Stock Analysis on Net

Apple Inc. (NASDAQ:AAPL)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

Apple Inc., historical price multiples (quarterly data)

Microsoft Excel
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
Price to earnings (P/E) 35.95 32.79 28.01 28.44 28.33 30.03 28.94 25.69 24.82 26.21 25.03 27.64 25.96 27.61 29.19 36.00 32.24 31.11 21.90 24.67 20.00
Price to operating profit (P/OP) 27.35 27.72 23.78 24.19 24.04 25.35 24.31 21.45 20.74 22.07 21.37 23.78 22.56 23.98 25.06 31.00 27.92 27.07 19.10 21.45 17.29
Price to sales (P/S) 8.62 8.67 7.37 7.44 7.17 7.41 7.09 6.31 6.28 6.74 6.61 7.35 6.72 6.90 6.85 7.82 6.74 6.64 4.68 5.30 4.25
Price to book value (P/BV) 59.17 50.11 37.90 38.73 44.21 47.21 43.92 43.09 48.89 44.95 37.86 38.64 38.96 37.28 32.20 34.75 28.33 25.14 15.98 15.85 12.21 9.98 9.15 6.61

Based on: 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).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Apple Inc. P/E ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Apple Inc. P/OP ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Apple Inc. P/S ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Apple Inc. P/BV ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Earnings (P/E)

Apple Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 15,115,823,000 15,204,137,000 15,334,082,000 15,441,881,000 15,552,752,000 15,634,232,000 15,728,702,000 15,821,946,000 15,908,118,000 16,070,752,000 16,185,181,000 16,319,441,000 16,406,397,000 16,530,166,000 16,687,631,000 16,788,096,000 17,001,802,000 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000
Selected Financial Data (US$)
Net income (in millions) 14,736 21,448 23,636 33,916 22,956 19,881 24,160 29,998 20,721 19,442 25,010 34,630 20,551 21,744 23,630 28,755 12,673 11,253 11,249 22,236 13,686 10,044 11,561 19,965
Earnings per share (EPS)2 6.20 6.71 6.55 6.54 6.24 6.06 6.00 6.02 6.27 6.20 6.30 6.16 5.77 5.25 4.57 3.81 3.38 3.42 3.30 3.29 3.11 0.00 0.00 0.00
Share price1, 3 222.91 219.86 183.38 185.85 176.65 181.99 173.57 154.50 155.74 162.51 157.65 170.33 149.80 144.98 133.48 137.09 108.86 106.26 72.27 81.09 62.19 53.26 52.63 41.31
Valuation Ratio
P/E ratio4 35.95 32.79 28.01 28.44 28.33 30.03 28.94 25.69 24.82 26.21 25.03 27.64 25.96 27.61 29.19 36.00 32.24 31.11 21.90 24.67 20.00
Benchmarks
P/E Ratio, Competitors5
Arista Networks Inc. 47.33 44.22 39.94 39.77 32.79 33.61 27.44 32.05 33.51 34.44 37.69 47.56 48.17 39.92 36.92 37.41 26.50 23.74 19.75 19.88
Cisco Systems Inc. 19.00 15.61 14.54 14.30 18.26 17.20 18.01 17.28 15.78 15.18 19.78 20.46 23.34 21.99 19.39 16.91 15.46 17.64 17.87 17.54 17.69
Super Micro Computer Inc. 46.35 44.27 22.19 21.10 12.26 7.82 9.13 12.72 14.48 15.76 21.50 16.15 19.94 18.28 17.15 17.04 14.90 16.76 15.68 15.81

Based on: 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 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
EPS = (Net incomeQ4 2024 + Net incomeQ3 2024 + Net incomeQ2 2024 + Net incomeQ1 2024) ÷ No. shares of common stock outstanding
= (14,736,000,000 + 21,448,000,000 + 23,636,000,000 + 33,916,000,000) ÷ 15,115,823,000 = 6.20

3 Closing price as at the filing date of Apple Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/E ratio = Share price ÷ EPS
= 222.91 ÷ 6.20 = 35.95

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Apple Inc. P/E ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.

