AAPL
Apple Inc.
Apple remains a premium ecosystem franchise with resilient installed-base monetization, though near-term device cycles and regulatory scrutiny keep upside more balanced.
Live company workspace
This page is the current view. It combines the latest price context, filing status, reported fundamentals, refreshed normalized statements, and the current model output. Published actions and ratings stay here as reference, while the report page preserves the point-in-time note.
Current model signal
Hold
Confidence: Medium
Implied return: +4.1 upside
Fair value $214 vs. current $206 (+4.1 upside).
Ticker
AAPL
Model signal
Hold
Confidence
Medium
Fair value
$214
Upside / Downside
+4.1 upside
Jump to section
Live investment view
Base case stance: Hold with medium confidence as shares trade at $206 versus $214 fair value, implying +4.1 upside. This workspace updates with the latest live inputs, while the published report remains a point-in-time note.
Current model signal
Hold
Latest analyst action
Reiterated
Published Mar 15, 2026
Latest published rating
Hold
Published Mar 15, 2026
Current price data
AnalystScope curated current price
Live market-price fetch unavailable. Using the curated current price field.
Latest filing / report
4 filed Apr 3, 2026 | Reporting period Apr 1, 2026
Last refreshed Apr 4, 2026, 3:58 AM UTC. Stale after Apr 4, 2026, 3:58 PM UTC.
Open filing sourceReported fundamentals
SEC XBRL companyfacts API
Live SEC companyfacts currently cover revenue, operating margin, free cash flow, and net cash / net debt. Reporting period end 2025-09-27.
Last refreshed 3 Apr 2026, 21:01 UTC. Stale after 4 Apr 2026, 09:01 UTC.
Current model signal
Hold
Confidence
Medium
Current price
$206
Fair value
$214
Upside / Downside
+4.1 upside
Top drivers
Services mix and installed-base monetization continue to support cash generation quality.
Brand strength and customer retention still provide a premium margin structure.
Top risks
A slower replacement cycle can weigh on revenue growth for longer than the market expects.
Regulatory changes around platform economics could pressure higher-margin services revenue.
Sector / Industry
Information Technology
Consumer Electronics
Headquarters
Cupertino, CA
Market Cap
$2.9T
Current / Fair Value
$206 / $214
Upside / Downside
+4.1 upside
Data status
Last updated: Mar 20, 2026
Curated public preview analysis with live price, filing metadata, and reported fundamentals overlays. Full live filing ingestion is not yet enabled.
Coverage is currently limited to ten companies: MSFT, NVDA, AAPL, GOOGL, AMZN, META, AVGO, ORCL, AMD, and NFLX.
Normalized financial summary
Curated normalized annual basis: FY2023 | FY2024 | FY2025
Revenue (Latest FY)
FY2025 | +6.4% vs prior FY
$416.2B
Operating Margin
+49 bps vs prior FY
32.0%
FCF (Latest FY)
23.7% margin | FY2025
$98.6B
Net Cash / (Debt)
Capital returns remain a priority
($36.0B)
Key ratios
EV / NTM EBITDA
Sector 14.9x
20.8x
P / NTM EPS
Sector 23.5x
28.4x
ROIC
Sector 14.2%
31.1%
Rule of 40
Solid
34%
Base-case assumptions
These are AnalystScope's current base-case valuation inputs. The note under each number explains why that level is considered reasonable for this company; the sensitivity line shows how much fair value moves if that judgment is wrong.
Revenue CAGR (5Y)
5.0%
±0.5% => ±$9/sh
Why this level: This is AnalystScope's base-case growth assumption, not a guarantee. It sits below the latest normalized FY revenue pace (2025.0%), so the model does not extend current strength too far into the outer years. Current company context: Services mix and installed-base monetization continue to support cash generation quality.
Terminal Growth
2.5%
±0.5% => ±$12/sh
Why this level: This is AnalystScope's mature long-run growth assumption, not a perpetual hypergrowth claim. At 2.5%, it sits well below the 5.0% five-year revenue CAGR, so the model steps down from the explicit forecast period to a steadier long-run pace. For Apple Inc., that means a durable franchise can keep compounding after year five without assuming today's faster growth profile lasts indefinitely.
WACC
8.0%
±0.5% => ∓$14/sh
Why this level: This is AnalystScope's base-case cost-of-capital judgment, not a precise CAPM output. It reflects the current rates backdrop, equity risk premium, and the company's balance-sheet posture. Capital returns remain a priority
Operating Margin (Year 5)
31.0%
±100 bps => ±$7/sh
Why this level: This is AnalystScope's base-case margin view, not a promise of straight-line expansion. It keeps year-five margins close to today's normalized operating margin (32.0%), which implies the current margin structure is broadly durable. Margin input normalizes product-mix noise and avoids overreacting to quarter-specific launch costs.
