ratios
30 years of historical data (1996–2025) · Technology · Consumer Electronics
EV/EBITDA
↑
29.35
↑+25% vs avg
5yr avg: 23.42
30Y Low8.1·High39.5
P/FCF
↑
42.24
↑+44% vs avg
5yr avg: 29.39
30Y Low8.1·High60.2
P/B Ratio
↑
57.83
+18% vs avg
5yr avg: 48.98
30Y Low1.3·High61.6
ROE
↑
171.4%
↓+4% vs avg
5yr avg: 164.7%
30Y Low-64%·High175%
Debt/EBITDA
↓
0.78
↓-19% vs avg
5yr avg: 0.96
30Y Low0.3·High2.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AAPL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Apple Inc. trades at 38.1x earnings, 27% above its 5-year average of 30.1x, sitting at the 85th percentile of its historical range. Compared to the Technology sector median P/E of 26.7x, the stock trades at a premium of 42%. On a free-cash-flow basis, the stock trades at 42.2x P/FCF, 44% above the 5-year average of 29.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.17T | $3.83T | $3.51T | $2.71T | $2.46T | $2.48T | $1.97T | $1.02T | $1.13T | $809.4B | $620.0B |
| Enterprise Value | $4.25T | $3.91T | $3.60T | $2.80T | $2.56T | $2.58T | $2.05T | $1.08T | $1.22T | $904.8B | $686.5B |
| P/E Ratio → | 38.09 | 34.24 | 37.47 | 27.93 | 24.62 | 26.19 | 34.23 | 18.42 | 18.94 | 16.75 | 13.55 |
| P/S Ratio | 10.03 | 9.21 | 8.98 | 7.06 | 6.23 | 6.77 | 7.17 | 3.91 | 4.25 | 3.53 | 2.88 |
| P/B Ratio | 57.83 | 51.99 | 61.63 | 43.56 | 48.47 | 39.27 | 30.12 | 11.24 | 10.54 | 6.04 | 4.83 |
| P/FCF | 42.24 | 38.81 | 32.26 | 27.19 | 22.04 | 26.66 | 26.83 | 17.27 | 17.60 | 15.74 | 11.77 |
| P/OCF | 37.42 | 34.38 | 29.68 | 24.49 | 20.11 | 23.82 | 24.40 | 14.66 | 14.58 | 12.60 | 9.36 |
P/E links to full P/E history page with 30-year chart
AAPL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Apple Inc.'s enterprise value stands at 29.4x EBITDA, 25% above its 5-year average of 23.4x. The Technology sector median is 17.5x, placing the stock at a 68% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.39 | 9.20 | 7.31 | 6.50 | 7.05 | 7.48 | 4.14 | 4.58 | 3.95 | 3.18 |
| EV / EBITDA | 29.35 | 27.01 | 26.73 | 22.26 | 19.65 | 21.45 | 26.54 | 14.08 | 14.88 | 12.65 | 9.73 |
| EV / EBIT | 31.93 | 29.46 | 29.14 | 23.81 | 21.02 | 23.06 | 29.33 | 15.53 | 15.99 | 13.62 | 10.93 |
| EV / FCF | — | 39.58 | 33.08 | 28.13 | 23.01 | 27.75 | 27.97 | 18.28 | 18.99 | 17.59 | 13.03 |
AAPL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Apple Inc. earns an operating margin of 32.0%. Operating margins have expanded from 29.8% to 32.0% over the past 3 years, signaling improving operational efficiency. Return on equity of 171.4% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks. ROIC of 67.4% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.9% | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% | 37.8% | 38.3% | 38.5% | 39.1% |
| Operating Margin | 32.0% | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% | 24.6% | 26.7% | 26.8% | 27.8% |
| Net Profit Margin | 26.9% | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% | 21.2% | 22.4% | 21.1% | 21.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 171.4% | 171.4% | 157.4% | 171.9% | 175.5% | 147.4% | 73.7% | 55.9% | 49.4% | 36.9% | 36.9% |
| ROA | 30.9% | 30.9% | 26.1% | 27.5% | 28.4% | 28.1% | 17.3% | 15.7% | 16.1% | 13.9% | 14.9% |
| ROIC | 67.4% | 67.4% | 61.2% | 54.3% | 55.3% | 52.0% | 33.2% | 27.8% | 25.0% | 21.7% | 25.2% |
| ROCE | 69.6% | 69.6% | 62.3% | 56.3% | 56.3% | 49.1% | 29.4% | 26.5% | 27.0% | 23.7% | 26.5% |
AAPL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Apple Inc. carries a Debt/EBITDA ratio of 0.8x, which is very conservative (73% below the sector average of 2.9x). Net debt stands at $76.4B ($112.4B total debt minus $35.9B cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.52 | 1.52 | 2.09 | 1.99 | 2.61 | 2.16 | 1.87 | 1.19 | 1.07 | 0.86 | 0.68 |
| Debt / EBITDA | 0.78 | 0.78 | 0.88 | 0.98 | 1.01 | 1.14 | 1.58 | 1.41 | 1.40 | 1.62 | 1.23 |
| Net Debt / Equity | — | 1.04 | 1.56 | 1.51 | 2.15 | 1.61 | 1.29 | 0.65 | 0.83 | 0.71 | 0.52 |
| Net Debt / EBITDA | 0.53 | 0.53 | 0.66 | 0.75 | 0.83 | 0.84 | 1.09 | 0.77 | 1.08 | 1.33 | 0.94 |
| Debt / FCF | — | 0.77 | 0.82 | 0.94 | 0.98 | 1.09 | 1.15 | 1.01 | 1.38 | 1.85 | 1.26 |
| Interest Coverage | — | — | — | 29.92 | 41.64 | 42.29 | 24.35 | 19.38 | 23.50 | 28.59 | 43.15 |
