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Apple Inc -Entry target below-$467.6AAPLApple Inc. and its wholly-owned subsidiaries design, manufacture, and market mobile communication and media devices, personal computers, and portable digital music players worldwide. It also sells software, services, peripherals, networking solutions, and third-party digital content and applications related to its products. The company offers iPhone, a line of smartphones that comprise a phone, music player, and Internet device; iPad, a line of multi-purpose tablets based on Apple’s iOS Multi-Touch operating system; Mac, a line of desktop and portable personal computers; and iPod, a line of portable digital music and media players, such as iPod touch, iPod nano, iPod shuffle, and iPod classic. It also provides Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and various accessories, service and support offerings; and manufactures the Apple LED Cinema Display and Thunderbolt Display. In addition, the company sells various other application software comprising Final Cut Pro, Logic Pro X, and its FileMaker Pro database software, as well as a range of Apple-branded and third-party Mac-compatible, and iOS-compatible peripheral products, including printers, storage devices, computer memory, digital video and still cameras, pointing devices, and various other computing products and supplies. Apple Inc. sells digital content and applications through the iTunes Store, App Store, iBooks Store, and Mac App Store; and its products through its retail stores, online stores, and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers, and value-added resellers. The company also sells a range of third-party products through its online and retail stores. It serves various consumers, small and mid-sized businesses, as well as education, enterprise, and government customers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.
This page Last Updated:2/11/2014 12:31PE HISTORY
Calculated Fair Value as of above date$633.7

Zacks | MorningStar

(based on yr end price)
Price as of last update given above$535.44

3 | 3

fiscal yearPE 
Current discount at time of update15.5%200919.6 
Tangible book value/share per IIEX calcs$137.06 201018.0 
Market Cap (million)$475,203201113.2 
Forward diluted shares used in calcs (million)901.5201214.6 
Diviidend yield2.28%201311.9 
Payout to FCF24%current13.02/11/2014
Estimated 5 year EPS growth (see below)4.60%Forward12.62/11/2014
Current PE13.0   
Fair Value PE15.0Past 5 yr Growth Rates
Projected FCF growth6.6%Revenue37.7%
Projected FCF growth after year 103.0%Op. Income43.2%
DCF discount10%FCF43.6%
DCF MOS35.0%  
Earnings-Projected or adjusted$42.38Check the Value Calcs tab for any updates in fair values and target prices made after this page was last updated.
52 Week Range385.10-575.14
Current Ratio1.49
Liab./ Equity0.74
Piotroski Score (last year| TTM)6 | 5
Altman Z Score (manufacturer)5.470.00Below numbers in millions
  Quarterly data below the yearly dataFiscal year ends - Sep
PAST DATA USED02004200520062007200820092010201120122013TTM
Income Statement-Selected financialsNA=not available at update000009/30/20099/30/20109/30/20119/30/20129/30/2013

0

  Revenues

Revenue

$8,279.0

$13,931.0

$19,315.0

$24,006.0

$37,491.0

$42,905.0

$65,225.0

$108,249.0

$156,508.0

$170,910.0

$173,992.0

COGS

$6,022.0

$9,889.0

$13,717.0

$15,852.0

$24,294.0

$25,683.0

$39,541.0

$64,431.0

$87,846.0

$106,606.0

$108,902.0

COGS (%)

72.7%

71.0%

71.0%

66.0%

64.8%

59.9%

60.6%

59.5%

56.1%

62.4%

62.6%

Gross Profit

$2,257.0

$4,042.0

$5,598.0

$8,154.0

$13,197.0

$17,222.0

$25,684.0

$43,818.0

$68,662.0

$64,304.0

$65,090.0

Gross Profit (%)

27.3%

29.0%

29.0%

34.0%

35.2%

40.1%

39.4%

40.5%

43.9%

37.6%

37.4%

  Operating Income

Operating Income

$313.0

$1,643.0

$2,453.0

$4,409.0

$8,327.0

$11,740.0

$18,385.0

$33,790.0

$55,241.0

$48,999.0

$49,252.0

Operating Income (%)

