Apple Inc - AAPL - Ratios & Benchmarks



Apple Inc (AAPL) Ratios & Benchmarks

  Name 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY
  LIQUIDITY RATIOS
Current Ratio 1.50 1.32 1.30 1.13 1.13 1.28 1.35 1.11 1.08
Debt-free Net Working Capital to Revenue 26.56 % 20.11 % 20.75 % 13.63 % 13.63 % 20.20 % 18.30 % 8.46 % 6.23 %
Debt-free, Cash-free Net Working Capital to Revenue -9.97 % -10.88 % -12.29 % -11.34 % -11.34 % -12.16 % -12.84 % -9.34 % -7.49 %
Net Working Capital to Revenue 17.48 % 11.44 % 12.44 % 5.80 % 5.80 % 12.14 % 12.92 % 3.75 % 2.78 %
Quick Ratio 1.35 1.13 1.14 0.99 0.99 1.09 1.22 0.89 0.82
  ACTIVITY/EFFICIENCY RATIOS
Accounts Payable Turnover 4.76 4.95 3.01 3.27 3.27 3.46 3.61 4.27 4.27
Accounts Receivable Turnover 18.34 17.58 12.60 12.94 12.94 13.63 13.23 13.62 11.96
Asset Turnover 0.77 0.73 0.67 0.72 0.72 0.66 0.70 0.90 0.83
Cash Conversion Cycle (CCC) -46.25 -38.74 -81.53 -73.56 -73.56 -69.69 -67.29 -52.97 -48.64
Days Inventory Outstanding (DIO) 10.54 14.30 10.62 9.82 9.82 9.04 6.22 5.81 6.30
Days Payable Outstanding (DPO) 76.69 73.80 121.11 111.59 111.59 105.50 101.11 85.57 85.45
Days Sales Outstanding (DSO) 19.90 20.76 28.96 28.21 28.21 26.77 27.59 26.79 30.51
Fixed Asset Turnover 6.84 7.00 7.14 7.07 7.07 7.54 8.72 10.85 9.82
Inventory Turnover 34.63 25.53 34.36 37.17 37.17 40.37 58.64 62.82 57.94
Invested Capital Turnover -25.99 -20.33 -14.99 -15.34 -15.34 -11.05 -9.74 -15.39 -24.96
  LEVERAGE RATIOS
Compound Leverage Factor 3.18 3.05 3.02 3.07 3.07 2.66 2.47 2.26 1.87
Debt to Equity 1.12 1.06 0.97 1.07 1.07 0.86 0.68 0.54 0.32
Debt to Total Capital 52.93 % 51.54 % 49.32 % 51.66 % 51.66 % 46.32 % 40.43 % 35.02 % 24.04 %
Financial Leverage -1.09 -1.11 -1.14 -1.14 -1.14 -1.16 -1.18 -1.13 -1.06
Leverage Ratio 3.18 3.05 3.02 3.07 3.07 2.66 2.47 2.26 1.87
Long-Term Debt to Equity 0.88 0.85 0.79 0.87 0.87 0.73 0.59 0.45 0.26
Long-Term Debt to Total Capital 41.45 % 41.29 % 39.97 % 42.29 % 42.29 % 38.93 % 35.04 % 29.03 % 19.74 %
Short-Term Debt to Total Capital 11.48 % 10.26 % 9.35 % 9.38 % 9.38 % 7.40 % 5.39 % 5.99 % 4.30 %
  SOLVENCY RATIOS
Altman Z-Score 3.75 3.52 3.06 3.79 4.30 3.60 3.67 4.30 4.95
Debt to EBITDA 1.39 1.42 1.41 1.37 1.37 1.56 1.21 0.77 0.57
Debt to NOPAT 2.00 2.03 1.98 1.98 1.98 2.50 1.95 1.23 0.91
Long-Term Debt to EBITDA 1.09 1.14 1.14 1.12 1.12 1.31 1.05 0.64 0.47
Long-Term Debt to NOPAT 1.56 1.62 1.61 1.62 1.62 2.10 1.69 1.02 0.75
Net Debt to EBITDA -1.31 -1.42 -1.60 -1.46 -1.46 -2.06 -2.09 -1.69 -1.95
Net Debt to NOPAT -1.88 -2.03 -2.25 -2.12 -2.12 -3.31 -3.37 -2.69 -3.09
  COVERAGE RATIOS
EBIT Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Free Cash Flow to Firm to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
  PROFITABILITY RATIOS
Augmented Payout Ratio 148.54 % 151.44 % 143.66 % 145.22 % 145.22 % 94.45 % 91.65 % 87.68 % 142.06 %
