Apple Inc.
NASDAQ: AAPL
Share price (11/20/24): $229.00
Industry: Electronic Computers
Financials
|
Type
|
Title
|
Date
|
Extracts
|
|||
|---|---|---|---|---|---|---|
| 10-K | 11/01/24 | PR | IS | BS | CFS | |
| 10-Q | 08/02/24 | PR | IS | BS | CFS | |
| 10-Q | 05/03/24 | PR | IS | BS | CFS | |
| 10-Q | 02/02/24 | PR | IS | BS | CFS | |
| 10-K | 11/03/23 | PR | IS | BS | CFS | |
| 10-Q | 08/04/23 | PR | IS | BS | CFS | |
| 10-Q | 05/05/23 | PR | IS | BS | CFS | |
| 10-Q | 02/03/23 | PR | IS | BS | CFS | |
| 10-K | 10/28/22 | PR | IS | BS | CFS | |
| 10-Q | 07/29/22 | PR | IS | BS | CFS | |
|
|
||||||
Transcripts
|
Title
|
Date
|
|---|---|
| 10/31/24 | |
| 08/01/24 | |
| 05/02/24 | |
| 02/01/24 | |
| 11/02/23 | |
| 09/19/23 | |
| 08/03/23 | |
| 05/04/23 | |
| 02/02/23 | |
|
|
Ownership
|
Type
|
Title
|
Date
|
|---|---|---|
| 4 | 11/19/24 | |
| 4 | 11/19/24 | |
| 144 | 11/19/24 | |
| 144 | 11/18/24 | |
| 144 | 11/15/24 | |
| 4 | 11/07/24 | |
| 4 | 10/17/24 | |
| 4 | 10/08/24 | |
| 144 | 10/04/24 | |
| 4 | 10/03/24 | |
|
|
Other
|
Type
|
Title
|
Date
|
|---|---|---|
| UPLOAD | 05/16/24 | |
| CORRESP | 04/29/24 | |
| CORRESP | 04/05/24 | |
| UPLOAD | 04/02/24 | |
| SD | 03/27/24 | |
| CORRESP | 03/20/24 | |
| UPLOAD | 03/06/24 | |
| SD | 03/16/23 | |
| SD | 02/09/22 | |
| IRANNOTICE | 10/29/21 | |
|
|
News
|
Type
|
Title
|
Date
|
|---|---|---|
| 8-K | 10/31/24 | |
| 8-K | 09/10/24 | |
| 8-K | 08/26/24 | |
| 8-K | 08/23/24 | |
| 8-K | 08/01/24 | |
| 8-K | 05/03/24 | |
| 8-K | 05/02/24 | |
| 8-K | 02/28/24 | |
| 8-K | 02/01/24 | |
| 8-K | 11/02/23 | |
|
|
Prospectuses and Registrations
|
Type
|
Title
|
Date
|
|---|---|---|
| S-3ASR | 11/01/24 | |
| 25-NSE | 01/17/24 | |
| FWP | 05/09/23 | |
| 424B2 | 05/09/23 | |
| 424B2 | 05/08/23 | |
| 25-NSE | 11/09/22 | |
| 424B2 | 08/02/22 | |
| FWP | 08/02/22 | |
| 424B2 | 08/01/22 | |
| S-8 POS | 04/29/22 | |
|
|
Proxies
|
Type
|
Title
|
Date
|
|---|---|---|
| PX14A6G | 02/09/24 | |
| PX14A6G | 02/05/24 | |
| PX14A6G | 02/02/24 | |
| PX14A6G | 02/01/24 | |
| PX14A6G | 02/01/24 | |
| PX14A6G | 02/01/24 | |
| PX14A6G | 02/01/24 | |
| PX14A6G | 01/22/24 | |
| DEFA14A | 01/11/24 | |
| DEF 14A | 01/11/24 | |
|
|
Non-Ownership
|
Type
|
Title
|
Filed
|
|---|---|---|
| S-3ASR | 11/01/24 | |
| 10-K | 11/01/24 | |
| 8-K | 10/31/24 | |
| 8-K | 09/10/24 | |
| 8-K | 08/26/24 | |
| 8-K | 08/23/24 | |
| 10-Q | 08/02/24 | |
| 8-K | 08/01/24 | |
| UPLOAD | 05/16/24 | |
| 8-K | 05/03/24 | |
| 10-Q | 05/03/24 | |
| 8-K | 05/02/24 | |
| CORRESP | 04/29/24 | |
| CORRESP | 04/05/24 | |
| UPLOAD | 04/02/24 | |
| SD | 03/27/24 | |
| CORRESP | 03/20/24 | |
| UPLOAD | 03/06/24 | |
| 8-K | 02/28/24 | |
| PX14A6G | 02/09/24 | |
|
|
Ownership
|
Type
|
Title
|
Filed
|
|---|---|---|
| 4 | 11/19/24 | |
| 4 | 11/19/24 | |
| 144 | 11/19/24 | |
| 144 | 11/18/24 | |
| 144 | 11/15/24 | |
| 4 | 11/07/24 | |
| 4 | 10/17/24 | |
| 4 | 10/08/24 | |
| 144 | 10/04/24 | |
| 4 | 10/03/24 | |
| 4 | 10/03/24 | |
| 4 | 10/03/24 | |
| 4 | 10/03/24 | |
| 4 | 10/03/24 | |
| 144 | 10/02/24 | |
| 144 | 10/02/24 | |
| 144 | 10/02/24 | |
| 144 | 10/02/24 | |
| 4 | 10/01/24 | |
| 4 | 10/01/24 | |
|
|
|
Title
|
Date
|
|---|---|
| 10/31/24 | |
| 08/01/24 | |
| 05/02/24 | |
| 02/01/24 | |
| 11/02/23 | |
| 09/19/23 | |
| 08/03/23 | |
| 05/04/23 | |
| 02/02/23 | |
|
|
Business
Company Background
The Company designs, manufactures and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related services. The Company’s fiscal year is the 52- or 53-week period that ends on the last Saturday of September.
