Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Apple Inc., EBITDA calculation

US$ in millions

12 months ended:	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019
Net income	93,736)	96,995)	99,803)	94,680)	57,411)	55,256)
Add: Income tax expense	29,749)	16,741)	19,300)	14,527)	9,680)	10,481)
Earnings before tax (EBT)	123,485)	113,736)	119,103)	109,207)	67,091)	65,737)
Add: Interest expense	—)	3,933)	2,931)	2,645)	2,873)	3,576)
Earnings before interest and tax (EBIT)	123,485)	117,669)	122,034)	111,852)	69,964)	69,313)
Add: Depreciation and amortization	11,445)	11,519)	11,104)	11,284)	11,056)	12,547)
Earnings before interest, tax, depreciation and amortization (EBITDA)	134,930)	129,188)	133,138)	123,136)	81,020)	81,860)

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Apple Inc. EBITDA decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Apple Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	3,492,994)
Earnings before interest, tax, depreciation and amortization (EBITDA)	134,930)
Valuation Ratio
EV/EBITDA	25.89
Benchmarks
EV/EBITDA, Competitors¹
Arista Networks Inc.	45.71
Cisco Systems Inc.	15.25
Super Micro Computer Inc.	15.66
EV/EBITDA, Sector
Technology Hardware & Equipment	25.59
EV/EBITDA, Industry
Information Technology	36.39

Based on: 10-K (reporting date: 2024-09-28).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Apple Inc., historical EV/EBITDA calculation, comparison to benchmarks

	Sep 28, 2024	Sep 30, 2023	Sep 24, 2022	Sep 25, 2021	Sep 26, 2020	Sep 28, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	3,411,822)	2,797,951)	2,550,236)	2,520,606)	1,872,970)	1,112,797)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	134,930)	129,188)	133,138)	123,136)	81,020)	81,860)
Valuation Ratio
EV/EBITDA³	25.29	21.66	19.15	20.47	23.12	13.59
Benchmarks
EV/EBITDA, Competitors⁴
Arista Networks Inc.	—	31.29	24.52	37.28	26.95	16.05
Cisco Systems Inc.	13.28	12.16	10.52	15.05	9.69	11.36
Super Micro Computer Inc.	—	16.77	10.50	11.19	10.65	7.75
EV/EBITDA, Sector
Technology Hardware & Equipment	—	20.69	18.24	19.98	20.90	13.22
EV/EBITDA, Industry
Information Technology	—	23.65	18.58	20.64	19.71	14.59

Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).

¹ See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 3,411,822 ÷ 134,930 = 25.29

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Apple Inc. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

Apple Inc. (NASDAQ:AAPL)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical