Apple Inc.
AAPL · Nasdaq · CIK 0000320193
SIC 3571
Electronic Computers
Category
Other
Entity
operating
Incorp.
CA
Fiscal Y/E
0926
Source: SEC EDGAR · All filings on SEC →
Investment Indicators
$292.74
-0.58 (-0.20%)
Open
$291.98
High
$293.88
Low
$290.23
Prev Close
$293.32
Volume
29,620,502
52W High
$288.35
52W Low
$192.41
50-day MA
$261.22
Quote as of: 2026-05-11
Market Cap
$4.11T
P/E
33.93
P/B
38.59
PEG
2.52
EPS
8.26
BPS
6.00
Dividend Yield
0.38%
Beta
1.11
ROE
151.91%
ROA
31.18%
D/E Ratio
3.87
Current Ratio
0.89
Gross Margin
73.50%
Operating Margin
50.10%
Net Margin
42.17%
Book Value/Share
$4.99
Intrinsic Value Estimates
Multiple valuation methods, each with its own assumptions — outputs can diverge widely
Median consensus (7 methods)
$544.88B
| Method | Implied market cap | vs current |
|---|---|---|
Graham Number √(22.5 × 순이익 × 자본) | $431.07B | +854% |
Graham Formula 순이익 × (8.5 + 2 × 성장률%) | $5.32T | -23% |
Justified P/E 순이익 × 산업 평균 P/E | $1.68T | +145% |
P/B 배수 자본 × 산업 평균 P/B | $110.60B | +3617% |
P/S 배수 매출 × 산업 평균 P/S | $531.19B | +674% |
DCF (Gordon) CF × (1+g) / (r − g) | $3.49T | +18% |
DDM (Gordon) D × (1+g) / (r − g) | $544.88B | +654% |
▶ Detailed analysis — formula walk-through & scenarios
Why this conclusion
Of the 7 valuation methods, 7 were applicable. Their median fair-value lands +654.4% below the current market cap → the stock trades above most formulas' estimates (overvalued). 5 methods flag overvalued, 1 flag undervalued, the rest land within fair range. Read each formula's assumptions below before treating any single number as the answer.
Graham Number
Overvalued +853.6%√(22.5 × 순이익 × 자본)
Current
$4.11T
Implied fair
$431.07B
Gap (current − fair)
+$3.68T(+853.6%)
NetIncome = $112.01B Equity = $73.73B √(22.5 × $112.01B × $73.73B) = $431.07B
- 최대 PER 15배
- 최대 PBR 1.5배
- 안정적 흑자 기업 가정 (금융·고성장 부정확)
Graham Formula
Undervalued -22.7%순이익 × (8.5 + 2 × 성장률%)
Current
$4.11T
Implied fair
$5.32T
Gap (current − fair)
$-1.21T(-22.7%)
NetIncome = $112.01B Growth g = 19.5% → cap 19.5% Multiple = 8.5 + 2 × 19.5 = 47.5× $112.01B × 47.5 = $5.32T
- EPS 성장률 19.5%/년 가정 (직전 1년 기준)
- 무성장 기업 P/E = 8.5
- 현재 적용 배수: 47.5x
Justified P/E
Overvalued +144.7%순이익 × 산업 평균 P/E
Current
$4.11T
Implied fair
$1.68T
Gap (current − fair)
+$2.43T(+144.7%)
NetIncome = $112.01B Industry P/E = 15× $112.01B × 15 = $1.68T
- 산업 평균 PER 15x 가정 (사용자 정의 가능)
- 동종 업종 비교가 핵심 — 산업별 평균 P/E 사용 권장
P/B 배수
Overvalued +3616.7%자본 × 산업 평균 P/B
Current
$4.11T
Implied fair
$110.60B
Gap (current − fair)
+$4.00T(+3616.7%)
Equity = $73.73B Industry P/B = 1.5× $73.73B × 1.5 = $110.60B
- 산업 평균 PBR 1.5x 가정
- 은행·보험·자산집약적 산업에 특히 유효
P/S 배수
Overvalued +673.9%매출 × 산업 평균 P/S
Current
$4.11T
Implied fair
$531.19B
Gap (current − fair)
+$3.58T(+673.9%)
Revenue = $265.60B Industry P/S = 2× $265.60B × 2 = $531.19B
- 산업 평균 PSR 2x 가정
- 매출 기반 — 적자 기업·신생 기업에 적용 가능
- 이익률 차이 무시
DCF (Gordon)
Fair +17.8%CF × (1+g) / (r − g)
Current
$4.11T
Implied fair
$3.49T
Gap (current − fair)
+$620.85B(+17.8%)
FCF = $98.77B Discount r = 4.0% + 5.0% = 9.0% Growth g = 6.0% $98.77B × (1 + 6.0%) / (9.0% − 6.0%) = $3.49T
- 현금흐름 입력: FCF (잉여현금흐름)
- 할인율 9.0% (무위험 4.0% + 주식위험프리미엄 5.0%)
- 영구 성장률 6.0% (실질 GDP 수준)
DDM (Gordon)
Overvalued +654.4%D × (1+g) / (r − g)
Current
$4.11T
Implied fair
$544.88B
Gap (current − fair)
+$3.57T(+654.4%)
Dividend D = $15.42B Discount r = 9.0% Growth g = 6.0% $15.42B × (1 + 6.0%) / (9.0% − 6.0%) = $544.88B
- 배당 입력: 실제 지급 배당
- 할인율 9.0%
- 배당 영구 성장률 6.0%
DCF sensitivity: discount rate × terminal growth
Each cell is the (current vs FCF × (1+g) / (r − g)) discount % under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +147.2% | +188.5% | +229.7% | +270.9% | +312.1% |
| 2% | +104.0% | +144.8% | +185.6% | +226.4% | +267.2% |
| 3% | +61.6% | +102.0% | +142.4% | +182.9% | +223.3% |
| 4% | +20.1% | +60.1% | +100.1% | +140.1% | +180.1% |
| 5% | -20.7% | +18.9% | +58.5% | +98.2% | +137.8% |
DDM sensitivity: discount rate × dividend growth
Each cell is the discount % vs Dividend × (1+g) / (r − g) under the assumed growth g and discount r.
| g \ r | 7% | 8% | 9% | 10% | 11% |
|---|---|---|---|---|---|
| 1% | +1483.5% | +1747.4% | +2011.4% | +2275.3% | +2539.2% |
| 2% | +1206.7% | +1468.0% | +1729.3% | +1990.7% | +2252.0% |
| 3% | +935.2% | +1194.0% | +1452.8% | +1711.6% | +1970.4% |
| 4% | +668.9% | +925.2% | +1181.5% | +1437.8% | +1694.2% |
