Apple Inc.

Factors are computed features of the reported data that may have an influence in the investment returns.
Here you can check the main factor values on which we base all our company scores.
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Free cash flow to the firm

94.90

Billion USD (10⁹)

Average: 60.29

Moving average: 81.05

The cash flow available to all the company suppliers of capital (stockholders, preferred stockholders and debtholders) after deducting all operating, working capital and fixed capital expenses. This factor is a flow balance measured over an accounting period (a single year). –

Free cash flow to the firm (7 acct. periods)

60.29

Billion USD (10⁹)

Average: 40.12

Moving average: 51.81

Simple moving average of the free cash flow to the firm (FCFF) factor value over the last 7 accounting periods. –

Free cash flow to equity

90.50

Billion USD (10⁹)

Average: 70.54

Moving average: 80.25

The cash flow available to the company stockholders after deducting all operating expenses, working capital expenses, fixed capital expenses, and interest and principal payments of debt and preferred stocks. This factor is a flow balance measured over an accounting period (a single year). –

Free cash flow to equity (7 acct. periods)

70.54

Billion USD (10⁹)

Average: 51.62

Moving average: 64.63

Simple moving average of the free cash flow to equity (FCFE)factor value over the last 7 accounting periods. –

Free cash flow to equity ex borrowings

94.80

Billion USD (10⁹)

Average: 60.27

Moving average: 81.02

The cash flow available to the company stockholders, net of debt repayments and borrowings, after deducting all operating expenses, working capital expenses, fixed capital expenses, and interest and principal payments of debt and preferred stocks. This factor is a flow balance measured over an accounting period (a single year). –

Free cash flow to equity ex borrowings (7 acct. periods)

60.27

Billion USD (10⁹)

Average: 40.12

Moving average: 51.81

Simple moving average of the free cash flow to equity ex borrowings factor value over the last 7 accounting periods. –

Free earnings

81.63

Billion USD (10⁹)

Average: 45.72

Moving average: 66.61

Net income before depreciation and amortization adjusted by a proxy of maintenance capex.This factor reflects more accurately than net income the resources generated by the company. It is a factor that is halfway between the net income figure (accrual method) and free cash flow factor (cash method). –

Free earnings (7 acct. periods)

45.72

Billion USD (10⁹)

Average: 28.30

Moving average: 37.49

Simple moving average of the free earnings factor value over the last 7 accounting periods. –

Graham/Sonkin PER (7 acct. periods)

38.63

Average: 30.49

Moving average: 40.23

A more sophisticated PER factor based on ideas from B. Graham and Paul Sonkin. The market cap is calculated excluding net liquid assets, and instead of current earnings, the factor uses the simple moving average of the firm's free cash flow to equity (FCFE) over the last 7 accounting periods but excluding the non-operational interest income. –

FCFE appraisement (7 acct. periods)

763.65

Billion USD (10⁹)

Average: 550.23

Moving average: 690.39

Company valuation factor based on the simple moving average of its free cash flow to equity (FCFE) over the last 7 account periods. The free cash flow average is capitalized using a proxy for the natural interest rate. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

FCFE appraisement w/ growth (7 acct. periods)

7.58

Trillion USD (10¹²)

Average: 4.94

Moving average: 6.55

Company valuation factor based on the simple moving average of its free cash flow to equity (FCFE) over the last 7 account periods. The free cash flow average is capitalized using a proxy for the natural interest rate and an estimate of the company's growth based on the average of the proxy growth factor for the last 7 periods. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

P/FV(FCFE) (7 acct. periods)

3.35

Average: 2.62

Moving average: 3.50

Company's market capitalization in relation to the capitalization of the simple moving average of its free cash flow to equity (FCFE) over the last 7 account periods. This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

P/FV(FCFE+growth) (7 acct. periods)

0.34

Average: 0.28

Moving average: 0.35

Company's market capitalization in relation to the capitalization, including the growth proxy, of the simple moving average of its free cash flow to equity (FCFE) over the last 7 account periods. This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

FCFF appraisement (7 acct. periods)

947.55

Billion USD (10⁹)

Average: 621.95

Moving average: 832.22

Company valuation factor based on the simple moving average of its free cash flow to the firm (FCFF) over the last 7 account periods. The free cash flow average is capitalized using a proxy for the natural interest rate and an estimate of the company's growth based on the average of the proxy growth factor for the last 7 periods. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

FCFF appraisement w/ growth (7 acct. periods)

7.76

Trillion USD (10¹²)

Average: 5.01

Moving average: 6.69

Company valuation factor based on the simple moving average of its free cash flow to the firm (FCFF) over the last 7 account periods. The free cash flow average is capitalized, including the growth proxy, using a proxy for the natural interest rate and an estimate of the company's growth based on the average of the proxy growth factor for the last 7 periods. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

EV/FCFF (7 acct. periods)

45.36

Average: 38.17

Moving average: 47.24

Size-weighted average enterprise value (EV) in relation to the size-weighted moving average (7 years) free cash flow to the firm (FCFF) of the company. –

Free earnings power appraisement (7 acct. periods)

574.36

Billion USD (10⁹)

Average: 355.49

Moving average: 471.02

Company valuation factor based on the capitalization of its simple moving average of the free earnings (EPA - Earnings Power Appraisement) over the last 7 account periods. The free earnings average are capitalized using a proxy for the natural interest rate. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

Free earnings+growth power appraisement (7 acct. periods)

n/a

Average: 0.00

Moving average: 0.00

Company valuation factor based on the capitalization, including the growth proxy, of its simple moving average of the free earnings (EPA - Earnings Power Appraisement) over the last 7 account periods. The free earnings average are capitalized using a proxy for the natural interest rate. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

P/FV(EPA) (7 acct. periods)

4.46

Average: 3.82

Moving average: 4.65

Company's market cap (P) in relation to the capitalization of the simple moving average of its free earnings (earnings calculated using capex instead of D&A) over the last 7 account periods. This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

P/FV(EPA+growth) (7 acct. periods)

0.45

Average: 0.38

Moving average: 0.47

Company's market cap (P) in relation to the capitalization, including the growth proxy, of the simple moving average of its free earnings (earnings calculated using capex instead of D&A) over the last 7 account periods. This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

P/FV(NCA)

-20.67

Average: -17.01

Moving average: -21.58

Company's market capitalization (P) in relation to its fair value (FV) calculated using its actual net current assets (NCA). This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

P/FV(NTA)

47.33

Average: 31.01

Moving average: 49.41

Company's market capitalization (P) in relation to its fair value (FV) calculated using its actual net tangible assets (NTA). This factor value indicates units of magnitude above or below the fair market price value of 1. Values above 1 indicate overaluation. Values below 1 indicate undervaluation. –

Implied investment price

37.09

USD

Average: 96.24

Moving average: 35.12

The company's fair value per share based on the simple moving average of its free cash flow to equity (FCFE) over the last 7 account periods. The free cash flow average is capitalized using a proxy for the natural interest rate. The average interest income of the company (if any) is capitalized using a proxy for the interest rates of sovereign debt and monetary markets. –

Firm free cash return on invested capital %

51.38

Average: 70.55

Moving average: 49.06

Relation, in percentage points, between the free cash flow to equity (FCFE) and the firm invested capital. The invested capital is defined as total assets of the firm excluding its surplus cash and commercial liabilities. –

Firm free cash return on invested capital % (7 acct. periods)

70.55

Average: 94.11

Moving average: 74.31

Simple moving average of the firm free cash return on invested capital factor value over the last 7 accounting periods. –

Free cash return on equity %

93.83

Average: 74.22

Moving average: 78.04

Relation, in percentage points, between the free cash flow to equity (FCFE) and the firm equity. –

