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Held by 5,963 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $343.46 today, the market must believe free cash flow compounds 20.5%/yr for a decade (off $102.39B on the 3-yr avg basis).
On the basis ($90.59B) the requirement is 22.2%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 20.5% is more optimistic than its 9-yr track record.
Default is 10.2% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 14.59B shares (market data) · net debt $54.74B
mean 8.1% · volatility σ 16% · implied rate exceeded in 3/9 yrs
Central path = implied 20.5%/yr growth; shaded band = ±1σ (16%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 16% of free cash flow, leaving room to grow it and fund buybacks. Last year: $15.42B dividends + $90.71B buybacks = $106.13B returned on $98.77B FCF.
6 consecutive years of dividend increases · -8%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 68%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-16
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 152% against ROIC 68% — 84% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 171.4% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 61.7 | 62.2 | 61.8 | 58.2 | 56.7 | 55.9 | 53.8 | 53.1 |
| Gross Profit | 38.3 | 37.8 | 38.2 | 41.8 | 43.3 | 44.1 | 46.2 | 46.9 |
| R&D | 5.4 | 6.2 | 6.8 | 6.0 | 6.7 | 7.8 | 8.0 | 8.3 |
| SG&A | 6.3 | 7.0 | 7.3 | 6.0 | 6.4 | 6.5 | 6.7 | 6.6 |
| Operating Income | 26.7 | 24.6 | 24.1 | 29.8 | 30.3 | 29.8 | 31.5 | 32.0 |
| Income Tax | 5.0 | 4.0 | 3.5 | 4.0 | 4.9 | 4.4 | 7.6 | 5.0 |
| Net Income | 22.4 | 21.2 | 20.9 | 25.9 | 25.3 | 25.3 | 24.0 | 26.9 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AAPL: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $35.93B covers the $12.39B due within a year 2.9× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-09-27 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~3.7% on $105.10B of debt. Interest last disclosed in FY2023 (no longer broken out).
Cash of $35.93B fully covers short-term debt of $12.35B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-16
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.16B 100.0% | $391.04B 100.0% | $383.29B 100.0% | $394.33B 100.0% | $365.82B 100.0% | $274.51B 100.0% | $260.17B 100.0% | $265.60B 100.0% | $229.23B 100.0% | $215.64B 100.0% |
| Cost of Revenue | $220.96B 53.1% | $210.35B 53.8% | $214.14B 55.9% | $223.55B 56.7% | $212.98B 58.2% | $169.56B 61.8% | $161.78B 62.2% | $163.76B 61.7% | $141.05B 61.5% | $131.38B 60.9% |
| Gross Profit | $195.20B 46.9% | $180.68B 46.2% | $169.15B 44.1% | $170.78B 43.3% | $152.84B 41.8% | $104.96B 38.2% | $98.39B 37.8% | $101.84B 38.3% | $88.19B 38.5% | $84.26B 39.1% |
| Research & Development | $34.55B 8.3% | $31.37B 8.0% | $29.91B 7.8% | $26.25B 6.7% | $21.91B 6.0% | $18.75B 6.8% | $16.22B 6.2% | $14.24B 5.4% | $11.58B 5.1% | $10.04B 4.7% |
| Selling, General & Admin | $27.60B 6.6% | $26.10B 6.7% | $24.93B 6.5% | $25.09B 6.4% | $21.97B 6.0% | $19.92B 7.3% | $18.25B 7.0% | $16.70B 6.3% | $15.26B 6.7% | $14.19B 6.6% |
| Total Operating Expenses | $62.15B 14.9% | $57.47B 14.7% | $54.85B 14.3% | $51.34B 13.0% | $43.89B 12.0% | $38.67B 14.1% | $34.46B 13.2% | $30.94B 11.6% | $26.84B 11.7% | $24.24B 11.2% |
| Operating Income | $133.05B 32.0% | $123.22B 31.5% | $114.30B 29.8% | $119.44B 30.3% | $108.95B 29.8% | $66.29B 24.1% | $63.93B 24.6% | $70.90B 26.7% | $61.34B 26.8% | $60.02B 27.8% |