Products
iPhone
iPhone® is the Company’s line of smartphones based on its iOS operating system. The iPhone line includes iPhone 16 Pro, iPhone 16, iPhone 15, iPhone 14 and iPhone SE®.
Mac
Mac® is the Company’s line of personal computers based on its macOS® operating system. The Mac line includes laptops MacBook Air® and MacBook Pro®, as well as desktops iMac®, Mac mini®, Mac Studio® and Mac Pro®.
iPad
iPad® is the Company’s line of multipurpose tablets based on its iPadOS® operating system. The iPad line includes iPad Pro®, iPad Air®, iPad and iPad mini®.
Wearables, Home and Accessories
Wearables includes smartwatches, wireless headphones and spatial computers. The Company’s line of smartwatches, based on its watchOS® operating system, includes Apple Watch Ultra® 2, Apple Watch® Series 10 and Apple Watch SE®. The Company’s line of wireless headphones includes AirPods®, AirPods Pro®, AirPods Max® and Beats® products. Apple Vision Pro™ is the Company’s first spatial computer based on its visionOS™ operating system.
Home includes Apple TV®, the Company’s media streaming and gaming device based on its tvOS® operating system, and HomePod® and HomePod mini®, high-fidelity wireless smart speakers.
Accessories includes Apple-branded and third-party accessories.
Services
Advertising
The Company’s advertising services include third-party licensing arrangements and the Company’s own advertising platforms.
AppleCare
The Company offers a portfolio of fee-based service and support products under the AppleCare® brand. The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement services, and in many cases additional coverage for instances of accidental damage or theft and loss, depending on the country and type of product.
Cloud Services
The Company’s cloud services store and keep customers’ content up-to-date and available across multiple Apple devices and Windows personal computers.
Digital Content
The Company operates various platforms, including the App Store®, that allow customers to discover and download applications and digital content, such as books, music, video, games and podcasts.
The Company also offers digital content through subscription-based services, including Apple Arcade®, a game subscription service; Apple Fitness+SM, a personalized fitness service; Apple Music®, which offers users a curated listening experience with on-demand radio stations; Apple News+®, a subscription news and magazine service; and Apple TV+®, which offers exclusive original content and live sports.
Payment Services
The Company offers payment services, including Apple Card®, a co-branded credit card, and Apple Pay®, a cashless payment service.
Segments
The Company manages its business primarily on a geographic basis. The Company’s reportable segments consist of the Americas, Europe, Greater China, Japan and Rest of Asia Pacific. Americas includes both North and South America. Europe includes European countries, as well as India, the Middle East and Africa. Greater China includes China mainland, Hong Kong and Taiwan. Rest of Asia Pacific includes Australia and those Asian countries not included in the Company’s other reportable segments. Although the reportable segments provide similar hardware and software products and similar services, each one is managed separately to better align with the location of the Company’s customers and distribution partners and the unique market dynamics of each geographic region.
Markets and Distribution
The Company’s customers are primarily in the consumer, small and mid-sized business, education, enterprise and government markets. The Company sells its products and resells third-party products in most of its major markets directly to customers through its retail and online stores and its direct sales force. The Company also employs a variety of indirect distribution channels, such as third-party cellular network carriers, wholesalers, retailers and resellers. During 2024, the Company’s net sales through its direct and indirect distribution channels accounted for 38% and 62%, respectively, of total net sales.
