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 4,665,759 - -
Change - 1.49% 9.25% 29.98% 9.46% 23.07% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,598,158 4,559,246 4,526,775
Change - 2.25% 9.36% 30.6% 10.08% 22.38% -0.85% -0.71%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 36.3x 33.5x 29.8x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 46.4x 33.1x 21.2x
PEG - 2.78x 84.93x -45.98x 1.5x 2x 4.11x 2.4x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 9.77x 8.89x 8.24x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 9.63x 8.68x 7.99x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 27.1x 25.4x 22.9x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 29.4x 27.5x 24.5x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 31.8x 29.8x 26.8x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.14% 3.36% 3.73%
Dividend per Share 2 0.85 0.9 0.94 0.98 1.02 1.069 1.115 1.168
Rate of return 0.58% 0.59% 0.55% 0.43% 0.4% 0.33% 0.35% 0.37%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.812 9.531 10.71
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.7% 10.9%
Net sales 1 365,817 394,328 383,285 391,035 416,161 477,684 525,003 566,551
EBITDA 1 120,233 130,541 125,820 134,661 144,495 169,548 179,309 197,526
EBIT 1 108,949 119,437 114,301 123,216 133,050 156,310 165,555 184,910
Net income 1 94,680 99,803 96,995 93,736 112,010 129,936 138,167 153,343
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -67,602 -106,513 -138,985
Reference price 2 145.37 151.76 170.43 227.79 255.46 319.70 319.70 319.70
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.($)
35.7x9.47x26.68x0.34% 4,591B
24.14x1.1x13.27x-.--% 90.22B
19.89x0.75x11.92x2.3% 9.89B
8.1x1.64x2.96x0.84% 3.48B
Average 21.96x 3.24x 13.71x 0.87% 1,174B
Weighted average by Cap. 35.42x 9.28x 26.37x 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