3.8%

11.8%

12.7%

18.4%

22.2%

27.4%

28.2%

31.2%

35.3%

28.7%

28.3%

  Other Income and
  Expense

Net i Inc,other &charges

$61.0

$183.0

$394.0

$647.0

$653.0

$407.0

$311.0

$519.0

$1,088.0

$1,480.0

$1,402.0

Earnings Before Taxes

$370.0

$1,808.0

$2,818.0

$5,008.0

$8,947.0

$12,066.0

$18,540.0

$34,205.0

$55,763.0

$50,155.0

$50,192.0

Income Taxes

$104.0

$480.0

$829.0

$1,512.0

$2,828.0

$3,831.0

$4,527.0

$8,283.0

$14,030.0

$13,118.0

$13,161.0

Earnings After Taxes

$266.0

$1,328.0

$1,989.0

$3,496.0

$6,119.0

$8,235.0

$14,013.0

$25,922.0

$41,733.0

$37,037.0

$37,031.0

  Net Income

Net Income

$266.0

$1,328.0

$1,989.0

$3,496.0

$6,119.0

$8,235.0

$14,013.0

$25,922.0

$41,733.0

$37,037.0

$37,031.0

Net Income (%)

3.2%

9.5%

10.3%

14.6%

16.3%

19.2%

21.5%

23.9%

26.7%

21.7%

21.3%

Diluted EPS

$0.34

$1.55

$2.27

$3.93

$6.78

$9.08

$15.15

$27.68

$44.14

$39.75

$41.08

Diluted EPS 

$0.34

$1.55

$2.27

$3.93

$6.78

$9.08

$15.15

$27.68

$44.14

$39.75

$41.08

Shares Outstanding (Diluted)

