Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

Microsoft Excel

Long-term Activity Ratios (Summary)

Apple Inc., long-term (investment) activity ratios (quarterly data)

Microsoft Excel
Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Net fixed asset turnover 8.59 8.56 8.66 8.76 8.83 8.77 8.82 8.87 9.02 9.36 9.61 9.82 9.64 9.28 8.99 8.61 7.75 7.47 7.67 7.47 7.23 6.96
Total asset turnover 1.15 1.07 1.16 1.13 1.09 1.09 1.15 1.16 1.12 1.12 1.15 1.10 0.99 1.04 1.05 0.97 0.83 0.85 0.86 0.84 0.79 0.77
Equity turnover 5.93 6.87 5.78 5.14 5.21 6.17 6.37 6.20 6.83 7.78 6.67 5.73 5.26 5.80 5.40 4.70 4.44 4.20 3.79 3.42 2.99 2.88

Based on: 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Apple Inc. net fixed asset turnover ratio deteriorated from Q3 2024 to Q4 2024 but then slightly improved from Q4 2024 to Q1 2025.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Apple Inc. total asset turnover ratio deteriorated from Q3 2024 to Q4 2024 but then improved from Q4 2024 to Q1 2025 not reaching Q3 2024 level.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Apple Inc. equity turnover ratio improved from Q3 2024 to Q4 2024 but then slightly deteriorated from Q4 2024 to Q1 2025 not reaching Q3 2024 level.

Net Fixed Asset Turnover

Apple Inc., net fixed asset turnover calculation (quarterly data)

Microsoft Excel
Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Selected Financial Data (US$ in millions)
Net sales 124,300 94,930 85,777 90,753 119,575 89,498 81,797 94,836 117,154 90,146 82,959 97,278 123,945 83,360 81,434 89,584 111,439 64,698 59,685 58,313 91,819 64,040 53,809 58,015 84,310
Property, plant and equipment, net 46,069 45,680 44,502 43,546 43,666 43,715 43,550 43,398 42,951 42,117 40,335 39,304 39,245 39,440 38,615 37,815 37,933 36,766 35,687 35,889 37,031 37,378 37,636 38,746 39,597
Long-term Activity Ratio
Net fixed asset turnover1 8.59 8.56 8.66 8.76 8.83 8.77 8.82 8.87 9.02 9.36 9.61 9.82 9.64 9.28 8.99 8.61 7.75 7.47 7.67 7.47 7.23 6.96
Benchmarks
Net Fixed Asset Turnover, Competitors2
Arista Networks Inc. 70.85 71.08 65.55 62.08 57.69 54.54 51.74 49.98 46.11 40.75 38.14 36.13 37.49 36.78 81.23 75.84 71.90
Cisco Systems Inc. 25.44 25.74 27.68 28.55 28.96 27.34 26.82 27.07 26.52 25.82 25.21 24.09 22.69 21.31 20.64 20.13 19.93 20.10 19.95 19.67 19.48 18.61
Dell Technologies Inc. 14.39 13.75 14.65 14.97 15.51 16.48 18.00 18.53 18.99 18.69 14.34 14.47 14.48 14.65 14.52 14.34 15.11 15.22
Super Micro Computer Inc. 41.69 36.21 30.65 31.14 25.34 24.54 22.67 22.98 20.69 18.17 16.40 14.88 13.47 12.95 12.74 12.77 13.65 14.28 14.31 14.82 15.67 16.88

Based on: 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

1 Q1 2025 Calculation
Net fixed asset turnover = (Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024) ÷ Property, plant and equipment, net
= (124,300 + 94,930 + 85,777 + 90,753) ÷ 46,069 = 8.59

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Apple Inc. net fixed asset turnover ratio deteriorated from Q3 2024 to Q4 2024 but then slightly improved from Q4 2024 to Q1 2025.

Total Asset Turnover

Apple Inc., total asset turnover calculation (quarterly data)

Microsoft Excel
Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Selected Financial Data (US$ in millions)
Net sales 124,300 94,930 85,777 90,753 119,575 89,498 81,797 94,836 117,154 90,146 82,959 97,278 123,945 83,360 81,434 89,584 111,439 64,698 59,685 58,313 91,819 64,040 53,809 58,015 84,310
Total assets 344,085 364,980 331,612 337,411 353,514 352,583 335,038 332,160 346,747 352,755 336,309 350,662 381,191 351,002 329,840 337,158 354,054 323,888 317,344 320,400 340,618 338,516 322,239 341,998 373,719
Long-term Activity Ratio
Total asset turnover1 1.15 1.07 1.16 1.13 1.09 1.09 1.15 1.16 1.12 1.12 1.15 1.10 0.99 1.04 1.05 0.97 0.83 0.85 0.86 0.84 0.79 0.77
Benchmarks
Total Asset Turnover, Competitors2
Arista Networks Inc. 0.50 0.51 0.54 0.58 0.59 0.62 0.64 0.64 0.65 0.64 0.60 0.52 0.51 0.51 0.50 0.50 0.49
Cisco Systems Inc. 0.43 0.43 0.45 0.57 0.59 0.56 0.56 0.55 0.56 0.55 0.56 0.55 0.53 0.51 0.52 0.50 0.51 0.52 0.55 0.57 0.56 0.53
Dell Technologies Inc. 1.12 1.08 1.09 1.09 1.15 1.14 1.24 1.20 1.18 1.09 0.73 0.79 0.78 0.76 0.77 0.75 0.77 0.78
Super Micro Computer Inc. 1.73 1.53 1.33 1.71 1.80 1.94 2.06 2.16 1.82 1.62 1.51 1.56 1.58 1.59 1.69 1.72 1.82 1.74 1.68 1.81 1.96 2.08

