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 4,742,525 - -
Change - 1.49% 9.25% 29.98% 9.46% 25.1% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,674,924 4,635,857 4,602,993
Change - 2.25% 9.36% 30.6% 10.08% 24.42% -0.84% -0.71%
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 47.1x 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 9.93x 9.03x 8.37x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 9.79x 8.83x 8.12x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 27.6x 25.9x 23.3x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 29.9x 28x 24.9x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 32.4x 30.3x 27.3x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.09% 3.3% 3.66%
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 1 365,817 394,328 383,285 391,035 416,161 477,674 525,248 566,731
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 2 145.37 151.76 170.43 227.79 255.46 324.96 324.96 324.96
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
36.88x9.79x27.57x0.33% 4,743B
24.67x1.13x13.62x-.--% 92.09B
19.02x0.74x10.82x2.23% 9.63B
7.95x1.56x2.83x0.86% 3.5B
Average 22.13x 3.30x 13.71x 0.86% 1,212B
Weighted average by Cap. 36.59x 9.60x 27.26x 0.33%

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