SuperworthApple AAPL
- Market cap
- $5.1T
- PE
- 39.9×
- 10y median 28.0×
- Forward PE
- 37.5×
- 10y median 25.5×
- Price to sales
- 10.9×
- EV/EBIT
- 32.9×
- Revenue, 12 months
- $466.8B
- +14% on a year ago
- Net margin
- 27.6%
- Free cash flow yield
- 2.7%
A Superworth story
Paying up for a machine that kept working
Record margins and a multiple near its ten year high, just as growth is expected to slow
Growth came back
Revenue sat flat around 385 billion dollars through 2024, which was the bear case. It then moved to 467 billion. The flat stretch and the reacceleration are both on this chart.
Ten year high margins, with a one-off inside
Gross margin over the last twelve months is 48.7 percent, the highest in ten years and well above its ten-year median. About two points of the June quarter came from tariff refunds, a one-off, which is roughly half a point on the twelve-month figure.
Profit did most of the lifting
Earnings per share rose by about a third, to 8.72 dollars in the year to June 2026. The share count fell less than 2 percent, so nearly all of the rise is profit itself. Buybacks shrink the count, but only profit growth can keep earnings rising for good. The dip in late 2024 is a one-off tax charge in a single quarter, not a weaker business.
Cash rose faster than earnings
Free cash flow over the last twelve months is 136.68 billion dollars, up about 42 percent in a year, faster than earnings. The profit is turning into cash. The next two steps ask how much the price already pays for it.
The PE sits near a ten year high
The stock costs more for each dollar of profit than on almost any day in ten years. The PE is about 39. Since its 2019 low the multiple has roughly tripled, and so have earnings per share. Its seven industry peers trade at a median of 38, so Apple is in line with its industry, just not with its own past.
A top multiple just as growth slows
Adjusted earnings, which leave out the one-off tax charge, grew about a fifth last year. For the next twelve months consensus sees 9.29 dollars a share, up only 6.4 percent. The chart shows what today's price pays for that, near its ten year high. Points before late September are rebuilt with today's estimates.
November 2 starts the test
The September quarter's report comes first, with consensus at 1.99 dollars a share. The bigger test is December, the first quarter with the iPhone Duo foldable and dearer Pro models. Consensus expects revenue only about 6 percent above last December's record. Beating that would back the multiple. Missing it would leave little cushion.
What has happened lately
- Apple, Apple unveils iPhone Duo, its first foldable, starting at $1,999Opens a price tier above the Pro line, pre-orders start October 16 and shipping October 23, so revenue lands mainly in the December quarter.
- Apple, Apple debuts iPhone 18 Pro and iPhone 18 Pro Max at $1,199 and $1,299Both Pro models carry a $100 price increase over the prior generation, lifting iPhone average selling prices from the September quarter onward.
- Apple, Apple sets new EU app business terms, cutting its standard commission to 26%Resolves Apple's Digital Markets Act dispute with the European Commission and fixes EU App Store take rates from October 1, easing recurring fine risk.
- Apple, Apple reports June-quarter revenue of $109.4 billion, up 16% year over yearJune-quarter records for iPhone, Mac and Services at a 50.1% gross margin, which included roughly two points of benefit from tariff refunds.
Headlines link to the original source.
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Why a stock is priced where it is, one chart at a time.
Charts
Financials
| Income statement | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $89.5B−1% | $119.6B+2% | $90.8B−4% | $85.8B+5% | $94.9B+6% | $124.3B+4% | $95.4B+5% | $94B+10% | $102.5B+8% | $143.8B+16% | $111.2B+17% | $109.4B+16% | |
| Cost of revenue | $49.1B−6% | $64.7B−3% | $48.5B−8% | $46.1B+2% | $51.1B+4% | $66B+2% | $50.5B+4% | $50.3B+9% | $54.1B+6% | $74.5B+13% | $56.4B+12% | $54.6B+9% |
| Gross profit | $40.4B+6% | $54.9B+9% | $42.3B+1% | $39.7B+9% | $43.9B+9% | $58.3B+6% | $44.9B+6% | $43.7B+10% | $48.3B+10% | $69.2B+19% | $54.8B+22% | $54.8B+25% |
| R&D | $7.3B+8% | $7.7B−0% | $7.9B+6% | $8B+8% | $7.8B+6% | $8.3B+7% | $8.6B+8% | $8.9B+11% | $8.9B+14% | $10.9B+32% | $11.4B+34% | $11.7B+32% |
| SG&A | $6.2B−5% | $6.8B+3% | $6.5B+4% | $6.3B+6% | $6.5B+6% | $7.2B+6% | $6.7B+4% | $6.7B+5% | $7B+8% | $7.5B+4% | $7.5B+11% | $7.3B+11% |
| $27B+8% | $40.4B+12% | $27.9B−2% | $25.4B+10% | $29.6B+10% | $42.8B+6% | $29.6B+6% | $28.2B+11% | $32.4B+10% | $50.9B+19% | $35.9B+21% | $35.7B+27% | |
| Interest expense | $1B+21% | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Pre-tax income | $27B+10% | $40.3B+13% | $28.1B−1% | $25.5B+12% | $29.6B+10% | $42.6B+6% | $29.3B+5% | $28B+10% | $32.8B+11% | $51B+20% | $35.8B+22% | $36.3B+29% |
| $4B+3% | $6.4B+14% | $4.4B+5% | $4B+42% | $14.9B+268% | $6.3B−2% | $4.5B+2% | $4.6B+14% | $5.3B−64% | $8.9B+42% | $6.3B+38% | $6.5B+41% | |
| Net income | $23B+11% | $33.9B+13% | $23.6B−2% | $21.4B+8% | $14.7B−36% | $36.3B+7% | $24.8B+5% | $23.4B+9% | $27.5B+86% | $42.1B+16% | $29.6B+19% | $29.8B+27% |
| $1.46+13% | $2.18+16% | $1.53+1% | $1.40+11% | $0.97−34% | $2.40+10% | $1.65+8% | $1.57+12% | $1.85+91% | $2.84+18% | $2.01+22% | $2.02+29% | |
| 15.7B−3% | 15.6B−2% | 15.5B−2% | 15.3B−3% | 15.2B−3% | 15.2B−3% | 15.1B−3% | 14.9B−3% | 14.9B−3% | 14.8B−2% | 14.7B−2% | 14.7B−2% |
Gross profit: 14 periods, Q1 FY95 to Q3 FY98: not printed by the filing, worked out from its own lines.