Price to Operating Profit (P/OP)

Apple Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 15,115,823,000 15,204,137,000 15,334,082,000 15,441,881,000 15,552,752,000 15,634,232,000 15,728,702,000 15,821,946,000 15,908,118,000 16,070,752,000 16,185,181,000 16,319,441,000 16,406,397,000 16,530,166,000 16,687,631,000 16,788,096,000 17,001,802,000 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000
Selected Financial Data (US$)
Operating income (in millions) 29,591 25,352 27,900 40,373 26,969 22,998 28,318 36,016 24,894 23,076 29,979 41,488 23,786 24,126 27,503 33,534 14,775 13,091 12,853 25,569 15,625 11,544 13,415 23,346
Operating profit per share2 8.15 7.93 7.71 7.68 7.35 7.18 7.14 7.20 7.51 7.36 7.38 7.16 6.64 6.05 5.33 4.42 3.90 3.93 3.78 3.78 3.60 0.00 0.00 0.00
Share price1, 3 222.91 219.86 183.38 185.85 176.65 181.99 173.57 154.50 155.74 162.51 157.65 170.33 149.80 144.98 133.48 137.09 108.86 106.26 72.27 81.09 62.19 53.26 52.63 41.31
Valuation Ratio
P/OP ratio4 27.35 27.72 23.78 24.19 24.04 25.35 24.31 21.45 20.74 22.07 21.37 23.78 22.56 23.98 25.06 31.00 27.92 27.07 19.10 21.45 17.29
Benchmarks
P/OP Ratio, Competitors5
Arista Networks Inc. 45.29 41.84 37.57 36.77 29.88 30.23 24.00 28.38 29.48 31.27 35.28 43.25 44.27 35.97 33.03 33.92 27.72 24.78 20.69 21.21
Cisco Systems Inc. 16.10 13.69 12.56 12.32 15.32 13.88 14.67 14.12 13.35 12.91 16.75 17.02 19.26 17.97 15.77 14.03 12.73 13.53 13.95 13.79 14.46
Super Micro Computer Inc. 42.32 37.27 19.05 17.74 10.29 6.55 7.70 10.82 12.71 14.45 19.41 14.57 19.28 17.44 17.42 16.77 12.55 13.65 12.18 11.69

Based on: 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 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Operating profit per share = (Operating incomeQ4 2024 + Operating incomeQ3 2024 + Operating incomeQ2 2024 + Operating incomeQ1 2024) ÷ No. shares of common stock outstanding
= (29,591,000,000 + 25,352,000,000 + 27,900,000,000 + 40,373,000,000) ÷ 15,115,823,000 = 8.15

3 Closing price as at the filing date of Apple Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 222.91 ÷ 8.15 = 27.35

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Apple Inc. P/OP ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Sales (P/S)

Apple Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 15,115,823,000 15,204,137,000 15,334,082,000 15,441,881,000 15,552,752,000 15,634,232,000 15,728,702,000 15,821,946,000 15,908,118,000 16,070,752,000 16,185,181,000 16,319,441,000 16,406,397,000 16,530,166,000 16,687,631,000 16,788,096,000 17,001,802,000 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000
Selected Financial Data (US$)
Net sales (in millions) 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
Sales per share2 25.87 25.36 24.89 24.98 24.64 24.56 24.48 24.49 24.79 24.11 23.85 23.18 22.30 21.00 19.50 17.52 16.15 16.01 15.46 15.29 14.64 0.00 0.00 0.00
Share price1, 3 222.91 219.86 183.38 185.85 176.65 181.99 173.57 154.50 155.74 162.51 157.65 170.33 149.80 144.98 133.48 137.09 108.86 106.26 72.27 81.09 62.19 53.26 52.63 41.31
Valuation Ratio
P/S ratio4 8.62 8.67 7.37 7.44 7.17 7.41 7.09 6.31 6.28 6.74 6.61 7.35 6.72 6.90 6.85 7.82 6.74 6.64 4.68 5.30 4.25
Benchmarks
P/S Ratio, Competitors5
Arista Networks Inc. 19.07 17.25 15.03 14.16 11.14 10.92 8.57 9.89 9.93 10.18 11.13 13.57 13.63 11.07 10.15 10.24 8.50 7.87 6.73 7.09
Cisco Systems Inc. 3.64 3.42 3.42 3.35 4.04 3.59 3.83 3.80 3.62 3.53 4.54 4.59 4.96 4.60 4.09 3.68 3.52 3.76 3.83 3.71 3.96
Super Micro Computer Inc. 4.11 3.50 1.84 1.90 1.10 0.68 0.67 0.70 0.57 0.47 0.62 0.51 0.54 0.50 0.44 0.43 0.40 0.43 0.37 0.32