| 5% | +407.7% | +661.6% | +915.5% | +1169.3% | +1423.2% |
All estimates rest on strong assumptions. Treat the spread, not any single number, as the signal.
Financial Statements
In USD millions (per-share figures shown directly) · Financials as of: 2025-10-31
Income Statement
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cost of Revenue | 220,960 | 210,352 | 214,137 | 223,546 | 212,981 |
| Gross Profit | 195,201 | 180,683 | 169,148 | 170,782 | 152,836 |
| Operating Expenses | 62,151 | 57,467 | 54,847 | 51,345 | 43,887 |
| Operating Income | 133,050 | 123,216 | 114,301 | 119,437 | 108,949 |
| Net Income | 112,010 | 93,736 | 96,995 | 99,803 | 94,680 |
| EPS (Basic) | 7.49 | 6.11 | 6.16 | 6.15 | 5.67 |
| EPS (Diluted) | 7.46 | 6.08 | 6.13 | 6.11 | 5.61 |
Balance Sheet
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total Assets | 359,241 | 364,980 | 352,583 | 352,755 | 351,002 |
| Current Assets | 147,957 | 152,987 | 143,566 | 135,405 | 134,836 |
| Cash & Equivalents | 35,934 | 29,943 | 29,965 | 23,646 | 34,940 |
| Total Liabilities | 285,508 | 308,030 | 290,437 | 302,083 | 287,912 |
| Current Liabilities | 165,631 | 176,392 | 145,308 | 153,982 | 125,481 |
| Long-term Debt | 90,678 | 96,662 | 105,103 | — | — |
| Total Equity | 73,733 | 56,950 | 62,146 | 50,672 | 63,090 |
Cash Flow
| FY | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating CF | 111,482 | 118,254 | 110,543 | 122,151 | 104,038 |
| Investing CF | 15,195 | 2,935 | 3,705 | -22,354 | -14,545 |
| Financing CF | -120,686 | -121,983 | -108,488 | -110,749 | -93,353 |
| CapEx | 12,715 | 9,447 | 10,959 | 10,708 | 11,085 |
| Dividends Paid | 15,421 | 15,234 | 15,025 | 14,841 | 14,467 |
📄 SEC Filings
Quarterly Report
10-Q
2026-05-01
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Current Report
8-K
2026-04-30
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2026-04-20
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2026-02-24
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2026-01-30
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2026-01-29
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Proxy Statement
DEFINITIVE PROXY STATEMENT
2026-01-08
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2026-01-02
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2025-12-05
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2025-10-31
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2025-10-30
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2025-05-01
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Other filings (82)
Insider Transaction
FORM 4
2026-05-08
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144
xsl144X01/primary_doc.xml
2026-05-06
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144
xsl144X01/primary_doc.xml
2026-05-05
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xslSCHEDULE_13G_X02/primary_doc.xml
2026-04-29
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FORM 4
2026-04-27
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144
xsl144X01/primary_doc.xml
2026-04-23
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Insider Transaction
FORM 4
2026-04-17
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Insider Transaction
FORM 4
2026-04-17
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Insider Transaction
FORM 4
2026-04-03
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Insider Transaction
FORM 4
2026-04-03
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Insider Transaction
FORM 4
2026-04-03
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144
xsl144X01/primary_doc.xml
2026-04-02
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144
xsl144X01/primary_doc.xml
2026-04-02
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SCHEDULE 13G/A
xslSCHEDULE_13G_X02/primary_doc.xml
2026-03-26
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Insider Transaction
FORM 4
2026-03-17
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3
FORM 3
2026-03-06
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-26
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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Insider Transaction
FORM 4
2026-02-03
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PX14A6G
NATIONAL LEGAL AND POLICY CENTER - PX14A6G
2026-01-22
