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Also traded in: Argentina, Brazil, Chile, Germany, Mexico, Switzerland, UK

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash to Debt 0.77
AAPL's Cash to Debt is ranked lower than
61% of the 2236 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.36 vs. AAPL: 0.77 )
Ranked among companies with meaningful Cash to Debt only.
AAPL' s Cash to Debt Range Over the Past 10 Years
Min: 0.65  Med: 14.37 Max: No Debt
Current: 0.77
Equity to Asset 0.40
AAPL's Equity to Asset is ranked lower than
76% of the 2208 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.57 vs. AAPL: 0.40 )
Ranked among companies with meaningful Equity to Asset only.
AAPL' s Equity to Asset Range Over the Past 10 Years
Min: 0.28  Med: 0.61 Max: 0.67
Current: 0.4
0.28
0.67
Interest Coverage 41.23
AAPL's Interest Coverage is ranked lower than
53% of the 1776 Companies
in the Global Consumer Electronics industry.

( Industry Median: 52.89 vs. AAPL: 41.23 )
Ranked among companies with meaningful Interest Coverage only.
AAPL' s Interest Coverage Range Over the Past 10 Years
Min: 41.23  Med: No Debt Max: No Debt
Current: 41.23
F-Score: 5
Z-Score: 3.72
M-Score: -2.82
WACC vs ROIC
11.86%
29.86%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating margin (%) 27.84
AAPL's Operating margin (%) is ranked higher than
97% of the 2218 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.67 vs. AAPL: 27.84 )
Ranked among companies with meaningful Operating margin (%) only.
AAPL' s Operating margin (%) Range Over the Past 10 Years
Min: 17.93  Med: 28.43 Max: 35.3
Current: 27.84
17.93
35.3
Net-margin (%) 21.19
AAPL's Net-margin (%) is ranked higher than
96% of the 2220 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.65 vs. AAPL: 21.19 )
Ranked among companies with meaningful Net-margin (%) only.
AAPL' s Net-margin (%) Range Over the Past 10 Years
Min: 14.22  Med: 21.55 Max: 26.67
Current: 21.19
14.22
26.67
ROE (%) 36.10
AAPL's ROE (%) is ranked higher than
97% of the 2184 Companies
in the Global Consumer Electronics industry.

( Industry Median: 5.27 vs. AAPL: 36.10 )
Ranked among companies with meaningful ROE (%) only.
AAPL' s ROE (%) Range Over the Past 10 Years
Min: 28.51  Med: 34.45 Max: 46.25
Current: 36.1
28.51
46.25
ROA (%) 15.07
AAPL's ROA (%) is ranked higher than
95% of the 2243 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.69 vs. AAPL: 15.07 )
Ranked among companies with meaningful ROA (%) only.
AAPL' s ROA (%) Range Over the Past 10 Years
Min: 14.93  Med: 19.79 Max: 28.54
Current: 15.07
14.93
28.54
ROC (Joel Greenblatt) (%) 260.84
AAPL's ROC (Joel Greenblatt) (%) is ranked higher than
99% of the 2236 Companies
in the Global Consumer Electronics industry.

( Industry Median: 9.83 vs. AAPL: 260.84 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
AAPL' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: 253.95  Med: 364.21 Max: 545.32
Current: 260.84
253.95
545.32
Revenue Growth (3Y)(%) 14.40
AAPL's Revenue Growth (3Y)(%) is ranked higher than
84% of the 1981 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.10 vs. AAPL: 14.40 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
AAPL' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: -8.2  Med: 27 Max: 51.8
Current: 14.4
-8.2
51.8
EBITDA Growth (3Y)(%) 15.10
AAPL's EBITDA Growth (3Y)(%) is ranked higher than
65% of the 1594 Companies
in the Global Consumer Electronics industry.

( Industry Median: 6.10 vs. AAPL: 15.10 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
AAPL' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -49.2  Med: 57.95 Max: 124.1
Current: 15.1
-49.2
124.1
EPS Growth (3Y)(%) 13.50
AAPL's EPS Growth (3Y)(%) is ranked higher than
61% of the 1428 Companies
in the Global Consumer Electronics industry.

( Industry Median: 6.20 vs. AAPL: 13.50 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
AAPL' s EPS Growth (3Y)(%) Range Over the Past 10 Years
Min: -56.3  Med: 57.8 Max: 192.1
Current: 13.5
-56.3
192.1
GuruFocus has detected 7 Warning Signs with Apple Inc $AAPL.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» AAPL's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow
Oprt. Cash Flow & Net Income

» Details

Guru Trades

Q1 2016

AAPL Guru Trades in Q1 2016

Wallace Weitz 6,439 sh (New)
Warren Buffett 9,811,747 sh (New)
John Burbank 50,650 sh (New)
Leon Cooperman 227,000 sh (New)
George Soros 3,100 sh (New)
Steven Cohen 224,500 sh (New)
Louis Moore Bacon 180,000 sh (+818.70%)
Lee Ainslie 5,070 sh (+131.51%)
First Eagle Investment 16,106 sh (+93.91%)
Joel Greenblatt 725,489 sh (+56.32%)
Murray Stahl 5,994 sh (+49.14%)
David Einhorn 8,213,040 sh (+30.68%)
Zeke Ashton 45,000 sh (+16.88%)
Jim Chanos 54,473 sh (+14.72%)
Pioneer Investments 8,720,678 sh (+11.52%)
David Dreman 22,054 sh (+9.45%)
Tom Gayner 26,100 sh (+8.75%)
Diamond Hill Capital 3,115,828 sh (+6.08%)
Dodge & Cox 24,401 sh (+2.95%)
David Rolfe 4,972,136 sh (+2.82%)
Mario Gabelli 131,909 sh (+2.19%)
Jeff Auxier 7,205 sh (+1.91%)
Chuck Royce 96,750 sh (+1.84%)
Ken Fisher 11,315,252 sh (+0.34%)
John Griffin 2,500,000 sh (unchged)
Jim Chanos 1,544 sh (unchged)
David Carlson 720,000 sh (unchged)
Chris Davis Sold Out
Jim Simons Sold Out
Julian Robertson Sold Out
David Tepper Sold Out
Carl Icahn Sold Out
Paul Tudor Jones Sold Out
Ronald Muhlenkamp 151,204 sh (-0.08%)
Jeremy Grantham 7,361,107 sh (-0.10%)
PRIMECAP Management 1,040,500 sh (-0.24%)
Ron Baron 69,380 sh (-0.98%)
Bill Nygren 3,247,000 sh (-1.81%)
Scott Black 21,397 sh (-2.23%)
John Griffin 1,940,000 sh (-3.00%)
Manning & Napier Advisors, Inc 3,805,723 sh (-3.34%)
Mairs and Power 15,122 sh (-3.73%)
John Buckingham 92,712 sh (-3.88%)
First Pacific Advisors 30,500 sh (-4.69%)
RS Investment Management 91,104 sh (-6.60%)
Ruane Cunniff 10,746 sh (-24.94%)
Robert Olstein 31,000 sh (-29.55%)
Chase Coleman 5,657,250 sh (-46.63%)
Richard Snow 12,077 sh (-62.35%)
Ray Dalio 106,000 sh (-67.63%)
Signature Select Canadian Fund 51,800 sh (-71.17%)
Spiros Segalas 11,552,528 sh (-2.05%)
» More
Q2 2016

AAPL Guru Trades in Q2 2016

T Rowe Price Equity Income Fund 720,000 sh (New)
Barrow, Hanley, Mewhinney & Strauss 701,590 sh (New)
John Hussman 1,500 sh (New)
Jim Simons 1,096,033 sh (New)
Paul Tudor Jones 28,657 sh (New)
Wallace Weitz 14,653 sh (+127.57%)
Robert Olstein 53,000 sh (+70.97%)
Warren Buffett 15,227,702 sh (+55.20%)
Tom Gayner 36,100 sh (+38.31%)
Lee Ainslie 6,030 sh (+18.93%)
Zeke Ashton 53,000 sh (+17.78%)
Ray Dalio 121,200 sh (+14.34%)
Murray Stahl 6,516 sh (+8.71%)
Joel Greenblatt 779,161 sh (+7.40%)
Dodge & Cox 25,654 sh (+5.14%)
Jeff Auxier 7,505 sh (+4.16%)
Chuck Royce 99,500 sh (+2.84%)
Pioneer Investments 8,849,243 sh (+1.47%)
Mairs and Power 15,227 sh (+0.69%)
Diamond Hill Capital 3,136,874 sh (+0.68%)
First Eagle Investment 16,106 sh (unchged)
Ken Fisher 11,314,940 sh (unchged)
Paul Singer 726,000 sh (unchged)
David Carlson 720,000 sh (unchged)
Bill Nygren 3,247,000 sh (unchged)
Richard Snow Sold Out
First Pacific Advisors Sold Out
Leon Cooperman Sold Out
John Burbank Sold Out
John Griffin Sold Out
Louis Moore Bacon Sold Out
George Soros Sold Out
Ronald Muhlenkamp 150,630 sh (-0.38%)
PRIMECAP Management 1,036,000 sh (-0.43%)
David Rolfe 4,932,995 sh (-0.79%)
Manning & Napier Advisors, Inc 3,769,453 sh (-0.95%)
John Buckingham 91,705 sh (-1.09%)
Mario Gabelli 130,064 sh (-1.40%)
David Dreman 21,462 sh (-2.68%)
Jeremy Grantham 7,160,268 sh (-2.73%)
Scott Black 20,180 sh (-5.69%)
David Einhorn 6,854,740 sh (-16.54%)
Ron Baron 57,675 sh (-16.87%)
Jim Chanos 39,667 sh (-27.18%)
RS Investment Management 46,976 sh (-48.44%)
Ruane Cunniff 5,110 sh (-52.45%)
Steven Cohen 62,608 sh (-72.11%)
Chase Coleman 1,379,797 sh (-75.61%)
Spiros Segalas 10,824,044 sh (-6.31%)
» More
Q3 2016