Based on: 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

1 Q1 2025 Calculation
Total asset turnover = (Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024) ÷ Total assets
= (124,300 + 94,930 + 85,777 + 90,753) ÷ 344,085 = 1.15

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Apple Inc. total asset turnover ratio deteriorated from Q3 2024 to Q4 2024 but then improved from Q4 2024 to Q1 2025 not reaching Q3 2024 level.

Equity Turnover

Apple Inc., equity turnover calculation (quarterly data)

Microsoft Excel
Dec 28, 2024 Sep 28, 2024 Jun 29, 2024 Mar 30, 2024 Dec 30, 2023 Sep 30, 2023 Jul 1, 2023 Apr 1, 2023 Dec 31, 2022 Sep 24, 2022 Jun 25, 2022 Mar 26, 2022 Dec 25, 2021 Sep 25, 2021 Jun 26, 2021 Mar 27, 2021 Dec 26, 2020 Sep 26, 2020 Jun 27, 2020 Mar 28, 2020 Dec 28, 2019 Sep 28, 2019 Jun 29, 2019 Mar 30, 2019 Dec 29, 2018
Selected Financial Data (US$ in millions)
Net sales 124,300 94,930 85,777 90,753 119,575 89,498 81,797 94,836 117,154 90,146 82,959 97,278 123,945 83,360 81,434 89,584 111,439 64,698 59,685 58,313 91,819 64,040 53,809 58,015 84,310
Shareholders’ equity 66,758 56,950 66,708 74,194 74,100 62,146 60,274 62,158 56,727 50,672 58,107 67,399 71,932 63,090 64,280 69,178 66,224 65,339 72,282 78,425 89,531 90,488 96,456 105,860 117,892
Long-term Activity Ratio
Equity turnover1 5.93 6.87 5.78 5.14 5.21 6.17 6.37 6.20 6.83 7.78 6.67 5.73 5.26 5.80 5.40 4.70 4.44 4.20 3.79 3.42 2.99 2.88
Benchmarks
Equity Turnover, Competitors2
Arista Networks Inc. 0.70 0.72 0.75 0.77 0.81 0.86 0.90 0.91 0.90 0.90 0.87 0.76 0.74 0.72 0.71 0.71 0.70
Cisco Systems Inc. 1.17 1.18 1.21 1.24 1.28 1.29 1.30 1.28 1.30 1.30 1.28 1.31 1.19 1.21 1.21 1.23 1.26 1.30 1.42 1.45 1.51 1.55
Dell Technologies Inc. 11.09 19.97 27.22 38.01 104.35
Super Micro Computer Inc. 3.20 2.77 2.32 3.01 3.41 3.61 3.72 3.65 3.70 3.64 3.63 3.51 3.38 3.25 3.21 3.06 3.08 3.13 3.18 3.26 3.43 3.72

Based on: 10-Q (reporting date: 2024-12-28), 10-K (reporting date: 2024-09-28), 10-Q (reporting date: 2024-06-29), 10-Q (reporting date: 2024-03-30), 10-Q (reporting date: 2023-12-30), 10-K (reporting date: 2023-09-30), 10-Q (reporting date: 2023-07-01), 10-Q (reporting date: 2023-04-01), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-24), 10-Q (reporting date: 2022-06-25), 10-Q (reporting date: 2022-03-26), 10-Q (reporting date: 2021-12-25), 10-K (reporting date: 2021-09-25), 10-Q (reporting date: 2021-06-26), 10-Q (reporting date: 2021-03-27), 10-Q (reporting date: 2020-12-26), 10-K (reporting date: 2020-09-26), 10-Q (reporting date: 2020-06-27), 10-Q (reporting date: 2020-03-28), 10-Q (reporting date: 2019-12-28), 10-K (reporting date: 2019-09-28), 10-Q (reporting date: 2019-06-29), 10-Q (reporting date: 2019-03-30), 10-Q (reporting date: 2018-12-29).

1 Q1 2025 Calculation
Equity turnover = (Net salesQ1 2025 + Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024) ÷ Shareholders’ equity
= (124,300 + 94,930 + 85,777 + 90,753) ÷ 66,758 = 5.93

2 Click competitor name to see calculations.

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Apple Inc. equity turnover ratio improved from Q3 2024 to Q4 2024 but then slightly deteriorated from Q4 2024 to Q1 2025 not reaching Q3 2024 level.