Cash Return on Invested Capital (CROIC) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Cost of Revenue to Revenue 62.41 % 62.39 % 62.01 % -107.39 % 61.66 % 61.53 % 60.92 % 59.94 % 61.41 %
Dividend Payout Ratio 25.44 % 24.83 % 23.46 % 23.03 % 23.03 % 26.41 % 26.59 % 21.65 % 28.16 %
EBIT Margin 22.14 % 23.77 % 28.35 % 141.40 % 27.45 % 27.96 % 28.46 % 31.03 % 29.26 %
EBITDA Margin 27.59 % 29.01 % 32.38 % 165.12 % 31.55 % 32.39 % 33.33 % 35.84 % 33.61 %
Effective Tax Rate 15.67 % 16.18 % 16.49 % 13.98 % 18.34 % 24.56 % 25.56 % 26.37 % 26.13 %
Gross Margin 37.59 % 37.61 % 37.99 % 207.39 % 38.34 % 38.47 % 39.08 % 40.06 % 38.59 %
Interest Burden Percent 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 % 100.00 %
NOPAT Margin 18.09 % 19.38 % 23.13 % 119.39 % 21.80 % 20.19 % 20.72 % 22.44 % 21.22 %
Noncontrolling Interest Sharing Ratio 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Normalized NOPAT Margin 18.09 % 19.38 % 23.13 % 119.39 % 21.80 % 20.19 % 20.72 % 22.44 % 21.22 %
Operating Cash Flow to CapEx 581.80 % 472.07 % 795.53 % 641.99 % 581.64 % 515.82 % 520.11 % 722.56 % 623.90 %
Operating Expenses to Revenue 16.14 % 14.49 % 10.30 % 68.60 % 11.65 % 11.71 % 11.24 % 9.58 % 9.87 %
Operating Margin 21.45 % 23.12 % 27.69 % 138.79 % 26.69 % 26.76 % 27.84 % 30.48 % 28.72 %
Operating Return on Assets (OROA) 17.08 % 17.32 % 19.01 % 101.36 % 19.68 % 18.39 % 20.06 % 27.77 % 24.37 %
Pre Tax Income Margin 22.14 % 23.77 % 28.35 % 141.40 % 27.45 % 27.96 % 28.46 % 31.03 % 29.26 %
Profit (Net Income) Margin 18.67 % 19.93 % 23.68 % 121.63 % 22.41 % 21.09 % 21.19 % 22.85 % 21.61 %
R&D to Revenue 7.91 % 6.81 % 4.63 % 32.29 % 5.36 % 5.05 % 4.66 % 3.45 % 3.30 %
ROIC Less NNEP Spread (ROIC-NNEP) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Return on Assets (ROA) 14.40 % 14.52 % 15.87 % 87.19 % 16.07 % 13.87 % 14.93 % 20.45 % 18.01 %
Return on Common Equity (ROCE) 52.69 % 49.13 % 46.05 % 49.36 % 49.36 % 36.87 % 36.90 % 46.25 % 33.61 %
Return on Equity (ROE) 52.69 % 49.13 % 46.05 % 49.36 % 49.36 % 36.87 % 36.90 % 46.25 % 33.61 %
Return on Invested Capital (ROIC) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Return on Net Nonoperating Assets (RNNOA) 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
SG&A Expenses to Revenue 8.23 % 7.68 % 5.67 % 36.30 % 6.29 % 6.66 % 6.58 % 6.13 % 6.56 %
Tax Burden Percent 84.33 % 83.82 % 83.51 % 86.02 % 81.66 % 75.44 % 74.44 % 73.63 % 73.87 %
  CAPITAL STRUCTURE RATIOS
Common Equity to Total Capital 47.07 % 48.46 % 50.68 % 48.34 % 48.34 % 53.68 % 59.57 % 64.98 % 75.96 %
Noncontrolling Interests to Total Capital 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
Preferred Equity to Total Capital 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 %
  VALUATION RATIOS
Book Value per Share $20.96 $22.52 $24.70 $21.43 $21.43 $25.52 $23.32 $20.60 $18.22