| Interest Expense | — | — | $3.93B 1.0% | $2.93B 0.7% | $2.65B 0.7% | $2.87B 1.0% | $3.58B 1.4% | $3.24B 1.2% | $2.32B 1.0% | $1.46B 0.7% |
| Other Income (Expense), net | -$321.0M -0.1% | $269.0M 0.1% | -$565.0M -0.1% | -$334.0M -0.1% | $258.0M 0.1% | $803.0M 0.3% | $1.81B 0.7% | $2.00B 0.8% | $2.75B 1.2% | $1.35B 0.6% |
| Pretax Income | $132.73B 31.9% | $123.48B 31.6% | $113.74B 29.7% | $119.10B 30.2% | $109.21B 29.9% | $67.09B 24.4% | $65.74B 25.3% | $72.90B 27.4% | $64.09B 28.0% | $61.37B 28.5% |
| Income Tax Expense | $20.72B 5.0% | $29.75B 7.6% | $16.74B 4.4% | $19.30B 4.9% | $14.53B 4.0% | $9.68B 3.5% | $10.48B 4.0% | $13.37B 5.0% | $15.74B 6.9% | $15.69B 7.3% |
| Net Income | $112.01B 26.9% | $93.74B 24.0% | $97.00B 25.3% | $99.80B 25.3% | $94.68B 25.9% | $57.41B 20.9% | $55.26B 21.2% | $59.53B 22.4% | $48.35B 21.1% | $45.69B 21.2% |
| Per Share | ||||||||||
| EPS (Basic) | $7.49 | $6.11 | $6.16 | $6.15 | $5.67 | $3.31 | $2.99 | $3.00 | $9.27 | $8.35 |
| EPS (Diluted) | $7.46 | $6.08 | $6.13 | $6.11 | $5.61 | $3.28 | $2.97 | $2.98 | $9.21 | $8.31 |
| Weighted Avg Shares (Basic) | 14.95B | 15.34B | 15.74B | 16.22B | 16.70B | 17.35B | 18.47B | 19.82B | 5.22B | 5.47B |
| Weighted Avg Shares (Diluted) | 15.00B | 15.41B | 15.81B | 16.33B | 16.86B | 17.53B | 18.60B | 20.00B | 5.25B | 5.50B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 35 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AAPL | $4.99T | 45.8× | 34.9× | 12.0× | 6.4% | 46.9% | 26.9% | 152% | 68.1% | 0.4× | 5,963 |
| CSCO | $433.1B | 33.0× | 28.3× | 6.8× | 11.8% | 64.5% | 21.0% | 26.4% | 16.6% | 1.4× | 3,939 |
| PANW | $302.9B | — | 193.8× | 26.4× | 24.5% | 70.4% | 2.7% | 1.1% | 1.1% | -1.6× | 2,859 |
| DELL | $301.0B | 54.5× | 28.7× | 2.6× | 18.8% | 20.0% | 5.2% | -240% | 20.4% | 1.8× | 2,058 |
| ANET | $234.1B | 67.5× | 59.1× | 26.0× | 28.6% | 64.1% | 39.0% | 28.4% | 28.4% | -0.5× | 2,177 |
| IBM | $220.6B | 21.0× | 21.6× | 3.3× | 7.6% | 58.2% | 15.7% | 32.4% | 11.3% | 3.9× | 3,544 |
| SNDK | $201.6B | 18.9× | 15.7× | 10.0× | 175% | 71.5% | 56.5% | 72.7% | 72.7% | -0.4× | 1,763 |
| STX | $157.1B | 49.7× | 36.4× | 12.9× | 34.1% | 45.6% | 26.1% | 147% | 55.5% | 0.4× | 1,888 |
| FTNT | $133.5B | 75.2× | 59.0× | 19.6× | 14.2% | 80.5% | 27.3% | 150% | 83.0% | -0.7× | 1,531 |
| WDC | $133.4B | 14.7× | 27.7× | 10.3× | 35.7% | 48.9% | 72.9% | 106% | 85.9% | 0.1× | 1,791 |
| HPE | $77.8B | — | 41.0× | 2.3× | 13.8% | — | 0.2% | 0.2% | 0.1% | 7.2× | 1,400 |
| P | $44.5B | 242.6× | 173.3× | 12.1× | 15.6% | 70.4% | 5.1% | 13.0% | 13.0% | -3.4× | — |
| NTAP | $42.2B | 33.8× | 23.0× | 6.8× | 5.6% | 78.5% | 20.5% | 94.4% | 33.2% | 0.2× | 931 |
| HPQ | $27.8B | 11.6× | 8.3× | 0.5× | 3.2% | 20.6% | 4.6% | -731% | 27.1% | 1.5× | 1,047 |
| FFIV | $25.9B | 38.7× | 28.6× | 8.4× | 9.7% | 81.4% | 22.4% | 19.3% | 19.3% | -1.6× | 800 |
| SMCI | $23.1B | 10.8× | 6.9× | 0.6× | 77.8% | 10.8% | 5.7% | 15.4% | 12.0% | -1.2× | 771 |
| LOGI | $15.1B | 21.9× | 15.9× | 3.1× | 6.3% | 43.2% | 14.7% | 32.2% | 32.2% | -2.1× | 377 |
| NATL | $3.4B | 21.5× | 7.6× | 0.8× | 1.1% | — | 3.7% | 40.2% | 5.1% | 3.0× | 347 |
| EXTR | $3.0B | 72.3× | 37.1× | 2.3× | 12.6% | 61.5% | 3.3% | 47.5% | 16.7% | -0.6× | 331 |
| DGII | $2.7B | 66.4× | 31.7× | 6.3× | 1.5% | 62.9% | 9.5% | 6.4% | 5.1% | 1.5× | 263 |
| DBD | $2.3B | 26.2× | 7.7× | 0.6× | 1.5% | 25.3% | 2.5% | 8.6% | 4.6% | 1.5× | 207 |
| ATEN | $1.8B | 44.5× | 32.1× | 6.3× | 11.0% | 79.3% | 14.5% | 19.9% | 9.8% | 2.4× | 298 |
| OMCL | $1.6B | — | 17.1× | 1.4× | 6.5% | 42.5% | 0.2% | 0.2% | 0.2% | -2.3× | 292 |