775

857

878

889

902

907

925

937

945

932

902

Balance Sheet

0

 $               - 

 $               - 

 $               - 

 $               - 

 $                - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

 $                  - 

  Assets

Cash and Equiv

$2,969.0

$3,491.0

$6,392.0

$9,352.0

$11,875.0

$5,263.0

$11,261.0

$9,815.0

$10,746.0

$14,259.0

$14,077.0

Short-Term Investments

$2,495.0

$4,770.0

$3,718.0

$6,034.0

$10,236.0

$18,201.0

$14,359.0

$16,137.0

$18,383.0

$26,287.0

$26,634.0

Accts Rec

$774.0

$895.0

$1,252.0

$4,029.0

$4,704.0

$5,057.0

$9,924.0

$11,717.0

$18,692.0

$20,641.0

$25,198.0

Inventory

$101.0

$165.0

$270.0

$346.0

$509.0

$455.0

$1,051.0

$776.0

$791.0

$1,764.0

$2,122.0

Other Current Assets

$716.0

$979.0

$2,877.0

$2,195.0

$2,682.0

$2,579.0

$5,083.0

$6,543.0

$9,041.0

$10,335.0

$12,316.0

Total Current Assets

$7,055.0

$10,300.0

$14,509.0

$21,956.0

$30,006.0

$31,555.0

$41,678.0

$44,988.0

$57,653.0

$73,286.0

$80,347.0

Net PP&E

$707.0

$817.0

$1,281.0

$1,832.0

$2,455.0

$2,954.0

$4,768.0

$7,777.0

$15,452.0

$16,597.0

$29,288.0

Intangibles/Goodwill

$97.0

$134.0

$198.0

$420.0

$559.0

$453.0

$1,083.0

$4,432.0

$5,359.0

$5,756.0

$6,127.0

Other Long-Term Assets

$191.0

$265.0

$1,217.0

$1,139.0

$3,151.0

$12,539.0

$27,654.0

$59,174.0

$97,600.0

$111,361.0

$109,422.0

Total Assets

$8,050.0

$11,516.0

$17,205.0

$25,347.0

$36,171.0

$47,501.0

$75,183.0

$116,371.0

$176,064.0

$207,000.0

$225,184.0

  Liabilities & Equity

Accounts Payable & Accrued Expenses

$1,837.0

$2,551.0

$4,581.0

$6,230.0

$9,744.0

$7,324.0

$17,738.0

$21,841.0

$25,993.0

$28,784.0

$43,937.0

Curr. Portion:Long-Term Debt

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

Other Short-Term Liabilities

$814.0

$936.0

$1,890.0

$3,069.0

$1,617.0

$4,182.0

$2,984.0

$6,129.0

$12,549.0

$14,874.0

$9,832.0

Total Current Liabilities

$2,651.0

$3,487.0

$6,471.0

$9,299.0

$11,361.0

$11,506.0

$20,722.0

$27,970.0

$38,542.0

$43,658.0

$53,769.0

Long-Term Debt

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$16,960.0

$16,961.0

Other Long-Term Liabilities

$0.0

$293.0

$369.0

$897.0

$746.0

$1,286.0

$5,531.0

$10,100.0

$2,817.0

$3,719.0

$3,393.0

Total Liabilities

$2,974.0

$4,088.0

$7,221.0

$10,815.0

$13,874.0

$15,861.0

$27,392.0

$39,756.0

$57,854.0

$83,451.0

$95,500.0

Total Equity

$5,076.0

$7,428.0

$9,984.0

$14,532.0

$22,297.0

$31,640.0

$47,791.0

$76,615.0

$118,210.0

$123,549.0

$129,684.0

Total Liabilities & Equity

$8,050.0

$11,516.0

$17,205.0

$25,347.0

$36,171.0

$47,501.0

$75,183.0

$116,371.0

$176,064.0

$207,000.0

$225,184.0

Cash Flow Data

0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

  Cash Flows From
  Operating Activities

Net Income

$266.0

$1,328.0

$1,989.0

$3,496.0

$6,119.0

$8,235.0

$14,013.0

$25,922.0

$41,733.0

$37,037.0

$37,031.0

Depr & Amort

$150.0

$179.0

$225.0

$317.0

$496.0

$734.0

$1,027.0

$1,814.0

$3,277.0

$6,757.0

$7,313.0

Other

$518.0

$1,028.0

$6.0

$1,657.0

$2,981.0

$1,190.0

$3,555.0

$9,793.0

$5,846.0

$9,872.0

$8,566.0

Cash from Operations

$934.0

$2,535.0

$2,220.0

$5,470.0

$9,596.0

$10,159.0

$18,595.0

$37,529.0

$50,856.0

$53,666.0

$52,910.0

  Cash Flows From
  Investing Activities

Cap Ex

($176.0)

($260.0)

($657.0)

($986.0)

($1,199.0)

($1,213.0)

($2,121.0)

($7,452.0)

($9,402.0)

($9,076.0)

($8,665.0)

Other

($1,312.0)

($2,296.0)

$1,014.0

($2,263.0)

($6,990.0)

($16,221.0)

($11,733.0)

($32,967.0)

($38,825.0)

($24,698.0)

($26,691.0)

Cash from Investing

($1,488.0)

($2,556.0)

$357.0

($3,249.0)

($8,189.0)

($17,434.0)

($13,854.0)

($40,419.0)

($48,227.0)

($33,774.0)

($35,356.0)

  Cash Flows From
  Financing Activities

Net Issuance of Stock

$427.0

$543.0

($37.0)

$362.0

$483.0

$475.0

$912.0

$831.0

$665.0

($22,330.0)

($25,351.0)

Net Issuance of Debt

($300.0)

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$16,896.0

$16,896.0

Dividends

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

($2,488.0)

($10,564.0)

($10,840.0)

Other

$0.0

$0.0

$361.0

$377.0

$633.0

$188.0

$345.0

$613.0

$125.0

($381.0)

($336.0)

Cash from Financing

$127.0

$543.0

$324.0

$739.0

$1,116.0

$663.0

$1,257.0

$1,444.0

($1,698.0)

($16,379.0)

($19,631.0)

  Free Cash Flow

Currency Adj

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

$0.0

Change in Cash

($427.0)

$522.0

$2,901.0

$2,960.0

$2,523.0

($6,612.0)

$5,998.0

($1,446.0)

$931.0

$3,513.0

($2,077.0)

Cash from Operations

$934.0

$2,535.0

$2,220.0

$5,470.0

$9,596.0

$10,159.0

$18,595.0

$37,529.0

$50,856.0

$53,666.0

$52,910.0

Cap Ex

($176.0)

($260.0)

($657.0)

($986.0)

($1,199.0)

($1,213.0)

($2,121.0)

($7,452.0)

($9,402.0)

($9,076.0)

($8,665.0)

Free Cash Flow

$758.0

$2,275.0

$1,563.0

$4,484.0

$8,397.0

$8,946.0

$16,474.0

$30,077.0

$41,454.0

$44,590.0

$44,245.0

Misc Data

Book Value Per Share

$6.55

$8.67

$11.38

$16.34

$24.72

$34.88

$51.68

$81.80

$125.04

$132.61

$143.85

Div/Share

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

($2.63)

