Apple - Public Comps and Valuation Multiples

Apple Overview

About Apple

Apple is among the largest companies in the world, with a broad portfolio of hardware and software products targeted at consumers and businesses. Apple’s iPhone makes up a majority of the firm sales, and Apple’s other products like Mac, iPad, and Watch are designed around the iPhone as the focal point of an expansive software ecosystem. Apple has progressively worked to add new applications, like streaming video, subscription bundles, and augmented reality. The firm designs its own software and semiconductors while working with subcontractors like Foxconn and TSMC to build its products and chips. Slightly less than half of Apple’s sales come directly through its flagship stores, with a majority of sales coming indirectly through partnerships and distribution.

Founded

1977

HQ

Employees

166K+

Website

apple.com

Sectors

Consumer Electronics
Wearables
AI Conglomerates

Financials

LTM Revenue $422B

LTM EBITDA $147B

EV

$4.16T

Valuation Multiples

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Apple Financials

As of October 2025, Apple reported last 12-month revenue of $422B and EBITDA of $147B.

In the same period, Apple generated $198B in LTM gross profit and $113B in net income.

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Apple P&L

In the most recent fiscal year, Apple reported revenue of $416B and EBITDA of $145B.

Apple expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$422B	XXX	$416B	XXX	XXX	XXX
Gross Profit	$198B	XXX	$195B	XXX	XXX	XXX
Gross Margin	47%	XXX	47%	XXX	XXX	XXX
EBITDA	$147B	XXX	$145B	XXX	XXX	XXX
EBITDA Margin	35%	XXX	35%	XXX	XXX	XXX
EBIT	$135B	XXX	$133B	XXX	XXX	XXX
EBIT Margin	32%	XXX	32%	XXX	XXX	XXX
Net Profit	$113B	XXX	$112B	XXX	XXX	XXX
Net Margin	27%	XXX	27%	XXX	XXX	XXX
Net Debt	XXX	XXX	$62.7B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Apple including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $422B. EBITDA for the last twelve months was $147B. In the most recent fiscal year, Apple achieved $416B in revenue and $145B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$422B	Analyst estimates available to subscribers	$416B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$198B	Analyst estimates available to subscribers	$195B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	47.0% gross margin	Analyst estimates available to subscribers	46.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$147B	Analyst estimates available to subscribers	$145B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	34.7% EBITDA margin	Analyst estimates available to subscribers	34.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$135B	Analyst estimates available to subscribers	$133B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	32.0% EBIT margin	Analyst estimates available to subscribers	32.0% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$113B	Analyst estimates available to subscribers	$112B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	26.9% net profit margin	Analyst estimates available to subscribers	26.9% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$62.7B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Apple

This financial data table provides comprehensive performance metrics for Apple, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Apple generated $422B in revenue over the last twelve months.
The company achieved $147B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $198B.
Net income over the last twelve months reached $113B.

Fiscal Year Performance

In the most recent fiscal year, Apple reported $416B in total revenue.
Fiscal year EBITDA was $145B.
The company maintained a gross profit margin of 46.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was 34.8%.
Net profit margin reached 26.9% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Apple. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Apple Stock Performance

Apple has current market cap of $4.12T, and EV of $4.16T.

Market Cap Evolution

Apple Stock Data

As of November 28, 2025, Apple's stock price is $279.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.16T	$4.12T	XXX	XXX	XXX	XXX	$7.59

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Apple Valuation Multiples

Apple's trades at 10.5x EV/Revenue multiple, and 30.4x EV/EBITDA.

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Apple Financial Valuation Multiples

As of November 28, 2025, Apple has market cap of $4.12T and EV of $4.16T.

Equity research analysts estimate Apple's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Apple has a P/E ratio of 36.4x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.12T	XXX	$4.12T	XXX	XXX	XXX
EV (current)	$4.16T	XXX	$4.16T	XXX	XXX	XXX
EV/Revenue	9.9x	XXX	10.5x	XXX	XXX	XXX
EV/EBITDA	28.4x	XXX	30.4x	XXX	XXX	XXX
EV/EBIT	30.9x	XXX	33.1x	XXX	XXX	XXX
EV/Gross Profit	21.0x	XXX	n/a	XXX	XXX	XXX
P/E	36.4x	XXX	41.9x	XXX	XXX	XXX
EV/FCF	39.3x	XXX	39.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Apple Margins & Growth Rates

Apple's last 12 month revenue growth is 8%

Apple's revenue per employee in the last FY averaged $2.5M, while opex per employee averaged $0.4M for the same period.

Apple's rule of 40 is 42% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Apple's rule of X is 55% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Apple Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	7%	XXX	XXX	XXX
EBITDA Margin	35%	XXX	35%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	8%	XXX	XXX	XXX
Rule of 40	42%	XXX	42%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	55%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	8%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	15%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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