Stocks ·

Apple (AAPL)

$347.50

+1.04% last session

Market value

$5.01tn

P/E ratio

38.8

Dividend yield

0.51%

52-week range

$243–$352

What Apple does

Apple designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. iPhone is Apple's line of smartphones based on its iOS operating system. The iPhone line includes iPhone 17 Pro, iPhone Air , iPhone 17, iPhone 16 and iPhone 16e.

Biggest source of revenue: iPhone (50%) · breakdownFrom the annual report ↗

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tap a grade for the details

BGrowthGrowing steadily

Sales growth, last 12 months14.2% · 81/100

Sales growth a year, 5 years8.7% · 65/100

Earnings per share growth a year, 5 years17.9% · 90/100

AProfitabilityHighly profitable

Net profit margin27.6% · 98/100

Return on equity137% · 100/100

Return on capital, 10-year average65.1% · 100/100

BFinancial strengthStrong

Net debt ÷ operating profit0.3× · 91/100

Current ratio (short-term assets ÷ debts)1.00 · 60/100

FValuationVery expensive

P/E against its own 10-year history100th percentile · 0/100

Free cash flow yield2.7% · 48/100

PEG (P/E ÷ growth)2.2 · 47/100

Our base-case value vs price−69% · 5/100

BMomentumRising

Share price, last 12 months34.0% · 93/100

Share price, last 3 months4.4% · 61/100

Price

+29.2% over 1Y

27 Oct 2026$347.32

Daily closing prices. Source: Twelve Data.

Bull vs bear

The numbers lean bearish (7 vs 12)

The bull case

Very high returns on capital●●●

Averages 65% after tax, a sign of a durable advantage (a 'moat').

Growth is speeding up●●○

Revenue growth over the last 12 months (14%) is well above its 5-year average (9%).

Cash machine●○○

Turns 24% of revenue into free cash flow.

Has always bounced back●○○

Recovered from all 11 past falls of 20%+ in the price history.

The bear case

Expensive against its own history●●●

P/E 39.8 vs a 10-year median of 22.6 (range 3–38).

Priced above even our optimistic case●●●

The price is 111% above our bull case.

Cyclical revenue●●○

Revenue fell in 3 of the last 10 years: results can swing with the economy.

A lot has to go right●●○

Today's price implies only about 4.9% a year on our base case.

Buybacks don't shrink the share count●○○

Spent $748.5bn, yet the share count rose 159.0%: buybacks mostly offset shares handed to staff

Above analysts' average target●○○

The price is 3% above where analysts on average expect it in a year.

Can you answer every bear point? Put your answers in your thesis under risks.

See the full picture on Apple

Ten years of results, revenue by product and region, a management scorecard, bear/base/bull valuations, analyst targets, every SEC filing explained, and a thesis that checks itself after each report. Free.

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Apple (AAPL)

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See the full picture on Apple

Bull vs bear iLearn

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Bull vs bear

Bull vs bear

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