How to read the assumptions and sensitivities
These are base-case assumptions used to estimate fair value. They are reasonable model inputs, not reported facts.
Each sensitivity line shows the estimated fair-value-per-share change from a small move in that one input while the other inputs stay fixed.
bps means basis points. 100 bps equals 1.00 percentage point.
WACC sensitivity moves in the opposite direction because a higher discount rate lowers present value, while a lower discount rate raises it.
Scenario workbench
Analyst workbench
This is a local edited scenario, not the published AnalystScope base case or report view. It keeps the published base case as the anchor, applies bounded changes to the four core valuation inputs, and updates the fair-value estimate immediately.
Base-case rationale remains in the assumptions section above. This first slice uses the published sensitivities to estimate how the edited scenario changes fair value while the cross-check methods remain the published reference point.
Editable assumptions
Adjust the inputs within a reasonable range. Edits stay local to this browser session.
Revenue CAGR (5Y)
Published base case: 5.0% | ±0.5% => ±$9/sh
Range: 0.0% to 11.0%
Terminal Growth
Published base case: 2.5% | ±0.5% => ±$12/sh
Range: 1.0% to 4.0%
WACC
Published base case: 8.0% | ±0.5% => ∓$14/sh
Range: 6.0% to 10.0%
Operating Margin (Year 5)
Published base case: 31.0% | ±100 bps => ±$7/sh
Range: 23.0% to 39.0%
Published base case
Fair value
$214
Upside / Downside
+4.1 upside
Model signal
Hold
Edited scenario
Fair value
$214
$0/sh vs published base case
Upside / Downside
+3.9 upside
+0.0 pts vs published base case
Model signal
Hold
Unchanged versus the published base case.
Normalized financial statements
Curated normalized annual statements in USD across FY2023 | FY2024 | FY2025.
Income statement
| Line item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $383.3B | $391.0B | $416.2B |
| Gross Profit | $169.0B | $180.6B | $195.2B |
| Operating Income | $114.2B | $123.2B | $133.2B |
| EBITDA | $125.7B | $134.5B | $144.9B |
| Net Income | $97.0B | $93.8B | $112.0B |
Balance sheet
| Line item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Cash & Investments | $62.3B | $65.2B | $54.7B |
| Total Debt | $105.1B | $96.7B | $90.7B |
| Net Cash / (Debt) | ($42.8B) | ($31.5B) | ($36.0B) |
| Total Assets | $352.6B | $365.0B | $359.2B |
| Total Liabilities | $290.5B | $308.0B | $285.5B |
| Shareholders' Equity | $62.1B | $57.0B | $73.7B |
Cash flow
| Line item | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Operating Cash Flow | $110.4B | $118.1B | $111.5B |
| Depreciation & Amortization | $11.5B | $11.3B | $11.7B |
| Capital Expenditures | ($11.1B) | ($9.4B) | ($12.9B) |
| Free Cash Flow | $99.3B | $108.7B | $98.6B |
Model inputs vs reported fundamentals
Side-by-side view of the live reported fundamentals versus the latest normalized annual inputs still used in the current public analysis model.
Reported fundamentals source
SEC XBRL companyfacts API
Live SEC companyfacts currently cover revenue, operating margin, free cash flow, and net cash / net debt. Reporting period end 2025-09-27.
Last refreshed 3 Apr 2026, 21:01 UTC. Stale after 4 Apr 2026, 09:01 UTC.
Normalization impact on the thesis
The Apple normalization approach smooths cycle volatility and places more emphasis on durable ecosystem cash generation than on any single reported hardware quarter.
Statement basis diagnostics
Latest normalized basis FY2025 versus the current live reported snapshot where available.
