Chart Title
Apple Inc.
EV calculation
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Share price
$108.86
$62.19
$50.40
$43.13
$28.90
$29.82
No. shares of common stock outstanding
17,001,802,000
17,773,060,000
18,981,592,000
20,537,248,000
21,329,252,000
22,301,324,000
US$ in millions
Common equity (market value)
1,850,816
1,105,307
956,672
885,772
616,415
665,025
Total equity
1,850,816
1,105,307
956,672
885,772
616,415
665,025
Add: Commercial paper (book value)
4,996
5,980
11,964
11,977
8,105
8,499
Add: Current portion of term debt (book value)
8,773
10,260
8,784
6,496
3,500
2,500
Add: Non-current portion of term debt (book value)
98,667
91,807
93,735
97,207
75,427
53,463
Total equity and debt
1,963,252
1,213,354
1,071,155
1,001,452
703,447
729,487
Less: Cash and cash equivalents
38,016
48,844
25,913
20,289
20,484
21,120
Less: Current marketable securities
52,927
51,713
40,388
53,892
46,671
20,481
Enterprise value (EV)
1,872,309
1,112,797
1,004,854
927,271
636,292
687,886
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Apple Inc.
Short-term (Operating) Activity Ratios
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Turnover Ratios
Inventory turnover
41.75
39.40
41.39
29.05
61.62
59.64
Receivables turnover
17.03
11.35
11.45
12.82
13.69
13.87
Payables turnover
4.01
3.50
2.93
2.88
3.52
3.95
Working capital turnover
7.16
4.56
18.35
8.24
7.74
26.66
Average No. Days
Average inventory processing period
9
9
9
13
6
6
Add: Average receivable collection period
21
32
32
28
27
26
Operating cycle
30
41
41
41
33
32
Less: Average payables payment period
91
104
125
127
104
92
Cash conversion cycle
-61
-63
-84
-86
-71
-60
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Long-term (Investment) Activity Ratios
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Net fixed asset turnover
7.47
6.96
6.43
6.79
7.98
10.40
Net fixed asset turnover (including operating lease, right-of-use asset)
6.06
6.96
6.43
6.79
7.98
10.40
Total asset turnover
0.85
0.77
0.73
0.61
0.67
0.80
Equity turnover
4.20
2.88
2.48
1.71
1.68
1.96
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Liquidity Ratios
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Current ratio
1.36
1.54
1.12
1.28
1.35
1.11
Quick ratio
1.22
1.38
0.99
1.09
1.22
0.89
Cash ratio
0.86
0.95
0.57
0.74
0.85
0.52
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Solvency Ratios
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Debt Ratios
Debt to equity
1.72
1.19
1.07
0.86
0.68
0.54
Debt to equity (including operating lease liability)
1.86
1.19
1.07
0.86
0.68
0.54
Debt to capital
0.63
0.54
0.52
0.46
0.40
0.35
Debt to capital (including operating lease liability)
0.65
0.54
0.52
0.46
0.40
0.35
Debt to assets
0.35
0.32
0.31
0.31
0.27
0.22
Debt to assets (including operating lease liability)
0.38
0.32
0.31
0.31
0.27
0.22
Financial leverage
4.96
3.74
3.41
2.80
2.51
2.43
Coverage Ratios
Interest coverage
24.35
19.38
23.50
28.59
43.15
99.93
Fixed charge coverage
16.34
14.48
17.42
19.72
26.63
48.49
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Profitability Ratios
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Return on Sales
Gross profit margin
38.23%
37.82%
38.34%
38.47%
39.08%
40.06%
Operating profit margin
24.15%
24.57%
26.69%
26.76%
27.84%
30.48%
Net profit margin
20.91%
21.24%
22.41%
21.09%
21.19%
22.85%
Return on Investment
Return on equity (ROE)
87.87%
61.06%
55.56%
36.07%
35.62%
44.74%
Return on assets (ROA)
17.73%
16.32%
16.28%
12.88%
14.20%
18.38%
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
EBITDA calculation
US$ in millions
12 months ended:
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Net income
57,411
55,256
59,531
48,351
45,687
53,394
Add: Income tax expense
9,680
10,481
13,372
15,738
15,685
19,121
Earnings before tax (EBT)
67,091
65,737
72,903
64,089
61,372
72,515
Add: Interest expense
2,873
3,576
3,240
2,323
1,456
733
Earnings before interest and tax (EBIT)
69,964
69,313
76,143
66,412
62,828
73,248
Add: Depreciation and amortization
11,056
12,547
10,903
10,157
10,505
11,257
Earnings before interest, tax, depreciation and amortization (EBITDA)
81,020
81,860
87,046
76,569
73,333
84,505
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Historical price multiples
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Price to earnings (P/E)
32.24
20.00
16.07
18.32
13.49
12.46
Price to operating profit (P/OP)
27.92
17.29
13.49
14.44
10.27
9.34
Price to sales (P/S)
6.74
4.25
3.60
3.86
2.86
2.85
Price to book value (P/BV)
28.33
12.21
8.93
6.61
4.81
5.57
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Price to Earnings (P/E)
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
No. shares of common stock outstanding
17,001,802,000
17,773,060,000
18,981,592,000
20,537,248,000
21,329,252,000
22,301,324,000
Selected Financial Data (US$)
Net income (in millions)
57,411
55,256
59,531
48,351
45,687
53,394
Earnings per share (EPS)
3.38
3.11
3.14
2.35
2.14
2.39
Share price
108.86
62.19
50.40
43.13
28.90
29.82
Valuation Ratio
P/E ratio
32.24
20.00
16.07
18.32
13.49
12.46
Benchmarks
P/E Ratio, Competitors
Cisco Systems Inc.
