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 4,858,257 - -
Change - 1.49% 9.25% 29.98% 9.46% 28.15% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,791,867 4,753,392 4,722,281
Change - 2.25% 9.36% 30.6% 10.08% 27.53% -0.8% -0.65%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 37.7x 34.8x 30.8x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 48.2x 35.5x 23.3x
PEG - 2.78x 84.93x -45.98x 1.5x 2.1x 4.06x 2.4x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 10.2x 9.2x 8.51x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 10x 9x 8.27x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 28.3x 26.4x 23.8x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 30.6x 28.5x 25.4x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 33.4x 31x 28x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3% 3.23% 3.58%
Dividend per Share 2 0.85 0.9 0.94 0.98 1.02 1.069 1.114 1.169
Rate of return 0.58% 0.59% 0.55% 0.43% 0.4% 0.32% 0.33% 0.35%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.82 9.576 10.8
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.6% 10.8%
Net sales 1 365,817 394,328 383,285 391,035 416,161 477,854 527,984 571,138
EBITDA 1 120,233 130,541 125,820 134,661 144,495 169,461 180,062 198,485
EBIT 1 108,949 119,437 114,301 123,216 133,050 156,398 166,709 186,041
Net income 1 94,680 99,803 96,995 93,736 112,010 129,944 138,537 154,052
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -66,389 -104,865 -135,976
Reference price 2 145.37 151.76 170.43 227.79 255.46 332.89 332.89 332.89
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 28/10/21 27/10/22 02/11/23 31/10/24 30/10/25 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
37.74x10.03x28.28x0.32% 4,858B
5.79x2.02x3.41x4.42% 1,305B
20.86x0.91x10.92x-.--% 78.32B
18.77x0.72x11.04x2.42% 9.24B
6.96x0.77x2.35x0.98% 3.07B
-25.86x491.32x-36.59x - 2.25B
Average 10.71x 84.29x 3.23x 1.63% 1,043B
Weighted average by Cap. 30.80x 8.40x 22.81x 1.18%

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