AAPL Guru Trades in Q3 2016

Daniel Loeb 2,500,000 sh (New)
NWQ Managers 44,966 sh (New)
John Burbank 70,000 sh (New)
David Tepper 800,000 sh (New)
Larry Robbins 679,213 sh (New)
Andreas Halvorsen 247,264 sh (New)
Lee Ainslie 1,990,867 sh (+32916.04%)
Steven Cohen 1,092,100 sh (+1644.35%)
Ray Dalio 346,600 sh (+185.97%)
Chase Coleman 3,605,810 sh (+161.33%)
Tom Gayner 61,100 sh (+69.25%)
Pioneer Investments 9,093,815 sh (+2.76%)
Jeff Auxier 7,555 sh (+0.67%)
Ken Fisher 11,372,309 sh (+0.51%)
Mairs and Power 15,237 sh (+0.07%)
T Rowe Price Equity Income Fund 720,000 sh (unchged)
David Carlson 720,000 sh (unchged)
Robert Olstein 53,000 sh (unchged)
First Eagle Investment 16,106 sh (unchged)
John Burbank 100,000 sh (unchged)
Paul Singer 1,158,500 sh (unchged)
Warren Buffett 15,227,702 sh (unchged)
Steven Cohen 250,000 sh (unchged)
Dodge & Cox 25,654 sh (unchged)
Jim Simons Sold Out
Ruane Cunniff Sold Out
Ronald Muhlenkamp 150,111 sh (-0.34%)
Scott Black 20,088 sh (-0.46%)
Jim Chanos 39,238 sh (-1.08%)
PRIMECAP Management 1,021,700 sh (-1.38%)
Barrow, Hanley, Mewhinney & Strauss 690,344 sh (-1.60%)
John Buckingham 90,182 sh (-1.66%)
Bill Nygren 3,187,000 sh (-1.85%)
David Dreman 20,827 sh (-2.96%)
Manning & Napier Advisors, Inc 3,534,779 sh (-6.23%)
Murray Stahl 6,082 sh (-6.66%)
Ron Baron 53,478 sh (-7.28%)
Diamond Hill Capital 2,819,968 sh (-10.10%)
Chuck Royce 85,000 sh (-14.57%)
Signature Select Canadian Fund 43,500 sh (-16.02%)
David Rolfe 4,124,490 sh (-16.39%)
Wallace Weitz 11,934 sh (-18.56%)
Jeremy Grantham 5,806,035 sh (-18.91%)
David Einhorn 5,194,440 sh (-24.22%)
John Hussman 1,100 sh (-26.67%)
Joel Greenblatt 459,757 sh (-40.99%)
Mario Gabelli 73,784 sh (-43.27%)
Zeke Ashton 26,000 sh (-50.94%)
Paul Tudor Jones 3,275 sh (-88.57%)
Spiros Segalas 8,461,107 sh (-21.83%)
» More
Q4 2016

AAPL Guru Trades in Q4 2016

Ken Fisher 11,498,027 sh (+1.11%)
Spiros Segalas 9,570,541 sh (+13.11%)
T Rowe Price Equity Income Fund 720,000 sh (unchged)
» More
» Details

Insider Trades

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Business Description

Industry: Computer Hardware » Consumer Electronics    NAICS: 334220    SIC: 3571
Compare:NYSE:SNE, OTCPK:PCRFF, NYSE:KYO, OTCPK:SHCAY, NYSE:LPL, NYSE:HAR, OTCPK:ELUXY, OTCPK:HRELF, OTCPK:APELF, OTCPK:CSIOY, OTCPK:ACKAY, OTCPK:FGRRF, OTCPK:SWDHF, NAS:IRBT, NYSE:FN, NAS:GPRO, NAS:UEIC, OTCPK:BVILF, OTCPK:TCLHF, OTCPK:PNCOY » details
Traded in other countries:AAPL.Argentina, AAPL34.Brazil, AAPL.Chile, APC.Germany, AAPL.Mexico, AAPL.Switzerland, 0JQ4.UK,
Apple Inc designs, manufactures, & markets mobile communication & media devices, personal computers, & portable digital music players, & sells a variety of related software, services, accessories, networking solutions, & third-party digital content.

