Latest Ratios: P/E Ratio 41.6x · EV/EBITDA 32.0x · ROE 171.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.56T | $3.83T | $3.51T | $2.71T | $2.46T | $2.48T | $1.97T | $1.02T | $1.13T | $809.4B | $620.0B |
| Enterprise Value | $4.64T | $3.91T | $3.60T | $2.80T | $2.56T | $2.58T | $2.05T | $1.08T | $1.22T | $904.8B | $686.5B |
| P/E Ratio → | 41.64 | 34.24 | 37.47 | 27.93 | 24.62 | 26.19 | 34.23 | 18.42 | 18.94 | 16.75 | 13.55 |
| P/S Ratio | 10.96 | 9.21 | 8.98 | 7.06 | 6.23 | 6.77 | 7.17 | 3.91 | 4.25 | 3.53 | 2.88 |
| P/B Ratio | 63.22 | 51.99 | 61.63 | 43.56 | 48.47 | 39.27 | 30.12 | 11.24 | 10.54 | 6.04 | 4.83 |
| P/FCF | 46.18 | 38.81 | 32.26 | 27.19 | 22.04 | 26.66 | 26.83 | 17.27 | 17.60 | 15.74 | 11.77 |
| P/OCF | 40.91 | 34.38 | 29.68 | 24.49 | 20.11 | 23.82 | 24.40 | 14.66 | 14.58 | 12.60 | 9.36 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.39 | 9.20 | 7.31 | 6.50 | 7.05 | 7.48 | 4.14 | 4.58 | 3.95 | 3.18 |
| EV / EBITDA | 32.04 | 27.01 | 26.73 | 22.26 | 19.65 | 21.45 | 26.54 | 14.08 | 14.88 | 12.65 | 9.73 |
| EV / EBIT | 34.85 | 29.46 | 29.14 | 23.81 | 21.02 | 23.06 | 29.33 | 15.53 | 15.99 | 13.62 | 10.93 |
| EV / FCF | — | 39.58 | 33.08 | 28.13 | 23.01 | 27.75 | 27.97 | 18.28 | 18.99 | 17.59 | 13.03 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 46.9% | 46.9% | 46.2% | 44.1% | 43.3% | 41.8% | 38.2% | 37.8% | 38.3% | 38.5% | 39.1% |
| Operating Margin | 32.0% | 32.0% | 31.5% | 29.8% | 30.3% | 29.8% | 24.1% | 24.6% | 26.7% | 26.8% | 27.8% |
| Net Profit Margin | 26.9% | 26.9% | 24.0% | 25.3% | 25.3% | 25.9% | 20.9% | 21.2% | 22.4% | 21.1% | 21.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 171.4% | 171.4% | 157.4% | 171.9% | 175.5% | 147.4% | 73.7% | 55.9% | 49.4% | 36.9% | 36.9% |
| ROA | 30.9% | 30.9% | 26.1% | 27.5% | 28.4% | 28.1% | 17.3% | 15.7% | 16.1% | 13.9% | 14.9% |
| ROIC | 67.4% | 67.4% | 61.2% | 54.3% | 55.3% | 52.0% | 33.2% | 27.8% | 25.0% | 21.7% | 25.2% |
| ROCE | 69.6% | 69.6% | 62.3% | 56.3% | 56.3% | 49.1% | 29.4% | 26.5% | 27.0% | 23.7% | 26.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.52 | 1.52 | 2.09 | 1.99 | 2.61 | 2.16 | 1.87 | 1.19 | 1.07 | 0.86 | 0.68 |
| Debt / EBITDA | 0.78 | 0.78 | 0.88 | 0.98 | 1.01 | 1.14 | 1.58 | 1.41 | 1.40 | 1.62 | 1.23 |
| Net Debt / Equity | — | 1.04 | 1.56 | 1.51 | 2.15 | 1.61 | 1.29 | 0.65 | 0.83 | 0.71 | 0.52 |
| Net Debt / EBITDA | 0.53 | 0.53 | 0.66 | 0.75 | 0.83 | 0.84 | 1.09 | 0.77 | 1.08 | 1.33 | 0.94 |
| Debt / FCF | — | 0.77 | 0.82 | 0.94 | 0.98 | 1.09 | 1.15 | 1.01 | 1.38 | 1.85 | 1.26 |
| Interest Coverage | — | — | — | 29.92 | 41.64 | 42.29 | 24.35 | 19.38 | 23.50 | 28.59 | 43.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 0.87 | 0.99 | 0.88 | 1.07 | 1.36 | 1.54 | 1.13 | 1.28 | 1.35 |
| Quick Ratio | 0.86 | 0.86 | 0.83 | 0.94 | 0.85 | 1.02 | 1.33 | 1.50 | 1.10 | 1.23 | 1.33 |
| Cash Ratio | 0.33 | 0.33 | 0.37 | 0.42 | 0.31 | 0.50 | 0.86 | 0.95 | 0.57 | 0.74 | 0.85 |
| Asset Turnover | — | 1.16 | 1.07 | 1.09 | 1.12 | 1.04 | 0.85 | 0.77 | 0.73 | 0.61 | 0.67 |
| Inventory Turnover | 38.64 | 38.64 | 28.87 | 33.82 | 45.20 | 32.37 | 41.75 | 39.40 | 41.39 | 29.05 | 61.62 |
| Days Sales Outstanding | — | 63.99 | 61.83 | 58.08 | 56.40 | 51.39 | 49.79 | 64.26 | 67.33 | 56.80 | 49.59 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.3% | 0.4% | 0.4% | 0.6% | 0.6% | 0.6% | 0.7% | 1.4% | 1.2% | 1.6% | 2.0% |
| Payout Ratio | 13.8% | 13.8% | 16.3% | 15.5% | 14.9% | 15.3% | 24.5% | 25.6% | 23.0% | 26.4% | 26.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.4% | 2.9% | 2.7% | 3.6% | 4.1% | 3.8% | 2.9% | 5.4% | 5.3% | 6.0% | 7.4% |
| FCF Yield | 2.2% | 2.6% | 3.1% | 3.7% | 4.5% | 3.8% | 3.7% | 5.8% | 5.7% | 6.4% | 8.5% |
| Buyback Yield | 2.0% | 2.4% | 2.7% | 2.9% | 3.6% | 3.5% | 3.7% | 6.6% | 6.4% | 4.1% | 4.8% |
| Total Shareholder Yield | 2.3% | 2.8% | 3.1% | 3.4% | 4.2% | 4.1% | 4.4% | 8.0% | 7.7% | 5.6% | 6.8% |
| Shares Outstanding | — | $15.0B | $15.4B | $15.8B | $16.3B | $16.9B | $17.5B | $18.6B | $20.0B | $21.0B | $22.0B |
Regulatory App Store Scrutiny