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DEFA14A
DEFINITIVE ADDITIONAL PROXY SOLICITING MATERIALS
2026-01-08
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3
FORM 3
2026-01-02
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FORM 4
2025-11-14
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25-NSE
xslF25X02/primary_doc.xml
2025-11-14
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FORM 4
2025-11-12
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Insider Transaction
FORM 4
2025-10-17
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Insider Transaction
FORM 4
2025-10-17
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144
xsl144X01/primary_doc.xml
2025-10-16
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Insider Transaction
FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-10-03
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Insider Transaction
FORM 4
2025-10-03
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144
xsl144X01/primary_doc.xml
2025-10-02
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144/A
xsl144X01/primary_doc.xml
2025-10-02
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144
xsl144X01/primary_doc.xml
2025-10-02
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144
xsl144X01/primary_doc.xml
2025-10-02
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144
xsl144X01/primary_doc.xml
2025-10-02
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Insider Transaction
FORM 4
2025-09-30
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Insider Transaction
FORM 4
2025-09-30
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Insider Transaction
FORM 4
2025-09-30
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Insider Transaction
FORM 4
2025-09-30
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Insider Transaction
FORM 4
2025-09-30
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S-8
S-8
2025-09-26
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S-8
S-8
2025-09-26
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Insider Transaction
FORM 4
2025-08-29
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144
xsl144X01/primary_doc.xml
2025-08-28
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Insider Transaction
FORM 4
2025-08-27
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Insider Transaction
FORM 4
2025-08-12
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144
xsl144X01/primary_doc.xml
2025-08-08
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SCHEDULE 13G/A
xslSCHEDULE_13G_X01/primary_doc.xml
2025-07-29
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3
FORM 3
2025-07-25
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xslF25X02/primary_doc.xml
2025-05-22
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FORM 4
2025-05-14
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424B2
2025-05-06
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FWP
2025-05-06
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424B2
424B2
2025-05-05
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2025-04-25
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144
xsl144X01/primary_doc.xml
2025-04-23
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Insider Transaction
FORM 4
2025-04-17
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FORM 4
2025-04-17
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SD
SD
2025-04-04
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FORM 4
2025-04-03
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2025-04-03
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Insider Transaction
FORM 4
2025-04-03
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Insider Transaction
FORM 4
2025-04-03
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144
xsl144X01/primary_doc.xml
2025-04-02
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144
xsl144X01/primary_doc.xml
2025-04-02
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144
xsl144X01/primary_doc.xml
2025-04-02
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Insider Transaction
FORM 4
2025-02-27
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Insider Transaction
FORM 4
2025-02-27
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Insider Transaction
FORM 4
2025-02-27
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