Competition
The markets for the Company’s products and services are highly competitive, and are characterized by aggressive price competition and resulting downward pressure on gross margins, frequent introduction of new products and services, short product life cycles, evolving industry standards, continual improvement in product price and performance characteristics, rapid adoption of technological advancements by competitors, and price sensitivity on the part of consumers and businesses. Many of the Company’s competitors seek to compete primarily through aggressive pricing and very low cost structures, and by imitating the Company’s products and infringing on its intellectual property.
The Company’s ability to compete successfully depends heavily on ensuring the continuing and timely introduction of innovative new products, services and technologies to the marketplace. The Company designs and develops nearly the entire solution for its products, including the hardware, operating system, numerous software applications and related services. Principal competitive factors important to the Company include price, product and service features (including security features), relative price and performance, product and service quality and reliability, design innovation, a strong third-party software and accessories ecosystem, marketing and distribution capability, service and support, and corporate reputation.
The Company is focused on expanding its market opportunities related to smartphones, personal computers, tablets, wearables and accessories, and services. The Company faces substantial competition in these markets from companies that have significant technical, marketing, distribution and other resources, as well as established hardware, software, and service offerings with large customer bases. In addition, some of the Company’s competitors have broader product lines, lower-priced products and a larger installed base of active devices. Competition has been particularly intense as competitors have aggressively cut prices and lowered product margins. Certain competitors have the resources, experience or cost structures to provide products at little or no profit or even at a loss. The Company’s services compete with business models that provide content to users for free and use illegitimate means to obtain third-party digital content and applications. The Company faces significant competition as competitors imitate the Company’s product features and applications within their products, or collaborate to offer integrated solutions that are more competitive than those they currently offer.
Supply of Components
Although most components essential to the Company’s business are generally available from multiple sources, certain components are currently obtained from single or limited sources. The Company also competes for various components with other participants in the markets for smartphones, personal computers, tablets, wearables and accessories. Therefore, many components used by the Company, including those that are available from multiple sources, are at times subject to industry-wide shortage and significant commodity pricing fluctuations.
The Company uses some custom components that are not commonly used by its competitors, and new products introduced by the Company often utilize custom components available from only one source. When a component or product uses new technologies, initial capacity constraints may exist until the suppliers’ yields have matured or their manufacturing capacities have increased. The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.
The Company has entered into agreements for the supply of many components; however, there can be no guarantee that the Company will be able to extend or renew these agreements on similar terms, or at all.
Research and Development
Because the industries in which the Company competes are characterized by rapid technological advances, the Company’s ability to compete successfully depends heavily upon its ability to ensure a continual and timely flow of competitive products, services and technologies to the marketplace. The Company continues to develop new technologies to enhance existing products and services, and to expand the range of its offerings through research and development (“R&D”), licensing of intellectual property and acquisition of third-party businesses and technology.
Intellectual Property
The Company currently holds a broad collection of intellectual property rights relating to certain aspects of its hardware, accessories, software and services. This includes patents, designs, copyrights, trademarks, trade secrets and other forms of intellectual property rights in the U.S. and various foreign countries. Although the Company believes the ownership of such intellectual property rights is an important factor in differentiating its business and that its success does depend in part on such ownership, the Company relies primarily on the innovative skills, technical competence and marketing abilities of its personnel.
The Company regularly files patent, design, copyright and trademark applications to protect innovations arising from its research, development, design and marketing, and is currently pursuing thousands of applications around the world. Over time, the Company has accumulated a large portfolio of issued and registered intellectual property rights around the world. No single intellectual property right is solely responsible for protecting the Company’s products and services. The Company believes the duration of its intellectual property rights is adequate relative to the expected lives of its products and services.
In addition to Company-owned intellectual property, many of the Company’s products and services are designed to include intellectual property owned by third parties. It may be necessary in the future to seek or renew licenses relating to various aspects of the Company’s products, processes and services. While the Company has generally been able to obtain such licenses on commercially reasonable terms in the past, there is no guarantee that such licenses could be obtained in the future on reasonable terms or at all.
Business Seasonality and Product Introductions
The Company has historically experienced higher net sales in its first quarter compared to other quarters in its fiscal year due in part to seasonal holiday demand. Additionally, new product and service introductions can significantly impact net sales, cost of sales and operating expenses. The timing of product introductions can also impact the Company’s net sales to its indirect distribution channels as these channels are filled with new inventory following a product launch, and channel inventory of an older product often declines as the launch of a newer product approaches. Net sales can also be affected when consumers and distributors anticipate a product introduction.
Human Capital
The Company believes that its people play an important role in its success, and strives to attract, develop and retain the best talent. The Company works to create an inclusive, safe and supportive environment for all of its team members, so that its people can do the best work of their lives. As of September 28, 2024, the Company had approximately 164,000 full-time equivalent employees.
Compensation and Benefits
The Company believes that compensation should be competitive and equitable, and should enable employees to share in the Company’s success. The Company recognizes its people are most likely to thrive when they have the resources to meet their needs and the time and support to succeed in their professional and personal lives. In support of this, the Company offers a wide variety of benefits for employees around the world, including health, wellness and time away.
