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 4,849,208 - -
Change - 1.49% 9.25% 29.98% 9.46% 27.91% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,782,981 4,744,323 4,712,833
Change - 2.25% 9.36% 30.6% 10.08% 27.3% -0.81% -0.66%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 37.7x 34.7x 30.8x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 47.6x 35.1x 23.1x
PEG - 2.78x 84.93x -45.98x 1.5x 2.1x 4.1x 2.4x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 10.1x 9.21x 8.52x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 10x 9.01x 8.28x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 28.2x 26.4x 23.8x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 30.6x 28.5x 25.3x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 33.2x 31x 28x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.01% 3.23% 3.58%
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% 0.32% 0.34% 0.35%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.822 9.568 10.79
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.7% 10.8%
Net sales 1 365,817 394,328 383,285 391,035 416,161 477,776 526,557 569,179
EBITDA 1 120,233 130,541 125,820 134,661 144,495 169,550 180,028 198,247
EBIT 1 108,949 119,437 114,301 123,216 133,050 156,336 166,465 186,029
Net income 1 94,680 99,803 96,995 93,736 112,010 129,914 138,397 153,994
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -66,227 -104,885 -136,376
Reference price 2 145.37 151.76 170.43 227.79 255.46 332.27 332.27 332.27
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.($)
37.02x9.84x27.72x0.33% 4,766B
22.83x1.02x12.28x-.--% 85.07B
17.71x0.68x9.92x2.4% 8.98B
7.21x0.81x2.47x0.95% 3.18B
Average 21.19x 3.09x 13.10x 0.92% 1,216B
Weighted average by Cap. 36.72x 9.66x 27.40x 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

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