Apple Inc. (AAPL) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.3%

$140.93

vs $337.99 price

Levered DCF

$134.75

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

13.44

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	34.11×	37.28×	27.79×	24.46×	25.91×	33.92×	18.3×	18.81×
P/B	51.79×	61.37×	43.37×	48.14×	38.89×	29.82×	11.17×	10.44×
P/S	9.18×	8.94×	7.03×	6.19×	6.71×	7.1×	3.88×	4.21×
EV / EBITDA	26.97×	26.56×	21.59×	19.14×	20.75×	25.09×	13.07×	13.87×
Gross margin	46.9%	46.2%	44.1%	43.3%	41.8%	38.2%	37.8%	38.3%
Operating margin	32.0%	31.5%	29.8%	30.3%	29.8%	24.1%	24.6%	26.7%
Net margin	26.9%	24.0%	25.3%	25.3%	25.9%	20.9%	21.2%	22.4%
Current ratio	0.89×	0.87×	0.99×	0.88×	1.07×	1.36×	1.54×	1.13×
Debt / equity	1.52×	2.09×	1.99×	2.61×	2.16×	1.87×	1.19×	1.07×
Interest coverage	0×	0×	29.06×	40.75×	41.19×	23.07×	17.88×	21.88×
Dividend yield	0.4%	0.4%	0.6%	0.6%	0.6%	0.7%	1.4%	1.2%
Payout ratio	13.8%	16.3%	15.5%	14.9%	15.3%	24.5%	25.6%	23.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	151.9%	164.6%	156.1%	197.0%	150.1%	87.9%	61.1%	55.6%
Return on invested capital	52.0%	44.3%	43.4%	45.2%	38.9%	24.3%	21.6%	21.4%
Return on assets	31.2%	25.7%	27.5%	28.3%	27.0%	17.7%	16.3%	16.3%
Free cash flow yield	2.6%	3.1%	3.7%	4.6%	3.8%	3.8%	5.8%	5.7%
Earnings yield	2.9%	2.7%	3.6%	4.1%	3.9%	2.9%	5.5%	5.3%
Enterprise value	$3.9T	$3.6T	$2.8T	$2.5T	$2.6T	$2T	$1.1T	$1.2T
Net debt / EBITDA	0.53×	0.66×	0.73×	0.82×	0.82×	1.04×	0.72×	1.02×
Cash conversion cycle (days)	-42	-45	-38	-40	-31	-33	-31	-48