Apple Inc is a California corporation established in 1977. The Company designs, manufactures, and markets mobile communication and media devices, personal computers, and portable digital music players, and sells a variety of related software, services, accessories, networking solutions, and third-party digital content and applications. The Company's products and services include iPhone, iPad, Mac, iPod, Apple TV, a portfolio of consumer and professional software applications, the iOS and OS X operating systems, iCloud, and a variety of accessory, service and support offerings. It also sells and delivers digital content and applications through the iTunes Store, App Store, iBooks Store and Mac App Store. The Company sells its products through its retail stores, online stores and direct sales force, as well as through third-party cellular network carriers, wholesalers, retailers and value-added resellers. In addition, the Company sells a variety of third-party iPhone, iPad, Mac and iPod compatible products, including application software, and various accessories, through its online and retail stores. The Company sells to consumers, small and mid-sized businesses and education, enterprise and government customers. Its customers are in the consumer, SMB, education, enterprise and government markets. Its segments include Americas, Europe, Greater China, Japan, Rest of Asia Pacific. The Americas segment includes both North and South America. The Europe segment includes European countries, as well as India, the Middle East and Africa. The Greater China segment includes China, Hong Kong and Taiwan. The Rest of Asia Pacific segment includes Australia and Asian countries, other than those countries included in the Company's other operating segments. Each operating segment provides similar hardware and software products and similar services. The Company is subject to laws and regulations affecting its domestic and international operations in a number of areas.

Guru Investment Theses on Apple Inc

David Rolfe Comments on Apple Inc. - Jan 16, 2017

We should note successful examples of the use of outsized debt by our own invested companies. Consider Apple. Apple (NASDAQ:AAPL) generates enough cash ($65 billion in operating cash TTM) that even after spending $10 billion in R&D in fiscal 2016, the Company’s balance sheet liquidity grew almost $10 billion, to over $250 billion. This trove is trapped overseas awaiting a change in U.S. repatriation laws - a potentially significant bullish event for shareholders. In the meantime, in order to return this cash back to shareholders, the Company has issued over $75 billion in debt.

Further, and often left unremarked by Wall Street’s finest, is the rapid, and accelerating growth in Apple’s R&D spending over the past few years. Clearly the Company does not need to spend $10-$15 billion per year to sustain the evolutionary upgrades to the iPhone, iPad, Apple Watch and/or new video streaming services. Apple’s nascent automotive program Project Titan may not be at all about creating a complete autonomous driving car (Apple Car), but rather the creation of software that makes existing cars smarter – or even autonomous. Now that is a huge, creatively disruptive opportunity.

From David Rolfe (Trades, Portfolio)'s fourth quarter 2016 Wedgewood Partners investor letter.



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David Rolfe Comments on Apple - Oct 21, 2016

During the quarter, Apple (NASDAQ:AAPL) was a top contributor to relative performance. Apple has been in portfolios for nearly a decade. Even though Apple is one of the most visible and widely followed businesses in our investment universe, we believe it has long suffered from the incorrect market perception that its customer relationships are largely transactional in nature. We see evidence of these "hit-driven" fears embedded in the systematic contraction of Apple's forward price-to-earnings (P/E) multiple. Apple's P/E multiple peaked in the fall of 2007 at about 38X (not long after the iPhone launched and the S&P 500 P/E peaked for that cycle) and has contracted to around 12.7X, albeit up from the 9X and 10x multiples seen earlier this year and in 2013. We earnestly admit that Apple probably does not deserve to trade at the 38X forward earnings2, yet we believe that Apple’s iOS franchise and “annuity-like” ecosystem has demonstrated an exceptional ability to retain and obtain repeat customers, while commanding over 90% of the profitability generated by smartphone manufacturers—qualities we think should help the stock generate extremely attractive returns at the current multiple.



From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third-quarter 2016 shareholder letter.

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Spiros Segalas Comments on Apple - Aug 18, 2016

Apple (NASDAQ:AAPL), whose shares fell on a lull in major product cycles, was a major detractor from relative returns, along with Nike and Alexion Pharmaceuticals. Amazon.com, the Fund’s largest holding as of June 30, 2016, was the top contributor to relative returns.



From Spiros Segamas' Armiel Appreciation second quarter 2016 commentary.



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Gabelli Funds Comments on Apple - Aug 04, 2016

Apple (NASDAQ:AAPL) (5.1%) (AAPL – $95.60 – NASDAQ) designs Macs, arguably the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with the iPad and Apple Watch.



From the Gabelli Dividend Growth Fund second quarter 2016 commentary.



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David Rolfe Comments on Apple - Jul 13, 2016

Apple (NASDAQ:AAPL) has been a significant underperformer not only during the recent second quarter (-11.8%), but also for nearly a year now. The stock has fallen about - 28% on an absolute basis, from its high set back on July 20, 2015. This is the second time that the stock has been put through the wringer since late 2012 on fears of “peak” iPhone growth and the concomitant lack of innovation out of the skunk works in Cupertino. Given the surge of sales of the iPhone 6 in 2015 (pent up demand for a larger iPhone, plus significant demand from China), we are not surprised by the weaker year-over-year earnings comparisons.