15.46
17.69
1,964.84
16.37
14.69
14.82
P/E Ratio, Sector
Technology Hardware & Equipment
29.50
19.60
19.66
18.00
13.72
—
P/E Ratio, Industry
Information Technology
32.65
24.31
24.31
24.91
20.32
—
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Apple Inc.
Common-size Consolidated Balance Sheet: Liabilities and Stockholders’ Equity
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Accounts payable
13.06%
13.66%
15.28%
13.07%
11.59%
12.22%
Other current liabilities
13.18%
11.14%
8.94%
6.86%
6.85%
8.67%
Deferred revenue
2.05%
1.63%
2.06%
2.01%
2.51%
3.08%
Commercial paper
1.54%
1.77%
3.27%
3.19%
2.52%
2.93%
Current portion of term debt
2.71%
3.03%
2.40%
1.73%
1.09%
0.86%
Current liabilities
32.54%
31.23%
31.95%
26.86%
24.56%
27.75%
Non-current portion of term debt
30.46%
27.12%
25.63%
25.90%
23.45%
18.41%
Long-term taxes payable
8.70%
8.73%
9.18%
0.07%
—
—
Other non-current liabilities
8.13%
6.19%
3.93%
11.46%
12.12%
12.76%
Other non-current liabilities
16.82%
14.92%
13.12%
11.52%
12.12%
12.76%
Non-current liabilities
47.29%
42.04%
38.75%
37.42%
35.57%
31.16%
Total liabilities
79.83%
73.27%
70.70%
64.28%
60.13%
58.91%
Common stock and additional paid-in capital, $0.00001 par value
15.68%
13.34%
10.99%
9.56%
9.71%
9.44%
Retained earnings
4.62%
13.56%
19.25%
26.20%
29.96%
31.77%
Accumulated other comprehensive income (loss)
-0.13%
-0.17%
-0.94%
-0.04%
0.20%
-0.12%
Shareholders’ equity
20.17%
26.73%
29.30%
35.72%
39.87%
41.09%
Total liabilities and shareholders’ equity
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Apple Inc.
Common-Size Consolidated Income Statement
12 months ended:
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Products
80.41%
82.21%
85.03%
85.74%
—
—
Services
19.59%
17.79%
14.97%
14.26%
—
—
Net sales (legacy)
—
—
—
—
100.00%
100.00%
Net sales
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Products
-55.11%
-55.73%
-55.79%
-55.11%
—
—
Services
-6.66%
-6.45%
-5.87%
-6.42%
—
—
Cost of sales (legacy)
—
—
—
—
-60.92%
-59.94%
Cost of sales
-61.77%
-62.18%
-61.66%
-61.53%
-60.92%
-59.94%
Gross margin
38.23%
37.82%
38.34%
38.47%
39.08%
40.06%
Research and development
-6.83%
-6.23%
-5.36%
-5.05%
-4.66%
-3.45%
Selling, general and administrative
-7.25%
-7.01%
-6.29%
-6.66%
-6.58%
-6.13%
Operating expenses
-14.09%
-13.25%
-11.65%
-11.71%
-11.24%
-9.58%
Operating income
24.15%
24.57%
26.69%
26.76%
27.84%
30.48%
Interest and dividend income
1.37%
1.91%
2.14%
2.27%
1.85%
1.25%
Interest expense
-1.05%
-1.37%
-1.22%
-1.01%
-0.68%
-0.31%
Other income (expense), net
-0.03%
0.16%
-0.17%
-0.06%
-0.55%
-0.39%
Other income (expense), net
0.29%
0.69%
0.75%
1.20%
0.63%
0.55%
Income before provision for income taxes
24.44%
25.27%
27.45%
27.96%
28.46%
31.03%
Provision for income taxes
-3.53%
-4.03%
-5.03%
-6.87%
-7.27%
-8.18%
Net income
20.91%
21.24%
22.41%
21.09%
21.19%
22.85%
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Apple Inc.
Common-Size Consolidated Balance Sheet: Assets
Sep 26, 2020
Sep 28, 2019
Sep 29, 2018
Sep 30, 2017
Sep 24, 2016
Sep 26, 2015
Cash and cash equivalents
11.74%
14.43%
7.09%
5.41%
6.37%
7.27%
Current marketable securities
16.34%
15.28%
11.04%
14.36%
14.51%
7.05%
Accounts receivable, net
4.98%
6.77%
6.34%
4.76%
4.90%
5.80%
Inventories
1.25%
1.21%
1.08%
1.29%
0.66%
0.81%
Vendor non-trade receivables
6.58%
6.76%
7.06%
4.74%
4.21%
4.65%
Other current assets
3.48%
3.65%
3.30%
3.71%
2.57%
5.19%
Current assets
44.37%
48.10%
35.91%
34.28%
33.22%
30.77%
Non-current marketable securities
31.15%
31.12%
46.70%
51.88%
52.98%
56.48%
Property, plant and equipment, net
11.35%
11.04%
11.29%
9.00%
8.40%
7.74%
Other non-current assets
13.13%
9.74%
6.09%
4.84%
5.40%
5.01%
Non-current assets
55.63%
51.90%
64.09%
65.72%
66.78%
69.23%
Total assets
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Based on:
10-K (filing date: 2020-10-30),
10-K (filing date: 2019-10-31),
10-K (filing date: 2018-11-05),
10-K (filing date: 2017-11-03),
10-K (filing date: 2016-10-26),
10-K (filing date: 2015-10-28).
Chart Title
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more