Bringing the fundamentals into focus…

AAPL Technology

Apple Inc.

$336.67+0.91%

Price as of close on Oct 7, 2026

Basics

Sector: Technology
Industry: Consumer Electronics
Country: United States
Market cap: 4.91T USD
Enterprise value: 4.89T USD
Full-time employees: 150,000

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: higher risk than most peers: less short-term liquidity (current ratio 1.00 vs a peer median of 1.83) and more debt relative to equity (0.78× vs a peer median of 0.25×)higher risk: less liquidity (current ratio 1.00 vs peers 1.83) and more debt vs equity (0.78× vs peers 0.25×)
About average: valuation

Ranks #546 of 1,600 technology companies (top 35%)

See how it ranks against its peers

Worth knowing

Share count shrinking. Shares outstanding down 8.5% from September 2022 to July 2026.
Apple had 8.5% fewer shares at July 2026 than at September 2022, mainly through buybacks, so each remaining share owns a larger slice of the business.
Profit is backed by cash. Free cash flow is 106% of reported profit.
Apple's free cash flow is 106% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins. Operating margin 33% (12 months to Jun 2026) vs a peer median of 6.3%.Operating margin 33% vs peers 6.3%.
Apple keeps 33% of revenue as operating profit, more than 95% of peers (median 6.3%).

StockQuotient Score

58/ 100

Valuation

Is the price right?

50/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.6%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.33Sector median: 0.0198 · MAD: 0.0198

EBITDA yield3.4%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.09Sector median: 0.0369 · MAD: 0.0334

Free cash flow yield2.8%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.13Sector median: 0.0247 · MAD: 0.0247

Other data (not scored)

Book yield2.2%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.2844 · MAD: 0.1547

Growth

Is it growing?

64/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.4%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth32.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.69Sector median: 0.1108 · MAD: 0.3046

3-year revenue growth6.7%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.24Sector median: 0.0482 · MAD: 0.0790

Revenue growth14.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.56Sector median: 0.0857 · MAD: 0.1016

Profitability

Does it earn well?

99/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin33.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.67Sector median: 0.0633 · MAD: 0.0701

Return on assets33.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.92Sector median: 0.0289 · MAD: 0.0358

Return on invested capital80.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.99Sector median: 0.0668 · MAD: 0.0859

Other data (not scored)

Gross margin48.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.3338 · MAD: 0.1630

Return on equity119.9%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0746 · MAD: 0.0890

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.07

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.54Sector median: 0.8710 · MAD: 0.3700

Current ratio1.00×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.21Sector median: 1.8285 · MAD: 0.6820

Debt / equity0.78×

SEC filings · latest balance sheetReported value33% base weight · Z-score -2.38Sector median: 0.2475 · MAD: 0.2255

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Latest filing: what changed

Quarter ended Jun 27, 2026 · filed Jul 31, 2026 · compared with the quarter ended Mar 28, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	451.4B USD	466.8B USD	+3.4%
Net income (12 months)	122.6B USD	128.9B USD	+5.2%
Operating margin	32.6%	33.2%	+0.5 pts
Free cash flow (12 months)	129.2B USD	136.7B USD	+5.8%
Debt	84.7B USD	84.3B USD	−0.4%
Cash	45.6B USD	39.5B USD	−13.2%
Shares outstanding	14.69B	14.59B	−0.6%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Technology · 320 companies

Valuations in Technology are above their usual range since 2016.

70% of months since 2016 were valued lower than now.
37% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +5% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +68% vs the whole market, against a usual +58%.

2016Shaded: most expensive fifth of its range2026

Shown for Technology: too few Consumer Electronics companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Gross margin	41.8%	43.3%	44.1%	46.2%	46.9%	▲ 0.7 pts
Operating margin	29.8%	30.3%	29.8%	31.5%	32.0%	▲ 0.5 pts
Net margin	25.9%	25.3%	25.3%	24.0%	26.9%	▲ 2.9 pts
Return on assets (ROA)	27.0%	28.3%	27.5%	25.7%	31.2%	▲ 5.5 pts
Return on equity (ROE)	150.1%	197.0%	156.1%	164.6%	151.9%	▼ 13 pts
Free cash flow margin	25.4%	28.3%	26.0%	27.8%	23.7%	▼ 4.1 pts
Current ratio	1.07×	0.88×	0.99×	0.87×	0.89×	▲ 3.0%
Quick ratio	1.02×	0.85×	0.94×	0.83×	0.86×	▲ 4.0%
Debt to equity	1.98×	2.37×	1.79×	1.87×	1.34×	▼ 29%
Interest coverage	41.19×	40.75×	29.06×	—	—	—

AAPL price history

Price history is added with the daily price update and will appear after the next one.

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