The Apple stock advance-and-decline narrative has been pretty straightforward over the past half-dozen years. Given the consented narrative that Apple is “The iPhone Company” – and nothing but the iPhone – when forward analyst estimates of iPhone sales increase, the stock typically advances. When estimates are being cut, well, the stock typically declines, also. Mr. Market really is that binary on Apple’s stock price movements. We would argue, too, that Mr. Market is quite obtuse when it comes to the totality of Apple. Everything else that a rational investor would consider in accessing Apple as an investment is literally put in a vacuum when it comes to the stock. Valuation seems to matter not a wit. By any traditional valuation measure, both absolute and relative to other technology hardware companies, Apple’s stock, in our view, has long been cheap – but it gets cheaper still on estimate cuts. In fact, we would argue that Apple’s stock is currently valued (6.5X FCF ex-cash)2 as if to assume that the Company’s business prospects are little better than a coal mine in 10-year run-off mode.

Here are a few elements of the superiority – and we would argue, rarity – of the Company’s business model via their platform trifecta of hardware, software and services that should matter to investors: iPhone user base estimated at +450 million. Smartphone industry gross profit take of approximately 95%. An installed ecosystem base of over +1 billion sticky users. 13 million active App Store developers. 130 billion downloaded Apps. Relatedly, software services gross revenue business is at an annuity-like run-rate of $40 billion – with profit margins greater than Company average. Company operating margins of 30%. Connected software platforms that include iOS, MacOS and Watch OS. The Company’s near fanatic commitment to user privacy. Apple Watch unit sales of 11-13 million since launch. Over the past four calendar years the Company has generated nearly $216 billion in free cash flow, including $55 billion over the past four quarters. $250 billion in balance sheet liquidity. Tens of billions of stock buybacks, in our view, below intrinsic value.

It could be argued that Apple’s only significant competitor is itself. Sure, Android vendors such as Samsung, Huawei, Oppo, and Xiaomi, are competitors in that each does sell high-end smartphones, particularly to first-time smartphone buyers.

However, it's also the case that once one experiences the differentiated nature of a true high-end smartphone, many of those Android customers do find their way to Apple for a significantly better user ecosystem. At this juncture, the consensus on Apple is that the iPhone 7 will be a boring upgrade and thus a flop. Again, the current valuation of the stock implies that Apple is once again a permanently impaired growth company. Given that Apple is our second largest position, we certainly don’t share such dire views.

From David Rolfe (Trades, Portfolio)'s second quarter 2016 Wedgewood Partners Client Letter.

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David Einhorn Comments on Apple - May 06, 2016

We continue to own Apple (NASDAQ:AAPL), which has traded down to a single-digit PE of a bear case earnings. We believe there is tremendous value in Apple’s brand and growing global customer base that periodically buys new devices and increasingly buys additional services.

From David Einhorn (Trades, Portfolio)'s first quarter 2016 conference call.

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Weitz Funds Comments on Apple - Apr 25, 2016

Apple (NASDAQ:AAPL), creator of the iPhone, iPad and Mac, makes a return to the Research Fund (previously eliminated in the third quarter of 2014). Investors, in our view, have become too pessimistic about Apple’s ability to grow sales of the iPhone and to globally monetize its large installed base of iOS devices. In addition to its growth prospects, Apple continues to return significant amounts of cash to shareowners.



From Weitz Funds' Research Fund commentary 1st quarter.



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Signature Select Canadian Fund Comments on Apple - Mar 09, 2016

Apple (NASDAQ:AAPL) faces investor uncertainty with respect to its next product cycle of the iPhone. The stock is not expensive.

From the Signature Select Canadian Fund (Trades, Portfolio) Q4 Market Commentary.

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GAMCO Investors Comments on Apple Inc. - Dec 22, 2015

Apple Inc. (NASDAQ:AAPL) (1.7%) (AAPL – $110.30 – Nasdaq) designs Macs, arguably the best personal computers in the world, and has a dominant position in smart phones and tablets where its products represent the gold standard in both categories. Apple leads the digital music revolution with its iPods and iTunes online store.



From the Gabelli Dividend Growth Fund third quarter 2015 commentary.



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GAMCO Investors Comments on Apple Inc. - Oct 19, 2015

Apple Inc. (NASDAQ:AAPL)(6.1% of net assets as of September 30, 2015) (AAPL – $110.30 – NASDAQ) designs Macs, arguably the best personal computers in the world, along with OS X, iLife, iWork, and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with the iPad and Apple Watch.





From GAMCO's Growth Fund third quarter 2015 commentary.



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David Rolfe Comments on Apple - Oct 15, 2015

Apple (NASDAQ:AAPL) reported blockbuster year-over-year earnings growth of over 40%, driven by a healthy iPhone business which reported unit share take in every country. However, shares sold off as the market began its virtually seasonal questioning of Apple's long-term growth abilities. We continue to think Apple is capable of mid-to-high single digit revenue growth over the next several years, mostly attributed to the Company's massive (we estimate well over 500 million), upgradable installed unit base.