Free cash return on equity % (7 acct. periods)

74.22

Average: 66.96

Moving average: 69.89

Simple moving average of the firm free cash return on equity factor value over the last 7 accounting periods. –

Free cash margin %

24.88

Average: 29.85

Moving average: 24.53

Relation, in percentage points, between the free cash flow to equity (FCFE) and its net ordinary revenue. –

Free cash margin % (7 acct. periods)

29.85

Average: 30.25

Moving average: 30.80

Simple moving average of the firm free cash margin factor value over the last 7 accounting periods. –

Adjusted firm return on invested capital %

60.92

Average: 68.22

Moving average: 53.92

Relation, in percentage points, between the firm adjusted earnings and its invested capital. Adjusted earnings defined as the primary ordinary result before tax and the extraordinary result before tax. The invested capital is defined as total assets of the firm excluding its surplus cash and commercial liabilities. –

Adjusted firm return on invested capital % (7 acct. periods)

68.22

Average: 93.64

Moving average: 70.33

Simple moving average of the adjusted firm return on invested capital factor value over the last 7 accounting periods. –

Adjusted return on equity %

111.25

Average: 71.71

Moving average: 85.55

Relation, in percentage points, between the firm adjusted earnings and its equity. Adjusted earnings defined as the primary ordinary result before tax and the extraordinary result before tax. –

Adjusted return on equity % (7 acct. periods)

71.71

Average: 64.08

Moving average: 64.91

Simple moving average of the adjusted firm return on equity factor value over the last 7 accounting periods. –

Adjusted operating margin %

29.50

Average: 27.79

Moving average: 27.15

Relation, in percentage points, between the firm adjusted earnings and its ordinary revenue. Adjusted earnings defined as the primary ordinary result before tax and the extraordinary result before tax. –

Adjusted operating margin % (7 acct. periods)

27.79

Average: 27.54

Moving average: 27.62

Simple moving average of the adjusted operating margin factor value over the last 7 accounting periods. –

Adjusted return on assets %

39.40

Average: 35.74

Moving average: 33.63

Relation, in percentage points, between the firm adjusted earnings and its total assets. Adjusted earnings defined as the primary ordinary result before tax and the extraordinary result before tax. –

Adjusted return on assets % (7 acct. periods)

35.74

Average: 37.95

Moving average: 35.27

Simple moving average of the adjusted return on assets factor value over the last 7 accounting periods. –

Operating cash flow margin %

30.60

Average: 27.87

Moving average: 28.91

Relation, in percentage points, between the firm operating cash flow and its ordinary revenue. –

Operating cash flow margin % (7 acct. periods)

27.87

Average: 26.91

Moving average: 27.34

Simple moving average of the operating cash flow margin factor value over the last 7 accounting periods. –

Net income margin %

25.22

Average: 22.33

Moving average: 23.39

Relation, in percentage points, between the firm periodical external result and its ordinary revenue. –

Net income margin % (7 acct. periods)

22.33

Average: 21.15

Moving average: 21.78

Simple moving average of the net income margin factor value over the last 7 accounting periods. –

Sales per employee

2.26

Million USD (10⁶)

Average: 2.04

Moving average: 2.15

Relation between the firm ordinary revenue and its number of employees. –

Equity Internal Rate of Return %

1.79

Average: 2.48

Moving average: 1.71

Relation between the simple moving average of the firm free earnings over the last 10 accounting periods and its market capitalization. –

Equity Internal Rate of Return % (with growth)

14.72

Average: 18.00

Moving average: 14.64

Relation between the simple moving average of the firm free earnings over the last 10 accounting periods and its market capitalization, considering the firm's growth proxy over the last 10 accounting periods. –