Dividend Yield 1.86 % 1.88 % 2.22 % 1.21 % 1.21 % 1.59 % 2.49 % 2.27 % 2.41 %
Earnings Yield 6.12 % 6.43 % 8.00 % 5.32 % 5.32 % 6.11 % 7.67 % 8.54 % 6.93 %
Enterprise Value (EV) $808.56B $776.66B $612.24B $997.42B $997.42B $637.95B $444.92B $483.60B $450.42B
Enterprise Value to EBIT (EV/EBIT) 12.25 11.52 8.77 13.68 13.68 9.95 7.25 6.67 8.42
Enterprise Value to EBITDA (EV/EBITDA) 10.35 9.80 7.53 11.90 11.90 8.59 6.19 5.77 7.33
Enterprise Value to Free Cash Flow (EV/FCFF) 17.62 17.67 12.81 18.40 18.40 14.79 9.89 7.32 11.00
Enterprise Value to Invested Capital (EV/IC) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT) 14.88 13.98 10.58 17.23 17.23 13.78 9.96 9.22 11.61
Enterprise Value to Operating Cash Flow (EV/OCF) 11.72 10.81 8.07 12.88 12.88 9.93 6.72 5.95 7.54
Enterprise Value to Revenue (EV/Rev) 3.12 3.00 2.34 3.76 3.76 2.78 2.06 2.07 2.46
Market Capitalization $910.71B $889.46B $742.54B $1120.00B $1120.00B $791.17B $595.48B $624.94B $570.37B
Price to Book Value (P/BV) 9.44 8.40 6.30 10.45 10.45 5.90 4.64 5.24 5.11
Price to Earnings (P/E) 16.35 15.56 12.49 18.81 18.81 16.36 13.03 11.70 14.44
Price to Revenue (P/Rev) 3.52 3.44 2.84 4.22 4.22 3.45 2.76 2.67 3.12
Price to Tangible Book Value (P/TBV) 9.44 8.40 6.30 10.45 10.45 5.90 4.98 5.66 5.55
Tangible Book Value per Share $20.96 $22.52 $24.70 $21.43 $21.43 $25.52 $21.75 $19.05 $16.79
  GROWTH RATIOS
EBIT Growth -10.34 % -14.69 % -11.56 % 17.99 % 13.75 % 4.43 % -15.37 % 35.59 % 6.64 %
EBIT Q/Q Growth -13.64 % -42.30 % 45.58 % 23.61 % 3.56 % 2.77 % -4.47 % 5.21 % 2.55 %
EBITDA Growth -6.93 % -10.97 % -8.31 % 16.91 % 12.88 % 3.30 % -14.20 % 36.37 % 7.94 %
EBITDA Q/Q Growth -11.82 % -38.34 % 42.38 % 20.23 % 3.42 % 2.29 % -4.57 % 6.00 % 2.53 %
EPS Growth -6.84 % -9.89 % 7.46 % 41.83 % 29.32 % 10.83 % -9.87 % 42.95 % 13.56 %
EPS Q/Q Growth -11.38 % -41.15 % 41.69 % 26.07 % 7.88 % 4.19 % -5.35 % 4.18 % 0.62 %
Free Cash Flow Firm Growth -70.84 % -104.36 % -40.62 % 45.98 % 25.62 % -4.13 % -31.85 % 61.33 % 3.90 %
Free Cash Flow Firm Q/Q Growth 472.35 % -103.64 % -7.42 % 132.20 % 13.93 % -5.35 % 2.11 % 9.82 % -7.35 %
Invested Capital Growth 59.59 % 62.61 % 44.83 % 19.29 % 19.29 % 14.06 % -1.46 % -161.80 % -34.31 %
Invested Capital Q/Q Growth 17.12 % 44.24 % 19.76 % -8.99 % -8.99 % 7.63 % -11.28 % 3.38 % 32.88 %
NOPAT Growth -10.99 % -17.25 % -0.03 % 37.27 % 25.09 % 3.57 % -14.80 % 35.22 % 7.19 %
NOPAT Q/Q Growth -13.43 % -42.33 % 40.63 % 26.77 % 6.96 % 3.13 % -4.49 % 5.13 % 2.14 %
Net Income Growth -12.80 % -16.36 % -0.50 % 31.84 % 23.12 % 5.83 % -14.43 % 35.14 % 6.68 %
Net Income Q/Q Growth -13.12 % -42.09 % 41.35 % 22.62 % 6.08 % 3.64 % -4.41 % 5.24 % 2.48 %
Operating Cash Flow Growth -19.69 % -26.27 % -5.67 % 23.96 % 20.57 % -3.03 % -18.50 % 36.09 % 11.27 %
Operating Cash Flow Q/Q Growth 4.31 % -58.21 % 36.71 % 34.75 % 5.12 % -1.21 % 4.84 % 0.28 % 5.93 %