Combined with increasing cost benefits due to their increasing scale, along with outsized cash balances and reduced share count, we believe Apple is capable of generating a double-digit rate of earnings per share growth over the next several years. We think Apple's highly repeatable upgrade base is a byproduct of their constant innovation across not just products, but also services and distribution, where Apple's efforts have been particularly disruptive given their scale.

For example, during the quarter Apple announced a new iPhone purchase program allowing users to upgrade their iPhones every twelve months. The program will be run by Apple, and financed by a third party financial institution. Importantly, telecommunications providers have little to no presence in this new buying process. Now, nearly from the day telco iPhone subsidies were introduced, we have seen the market fret over telco providers' supposed negotiating leverage over Apple. Yet over the past few quarters, most of the major U.S. telecom providers announced the phasing out of such subsidy programs. Not for a lack of demand or efficacy, we view this phasing -out had more to do with customers demanding the "latest and greatest" devices, particularly from Apple, along with telcos' inability to service this demand financially, as a wave of price competition has pressured subscription plan revenues. We think Apple's novel new distribution program meaningfully reduces the Company's reliance on telecom providers and shortens the "upgrade cycle" which should bode well for future iPhone sales. Not least, we think Apple has further proven that the future cash flows of its iPhone franchise are more recurring than they are one-off transactions. As Apple continues to reinforce its competitive positioning, we estimate the Company now controls around 90% of worldwide smartphone profits - a very rare occurrence in any industry, much less the highly competitive consumer electronics segment. Given the share price pullback, we estimate Apple is trading at a single-digit price to earnings multiple (adjusted for balance sheet cash) which is substantially lower than the market and peers despite Apple's superior competitive positioning and long tail of double-digit growth, so we added to positions.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners third quarter 2015 letter.

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Top Ranked Articles about Apple Inc

David Rolfe Comments on Apple Inc. Guru stock highlight
We should note successful examples of the use of outsized debt by our own invested companies. Consider Apple. Apple (NASDAQ:AAPL) generates enough cash ($65 billion in operating cash TTM) that even after spending $10 billion in R&D in fiscal 2016, the Company’s balance sheet liquidity grew almost $10 billion, to over $250 billion. This trove is trapped overseas awaiting a change in U.S. repatriation laws - a potentially significant bullish event for shareholders. In the meantime, in order to return this cash back to shareholders, the Company has issued over $75 billion in debt. Read more...
Are Apple's Growth Days Over? Apple needs to bring innovation to its products to beat competitors Samsung and Microsoft
Samsung (SSNLF) and Apple (NASDAQ:AAPL) are the top two players in the smartphone industry followed by Huawei. Currently, Samsung holds 20% market share, whereas Apple is substantially behind Samsung at 12.5%. Read more...
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Ratios

vs
industry
vs
history
P/E(ttm) 14.36
AAPL's P/E(ttm) is ranked higher than
66% of the 1544 Companies
in the Global Consumer Electronics industry.

( Industry Median: 19.64 vs. AAPL: 14.36 )
Ranked among companies with meaningful P/E(ttm) only.
AAPL' s P/E(ttm) Range Over the Past 10 Years
Min: 9.32  Med: 15.38 Max: 47.76
Current: 14.36
9.32
47.76
Forward P/E 13.26
AAPL's Forward P/E is ranked higher than
73% of the 149 Companies
in the Global Consumer Electronics industry.

( Industry Median: 17.27 vs. AAPL: 13.26 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 14.36
AAPL's PE(NRI) is ranked higher than
66% of the 1549 Companies
in the Global Consumer Electronics industry.

( Industry Median: 19.75 vs. AAPL: 14.36 )
Ranked among companies with meaningful PE(NRI) only.
AAPL' s PE(NRI) Range Over the Past 10 Years
Min: 9.33  Med: 15.36 Max: 48.8
Current: 14.36
9.33
48.8
Price/Owner Earnings (ttm) 12.43
AAPL's Price/Owner Earnings (ttm) is ranked higher than
60% of the 1134 Companies
in the Global Consumer Electronics industry.

( Industry Median: 16.41 vs. AAPL: 12.43 )
Ranked among companies with meaningful Price/Owner Earnings (ttm) only.
AAPL' s Price/Owner Earnings (ttm) Range Over the Past 10 Years
Min: 7.52  Med: 12.1 Max: 73.88
Current: 12.43
7.52
73.88
P/B 4.95
AAPL's P/B is ranked lower than
86% of the 2168 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.58 vs. AAPL: 4.95 )
Ranked among companies with meaningful P/B only.
AAPL' s P/B Range Over the Past 10 Years
Min: 2.71  Med: 5.19 Max: 11.28
Current: 4.95
2.71
11.28
P/S 3.06
AAPL's P/S is ranked lower than
79% of the 2187 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.99 vs. AAPL: 3.06 )
Ranked among companies with meaningful P/S only.
AAPL' s P/S Range Over the Past 10 Years
Min: 1.86  Med: 3.41 Max: 6.78
Current: 3.06
1.86
6.78
PFCF 12.63
AAPL's PFCF is ranked higher than
56% of the 960 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.08 vs. AAPL: 12.63 )
Ranked among companies with meaningful PFCF only.
AAPL' s PFCF Range Over the Past 10 Years
Min: 7.88  Med: 12.61 Max: 65
Current: 12.63
7.88
65
POCF 10.02
AAPL's POCF is ranked higher than
51% of the 1170 Companies
in the Global Consumer Electronics industry.