Dynamic solvency coefficient

1.85

Average: 2.12

Moving average: 1.78

A measure of the firm's ability to generate funds on a regular basis to meet all its financial commitments for the year. It is calculated as the ratio between free cash flow to the firm (FCFF) and the amortization of debt and committed dividends for the fiscal year. Values greater than 1 indicate that the funds generated are sufficient. Values below 1 are an indication of technical insolvency. –

Average dynamic solvency coefficient (7 acct. periods)

2.12

Average: 2.47

Moving average: 2.17

Single exponential moving average of the firm dynamic solvency coefficient factor value over the last 7 accounting periods. –

Minimum dynamic solvency coefficient

2.89

Average: 3.80

Moving average: 2.98

Calculated as the dynamic solvency ratio factor but without considering the dividend as a financial commitment of the company during the fiscal year. If the company does not distribute dividends, its value will be the same as the dynamic solvency ratio. –

Average minimum dynamic solvency coefficient (7 acct. periods)

3.80

Average: 4.15

Moving average: 3.97

Single exponential moving average of the firm minimum dynamic solvency coefficient factor value over the last 7 accounting periods. –

Leverage

3.63

Average: 1.92

Moving average: 3.25

Ratio between cyclical libilities an non-cyclical liabilities (equity). –

Leverage (ex commercial liabs)

3.16

Average: 1.47

Moving average: 2.83

Ratio between cyclical libilities, excluding commercial liabilities, an non-cyclical liabilities (equity). –

Correlation betw amortizations (ratio)

0.28

Average: 0.81

Moving average: 0.28

Ratio between long-cycle assets and long-cycle liabilities. If >1 then funds generated thru the long-cycle assets amortization are enough to cover the amortization/payments of the firm's long-cycle liabilites. –

Max. financial dependency ratio

0.70

Average: 0.57

Moving average: 0.70

Ratio between the firm's cyclical liabilities and its total assets. –

Max. financial dependency ratio (ex commercial liabs)

0.61

Average: 0.40

Moving average: 0.61

Ratio between the firm's cyclical liabilities, excluding commercial liabilities, and its total assets. –

Guaranty coefficient

0.19

Average: 0.40

Moving average: 0.22

Ratio between the firm's non-cyclical liabilities (equity) and its total assets. –

Capitalization structure - debt ratio

0.70

Average: 0.57

Moving average: 0.70

Ratio between the firm's cyclical liabilities (debt) and its total assets (equivalent to the max. financial dependency ratio factor). –

Capitalization structure - preferred capital ratio

0.00

Average: 0.00

Moving average: 0.00

Ratio between the firm's preferred capital and its total assets. –

Capitalization structure - share capital ratio

0.19

Average: 0.40

Moving average: 0.22

Ratio between the firm's non-cyclical liabilities (equity), excluding its preferred capital value, and its total assets. –

Net liquidity (ratio)

1.02

Average: 1.99

Moving average: 1.19

Ratio between the firm's liquid assets and its non-commercial short term liabilities. If >1 then there are enough liquid assets to cover all the non-commercial short term liabilities, i.e., there is short-term solvency expectancy. A value <1 means that this short-term liabilities are financing assets that don't generate funds in the short-term. –

Working capital

10.96

Billion USD (10⁹)

Average: 10.17

Moving average: 19.10

The part of the short-term assets that are financed with long-term liabilities (including equity). –

Permanent financing needs

52.90

Billion USD (10⁹)

Average: 0.90

Moving average: 33.09

The part of the firm's commercial assets that are not financed with commercial liabilities. –

Permanent assets coverage prm (ratio)

0.06

Average: 1.08

Moving average: 0.25

This factor measures whether the firm's non-cyclical liabilities (equity), once it finances the activity (permanent financing needs), are sufficient (>1) or not sufficient (<1) to finance its permanent assets (non-cyclical assets). –

Free cash flow steadiness proxy (5 acct. periods)

1.71

Average: 2.11

Moving average: 1.99

Stability of the free cash flow to the firm factor values. The proxy used to measure the stability is based on the discrete total variation of the factor, relative to its mean, over a 7 year window period. –