Income statement
Revenue
FY2025 $416.2B vs reported TTM $416.2B (+0.0%)
Operating margin
FY2025 32.0% vs reported 32.0% (+0.0 pts)
Cash flow
Free cash flow
FY2025 $98.6B vs reported TTM $98.8B (-0.2%)
FCF margin
FY2025 23.7% vs reported 23.7% (-0.0 pts)
Balance sheet
Net cash / (debt)
FY2025 Net debt $36.0B vs reported Net debt $43.2B
| Metric | Reported | Status | Model input | Status |
|---|---|---|---|---|
| Revenue (TTM) | $416.2B | Live reported | $416.2B +6.4% YoY Adjustment: Model revenue smooths hardware cycle timing and leans on a steadier installed-base monetization view. | Model / normalized |
| Operating Margin | 32.0% | Live reported | 32.0% +49 bps YoY Adjustment: Margin input normalizes product-mix noise and avoids overreacting to quarter-specific launch costs. | Model / normalized |
| FCF (TTM) | $98.8B | Live reported | $98.6B 23.7% margin Adjustment: FCF input strips temporary working-capital and supplier-payment timing effects. | Model / normalized |
| Net Cash / (Debt) | ($43.2B) | Live reported | ($36.0B) Capital returns remain a priority Adjustment: Balance-sheet treatment reflects cash generation strength while retaining a conservative debt view. | Model / normalized |
Normalization review
The Apple normalization approach smooths cycle volatility and places more emphasis on durable ecosystem cash generation than on any single reported hardware quarter.
Rows are sorted by largest comparable drift first.
| Metric | Latest normalized basis | Latest live reported | Delta / variance | Materiality | Normalization rationale |
|---|---|---|---|---|---|
Net Cash / (Debt) | ($36.0B) FY2025 normalized | ($43.2B) Live reported balance sheet | +$7.2B / +1.7% of revenue | In band | Balance-sheet treatment reflects cash generation strength while retaining a conservative debt view. |
FCF (TTM) | $98.6B FY2025 normalized | $98.8B Live reported TTM | -$200.0M / -0.2% | In band | FCF input strips temporary working-capital and supplier-payment timing effects. |
Operating Margin | 32.0% FY2025 normalized | 32.0% Live reported margin | +0.0 pts | In band | Margin input normalizes product-mix noise and avoids overreacting to quarter-specific launch costs. |
Revenue (TTM) | $416.2B FY2025 normalized | $416.2B Live reported TTM | +$0.0 / +0.0% | In band | Model revenue smooths hardware cycle timing and leans on a steadier installed-base monetization view. |
Ratios + trends
Normalized annual income-statement, cash-flow, and balance-sheet metrics, plus cross-statement quality relationships with compact prior-FY direction cues, derived from the curated statement backbone.
Basis: FY2023 | FY2024 | FY2025. Live reported fundamentals remain available in the reconciliation section.
Operating and cash-flow trends
Revenue growth (1Y)
+6.4%
Gross margin
46.9%
Operating margin
32.0%
Operating margin change vs prior FY
+0.5 pts
EBITDA margin
34.8%
EBITDA margin change vs prior FY
+0.4 pts
Operating income growth (1Y)
+8.1%
Net margin
26.9%
FCF margin
23.7%
FCF margin change vs prior FY
-4.1 pts
FCF growth (1Y)
-9.3%
Balance sheet quality
Cash & investments
$54.7B
Total debt
$90.7B
Net cash / (debt)
Net debt $36.0B
Net cash / (debt) as % of revenue
Net debt 8.6% of revenue
Liabilities / assets
vs FY2024 (-4.9 pts)
79.5%
Cross-statement quality
Gross-to-operating spread
14.9 pts
Operating cash flow / net income
vs FY2024 (-0.3x)
1.0x
Operating cash flow / EBITDA
vs FY2024 (-0.1x)
0.8x
Free cash flow / net income
vs FY2024 (-0.3x)
0.9x
CapEx as % of revenue
vs FY2024 (+0.7 pts)
3.1%
CapEx as % of operating cash flow
vs FY2024 (+3.6 pts)
11.6%
CapEx / D&A
vs FY2024 (+0.3x)
1.1x
Cash & investments / total debt
vs FY2024 (-0.1x)
0.6x
Shareholders' equity as % of revenue
17.7%
Asset turnover
vs FY2024 (+0.1x)
1.2x
Financial diagnostics
Compact normalized-basis diagnostics for analyst triage.
Revenue momentum
Improving+6.4% latest 1Y growth
vs +2.0% prior 1Y
Operating margin trend
Stable32.0% latest margin
+49 bps vs prior FY
FCF margin trend
Weakening23.7% latest FCF margin
-411 bps vs prior FY
Balance-sheet posture
StableNet debt 8.6% of revenue
vs Net debt 8.1% of revenue prior FY
Thesis scorecard
Qualitative scorecard of the main thesis dimensions behind the current investment view.
Growth
ModerateGrowth is steadier than exceptional and still tied to hardware cycle timing.
Profitability
StrongServices mix and premium positioning support strong margins.
Balance sheet
ModerateNet debt reflects capital returns, though cash generation remains very strong.