According to current market data, AAPL trades at a P/E of 38.04, which appears to command a significant premium over historical averages and broader tech peers, suggesting that investors are pricing in the durability of the company's high-margin services ecosystem rather than just its hardware-driven growth.
The forward P/E of 32.40 implies that the market expects sustained earnings expansion, likely driven by the continued monetization of the active installed base. However, this valuation multiple warrants caution, as it assumes a level of growth consistency that may be vulnerable to shifts in consumer hardware replacement cycles.
As reported in financial statements, AAPL's ROIC reached 18.7% in 2026Q2, demonstrating a robust ability to generate returns on invested capital that significantly exceed the company's cost of capital, largely supported by the vertical integration of proprietary silicon and software within its core product lines.
The fluctuation in ROIC, which peaked at 26.9% in 2026Q1, highlights the sensitivity of capital efficiency to seasonal hardware launches and inventory management. Investors should monitor whether the company can maintain these elevated return levels as it scales its services segment and navigates potential regulatory headwinds.
Based on the provided figures, AAPL maintains a negative cash conversion cycle of -42 days in 2026Q2, which indicates that the company effectively utilizes its massive scale to extract favorable payment terms from suppliers while maintaining rapid inventory turnover across its global retail and distribution channels.
This negative CCC is a critical indicator of the company's structural leverage over its supply chain, allowing it to fund operations using customer cash before paying vendors. Any material shift in these metrics could signal a weakening of this competitive advantage or a change in supplier bargaining power.
As indicated by recent balance sheet data, AAPL's debt-to-equity ratio of 0.80 in 2026Q2 reflects a disciplined approach to capital structure, suggesting that the company maintains a fortress-like balance sheet that provides significant capacity for strategic investments or continued shareholder returns despite the current interest rate environment.
The reduction in leverage from previous periods suggests a strategic pivot toward balance sheet optimization, which may be intended to mitigate risks associated with macroeconomic volatility. This conservative stance appears to prioritize long-term stability over the aggressive use of debt to amplify equity returns.
Based on an analysis of the business model, the most commonly misapplied ratio is the P/S multiple, which often leads investors to incorrectly categorize AAPL as a pure-play software firm, thereby obscuring the underlying cyclicality and capital intensity inherent in its massive hardware manufacturing operations.
Valuing the company solely on revenue multiples ignores the reality that a significant portion of its top-line growth remains tethered to hardware replacement cycles. A more appropriate approach would involve adjusting for the distinct margin profiles of hardware versus services to avoid overestimating the sustainability of current valuation premiums.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AAPL stock.
Apple Inc.'s current P/E ratio is 41.6x. The historical average is 29.3x. This places it at the 89th percentile of its historical range.
Apple Inc.'s current EV/EBITDA is 32.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.6x.
Apple Inc.'s return on equity (ROE) is 171.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 47.2%.
Based on historical data, Apple Inc. is trading at a P/E of 41.6x. This is at the 89th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Apple Inc.'s current dividend yield is 0.33% with a payout ratio of 13.8%.
Apple Inc. has 46.9% gross margin and 32.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Apple Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.