| CRSR | $1.4B | — | 90.8× | 1.0× | 11.9% | 28.9% | -1.1% | -2.6% | -2.1% | 1.5× | 215 |
| VYX | $1.0B | 25.2× | 7.4× | 0.4× | -4.6% | — | 2.3% | 6.5% | 3.0% | 3.4× | 290 |
Peers = companies sharing AAPL's sector (Electronic Computers) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Earns 64.36pts above its cost of capital, positive in 5 of the last 5 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 35.1% | 10.2% (today's — no rate published for this year) | 25.0pts |
| FY2020 | 36.1% | 10.2% (today's — no rate published for this year) | 26.0pts |
| FY2021 | 53.7% | 10.2% (today's — no rate published for this year) | 43.5pts |
| FY2022 | 62.1% | 9.4% | 52.7pts |
| FY2023 | 59.3% | 10.3% | 49.0pts |
| FY2024 | 70.1% | 10.2% (today's — no rate published for this year) | 59.9pts |
| FY2025 | 72.4% | 10.2% (today's — no rate published for this year) | 62.2pts |
| Now | 68.1% | 10.2% | 57.9pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 39.1% | 27.8% | 21.2% |
| FY2017 | 38.5% | 26.8% | 21.1% |
| FY2018 | 38.3% | 26.7% | 22.4% |
| FY2019 | 37.8% | 24.6% | 21.2% |
| FY2020 | 38.2% | 24.1% | 20.9% |
| FY2021 | 41.8% | 29.8% | 25.9% |
| FY2022 | 43.3% | 30.3% | 25.3% |
| FY2023 | 44.1% | 29.8% | 25.3% |
| FY2024 | 46.2% | 31.5% | 24.0% |
| FY2025 | 46.9% | 32.0% | 26.9% |
Leverage and buybacks account for 84 points of the 152% return on equity in FY2025. The business earns 68% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Cash conversion is 1.03x, but receivables have outgrown revenue 2 years running.
Reported free cash flow is $98.77B; after share-based compensation it is $85.90B. The difference is a real cost that the cash flow statement adds back.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-09-27 (10-K); cash from the 2025-09-27 balance sheet; FCF from FY2025.
Balance sheet at 2025-09-27. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: interest_expense.
At $342.00, free cash flow must compound 20.48%/yr for 10 years. It has done 9.0%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 24.6% | 20.5% |
| FY2021 | 26.7% | 20.5% |
| FY2022 | 19.9% | 20.5% |
| FY2023 | −10.6% | 20.5% |
| FY2024 | 9.3% | 20.5% |
| FY2025 | −9.2% | 20.5% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $112.01B | $112.01B |
| Share-based comp | $12.86B | $124.87B |
| Other non-cash & working capital | −$13.39B | $111.48B |
| Operating cash flow | $111.48B | $111.48B |
| Capex | −$12.71B | $98.77B |
| Free cash flow | $98.77B | $98.77B |
| FCF after SBC | $85.90B | $85.90B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 5.5% | -29.7% | -35.2 points |
| FY2021 | 33.3% | 63.0% | 29.8 points |
| FY2022 | 7.8% | 7.3% | -0.5 points |
| FY2023 | -2.8% | 4.7% | 7.5 points |
| FY2024 | 2.0% | 13.2% | 11.2 points |
| FY2025 | 6.4% | 19.1% | 12.6 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 32.2 days | 9.3 days | 104.3 days | -62.9 days |
| FY2020 | 21.4 days | 8.7 days | 91 days | -60.9 days |
| FY2021 | 26.2 days | 11.3 days | 93.9 days | -56.4 days |
| FY2022 | 26.1 days | 8.1 days | 104.7 days | -70.5 days |
| FY2023 | 28.1 days | 10.8 days | 106.7 days | -67.8 days |
| FY2024 | 31.2 days | 12.6 days | 119.7 days | -75.8 days |
| FY2025 | 34.9 days | 9.4 days | 115.4 days | -71.1 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -4.2 percent |
| FY2020 | -7.2 percent |
| FY2021 | -2.7 percent |
| FY2022 | -6.3 percent |
| FY2023 | -3.8 percent |
| FY2024 | -6.7 percent |
| FY2025 | 0.1 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.