($11.34)

($12.02)

Year end stock price

$30.84

$71.35

$78.35

$190.86

$83.25

$178.15

$272.73

$366.51

$643.94

$471.16

$535.44

PE

89.8

46.0

34.6

48.6

12.3

19.6

18.0

13.2

14.6

11.9

13.0

Free Cash Flow %Revenue

9.2%

16.3%

8.1%

18.7%

22.4%

20.9%

25.3%

27.8%

26.5%

26.1%

25.4%

Quarterly Income Statement

 

Dec13

Sep13

Jun13

Mar13

 

 

 

 

 

 

 

  Revenues

Revenue

$57,594.0

$37,472.0

$35,323.0

$43,603.0

 

 

 

 

 

 

 

COGS

$35,748.0

$23,601.0

$22,299.0

$27,254.0

 

Metric paths as of last update

Gross Profit

$21,846.0

$13,871.0

$13,024.0

$16,349.0

 

Equity/ Share Path

FCF/ Share Path

Diluted EPS Path

Gross Margin Path

Rev/ Share Path

EBITDA/ Share Path

  Operating Expenses

SG&A

$3,053.0

$2,673.0

$2,645.0

$2,672.0

 

R&D

$1,330.0

$1,168.0

$1,178.0

$1,119.0

 

UP

UP

UP

FLAT

UP

UP

Other

$0.0

$0.0

$0.0

$0.0

 

 

 

 

 

 

 

Operating Income

$17,463.0

$10,030.0

$9,201.0

$12,558.0

 

 

 

 

 

 

 

  Other Income and
  Expense

Net Int Inc & Other

$343.0

$307.0

$332.0

$420.0

 

 

 

 

 

 

 

Earnings Before Taxes

$17,709.0

$10,143.0

$9,435.0

$12,905.0

 

 

 

 

 

 

 

Income Taxes

$4,637.0

$2,631.0

$2,535.0

$3,358.0

 

 

 

 

 

 

 

Earnings After Taxes

$13,072.0

$7,512.0

$6,900.0

$9,547.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarterly Cash Flow Data

 

Dec13

Sep13

Jun13

Mar13

Dec12

 

 

 

 

 

 

  Cash From Operations
  Operating Activities

Cash Flow from Operations

$22,670.0

$9,908.0

$7,828.0

$12,504.0

$23,426.0

 

 

 

 

 

 

  Cash Flows From
  Investing Activities

Purchase Of Property, Plant, Equipment

($2,044.0)

($2,306.0)

($2,016.0)

($2,299.0)

($2,455.0)

 

 

 

 

 

 

Other

($13,059.0)

$2,917.0

($4,491.0)

($12,058.0)

($11,066.0)

 

 

 

 

 

 

Cash Flow from Investing

($15,103.0)

$611.0

($6,507.0)

($14,357.0)

($13,521.0)

 

 

 

 

 

 

  Cash Flows From
  Financing Activities

Net Issuance of Stock

($4,895.0)

($4,715.0)

($15,940.0)

$199.0

($1,874.0)

 

 

 

 

 

 

Net Issuance of Debt

$0.0

$0.0

$16,896.0

$0.0

$0.0

 

 

 

 

 

 

Cash Flow for Dividends

($2,769.0)

($2,769.0)

($2,811.0)

($2,491.0)

($2,493.0)

 

 

 

 

 

 

Other Financing

($85.0)

($24.0)

($271.0)

$44.0

($130.0)

 

 

 

 

 

 

Cash Flow from Financing

($7,749.0)

($7,508.0)

($2,126.0)

($2,248.0)

($4,497.0)

 

 

 

 

 

 

 

Currency Adj.