Based on: 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 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
Sales per share = (Net salesQ4 2024 + Net salesQ3 2024 + Net salesQ2 2024 + Net salesQ1 2024) ÷ No. shares of common stock outstanding
= (94,930,000,000 + 85,777,000,000 + 90,753,000,000 + 119,575,000,000) ÷ 15,115,823,000 = 25.87

3 Closing price as at the filing date of Apple Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= 222.91 ÷ 25.87 = 8.62

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Apple Inc. P/S ratio increased from Q2 2024 to Q3 2024 but then slightly decreased from Q3 2024 to Q4 2024.

Price to Book Value (P/BV)

Apple Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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
No. shares of common stock outstanding1 15,115,823,000 15,204,137,000 15,334,082,000 15,441,881,000 15,552,752,000 15,634,232,000 15,728,702,000 15,821,946,000 15,908,118,000 16,070,752,000 16,185,181,000 16,319,441,000 16,406,397,000 16,530,166,000 16,687,631,000 16,788,096,000 17,001,802,000 17,102,536,000 17,337,340,000 17,501,920,000 17,773,060,000 18,076,720,000 18,404,300,000 18,861,120,000
Selected Financial Data (US$)
Shareholders’ equity (in millions) 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
Book value per share (BVPS)2 3.77 4.39 4.84 4.80 4.00 3.86 3.95 3.59 3.19 3.62 4.16 4.41 3.85 3.89 4.15 3.94 3.84 4.23 4.52 5.12 5.09 5.34 5.75 6.25
Share price1, 3 222.91 219.86 183.38 185.85 176.65 181.99 173.57 154.50 155.74 162.51 157.65 170.33 149.80 144.98 133.48 137.09 108.86 106.26 72.27 81.09 62.19 53.26 52.63 41.31
Valuation Ratio
P/BV ratio4 59.17 50.11 37.90 38.73 44.21 47.21 43.92 43.09 48.89 44.95 37.86 38.64 38.96 37.28 32.20 34.75 28.33 25.14 15.98 15.85 12.21 9.98 9.15 6.61
Benchmarks
P/BV Ratio, Competitors5
Arista Networks Inc. 13.64 12.91 11.62 11.50 9.58 9.81 7.81 8.87 8.90 8.90 8.46 10.05 9.78 7.87 7.24 7.15 6.12 5.89 5.53 5.90 5.33 7.41 8.72
Cisco Systems Inc. 4.31 4.13 4.23 4.30 5.19 4.66 4.91 4.94 4.69 4.51 5.92 5.46 5.99 5.59 5.02 4.64 4.57 5.33 5.56 5.60 6.12 6.57 5.36 4.56
Super Micro Computer Inc. 9.55 10.54 6.28 6.85 4.07 2.49 2.49 2.54 2.09 1.66 2.10 1.65 1.72 1.52 1.35 1.35 1.29 1.41 1.27 1.21 1.25 1.27 1.30

Based on: 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 Data adjusted for splits and stock dividends.

2 Q4 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= 56,950,000,000 ÷ 15,115,823,000 = 3.77

3 Closing price as at the filing date of Apple Inc. Quarterly or Annual Report.

4 Q4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= 222.91 ÷ 3.77 = 59.17

5 Click competitor name to see calculations.

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Apple Inc. P/BV ratio increased from Q2 2024 to Q3 2024 and from Q3 2024 to Q4 2024.