AAPL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.89x is below 1.0, meaning current liabilities exceed current assets — though the company's $35.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.99x to 0.89x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | 1.13 | 1.28 | 1.35 |
| Quick Ratio | 0.86 | 0.86 | 0.83 | 0.94 | 0.85 | 1.02 | 1.33 | 1.50 | 1.10 | 1.23 | 1.33 |
| Cash Ratio | 0.33 | 0.33 | 0.37 | 0.42 | 0.31 | 0.50 | 0.86 | 0.95 | 0.57 | 0.74 | 0.85 |
| Asset Turnover | — | 1.16 | 1.07 | 1.09 | 1.12 | 1.04 | 0.85 | 0.77 | 0.73 | 0.61 | 0.67 |
| Inventory Turnover | 38.64 | 38.64 | 28.87 | 33.82 | 45.20 | 32.37 | 41.75 | 39.40 | 41.39 | 29.05 | 61.62 |
| Days Sales Outstanding | — | 63.99 | 61.83 | 58.08 | 56.40 | 51.39 | 49.79 | 64.26 | 67.33 | 56.80 | 49.59 |
AAPL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Apple Inc. returns 2.5% to shareholders annually — split between a 0.4% dividend yield and 2.2% buyback yield. The payout ratio of 13.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 2.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% | 0.7% | 1.4% | 1.2% | 1.6% | 2.0% |
| Payout Ratio | 13.8% | 13.8% | 16.3% | 15.5% | 14.9% | 15.3% | 24.5% | 25.6% | 23.0% | 26.4% | 26.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.9% | 2.7% | 3.6% | 4.1% | 3.8% | 2.9% | 5.4% | 5.3% | 6.0% | 7.4% |
| FCF Yield | 2.4% | 2.6% | 3.1% | 3.7% | 4.5% | 3.8% | 3.7% | 5.8% | 5.7% | 6.4% | 8.5% |
| Buyback Yield | 2.2% | 2.4% | 2.7% | 2.9% | 3.6% | 3.5% | 3.7% | 6.6% | 6.4% | 4.1% | 4.8% |
| Total Shareholder Yield | 2.5% | 2.8% | 3.1% | 3.4% | 4.2% | 4.1% | 4.4% | 8.0% | 7.7% | 5.6% | 6.8% |
| Shares Outstanding | — | $15.0B | $15.4B | $15.8B | $16.3B | $16.9B | $17.5B | $18.6B | $20.0B | $21.0B | $22.0B |
Peer Comparison
Compare AAPL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AAPLYou | $4.2T | 38.1 | 29.4 | 42.2 | 46.9% | 32.0% | 171.4% | 67.4% | 0.8 |
 MSFT | $3.1T | 30.2 | 19.3 | 42.7 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
 GOOGL | $4.7T | 35.9 | 31.5 | 64.1 | 59.7% | 32.1% | 35.7% | 25.1% | 0.4 |
 AMZN | $2.9T | 38.1 | 20.6 | 382.3 | 50.3% | 11.2% | 22.3% | 14.7% | 1.0 |
 META | $1.5T | 25.8 | 15.5 | 33.2 | 82.0% | 41.4% | 30.2% | 27.6% | 0.8 |
 SONY | $120B | 16.7 | 11.1 | 11.2 | 28.4% | 10.9% | 14.0% | 10.7% | 2.3 |
 HPQ | $19B | 8.0 | 5.9 | 6.9 | 20.0% | 6.6% | — | 41.2% | 2.4 |
 DELL | $72B | — | 11.3 | — | 20.0% | 7.2% | — | 33.0% | 3.9 |
 SPOT | $86B | 34.0 | 30.7 | 25.6 | 32.0% | 12.8% | 31.9% | 40.5% | 1.0 |
 NFLX | $372B | 34.7 | 12.6 | 39.4 | 48.5% | 29.5% | 42.8% | 29.8% | 0.5 |
 TSM | $2.0T | 37.1 | 23.6 | 58.7 | 59.9% | 50.8% | 35.7% | 42.7% | 0.4 |
| Technology Median | — | 26.7 | 17.5 | 19.5 | 48.9% | -0.6% | 2.5% | 3.0% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Full AAPL Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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Bull case, key risks, Wall St analyst verdict, and what council investors are saying — updated daily.
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DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
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Side-by-side business, growth, and profitability comparison vs Microsoft Corporation.
Start ComparisonAAPL — Frequently Asked Questions
Quick answers to the most common questions about buying AAPL stock.
What is Apple Inc.'s P/E ratio?
Apple Inc.'s current P/E ratio is 38.1x. The historical average is 29.3x. This places it at the 85th percentile of its historical range.
What is Apple Inc.'s EV/EBITDA?
Apple Inc.'s current EV/EBITDA is 29.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
What is Apple Inc.'s ROE?
Apple Inc.'s return on equity (ROE) is 171.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 47.2%.
Is AAPL stock overvalued?
Based on historical data, Apple Inc. is trading at a P/E of 38.1x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Apple Inc.'s dividend yield?
Apple Inc.'s current dividend yield is 0.36% with a payout ratio of 13.8%.
What are Apple Inc.'s profit margins?
Apple Inc. has 46.9% gross margin and 32.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Apple Inc. have?
Apple Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.