Company Valuation: Apple Inc.

Data adjusted to current consolidation scope
Fiscal Period: September 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 2,402,990 2,438,897 2,664,542 3,463,350 3,791,126 4,624,166 - -
Change - 1.49% 9.25% 29.98% 9.46% 21.97% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,556,566 4,517,498 4,484,634
Change - 2.25% 9.36% 30.6% 10.08% 21.27% -0.86% -0.73%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 36.9x 34.1x 30.3x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 47.2x 33.7x 21.5x
PEG - 2.78x 84.93x -45.98x 1.5x 2x 4.17x 2.4x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 9.68x 8.8x 8.16x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 9.54x 8.6x 7.91x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 26.9x 25.2x 22.7x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 29.2x 27.3x 24.2x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 31.5x 29.5x 26.6x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.17% 3.39% 3.76%
Dividend per Share 2 0.85 0.9 0.94 0.98 1.02 1.069 1.115 1.169
Rate of return 0.58% 0.59% 0.55% 0.43% 0.4% 0.33% 0.34% 0.36%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.812 9.533 10.72
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.7% 10.9%
Net sales 1 365,817 394,328 383,285 391,035 416,161 477,693 525,248 566,731
EBITDA 1 120,233 130,541 125,820 134,661 144,495 169,548 179,231 197,575
EBIT 1 108,949 119,437 114,301 123,216 133,050 156,312 165,581 184,994
Net income 1 94,680 99,803 96,995 93,736 112,010 129,938 138,191 153,408
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -67,600 -106,668 -139,532
Reference price 2 145.37 151.76 170.43 227.79 255.46 325.13 325.13 325.13
Nbr of stocks (in thousands) 16,530,166 16,070,752 15,634,232 15,204,137 14,840,390 14,594,180 - -
Announcement Date 10/28/21 10/27/22 11/2/23 10/31/24 10/30/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
35.95x9.54x26.87x0.34% 4,624B
24.28x1.11x13.36x-.--% 90.68B
19.69x0.74x11.78x2.32% 9.78B
8.1x1.64x2.96x0.84% 3.48B
Average 22.01x 3.26x 13.74x 0.88% 1,182B
Weighted average by Cap. 35.68x 9.35x 26.57x 0.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield