Stock FundamentalAAPLgenerated on 28 September 2026

Research report for informational purposes only — not investment advice.

Stock Fundamentalgenerated Sep 28, 2026 10:43 UTC

Apple Inc.AAPL

Technology · Consumer Electronics

Fundamental score53

mixed

Quality & moat96

expanding_moat

Growth60

revenue CAGR 3.28%

Financial health72

CFO / net income 1

Valuation19

P/E 38.93

Price vs DCF references+267% earnings · +156.6% cash-flow

Balanced, weights 50/50, fit high

Risk49

medium

AAPL — Score 53 places Apple in the mixed band. Strengths include a very strong quality moat with 44.75% ROIC avg and improving margins, and solid financial health with $112B net income.

confidencedata as of Sep 28, 2026 12:00 UTCdata notes2

MoatExpanding moatRisk bandMediumDcf profileBalancedVerdict bandMixedDcf model fitHighInsider directionNet sellingPrice vs earnings dcfPremiumPrice vs provider dcfPremium

The overall judge score for Apple is 53, placing it in the mixed verdict band. This score reflects a balance of strong quality and health metrics against significant valuation and intrinsic value concerns. The analysis integrates eight modules with usable scores and confidence levels, providing a comprehensive view of the company's financial and market standing.

Module	Score	Confidence	How it reads
Quality & moat	96	0.85	Apple shows a strong and expanding moat with a 5-year average ROIC of 44.75%, improving margins, and consistent free cash flow generation.
Growth	60	0.82	Apple shows moderate 3.28% sales CAGR, stronger 7.39% EPS CAGR, and positive cash flow quality. Recent EPS growth is strong but free cash flow declined YoY.
Financial health	72	0.80	Apple shows strong financial health with net income of $112B, CFO near $111B, and free cash flow of $98.8B. Net debt is moderate at $76.4B with a low net debt to CFO ratio of 0.69.
Valuation	19	0.80	P/E 38.93 is above the 35 reference, P/FCF 36.65 is above the 35 reference, EV/EBITDA 30.0 is above the 20 reference, free-cash-flow yield 2.7% is below the 3% reference.
DCF distance	5	0.78	Apple's current price is 267% above the earnings-based estimate of $92.95, implying a 27.2% growth rate versus the 7.39% historical EPS CAGR used.
Risk	49	0.75	Apple shows moderate liquidity and leverage with strong cash flow quality and moderate revenue concentration, resulting in a medium risk score of 49.
Insider alignment	35	0.75	Apple insiders sold 11,031 shares worth $3.54M in last 90 days, with no buyers. Insider activity is net selling but low materiality relative to $5T market cap.
Sector context	42	0.40	Apple's P/E of 38.93 and FCF yield of 2.73% exceed peer medians, with ROE exceptionally high at 137.18%, but margins lag peers. Peer count is low, reducing confidence.

Overall score 53/100 — mixed band, confidence 0.68.
Strongest: Quality & moat 96/100.
Strongest: Financial health 72/100.
Strongest: Growth 60/100.
Weakest: DCF distance 5/100.

Apple Inc. reported a latest revenue of $416.16 billion with a 5-year sales CAGR of 3.28%, indicating moderate top-line growth. The diluted EPS grew at a healthier 7.39% CAGR over five years, reaching $7.46 in the most recent fiscal year.

FY	Revenue	Rev growth %	Operating income	Net income	EPS diluted	Free cash flow
2021	$365.8B	+33.26%	$108.9B	$94.68B	5.61	$92.95B
2022	$394.3B	+7.79%	$119.4B	$99.80B	6.11	$111.4B
2023	$383.3B	-2.80%	$114.3B	$97.00B	6.13	$99.58B
2024	$391.0B	+2.02%	$123.2B	$93.74B	6.08	$108.8B
2025	$416.2B	+6.43%	$133.1B	$112.0B	7.46	$98.77B

5-year CAGR: revenue 3.28%, diluted EPS 7.39%, free cash flow 1.53%.
Last fiscal year: revenue 6.43%, EPS 22.7%, FCF -9.23% year on year.
FY2025: revenue $416.2B, net income $112B, diluted EPS $7.46.
Consensus estimate for next fiscal year: revenue 14.73%, EPS 18.36%.
Growth module score 60/100.

FY	Gross %	Operating %	Net %	ROE %	ROIC %
2021	41.78%	29.78%	25.88%	150.07%	38.93%
2022	43.31%	30.29%	25.31%	196.96%	45.17%
2023	44.13%	29.82%	25.31%	156.08%	43.39%
2024	46.21%	31.51%	23.97%	164.59%	44.31%
2025	46.91%	31.97%	26.92%	151.91%	51.97%

FY2025 margins: gross 46.91%, operating 31.97%, net 26.92%.
Return on equity 151.91%, return on invested capital 51.97% (FY2025).
ROIC 5-year average 44.75%, trend 2.52 pp/year.
5-year trend: gross margin improving, operating margin improving.
Operating margin moved from 29.78% (FY2021) to 31.97% (FY2025).

Apple Inc. demonstrates a robust financial quality moat characterized by a high 5-year average ROIC of 44.75% and a positive ROIC trend slope of 2.52 percentage points per year, indicating expanding returns on invested capital. The company’s gross margin has improved over the past five years, currently at 48.65% TTM, while the operating margin also shows an improving trend, standing at 33.17% TTM.

Metric	Value	What it means
ROIC, 5-year average (%)	44.75	—
ROIC trend (pp per year)	2.52	—
ROIC volatility (pp)	4.20	—
Gross margin, 5-year trend	improving	—
Operating margin, 5-year trend	improving	—
FCF margin, TTM (%)	23.73	—
Years of positive FCF (of 5)	5	—
Share count change over 5 years (%)	-11.03	—
Moat reading	expanding_moat	—
Stability points	6	—
Trend points	10	—

Quality & moat score 96/100; moat reading: expanding moat.
Free cash flow positive in 5 of the last 5 years; FCF margin (TTM) 23.73%.
ROIC volatility 4.2 pp — stability points 6, trend points 10.
Share count down 11.03% over 5 years.

Apple Inc.'s latest financial data reveals a net income of $112.01 billion and operating cash flow (CFO) of $111.48 billion, indicating strong profitability and cash generation. The free cash flow (FCF) stands at $98.77 billion, supporting robust operational efficiency.

FY	Operating CF	Capex	Free cash flow	FCF margin %	CFO / net income
2021	$104.0B	-11.09B	$92.95B	25.41%	$1
2022	$122.2B	-10.71B	$111.4B	28.26%	$1
2023	$110.5B	-10.96B	$99.58B	25.98%	$1
2024	$118.3B	-9.45B	$108.8B	27.83%	$1
2025	$111.5B	-12.72B	$98.77B	23.73%	$1

FY2025: operating cash flow $111.5B, capex -$12.7B, free cash flow $98.8B.
FCF margin 23.73%; cash conversion (CFO / net income) 1×.
Operating cash flow positive 5 of 5 years, free cash flow 5 of 5; FCF volatility low.
Free cash flow $93B (FY2021) → $98.8B (FY2025).
Financial health score 72/100.

Apple Inc. has a current ratio of approximately 1.00, indicating near parity between current assets and liabilities. The company's debt to equity ratio stands at 1.52, reflecting moderate leverage, while net debt to EBITDA is low at 0.27, suggesting manageable debt levels relative to earnings.

FY	Cash	Total debt	Net debt	Equity	Current ratio
2021	34.94B	$136.5B	$101.6B	63.09B	1.07x
2022	23.65B	$132.5B	$108.8B	50.67B	0.88x
2023	29.97B	$123.9B	$93.97B	62.15B	0.99x
2024	29.94B	$119.1B	$89.12B	56.95B	0.87x
2025	35.93B	$112.4B	$76.44B	73.73B	0.89x

FY2025: cash $35.9B, total debt $112.4B, net debt $76.4B, equity $73.7B.
Debt to equity 1.52×, net debt to EBITDA 0.27×.
Current ratio 1, interest coverage not reported.
Altman Z-score 13.5.
Net debt $101.6B (FY2021) → $76.4B (FY2025).

Apple shows moderate liquidity and leverage with strong cash flow quality and moderate revenue concentration, resulting in a medium risk score of 49.

Driver	Points	% of risk total
Liquidity	8	16.33%
Leverage	18	36.73%
Cash quality	5	10.20%
Revenue concentration	12	24.49%
Valuation sensitivity	6	12.24%

Risk points 49/100, band medium — higher means more risk and lowers the total score.
Leverage: 18 points (36.73% of risk total).
Revenue concentration: 12 points (24.49% of risk total).
Revenue concentration: top product 50.36%, top region 42.86%.
Free cash flow yield 2.73% (valuation sensitivity input).

The two references see almost the same flow — free cash flow is 88.2% of net income — yet they diverge ($92.95 vs $132.92). The difference therefore comes from the required return, not the business: the Midaris model discounts at 12%, the provider model at a lower rate. For companies with steady earnings the estimate is highly sensitive to this assumption; the sensitivity table shows the value at each rate so the reader can apply their own. The data shows that Apple Inc. has a price-to-earnings ratio (P/E) of 38.93, which is above the 35 reference level. Its price-to-free-cash-flow ratio (P/FCF) is 36.65, also above the 35 reference.

Metric	Value	Note
P/E (TTM)	38.93	P/E ratio exceeds 35
PEG (TTM)	1.19	—
P/FCF (TTM)	36.65	P/FCF ratio exceeds 35
EV / EBITDA	30	EV/EBITDA ratio exceeds 20
Free cash flow yield (%)	2.73	Free-cash-flow yield below 3%
Dividend yield (%)	0.31	—
Earnings DCF (Midaris)	92.95	Two-stage discounted-earnings model, per share: 10 years at the historical EPS growth rate (capped 5–20%), then 10 years at 4%, discounted at the 10-year Treasury rounded up plus a 6% equity premium. Same rules for every company.
Earnings DCF range	$86.17 – $100.56	Discount rate one point higher / lower.
Price vs Earnings DCF (%)	267	Positive = price above the estimate. premium to the earnings-based estimate. Sub-score 5/100.
Growth the price implies (%/yr, 10 years)	27.20	EPS growth needed for 10 years, at the same discount rate, for the model to reach today’s price. Compare with the 7.39% used.
Earnings DCF inputs	EPS base $7.46 (FY2025), growth 7.39%/yr for 10 years (4y EPS CAGR FY2021-FY2025), then 4% for 10 years, discounted at 12%.	—
DCF (provider, cash-flow based)	132.92	Free-cash-flow DCF supplied by the market-data provider; its growth and discount-rate assumptions are the provider’s.
Price vs provider DCF (%)	156.60	Positive = price above the estimate. premium to the cash-flow estimate. Sub-score 5/100.
Price used	341.07	The quote both estimates are compared against.
Company profile (data-derived)	Balanced	Neither model has a data-based reason to be preferred; equal weights. Evidence: capex 11.4% of operating cash flow, free cash flow 88.2% of net income, payout 12.1%, dividend yield 0.31%, EPS CAGR 7.4%, sector Technology.
Weights in the DCF-distance score	earnings 50% / cash-flow 50%	balanced profile: earnings 50% / provider 50%
DCF-distance module score	5	Weighted blend of the two sub-scores; each sub-score = 50 − 80 × (price / estimate − 1), floor 5.
Model fit	high	Both models extrapolate the EPS history; fit reflects how steady that history is. EPS rose in 3 of 4 year-on-year steps; largest EPS drawdown 1%.

P/E 38.93×, P/FCF 36.65×, EV/EBITDA 30× (trailing twelve months).
Free cash flow yield 2.73%, dividend yield 0.31%.
Earnings DCF (Midaris) $92.95 (range $86.17–$100.56): price +267%, premium to the earnings-based estimate.
Provider cash-flow DCF $132.92: price +156.6%, premium to the cash-flow estimate.
Today’s price implies 27.2%/yr EPS growth for 10 years; the model used 7.39% (4y EPS CAGR FY2021-FY2025).
Profile: Balanced → weights earnings 50% / cash-flow 50%; model fit high.

Every discounted-cash-flow figure depends on the return the reader demands: the same earnings are worth more to someone content with 8% a year than to someone requiring 13%. This table shows the earnings-based estimate across that range so the reader can apply their own required return rather than the model’s default.

Required return %	Earnings DCF	Price vs estimate %
8.00%	129.89	+162.60%
9.00%	118.87	+186.90%
10.00%	109.15	+212.50%
11.00%	100.56	+239.20%
12.00%	92.95	+267.00%
13.00%	86.17	+295.80%

The discount rate is the annual return the reader requires; the score uses 12% (10-year Treasury rounded up + 6%) for every company.
At 12% the estimate is $92.95; one point lower gives $100.56, one point higher $86.17.
Today’s price is outside ±10% of the estimate at every rate from 8% to 13%.

Split	Segment	Revenue	Share %	FY
Product	iPhone	$209.6B	50.36%	2025
Product	Service	$109.2B	26.23%	2025
Product	Wearables, Home and Accessories	$35.69B	8.58%	2025
Product	Mac	$33.71B	8.10%	2025
Product	iPad	$28.02B	6.73%	2025
Geography	Americas Segment	$178.4B	42.86%	2025
Geography	Europe Segment	$111.0B	26.68%	2025
Geography	Greater China Segment	$64.38B	15.47%	2025
Geography	Rest of Asia Pacific Segment	$33.70B	8.10%	2025
Geography	Japan Segment	$28.70B	6.90%	2025

Largest product line: iPhone, 50.36% of revenue (FY2025), across 5 disclosed lines.
Largest region: Americas Segment, 42.86% of revenue, across 5 disclosed regions.
Top two product lines: 76.59% of revenue combined.
Concentration as scored by the risk module: top product 50.36%, top region 42.86%.

iPhoneServiceWearables, Home and AccessoriesMaciPadAmericas SegmentEurope SegmentGreater China Segment

FY	Revenue, average estimate	EPS, average estimate	Analysts (revenue)	Analysts (EPS)
2021	$366.4B	5.61	11	19
2022	$392.8B	6.10	18	12
2023	$383.1B	6.06	22	24
2024	$390.5B	6.71	41	39
2025	$415.4B	7.38	25	27
2026	$477.5B	8.83	30	29

Third-party material, attributed to the source named on each row

Consensus covers 6 fiscal years, FY2021 to FY2026.
FY2021 average EPS estimate $5.61 from 19 analysts.
FY2026 average EPS estimate $8.83 from 29 analysts.
Nearest consensus year implies -11.95% revenue change against the last reported year.

In the last 90 days, Apple insiders have sold a net total of 11,031 shares valued at approximately $3.54 million. There were no insider purchases recorded during this period, with only one unique seller involved.

Date	Insider	Transaction	Shares	Price
2026-09-22	Newstead Jennifer — officer: SVP, GC and Government Affairs	S-Sale	2.40K	$340.06
2026-09-15	Newstead Jennifer — officer: SVP, GC and Government Affairs	S-Sale	1.44K	$330.19
2026-09-15	Newstead Jennifer — officer: SVP, GC and Government Affairs	M-Exempt	30.10K	—
2026-09-15	Newstead Jennifer — officer: SVP, GC and Government Affairs	F-InKind	16.23K	$331.34
2026-09-08	Newstead Jennifer — officer: SVP, GC and Government Affairs	S-Sale	1.44K	$317.23
2026-09-01	Newstead Jennifer — officer: SVP, GC and Government Affairs	S-Sale	1.44K	$317.01
2026-08-25	Newstead Jennifer — officer: SVP, GC and Secretary	S-Sale	1.44K	$310.95
2026-08-18	Newstead Jennifer — officer: SVP, GC and Secretary	S-Sale	1.44K	$307.49
2026-08-11	Newstead Jennifer — officer: SVP, GC and Secretary	S-Sale	1.44K	$307.75
2026-06-16	Borders Ben — officer: Principal Accounting Officer	S-Sale	116	$295.14
2026-06-15	Borders Ben — officer: Principal Accounting Officer	M-Exempt	240	—
2026-06-15	Borders Ben — officer: Principal Accounting Officer	F-InKind	124	$296.42
2026-06-15	Newstead Jennifer — officer: SVP, GC and Secretary	M-Exempt	30.10K	—
2026-06-15	Newstead Jennifer — officer: SVP, GC and Secretary	F-InKind	16.24K	$296.42
2026-05-27	LEVINSON ARTHUR D — director	S-Sale	50.00K	$311.02

sec_form4

Last 90 days: net selling, low relative to market cap.
Net -11,031 shares (-$3.5M); 0 buyer(s), 1 seller(s).
Most recent Form 4 transaction: 2026-09-22.
15 filings listed below (open-market, awards and exempt transactions all included).
Insider alignment score 35/100.
Source: SEC Form 4 filings (warehouse as of 2026-09-28).

Apple Inc. shows a price-to-earnings ratio (P/E) of 38.93, which is significantly above the peer median of 28.31, indicating a higher valuation relative to earnings. Its free cash flow yield stands at 2.73%, also above the peer median of 1.75%, suggesting relatively strong cash generation.

Metric	Value
Sector	Technology
Industry	Consumer Electronics
Companies in peer group	5
P/E (TTM)	38.93
Free cash flow yield (%)	2.73
Return on equity (%)	137.18
Market capitalisation	5.01T
Employees	166,000
Listed on	NASDAQ

Metric	AAPLsubject	NVDA	GOOGL	MSFT	TSM	META	Peer median
P/E (TTM)lower is better	38.93x6	28.31x3	16.94x1	28.68x4	28.69x5	27.93x2	28.31x
EV / EBITDAlower is better	30.00x6	23.40x5	12.94x1	18.99x3	19.03x4	18.79x2	18.99x
Free cash flow yieldhigher is better	2.73%1	2.33%2	1.29%6	1.75%4	1.74%5	2.14%3	1.75%
Gross marginhigher is better	48.65%6	74.67%2	60.90%5	67.94%3	64.23%4	81.75%1	67.94%
Operating marginhigher is better	33.17%5	65.21%1	33.15%6	46.78%3	56.04%2	38.08%4	46.78%
Return on equityhigher is better	137.18%1	110.11%2	50.84%3	33.22%5	39.35%4	29.73%6	39.35%
Return on invested capitalhigher is better	51.87%2	59.50%1	15.15%6	20.56%4	27.15%3	17.08%5	20.56%
Net debt / EBITDAlower is better	0.27x4	0.07x2	0.18x3	0.52x5	-0.66x1	0.90x6	0.18x

Ranks are within this peer set only. A rank of 1 means first on that metric in the direction the metric is read — not a recommendation.

Technology — Consumer Electronics; 5 companies in the peer list.
Compared with the median of 5 peers (NVDA, GOOGL, MSFT, TSM, META): P/E 38.93 vs peer median 28.31 (+37.53%); EV/EBITDA 30 vs peer median 18.99 (+57.97%); FCF yield 2.73% vs peer median 1.75% (+56.12%); operating margin (%) 33.17 vs peer median 46.78 (-29.09%); ROIC (%) 51.87 vs peer median 20.56 (+152.29%).
Market capitalisation $5.01T, 166,000 employees.
Company metrics used: P/E 38.93×, FCF yield 2.73%, ROE 137.18%.
Sector context score 42/100 (confidence 0.4).
The Sector score starts at 50 and adds or subtracts 8 points per metric where the company is more than 10% better or worse than the peer median (P/E -8, EV/EBITDA -8, FCF yield +8, operating margin (%) -8, ROIC (%) +8).