Free earnings steadiness proxy (7 acct. periods)

1.51

Average: 2.00

Moving average: 1.80

Stability of the free earnings factor values. The proxy used to measure the stability is based on the discrete total variation of the factor, relative to its mean, over a 7 year window period. –

Operating cash flow steadiness proxy (7 acct. periods)

1.46

Average: 1.85

Moving average: 1.69

Stability of the operating cash flow factor values. The proxy used to measure the stability is based on the discrete total variation of the factor, relative to its mean, over a 7 year window period. –

Earnings steadiness proxy (7 acct. periods)

1.29

Average: 1.61

Moving average: 1.39

Stability of the earnings factor values. The proxy used to measure the stability is based on the discrete total variation of the factor, relative to its mean, over a 7 year window period. –

Dividend payments steadiness proxy (7 acct. periods)

-0.24

Average: -1.22

Moving average: -0.54

Stability of the divident payments factor values. The proxy used to measure the stability is based on the discrete total variation of the factor, relative to its mean, over a 7 year window period. –

Growth proxy %

-7.57

Average: 12.93

Moving average: 9.52

A proxy for the company annual growth in percentage points based in the growth in its ordinary revenue and free cash flow to the firm factors. –

Growth proxy % (7 acct. periods)

12.93

Average: 18.74

Moving average: 13.67

Single exponential moving average of the firm growth proxy factor value over the last 7 accounting periods. –

FCFE growth %

-17.08

Average: 17.51

Moving average: 14.33

Annual growth, in percentage points, of the free cash flow to equity (FCFE) factor. –

FCFE growth % (7 acct. periods)

17.51

Average: 29.80

Moving average: 17.32

Single exponential moving average of the firm free cash flow to equity (FCFE) growth factor value over the last 7 accounting periods. –

FCFF growth %

-13.86

Average: 15.19

Moving average: 14.07

Annual growth, in percentage points, of the free cash flow to the firm (FCFF) factor. –

FCFF growth % (7 acct. periods)

15.19

Average: 24.17

Moving average: 15.26

Single exponential moving average of the free cash flow to the firm (FCFF) growth factor value over the last 7 accounting periods. –

Ordinary revenue growth %

-6.87

Average: 12.98

Moving average: 9.01

Annual growth, in percentage points, of the firm's ordinary revenue. –

Ordinary revenue growth % (7 acct. periods)

12.98

Average: 21.06

Moving average: 13.89

Single exponential moving average of the firm's ordinary revenue growth factor value over the last 7 accounting periods. –

Operating cash flow growth %

-13.03

Average: 13.92

Moving average: 11.02

Annual growth, in percentage points, of the firm's net cash from operating activities. –

Operating cash flow growth % (7 acct. periods)

13.92

Average: 23.66

Moving average: 14.31

Single exponential moving average of the firm's operating cash flow growth factor value over the last 7 accounting periods. –

Operating income growth %

-8.75

Average: 14.60

Moving average: 12.90

Annual growth, in percentage points, of the firm's primary ordinary result before tax (operating income). –

Operating income growth % (7 acct. periods)

14.60

Average: 24.87

Moving average: 14.29

Single exponential moving average of the firm's operating income growth factor value over the last 7 accounting periods. –

Market capitalization

2.56

Trillion USD (10¹²)

Average: 1.85

Moving average: 2.67

The total price of all the quoted shares of the company. Calculated as shares outstanding times share price. –

Secondary market liquidity - daily

10.65

Billion USD (10⁹)

Average: 10.06

Moving average: 11.25

The 10-day average, in monetary units, of the daily firm's stock volume traded in the secondary martket. –

Effective tax rate %

15.00

Average: 22.56

Moving average: 18.11

The relation between the exponential moving average of the income tax provision over the last 5 accounting period and the current periodical external result of the firm (net income). –