XStocksXray

Research report · 16 October 2026

Apple Inc. (AAPL)

Information Technology · Technology Hardware, Storage & Peripherals · US stock · price as of 16 Oct 2026

Key indicators

Price	$343.46
52-week range	$242.76 – $348.15
Market cap	$5.05T
P/E (trailing)	39.5×
EV / EBITDA	30.2×
Free-cash-flow yield	2.7%
Dividend yield	0.3%
Revenue (last 12 months)	$466.8B
Revenue growth (3y a year)	1.8%
Operating margin	33.2%
Return on invested capital	98.9%
Net debt / EBITDA	0.1×

Fair value

Blended fair value$242.27 range $234 – $251

Versus priceOvervalued−30% to fair value

Peer multiples	$297.61
Fundamentals-adjusted multiple	$208.63
10-year DCF (market-scaled)	$220.56
Earnings power value (floor, not blended)	$73.93
Model uncertainty	Medium

X-Ray Score

55/ 100 · High confidence · ahead of 65% of sector peers

Valuation45

Growth30

Profitability82

Financial health66

Dividends47

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Apple designs and sells consumer electronics, including the iPhone, Mac computers, iPad tablets, Apple Watch and accessories, along with the software that runs them. It also operates services such as the App Store, cloud storage, music and video subscriptions, and payments. The company earns money from hardware sales through its own stores, online and retail partners, and from recurring services revenue.

Revenue for the last twelve months was $466.8 billion, and it grew by 1.8% a year over three years. The operating margin is 33.2%, and return on invested capital reached 99%. Net debt to EBITDA is 0.1 times. It pays a dividend with a yield of 0.3%. These figures describe past results and say nothing certain about the future.

StocksXray gives Apple Inc. an X-Ray Score of 55 out of 100 (high confidence), ahead of 65% of the S&P 500 stocks in its sector. Its strongest lens is profitability (82) and its weakest is growth (30).

Our fair value blend is $242.27 (range $234.02 to $251.42). At $343.46 the stock trades 42% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Apple Inc. (AAPL)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$143.30	$147.55	$168.93	$225.90	$254.52	$343.46
Market cap	$2.42T	$2.41T	$2.67T	$3.48T	$3.82T	$5.05T
P/E	25.5×	24.1×	27.6×	37.2×	34.1×	39.5×
EV / revenue	6.8×	6.3×	7.1×	9.0×	9.3×	10.9×
EV / EBITDA	20.6×	19.0×	21.6×	26.2×	26.7×	30.2×
Price / free cash flow	26.0×	21.6×	26.8×	32.0×	38.7×	37.0×
Free-cash-flow yield	3.8%	4.6%	3.7%	3.1%	2.6%	2.7%
Price / book	38.3×	47.5×	43.0×	61.1×	51.8×	47.0×
Dividend yield	0.59%	0.61%	0.56%	0.43%	0.40%	0.31%

Fundamentals checklist ● 6 Good · ● 7 Average · ● 3 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−4.6%Average

Free-cash-flow yield2.7%Average

Risk models

Altman Z score3.2×Average

Piotroski F-Score8 of 9Good

Growth

EPS growth (3y)6.9%Average

Free-cash-flow growth (3y)−3.9%Bad

Revenue growth (3y)1.8%Bad

Growth consistency90%Average

Balance sheet

Current ratio1.0×Bad

Net debt / EBITDA0.1×Good

Interest coverno interest costGood

Valuation

Fair value vs price0.7×Average

EBIT / EV yield3.1%Average

Profitability

Return on invested capital98.9%Good

Operating margin33.2%Good

Gross profitability59.3%Good

XStocksXray

Apple Inc. (AAPL)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	365,817	394,328	383,285	391,035	416,161	466,823
Gross profit	152,836	170,782	169,148	180,683	195,201	227,123
Operating income	108,949	119,437	114,301	123,216	133,050	154,859
Net income	94,680	99,803	96,995	93,736	112,010	128,930
Diluted EPS ($)	5.61	6.11	6.13	6.08	7.46	8.70
Free cash flow	92,953	111,443	99,584	108,807	98,767	136,683
Gross margin	41.8%	43.3%	44.1%	46.2%	46.9%	48.7%
Operating margin	29.8%	30.3%	29.8%	31.5%	32.0%	33.2%
Net margin	25.9%	25.3%	25.3%	24.0%	26.9%	27.6%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	351,002	352,755	352,583	364,980	359,241	383,266
Cash	34,940	23,646	29,965	29,943	35,934	39,544
Total debt	124,719	120,069	111,088	106,629	98,657	84,344
Equity	63,090	50,672	62,146	56,950	73,733	107,520
Dividend per share ($)	0.85	0.90	0.94	0.98	1.02	1.05

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	95,359	94,036	102,466	143,756	111,184	109,417
Growth vs a year earlier	+5.1%	+9.6%	+7.9%	+15.7%	+16.6%	+16.4%
Net income ($M)	24,780	23,434	27,466	42,097	29,578	29,789
Diluted EPS ($)	1.65	1.57	–	2.84	2.01	2.02

XStocksXray

Apple Inc. (AAPL)

Peers in Technology Hardware, Storage & Peripherals

Company	X-Ray
AAPL · Apple Inc.	55
SNDK · Sandisk Corp	77
NTAP · NetApp, Inc.	62
WDC · Western Digital Corp	55
STX · Seagate Technology Holding...	54

Market Compass outlook for Information Technology: Favourable (75/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+2.0%
1 month	+1.9%
3 months	+5.3%
6 months	+27.3%
1 year	+38.3%
3 years	+93.6%
5 years	+146.4%

Technical summary

DailyStrongly bullish12 bullish · 3 neutral · 1 bearish

WeeklyStrongly bullish11 bullish · 1 neutral · 0 bearish

MonthlyStrongly bullish7 bullish · 0 neutral · 1 bearish

50-day / 200-day average	$325.69 / $292.14
52-week low / high	$242.76 / $348.15
Classic pivot, support and resistance	S2 336.55 · S1 340.01 · P – · R1 347.37 · R2 351.27

Recent dividends

Ex-dividend date	Amount per share
10 Aug 2026	$0.2700
11 May 2026	$0.2700
9 Feb 2026	$0.2600
10 Nov 2025	$0.2600
11 Aug 2025	$0.2600
12 May 2025	$0.2600

XStocksXray

Apple Inc. (AAPL)

Strengths

Return on invested capital of 98.9% is ahead of 95% of its sector peers.
Operating margin of 33.2% is ahead of 74% of its sector peers.
Interest cover of no interest cost is ahead of 75% of its sector peers.
Net debt is only 0.1× EBITDA, ahead of 69% of its sector peers.
Piotroski F-Score of 8 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Free-cash-flow growth (3y) is weak against Information Technology peers (−3.9%).
Revenue growth (3y) is weak against Information Technology peers (1.8%).
Current ratio is weak against Information Technology peers (1.0×).
The price is above our fair value range, so good news may already be in the price.

Latest SEC filings

Date	Form	Items
31 Jul 2026	10-Q
30 Jul 2026	8-K	2.02,9.01
1 May 2026	10-Q
30 Apr 2026	8-K	2.02,9.01
20 Apr 2026	8-K	5.02
24 Feb 2026	8-K	5.07,9.01
30 Jan 2026	10-Q
29 Jan 2026	8-K	2.02,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.