Component	Score	Direction	Weight %	Contribution	% of total
Quality & moat	96	As reported	22.00%	21.12	40.09%
Growth	60	As reported	14.00%	8.40	15.95%
Financial health	72	As reported	14.00%	10.08	19.13%
Valuation	19	As reported	14.00%	2.66	5.05%
DCF distance	5	As reported	14.00%	0.70	1.33%
Risk	49	Inverted	10.00%	5.10	9.68%
Insider alignment	35	As reported	6.00%	2.10	3.99%
Sector context	42	As reported	6.00%	2.52	4.78%

Total 53/100 = fixed-weight blend of 8 modules; Quality & moat highest (96), DCF distance lowest (5).
Weights: quality 22%, growth / health / valuation / DCF distance 14% each, risk 10% (inverted: 100 − risk score), insider 6%, sector 6%.
8 of 8 modules produced a usable score this run.
No contradictions between modules were flagged this run.

Key takeaways

The overall judge score for Apple is 53, placing it in the mixed verdict band.
This score reflects a balance of strong quality and health metrics against significant valuation and intrinsic value concerns.
The analysis integrates eight modules with usable scores and confidence levels, providing a comprehensive view of the company's financial and market standing.
The mixed band indicates neither a clear strength nor weakness across the evaluated dimensions.
Apple's top strengths include its exceptional quality moat, demonstrated by a 5-year average ROIC of 44.75% and a positive ROIC trend slope of 2.52 percentage points per year, signaling expanding returns on invested capital. Margins have improved, with a gross margin of 48.65% and operating margin of 33.17%, alongside consistent free cash flow generation with a 23.73% margin.
Financial health is robust, supported by a net income of $112 billion, operating cash flow near $111 billion, and a manageable net debt to CFO ratio of 0.69.

Where it lags

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Growth: Sales CAGR below 5%
Growth: Free cash flow growth negative YoY
Valuation: P/E ratio exceeds 35

What to watch

Sector module peer count only 5, below recommended 8
Risk module missing interest coverage data
Sector module peer count only 5, below recommended minimum of 8 for robust peer comparison
Risk module missing interest coverage data

Sector module peer count only 5, below recommended minimum of 8 for robust peer comparison
Risk module missing interest coverage data

How to read this

Eight independent modules each score one dimension from company filings; the total is their fixed-weight blend, with risk entering inverted. Figures come from reported statements and third-party data. Two DCF references are shown side by side — a fixed-rule Midaris earnings model (historical EPS growth, capped, at a Treasury-plus-6% rate) and the provider’s cash-flow DCF — each with its own sub-score; their weights in the DCF-distance score follow a data-derived company profile (reinvestment, dividend, financial, balanced), and the report explains why the two models differ. Analyst estimates are third-party consensus figures. None of these is a forecast. Bullets carry the measured facts; the text under them is the module’s own reading of those facts. The score describes the fundamentals on record, not what the shares are worth.

This report was generated by AI from the data sources listed above. It is research and education, not investment advice, and not a recommendation on any security.

Sources: financial statements, prices, ratios, estimates and the DCF estimate come from third-party market-data providers; news and research context from AI-assisted web research; explanatory text is generated by AI from those figures. Third-party data and AI-generated text may contain errors or omissions — verify against primary filings before relying on any figure.

This is what Midaris produces.

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Create your account All ten samples

Module scores and overall read8 rows

Growth5 rows

Profitability and returns5 rows

Quality and moat11 rows

Cash flow5 rows

Balance sheet and solvency5 rows

Where the risk points come from5 rows

Valuation and price vs earnings-based estimate18 rows

Earnings DCF at different required returns6 rows

Revenue mix10 rows

Analyst consensus estimates6 rows

Insider activity15 rows

Sector context17 rows

How the score is built8 rows

Key takeaways

Where it lags

What to watch

What wasn’t available2

How to read this

This is what Midaris produces.