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 4,602,129 - -
Change - 1.49% 9.25% 29.98% 9.46% 21.39% - -
Enterprise Value (EV) 1 2,337,193 2,389,857 2,613,531 3,413,329 3,757,363 4,534,528 4,495,461 4,462,597
Change - 2.25% 9.36% 30.6% 10.08% 20.68% -0.86% -0.73%
P/E 25.9x 24.8x 27.8x 37.5x 34.2x 35.7x 33x 29.3x
PBR 37.9x 47.8x 42.6x 60.5x 51.2x 45.2x 33.3x 21.9x
PEG - 2.78x 84.93x -45.98x 1.5x 2x 3.95x 2.3x
Capitalization / Revenue 6.57x 6.18x 6.95x 8.86x 9.11x 9.63x 8.74x 8.09x
EV / Revenue 6.39x 6.06x 6.82x 8.73x 9.03x 9.49x 8.54x 7.84x
EV / EBITDA 19.4x 18.3x 20.8x 25.3x 26x 26.7x 24.9x 22.5x
EV / EBIT 21.5x 20x 22.9x 27.7x 28.2x 29x 27x 24x
EV / FCF 25.1x 21.4x 26.2x 31.4x 38x 31.5x 29.4x 26.6x
FCF Yield 3.98% 4.66% 3.81% 3.19% 2.63% 3.18% 3.4% 3.76%
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% 0.34% 0.35% 0.37%
EPS 2 5.61 6.11 6.13 6.08 7.46 8.821 9.559 10.76
Distribution rate 15.2% 14.7% 15.3% 16.1% 13.7% 12.1% 11.7% 10.9%
Net sales 1 365,817 394,328 383,285 391,035 416,161 477,807 526,586 568,960
EBITDA 1 120,233 130,541 125,820 134,661 144,495 169,550 180,420 198,339
EBIT 1 108,949 119,437 114,301 123,216 133,050 156,325 166,308 185,615
Net income 1 94,680 99,803 96,995 93,736 112,010 129,900 138,595 153,904
Net Debt 1 -65,797 -49,040 -51,011 -50,021 -33,763 -67,600 -106,668 -139,532
Reference price 2 145.37 151.76 170.43 227.79 255.46 315.34 315.34 315.34
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 2/11/23 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.($)
35.75x9.49x26.74x0.34% 4,602B
23.16x1.04x12.57x-.--% 86.58B
17.9x0.68x10.05x2.37% 9.08B
7.27x0.82x2.5x0.94% 3.21B
Average 21.02x 3.01x 12.97x 0.91% 1,175B
Weighted average by Cap. 35.46x 9.31x 26.43x 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

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