$0.0

$0.0

$0.0

$0.0

$0.0

 

 

 

 

 

 

Net Change in Cash

($182.0)

$3,011.0

($805.0)

($4,101.0)

$5,408.0

 

 

 

 

 

 

Net Income

$13,072.0

$7,512.0

$6,900.0

$9,547.0

$13,078.0

 

 

 

 

 

 

  Free Cash Flow

FCF

$20,626.0

$7,602.0

$5,812.0

$10,205.0

$20,971.0

 

 

 

 

 

 

FCF/Share

$22.88

$8.43

$6.45

$11.32

$23.26

             
Additional analysis information - see notes below           
Earnings Growth information Year3yr op income average (y)Operating income (y)Diluted EPS - cont. ops.  Year3yr op income average (y)Operating income (y)Diluted EPS - cont. ops. 
 2006147024532.2710 year trend data 2006147024532.27Actural
 2007283544093.93 2007283544093.93
 2008506383276.78 2008506383276.78
 20098159117409.08 20098159117409.08
 2010128171838515.15 2010128171838515.15
 2011213053379027.685 year trend data2011213053379027.68
 2012358055524144.142012358055524144.14
calculates the statistics for a trend line by using the "least squares" method to calculate a straight line that best fits the data, and then returns an array that describes the trend line. Projections are an extension of the historical data based on 10 and 5 year trends. Also applies to the FCF section.2013460104899939.752013460104899939.75
2014523315275342.812014523315275342.81Estimates
2015529115698046.24EPS based on %USED2015529115698046.24
2016571116160149.99             $49.992016571116160149.99Projections
2017624966890855.92             $52.292017624966890855.92
2018700377960264.59             $54.692018676527244858.79
2019783368649870.20             $57.212019728907731562.74
 10 year analysis25.38%22.11%22.69%  5 year analysis6.85%7.95%7.95%Blended 10 & 5 yr EPS
   From MSN or NASDAQ11.80%From Yahoo19.58%USED4.60% 15.32%
        
FCF & operating cash Growth information Year10 yr FCF trend projection5 yr FCF trend projection3 yr FCF trend projection  Year10 yr op cash trend projection5 yr op cash trend projection3 yr op cash trend projection 
 Actual Data2004758758758Actual Data2004934934934 
 20052275227522752005253525352535 
 20061563156315632006222022202220 
 20074484448444842007547054705470 
 20088397839783972008959695969596 
 20098946894689462009101591015910159 
 20101647416474164742010185951859518595 
 201130077300773007720113752937529375292013-2017
 20124145441454414542012508565085650856Blended
 2013445904459044590FCF USED20135366653666536669.23%
Manual are projections from research not the least squares method as decscribed aboveManual2014442454424544245Manual20145291052910529102014-2017
 201549331581865150247165Possible projections2015595027051560979Blended
 201654473659645606650278201665715800096587413.61%
Projections2017596157735662869535962017719288801070769 
  Calc FCF Growth10 yr calc5 yr calc3yr calc  Calc Op.Cash Growth10 yr calc5 yr calc3yr calcAve weighting
  29.53%13.29%12.41% 29.39%11.59%10.17%13.85%
 Adjusted Trend15.23%0.00%USED6.60% 2013-20177.60%13.16%7.16% 
FCF & operating cash Growth information per share Year10 yr FCF trend projection5 yr FCF trend projection3 yr FCF trend projection  Year10 yr op cash trend projection5 yr op cash trend projection3 yr op cash trend projection 
 20040.980.980.98Actual Data20041.211.211.21 
 20052.662.662.6620052.962.962.96 
 20061.781.781.7820062.532.532.53 
 20075.045.045.0420076.156.156.15 
 20089.319.319.31200810.6410.6410.64 
 20099.869.869.86200911.2011.2011.20 
 201017.8217.8217.82201020.1120.1120.11 
 201132.1132.1132.11201140.0740.0740.07 
 201243.8543.8543.85201253.7953.7953.79 
 201347.8647.8647.86201357.6057.6057.60 
 201449.0849.0849.082014-2017201458.6958.6958.692014-2017
 201555.5865.5658.0317.07%201567.0579.4568.7115.42%
 201662.3675.5264.182013-2017201675.2391.6075.412013-2017
 201769.3690.0073.1513.40%201783.69102.4082.3412.00%
 Proj FCF Growth10 yr calc5 yr calc3yr calcAveProj Op.Cash Growth10 yr calc5 yr calc3yr calcAve
  29.97%15.47%14.21%17.26% 29.83%13.74%11.93%15.52%
The USED earnings and FCF growthrates are determined based on several sources which may include but may not be limited to the percentages generated through the model (used as a starting point) various third party analyst reports, conference call transcripts, etc.