Growth and Development
The Company invests in resources to help its people develop and achieve their career goals. The Company offers programs through Apple University on leadership, management and influence, as well as Apple culture and values. Team members can also take advantage of online classes for business, technical and personal development, as well as learning opportunities to support their well-being.
Workplace Practices and Policies
The Company is an equal opportunity employer committed to inclusion and diversity and to providing a workplace free of harassment or discrimination.
Inclusion and Diversity
The Company is committed to its vision to build and sustain a more inclusive workforce that is representative of the communities it serves. The Company continues to work to increase diverse representation at every level, foster an inclusive culture, and support equitable pay and access to opportunity for all employees.
Engagement
The Company believes that open and honest communication among team members, managers and leaders helps create an open, collaborative work environment where everyone can contribute, grow and succeed. Team members are encouraged to come to their managers with questions, feedback or concerns, and the Company conducts surveys that gauge employee sentiment in areas like career development, manager performance and inclusivity.
Health and Safety
The Company is committed to protecting its team members everywhere it operates. The Company identifies potential workplace risks in order to develop measures to mitigate possible hazards. The Company supports employees with general safety, security and crisis management training, and by putting specific programs in place for those working in potentially high-hazard environments. Additionally, the Company works to protect the safety and security of its team members, visitors and customers through its global security team.
Available Information
The Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to reports filed pursuant to Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are filed with the U.S. Securities and Exchange Commission (the “SEC”). Such reports and other information filed by the Company with the SEC are available free of charge at investor.apple.com/investor-relations/sec-filings/default.aspx when such reports are available on the SEC’s website. The Company periodically provides certain information for investors on its corporate website, www.apple.com, and its investor relations website, investor.apple.com. This includes press releases and other information about financial performance, information on environmental, social and governance matters, and details related to the Company’s annual meeting of shareholders. The information contained on the websites referenced in this Form 10-K is not incorporated by reference into this filing. Further, the Company’s references to website URLs are intended to be inactive textual references only.
| No annotations |
A subscription is required for the below company data including historic share prices, economic, EV bridge, WACC, customizable comparables and earnings forecasts.
Sign up today or log in to your account| 52 week | high $237.49 | low $164.08 |
| Download 5-year share price history | ||
| Economic Data | |
| Corporate tax rate | ?? |
|---|---|
| Historic real GDP growth rate | ?? |
| Forecast real GDP growth rate | ?? |
| Historic inflation rate | ?? |
| Forecast inflation rate | ?? |
| SOFR | ?? |
| US 3 month Treasury Yield | ?? |
| EV Bridge | |
| Share Price [AAPL] | $229.00 |
|---|---|
| Basic shares (M) | |
| Dilution adjustment (M) | ?? |
| Fully diluted shares out. (M) | ?? |
| Fully diluted mkt. cap (M) | ?? |
| NCI ($M) | ?? |
| Debt and equivalents ($M) | ?? |
| Net Pension Liability (M) | ?? |
| Investments (M) | ?? |
| Cash ($M) | ?? |
| Enterprise value ($M) | ?? |
| Calculating WACC | ||
| Govt. bond yield* | ?? | |
|---|---|---|
| Eq. risk premium* | ?? | |
| Adj. beta | ?? | |
| Est. cost of equity | ||
| Unlevered beta | ?? | |
| Credit spread* | ?? | |
| Cost of debt | ?? | |
| Credit rating (Moodys/S&P) | ?? | |
| Total debt / capitalization | ?? | |
| Total debt / mkt. cap. | ?? | |
| WACC | ||
|
Comparables
|
Market cap ($B) | EV / CY1 Revenue | EV / CY1 EBITDA | CY1 EBITDA Margin | 2 Yr Revenue CAGR (Fwd) | Adj. lev. beta | Total debt / LTM EBITDA | Debt / capital | Credit rating (Moodys/S&P) |
|---|---|---|---|---|---|---|---|---|---|
| Apple Inc. | ?? | ?? | ?? | ?? | ?? | ?? | ?? | ?? | |
| *US listed companies only |
| Earnings | |||||
|---|---|---|---|---|---|
| Date | ?? | ?? | ?? | ||
| Revenue ($M) | ?? | ?? | ?? | ||
| Growth | ?? | ?? | ?? | ||
| EBITDA ($M) | ?? | ?? | ?? | ||
| Margin | ?? | ?? | ?? | ||
| EPS ($) | ?? | ?? | ?? | ||
Market data and earnings forecasts by Finnhub | Economic data from FRED |
Fundamental data by Financial Edge
Please notify us of any data inaccuracies. All critical data usage must be externally validated.
Please notify us of any data inaccuracies. All critical data usage must be externally validated.