Net income: 5 periods, Q4 FY21 to Q4 FY25: printed in the fourth-quarter results release.
EPS, diluted: 4 periods, Q4 FY97 to Q4 FY09: quarter's net income to common over its shares, to the cent. 5 periods, Q4 FY21 to Q4 FY25: printed in the fourth-quarter results release.
Diluted shares: Q4 FY97 and Q4 FY02: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 20 periods, Q4 FY98 to Q4 FY20: share-days: the 12-month average less the 9-month, weighted by days. 6 periods, Q4 FY09 to Q4 FY25: printed in the fourth-quarter results release.
From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.
Estimates
Next earnings report: .
| Quarter | Revenue | Range | EPS | Range | Analysts |
|---|---|---|---|---|---|
| Q4 FY26 | $113.3B | $113.1B to $113.9B | $1.99 | $1.95 to $2.08 | 17 |
| Q1 FY27 | $152.2B | $147B to $156.9B | $2.91 | $2.71 to $3.07 | 13 |
| Q2 FY27 | $124B | $113B to $132.8B | $2.24 | $1.98 to $2.45 | 10 |
| Q3 FY27 | $119.3B | $108.7B to $127.7B | $2.13 | $1.88 to $2.32 | 11 |
| Q4 FY27 | $122.5B | $111.6B to $131.2B | $2.23 | $1.97 to $2.43 | 5 |
| Q1 FY28 | $163.1B | $148.7B to $174.7B | $3.27 | $2.89 to $3.57 | 5 |
| Q2 FY28 | $127.8B | $116.5B to $136.9B | $2.54 | $2.25 to $2.77 | 6 |
| Q3 FY28 | $120B | $109.3B to $128.5B | $2.30 | $2.03 to $2.51 | 6 |
Peers
Companies in Technology nearest Apple's size, closest first.
| Company | Market cap | PE | Its 10y median PE | Fwd PE | P/S | Revenue growth | Net margin |
|---|---|---|---|---|---|---|---|
| AAPLApple | $5.1T | 39.9× | 28.0× | 37.5× | 10.9× | +14% | 27.6% |
| NVDANVIDIA | $5.1T | 26.7× | 54.4× | 17.5× | 16.8× | +83% | 63.7% |
| MSFTMicrosoft | $3.9T | 29.2× | 33.0× | 26.7× | 11.7× | +18% | 40.3% |
| AVGOBroadcom | $1.5T | 41.1× | 46.3× | 18.6× | 17.2× | +49% | 42.9% |
| MUMicron Technology | $992.9B | 11.8× | 18.1× | 5.0× | 7.5× | +256% | 63.8% |
| AMDAdvanced Micro Devices | $843.6B | 133× | 106× | 45.7× | 20.4× | +40% | 15.6% |
| Peer median | $1.5T | 29.2× | 46.3× | 18.6× | 16.8× | +49% | 42.9% |
Investors who own it
Investors we follow who held Apple at the end of Jun 30, 2026, from their 13F filings.
- Warren BuffettBerkshire Hathaway22.0% of portfolio
- Tom GaynerMarkel Group2.7% of portfolio
- Li LuHimalaya Capital0.9% of portfolio
- Baillie GiffordBaillie Gifford0.5% of portfolioadded
- Chris BloomstranSemper Augustus0.2% of portfolioadded
- François RochonGiverny Capital0.1% of portfoliotrimmed
- Bill NygrenHarris Associates (Oakmark)0.1% of portfoliotrimmed
- Tom RussoGardner Russo & Quinn0.0% of portfoliotrimmed
- Polen CapitalPolen Capital0.0% of portfoliotrimmed
- Ruane, Cunniff & GoldfarbRuane, Cunniff & Goldfarb (Sequoia Fund)0.0% of portfolio
- Ron BaronBaron Capital0.0% of portfolionew
More on Apple
Each number over time
- PE ratio
- Forward PE
- Price to sales ratio
- EV/EBIT
- Price to free cash flow
- Price to book ratio
- Dividend yield
- Market cap
- Revenue
- EPS
- Free cash flow
- Profit margin
- Shares outstanding
Its groups
About
- Chief executive
- John Ternus, since 2026Joined 2001, CEO since September 2026 when Tim Cook became executive chairman. Source
- Industry
- Consumer Electronics
- Sector
- Technology
Valuation data, not investment advice. Prices as of .