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$316.54
Market Capi
$4.6T
Growth-adj P/E (3-yr hist)i
8.7x
Growth-adj P/E (3-yr proj)i
2.6x
P/S 26Ei
9.7x
P/S 28Ei
8.3x
EV/EBIT 26Ei
29x
EV/EBIT 28Ei
24x
P/E 26Ei
36x
P/E 28Ei
29x
P/S 26Ei
9.7x
EV/EBIT 26Ei
29x
P/E 26Ei
36x
P/S 28Ei
8.3x
EV/EBIT 28Ei
24x
P/E 28Ei
29x
Revenue
2026E
$478B
Gross Margini
47%
Hist. CAGRi
1.8%
Proj. CAGRi
10%
EBIT
2026E
$155B
Op. Margini
32%
Hist. CAGRi
3.8%
Proj. CAGRi
12%
Net profit
2026E
$129B
Net Margini
27%
Hist. CAGRi
3.9%
Proj. CAGRi
11%
Business Model
Recent Developments
Average Targeti
$315.09+11%
Consensusi
Outperform
45 analysts covering
Net cashi
$70B
Div. Yieldi
0.3%
Buyback Yldi
2.4%
Market Capi
$4.6T
P/E 26Ei
36x
Adj. P/E (fwd.)i
2.6x
Revenue 26E
$478B
Proj. CAGRi
10%
Gross Margini
47%
EBIT 26E
$155B
Proj. CAGRi
12%
Op. Margini
32%
Net Profit 26E
$129B
Proj. CAGRi
11%
Net Margini
27%
Average Targeti
$315.09+11%
Consensusi
Outperform
45 analysts covering
Profile
Apple designs, manufactures, and sells consumer electronics, software, and services across a tightly integrated hardware-software-services ecosystem. Revenue breaks down across five reportable segments:
Geographically, the Americas contribute roughly 43% of revenue, Europe and EMEA around 27%, Greater China approximately 16%, and the rest of Asia-Pacific and Japan the remainder.
Industry
Apple sells almost entirely to consumers, with a secondary presence in enterprise and education via device management programs. Its addressable market spans premium smartphones, personal computers, tablets, wearables, and digital services. The smartphone market is mature and cyclical at the category level, but Apple holds the premium tier where switching costs are high and upgrade frequency relatively predictable. Geographic concentration in the US, Western Europe, and Greater China creates exposure to macro and geopolitical cycles in those markets.
Key metrics
Economic moat
Apple's structural advantage is the ecosystem lock-in created by the integration of hardware, operating system, and services: iMessage, AirDrop, Handoff, and iCloud create meaningful friction for switching that is largely invisible to satisfied users. The App Store distribution monopoly on iOS (now partially eroded in the EU and Japan) has historically been a structurally high-margin toll road. Apple Silicon gives Apple a performance-per-watt lead in its own hardware that no contract manufacturer or competitor can replicate on the same chip. Brand pricing power, built over two decades, lets Apple maintain ASPs well above Android competitors without sacrificing volume in its core markets.
Tim Cook
Cook has served as Apple's chief executive since August 2011, succeeding Steve Jobs after a decade running Apple's global operations and supply chain. His tenure has transformed Apple from a hardware company into a services-and-ecosystem business: Services revenue has grown from roughly $5 billion annually in 2011 to over $100 billion, and Apple's market cap has expanded roughly tenfold. Cook's operational discipline and supplier relationships remain central to Apple's ability to launch high-volume new products with tight margins and precise timing.
Kevan Parekh
Parekh joined Apple's finance leadership and was appointed CFO effective January 2025, succeeding Luca Maestri who moved to a VP role overseeing corporate services. He previously served as Apple's Vice President of Financial Planning and Analysis. His elevation signals continuity in Apple's capital allocation philosophy — aggressive buybacks, a growing dividend, and conservative leverage.
Sabih Khan
Khan became Chief Operating Officer in July 2025, having spent over two decades at Apple managing increasingly complex global supply chain operations. His appointment to the COO role formalizes a succession of operational responsibility that mirrors Cook's own career trajectory, and positions him as a key figure in Apple's manufacturing diversification away from China.
Other key figures
Craig Federighi (SVP Software Engineering) and Johny Srouji (SVP Hardware Technologies) are the two executives most directly responsible for Apple Silicon and iOS, the twin pillars of Apple's competitive differentiation. Eddy Cue (SVP Services and Health) owns the Services segment that now drives most of Apple's margin expansion. Arthur Levinson chairs the board, providing continuity from the Jobs era.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Revenue of $111.2 billion in Q2 FY2026 (March quarter) rose 17% year over year, setting an all-time record for any March quarter and surpassing the consensus estimate of $109.7 billion.
EPS of $2.01 beat the $1.95 analyst consensus by approximately 3%, with net income hitting a March quarter record of $29.6 billion. Gross margin expanded to 49.3% from 47.1% a year earlier, driven by favorable product and services mix.
iPhone revenue of $57.0 billion surged 21.7% YoY — fueled by strong demand for the iPhone 17 lineup and the mid-cycle iPhone 17e launch — while Services revenue of $31.0 billion grew 16.3% YoY to another all-time high.
Management guided June quarter revenue growth of 14–17% YoY, with gross margin of 47.5–48.5%, contingent on current global tariff and trade policy remaining in place.
Recent developments
On May 8, 2026, Apple signed a preliminary chip-making agreement with Intel to manufacture some Apple-designed chips domestically, part of a broader push to diversify its semiconductor supply chain.
Apple's partnership with OpenAI is under strain as of mid-May 2026, with OpenAI reportedly disappointed by the low visibility of the ChatGPT integration within Apple's software and revenue shortfalls relative to expectations, raising the prospect of a legal dispute.
Apple confirmed WWDC 2026 will run June 8–12, where it is expected to preview iOS 27 featuring a substantially overhauled, LLM-powered Siri built on a Google Gemini model running on Apple's Private Cloud Compute infrastructure.
In Japan, iOS 26.2 introduced alternative app marketplace distribution and external payment processing for digital goods to comply with the Mobile Software Competition Act, marking Apple's first regulated market concession outside the EU.
Debate & sentiment
Bulls are anchored to the Services flywheel: Services, now running at $31 billion per quarter and growing at a high-teens rate with gross margins above 70%, compounds well ahead of hardware and is still in early stages relative to Apple's 2.5 billion active device installed base.
Bears question whether the 17% revenue growth rate is repeatable once the AI-upgrade pull-forward normalizes, and point to structural risks in Greater China — the company's second-largest market — where local competition and regulatory friction could pressure both hardware and services revenue.
A near-term pivot point is WWDC 2026 in June: a credible Siri 2.0 reveal would validate the Apple Intelligence narrative and could pull forward the iPhone 18 upgrade cycle, while another delay or underwhelming demo would sharpen criticism that Apple is falling behind on AI execution.
Consensusi
Outperform
Average targeti
$315.09+11%
Highest targeti
$400.00+41%
Lowest targeti
$215.00-24%
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