Revenue Growth 1.02 % -5.11 % -4.51 % -77.91 % 15.86 % 6.30 % -7.73 % 27.86 % 6.95 %
Revenue Q/Q Growth -7.25 % -31.19 % 626.00 % -78.20 % -13.36 % 2.56 % -2.11 % 4.18 % 2.61 %
  METRICS
Capital Expenditures (CapEx) $2.00B $2.36B $3.35B $3.04B $13.31B $12.45B $12.73B $11.25B $9.57B
Debt-free Net Working Capital (DFNWC) $68.80B $51.98B $54.29B $36.19B $36.19B $46.30B $39.47B $19.77B $11.39B
Debt-free, Cash-free Net Working Capital (DFCFNWC) $-25.82B $-28.11B $-32.14B $-30.11B $-30.11B $-27.88B $-27.69B $-21.83B $-13.69B
Earnings before Interest and Taxes (EBIT) $11.91B $13.79B $23.91B $16.42B $72.90B $64.09B $61.37B $72.52B $53.48B
Free Cash Flow to Firm (FCFF) $1.28B $-342.83M $9.41B $10.17B $54.20B $43.14B $45.00B $66.03B $40.93B
Increase / (Decrease) in Invested Capital $8.46B $11.59B $10.09B $3.70B $3.70B $3.14B $-321.00M $-13.59B $-2.15B
Invested Capital $-5.74B $-6.92B $-12.41B $-15.47B $-15.47B $-19.17B $-22.30B $-21.98B $-8.40B
Net Debt $-102.14B $-112.81B $-130.31B $-122.58B $-122.58B $-153.22B $-150.55B $-141.34B $-119.94B
Net Nonoperating Expense (NNE) $-309.47M $-316.83M $-467.68M $-260.63M $-1.64B $-2.07B $-1.00B $-946.17M $-723.96M
Net Nonoperating Expense Percent (NNEP) 0.27 % 0.25 % 0.32 % 0.19 % 1.19 % 1.36 % 0.69 % 0.72 % 0.58 %
Net Operating Profit after Tax (NOPAT) $9.73B $11.24B $19.50B $13.86B $57.89B $46.28B $44.68B $52.45B $38.79B
Net Working Capital (NWC) $45.27B $29.57B $32.55B $15.41B $15.41B $27.83B $27.86B $8.77B $5.08B
Normalized Net Operating Profit after Tax (NOPAT) $9.73B $11.24B $19.50B $13.86B $57.89B $46.28B $44.68B $52.45B $38.79B
Total Capital $204.92B $218.47B $232.62B $221.67B $221.67B $249.73B $215.28B $183.68B $146.84B
Total Debt $108.47B $112.61B $114.73B $114.52B $114.52B $115.68B $87.03B $64.33B $35.30B
Total Depreciation and Amortization (D&A) $2.93B $3.04B $3.40B $2.75B $10.90B $10.16B $10.51B $11.26B $7.95B
Total Long-Term Debt $84.94B $90.20B $92.99B $93.73B $93.73B $97.21B $75.43B $53.33B $28.99B
Adjusted Basic & Diluted Earnings per Share $2.20 $2.47 $4.22 $2.98 $12.01 $9.27 $8.35 $9.28 $6.49
Adjusted Basic Earnings per Share $2.20 $2.47 $4.22 $2.98 $12.01 $9.27 $8.35 $9.28 $6.49
Adjusted Diluted Earnings per Share $2.18 $2.46 $4.18 $2.95 $11.91 $9.21 $8.31 $9.22 $6.45
Adjusted Weighted Average Basic & Diluted Shares Outstanding 4.57B 4.68B 4.73B 4.96B 4.96B 5.22B 5.47B 5.75B 6.09B
Adjusted Weighted Average Basic Shares Outstanding 4.57B 4.67B 4.74B 4.96B 4.96B 5.22B 5.47B 5.75B 6.09B
Adjusted Weighted Average Diluted Shares Outstanding 4.60B 4.70B 4.77B 5.00B 5.00B 5.25B 5.50B 5.79B 6.12B
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) $14.84B $16.83B $27.30B $19.18B $83.81B $74.25B $71.88B $83.77B $61.43B
Net Nonoperating Obligations (NNO) $-102.19B $-112.78B $-130.31B $-122.62B $-122.62B $-153.22B $-150.55B $-141.34B $-119.94B