( Industry Median: 10.09 vs. AAPL: 10.02 )
Ranked among companies with meaningful POCF only.
AAPL' s POCF Range Over the Past 10 Years
Min: 6.69  Med: 10.66 Max: 44.85
Current: 10.02
6.69
44.85
EV-to-EBIT 10.24
AAPL's EV-to-EBIT is ranked higher than
67% of the 1591 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.35 vs. AAPL: 10.24 )
Ranked among companies with meaningful EV-to-EBIT only.
AAPL' s EV-to-EBIT Range Over the Past 10 Years
Min: 5  Med: 10.8 Max: 34.4
Current: 10.24
5
34.4
EV-to-EBITDA 8.77
AAPL's EV-to-EBITDA is ranked higher than
61% of the 1757 Companies
in the Global Consumer Electronics industry.

( Industry Median: 11.18 vs. AAPL: 8.77 )
Ranked among companies with meaningful EV-to-EBITDA only.
AAPL' s EV-to-EBITDA Range Over the Past 10 Years
Min: 4.8  Med: 9.85 Max: 32.1
Current: 8.77
4.8
32.1
PEG 0.76
AAPL's PEG is ranked higher than
78% of the 713 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.85 vs. AAPL: 0.76 )
Ranked among companies with meaningful PEG only.
AAPL' s PEG Range Over the Past 10 Years
Min: 0.13  Med: 0.31 Max: 0.83
Current: 0.76
0.13
0.83
Shiller P/E 25.47
AAPL's Shiller P/E is ranked higher than
62% of the 341 Companies
in the Global Consumer Electronics industry.

( Industry Median: 32.51 vs. AAPL: 25.47 )
Ranked among companies with meaningful Shiller P/E only.
AAPL' s Shiller P/E Range Over the Past 10 Years
Min: 20.62  Med: 53.93 Max: 157.88
Current: 25.47
20.62
157.88
Current Ratio 1.35
AAPL's Current Ratio is ranked lower than
76% of the 2222 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.96 vs. AAPL: 1.35 )
Ranked among companies with meaningful Current Ratio only.
AAPL' s Current Ratio Range Over the Past 10 Years
Min: 1.08  Med: 2.4 Max: 3.39
Current: 1.35
1.08
3.39
Quick Ratio 1.33
AAPL's Quick Ratio is ranked lower than
57% of the 2223 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.48 vs. AAPL: 1.33 )
Ranked among companies with meaningful Quick Ratio only.
AAPL' s Quick Ratio Range Over the Past 10 Years
Min: 1.05  Med: 2.35 Max: 3.38
Current: 1.33
1.05
3.38
Days Inventory 6.14
AAPL's Days Inventory is ranked higher than
97% of the 2157 Companies
in the Global Consumer Electronics industry.

( Industry Median: 72.46 vs. AAPL: 6.14 )
Ranked among companies with meaningful Days Inventory only.
AAPL' s Days Inventory Range Over the Past 10 Years
Min: 3.26  Med: 6.26 Max: 6.95
Current: 6.14
3.26
6.95
Days Sales Outstanding 26.67
AAPL's Days Sales Outstanding is ranked higher than
92% of the 1828 Companies
in the Global Consumer Electronics industry.

( Industry Median: 9999.00 vs. AAPL: 26.67 )
Ranked among companies with meaningful Days Sales Outstanding only.
AAPL' s Days Sales Outstanding Range Over the Past 10 Years
Min: 18.1  Med: 26.49 Max: 34.86
Current: 26.67
18.1
34.86
Days Payable 103.61
AAPL's Days Payable is ranked higher than
82% of the 1746 Companies
in the Global Consumer Electronics industry.

( Industry Median: 57.97 vs. AAPL: 103.61 )
Ranked among companies with meaningful Days Payable only.
AAPL' s Days Payable Range Over the Past 10 Years
Min: 76.58  Med: 90.23 Max: 110.91
Current: 103.61
76.58
110.91

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.87
AAPL's Dividend Yield is ranked lower than
56% of the 1806 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.12 vs. AAPL: 1.87 )
Ranked among companies with meaningful Dividend Yield only.
AAPL' s Dividend Yield Range Over the Past 10 Years
Min: 0.38  Med: 1.88 Max: 2.78
Current: 1.87
0.38
2.78
Dividend Payout 0.26
AAPL's Dividend Payout is ranked higher than
71% of the 1203 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.41 vs. AAPL: 0.26 )
Ranked among companies with meaningful Dividend Payout only.
AAPL' s Dividend Payout Range Over the Past 10 Years
Min: 0.06  Med: 0.26 Max: 0.29
Current: 0.26
0.06
0.29
Dividend Growth (3y) 10.20
AAPL's Dividend Growth (3y) is ranked higher than
57% of the 1002 Companies
in the Global Consumer Electronics industry.

