Projected Income Statement: Apple Inc.

Forecast Balance Sheet: Apple Inc.

Fiscal Period: September 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 -79,394 -65,797 -49,040 -51,011 -50,021 -49,228 -69,321 -84,266
Change - -182.87% -174.53% -204.02% -198.06% -198.41% -240.82% -221.56%
Announcement Date 10/29/20 10/28/21 10/27/22 11/2/23 10/31/24 - - -
1USD in Million
Estimates

Cash Flow Forecast: Apple Inc.

Fiscal Period: September 2020 2021 2022 2023 2024 2025 2026 2027
CAPEX 1 7,309 11,085 10,708 10,959 9,447 10,724 11,506 11,975
Change - 51.66% -3.4% 2.34% -13.8% 13.52% 7.3% 4.08%
Free Cash Flow (FCF) 1 73,365 92,953 111,443 99,584 108,807 116,799 133,651 155,599
Change - 26.7% 19.89% -10.64% 9.26% 7.35% 14.43% 16.42%
Announcement Date 10/29/20 10/28/21 10/27/22 11/2/23 10/31/24 - - -
1USD in Million
Estimates

Forecast Financial Ratios: Apple Inc.

Fiscal Period: September 2020 2021 2022 2023 2024 2025 2026 2027

Profitability

        
EBITDA Margin (%) 28.17% 32.87% 33.1% 32.83% 34.44% 34.84% 35.31% 35.57%
EBIT Margin (%) 24.15% 29.78% 30.29% 29.82% 31.51% 32.09% 32.54% 33%
EBT Margin (%) 24.44% 29.85% 30.2% 29.67% 31.58% 31.8% 32.09% 32.5%
Net margin (%) 20.91% 25.88% 25.31% 25.31% 23.97% 26.85% 27.19% 27.58%
FCF margin (%) 26.73% 25.41% 28.26% 25.98% 27.83% 28.53% 30.2% 32.81%
FCF / Net Income (%) 127.79% 98.18% 111.66% 102.67% 116.08% 106.28% 111.05% 118.98%

Profitability

        
ROA 17.33% 28.06% 28.36% 27.5% 26.13% 31.53% 34% 40.77%
ROE 73.69% 147.44% 175.46% 171.95% 157.41% 179.36% 156.52% 130.75%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) 2.66% 3.03% 2.72% 2.86% 2.42% 2.62% 2.6% 2.53%
CAPEX / EBITDA (%) 9.45% 9.22% 8.2% 8.71% 7.02% 7.52% 7.36% 7.1%
CAPEX / FCF (%) 9.96% 11.93% 9.61% 11% 8.68% 9.18% 8.61% 7.7%

Items per share

        
Cash flow per share 1 4.603 6.169 7.482 6.991 7.675 8.215 9.444 10.6
Change - 34.03% 21.29% -6.57% 9.78% 7.03% 14.97% 12.2%
Dividend per Share 1 0.795 0.85 0.9 0.94 0.98 1.033 1.091 1.147
Change - 6.92% 5.88% 4.44% 4.26% 5.36% 5.68% 5.11%
Book Value Per Share 1 3.676 3.841 3.178 3.996 3.767 4.047 4.915 6.028
Change - 4.47% -17.25% 25.75% -5.74% 7.42% 21.46% 22.64%
EPS 1 3.28 5.61 6.11 6.13 6.08 7.325 8.21 9.065
Change - 71.04% 8.91% 0.33% -0.82% 20.48% 12.08% 10.42%
Nbr of stocks (in thousands) 17,102,536 16,530,166 16,070,752 15,634,232 15,204,137 15,022,073 15,022,073 15,022,073
Announcement Date 10/29/20 10/28/21 10/27/22 11/2/23 10/31/24 - - -
1USD
Estimates
2025 *2026 *
P/E ratio 33.4x 29.8x
PBR 60.4x 49.7x
EV / Sales 8.85x 8.14x
Yield 0.42% 0.45%
More valuation ratios * Estimated data

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Trading Rating
Investor Rating
ESG MSCI
BBB
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
46
Last Close Price
244.42USD
Average target price
252.23USD
Spread / Average Target
+3.19%
Consensus

Quarterly revenue - Rate of surprise