Valuation
ModerateThe franchise deserves a premium, but upside remains relatively balanced.
Execution / Resilience
StrongThe ecosystem and installed base continue to anchor resilience.
Key drivers
Services mix and installed-base monetization continue to support cash generation quality.
Brand strength and customer retention still provide a premium margin structure.
Capital returns remain an important part of the valuation floor.
Key risks
A slower replacement cycle can weigh on revenue growth for longer than the market expects.
Regulatory changes around platform economics could pressure higher-margin services revenue.
Hardware innovation cycles may prove less catalytic than prior product refresh periods.
What would change our view
A stronger services growth trajectory would improve our view on the earnings mix.
A materially weaker device cycle would lower confidence in the current base case.
Clearer evidence of a new product-led demand cycle would shift the rating more positively.
Near-term catalysts
Upcoming device-cycle checks and services momentum remain the main near-term catalysts.
Capital return updates can matter meaningfully for the downside floor in a balanced rating setup.
Any new product or ecosystem adoption signal could influence the market's growth narrative.
What we are watching
Whether services growth can continue to offset a slower hardware replacement cycle.
How regulators shape platform economics around higher-margin ecosystem revenue streams.
Any evidence that customer upgrade intent is improving ahead of the next major cycle.
Coverage metadata
Last updated
Mar 15, 2026
Coverage status
Active coverage
Latest analyst action
Reiterated
Mar 15, 2026
Latest published rating
Hold
Mar 15, 2026
Analyst note
Focus remains on services mix resilience, replacement timing, and the durability of capital returns.
Current price source
AnalystScope curated current price
Live market-price fetch unavailable. Using the curated current price field.
Reported fundamentals source
SEC XBRL companyfacts API
Live SEC companyfacts currently cover revenue, operating margin, free cash flow, and net cash / net debt. Reporting period end 2025-09-27.
Last refreshed 3 Apr 2026, 21:01 UTC. Stale after 4 Apr 2026, 09:01 UTC.
Latest filing source
SEC EDGAR submissions API
4 filed Apr 3, 2026 | Reporting period Apr 1, 2026
Last refreshed Apr 4, 2026, 3:58 AM UTC. Stale after Apr 4, 2026, 3:58 PM UTC.
Open filing sourceCoverage timeline
Timeline events show published analyst actions and ratings. The current model signal is shown separately above.
Mar 15, 2026
Maintained Hold as services resilience offset a still-balanced device outlook.
Jan 22, 2026
Kept Hold with upside and regulatory risk still broadly balanced.
Dec 8, 2025
Initiated coverage with a balanced stance on franchise quality versus valuation.
Bull / Base / Bear scenarios
Bull case
$238
Normalized support: Growth, margin, and cash-flow trends are mixed versus the upside case.
Base case
$214
Normalized support: Current margin, cash-generation, and balance-sheet profile support the base case.
Bear case
$187
Downside protection: Cash generation and balance-sheet support are mixed in the bear case.
Why this rating
The stock currently trades at $206 versus a base-case fair value of $214, implying +4.1 upside. That supports a Hold rating with Medium confidence under the current model.
Current price
$206
Fair value
$214
Upside / Downside
+4.1 upside
Model signal / Confidence
Hold / Medium
Confidence framing
Method agreement / dispersion
Valuation methods are tightly grouped, with implied values ranging from $208 to $223.
Margin strength
Operating margin is 32.0%, with +49 bps vs prior FY.
Balance sheet position
Balance sheet positioning currently reflects net debt of ($36.0B), with capital returns remain a priority.
Valuation methods
| Method | Implied Value | Weight |
|---|---|---|
| DCF (Base) | $208 | 45% |
| NTM P/E Multiple | $218 | 35% |
| EV/EBITDA Cross-check | $223 | 20% |
Buy / Hold / Sell output
Current model recommendation
Hold
Price: $206
Fair value: $214
Implied upside / downside: +4.1 upside
Latest published rating: Hold on Mar 15, 2026
The displayed rating is anchored to the base-case fair value. Buy is assigned at 8% or greater implied upside, Hold between -10% and +8%, and Sell at -10% or worse, with borderline calls cross-checked against normalized operating, cash-generation, and balance-sheet support. Confidence reflects valuation dispersion, operating margin profile, and balance-sheet strength.
What changed section
2026-03-15
Services growth assumptions lifted after mixed device checks
Impact: +1.0% base case
2026-03-09
Adjusted iPhone replacement-cycle forecast lower
Impact: -0.8% revenue estimate
2026-03-04
Capital return outlook extended in model
Impact: Supportive for valuation floor