( Industry Median: 6.90 vs. AAPL: 10.20 )
Ranked among companies with meaningful Dividend Growth (3y) only.
AAPL' s Dividend Growth (3y) Range Over the Past 10 Years
Min: 0  Med: 0 Max: 73.5
Current: 10.2
0
73.5
Forward Dividend Yield 1.92
AAPL's Forward Dividend Yield is ranked lower than
60% of the 1643 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.37 vs. AAPL: 1.92 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 1.88
AAPL's Yield on cost (5-Year) is ranked lower than
61% of the 2218 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.59 vs. AAPL: 1.88 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
AAPL' s Yield on cost (5-Year) Range Over the Past 10 Years
Min: 0.38  Med: 1.88 Max: 2.78
Current: 1.88
0.38
2.78
3-Year Average Share Buyback Ratio 5.40
AAPL's 3-Year Average Share Buyback Ratio is ranked higher than
96% of the 1278 Companies
in the Global Consumer Electronics industry.

( Industry Median: -1.90 vs. AAPL: 5.40 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
AAPL' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -9.5  Med: -2 Max: 5.4
Current: 5.4
-9.5
5.4

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 5.31
AAPL's Price/Tangible Book is ranked lower than
81% of the 2112 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.71 vs. AAPL: 5.31 )
Ranked among companies with meaningful Price/Tangible Book only.
AAPL' s Price/Tangible Book Range Over the Past 10 Years
Min: 1.31  Med: 4.77 Max: 9.49
Current: 5.31
1.31
9.49
Price/Projected FCF 0.80
AAPL's Price/Projected FCF is ranked higher than
70% of the 1276 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.22 vs. AAPL: 0.80 )
Ranked among companies with meaningful Price/Projected FCF only.
AAPL' s Price/Projected FCF Range Over the Past 10 Years
Min: 0.25  Med: 1.42 Max: 3.99
Current: 0.8
0.25
3.99
Price/DCF (Earnings Based) 0.50
AAPL's Price/DCF (Earnings Based) is ranked higher than
85% of the 85 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.34 vs. AAPL: 0.50 )
Ranked among companies with meaningful Price/DCF (Earnings Based) only.
N/A
Price/Median PS Value 0.90
AAPL's Price/Median PS Value is ranked higher than
77% of the 1939 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.14 vs. AAPL: 0.90 )
Ranked among companies with meaningful Price/Median PS Value only.
AAPL' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.11  Med: 0.81 Max: 1.62
Current: 0.9
0.11
1.62
Price/Peter Lynch Fair Value 0.83
AAPL's Price/Peter Lynch Fair Value is ranked higher than
74% of the 453 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.38 vs. AAPL: 0.83 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
AAPL' s Price/Peter Lynch Fair Value Range Over the Past 10 Years
Min: 0.48  Med: 0.67 Max: 1.59
Current: 0.83
0.48
1.59
Price/Graham Number 1.84
AAPL's Price/Graham Number is ranked lower than
66% of the 1450 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.25 vs. AAPL: 1.84 )
Ranked among companies with meaningful Price/Graham Number only.
AAPL' s Price/Graham Number Range Over the Past 10 Years
Min: 1.06  Med: 1.97 Max: 4.06
Current: 1.84
1.06
4.06
Earnings Yield (Greenblatt) (%) 9.80
AAPL's Earnings Yield (Greenblatt) (%) is ranked higher than
76% of the 2208 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.70 vs. AAPL: 9.80 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
AAPL' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 2.9  Med: 9.2 Max: 19.8
Current: 9.8
2.9
19.8
Forward Rate of Return (Yacktman) (%) 24.24
AAPL's Forward Rate of Return (Yacktman) (%) is ranked higher than
84% of the 1185 Companies
in the Global Consumer Electronics industry.

( Industry Median: 7.54 vs. AAPL: 24.24 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
AAPL' s Forward Rate of Return (Yacktman) (%) Range Over the Past 10 Years
Min: 1  Med: 65.85 Max: 116.4
Current: 24.24
1
116.4

More Statistics

Revenue (TTM) (Mil) $215,639
EPS (TTM) $ 8.29
Beta1.44
Short Percentage of Float0.91%
52-Week Range $89.47 - 119.93
Shares Outstanding (Mil)5,257.82

Analyst Estimate

Sep17 Sep18 Sep19
Revenue (Mil $) 226,632 240,632 247,430
EPS ($) 9.06 10.15 11.09
EPS w/o NRI ($) 9.06 10.15 11.09
EPS Growth Rate
(3Y to 5Y Estimate)
6.28%
Dividends Per Share ($) 2.37 2.55 2.82
» More Articles for AAPL

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