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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 0.61
AAPL's Cash to Debt is ranked lower than
64% of the 2206 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.24 vs. AAPL: 0.61 )
Ranked among companies with meaningful Cash to Debt only.
AAPL' s Cash to Debt Range Over the Past 10 Years
Min: 0.61  Med: 14.70 Max: No Debt
Current: 0.61
Equity to Asset 0.44
AAPL's Equity to Asset is ranked lower than
69% of the 2187 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.57 vs. AAPL: 0.44 )
Ranked among companies with meaningful Equity to Asset only.
AAPL' s Equity to Asset Range Over the Past 10 Years
Min: 0.28  Med: 0.62 Max: 0.7
Current: 0.44
0.28
0.7
Interest Coverage 81.04
AAPL's Interest Coverage is ranked lower than
53% of the 1334 Companies
in the Global Consumer Electronics industry.

( Industry Median: 156.90 vs. AAPL: 81.04 )
Ranked among companies with meaningful Interest Coverage only.
AAPL' s Interest Coverage Range Over the Past 10 Years
Min: 97.18  Med: 10000.00 Max: 9999.99
Current: 81.04
97.18
9999.99
F-Score: 7
Z-Score: 4.03
M-Score: -2.98
WACC vs ROIC
11.04%
37.16%
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 : 9/10

vs
industry
vs
history
Operating margin (%) 30.28
AAPL's Operating margin (%) is ranked higher than
98% of the 2195 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.52 vs. AAPL: 30.28 )
Ranked among companies with meaningful Operating margin (%) only.
AAPL' s Operating margin (%) Range Over the Past 10 Years
Min: 12.7  Med: 28.43 Max: 35.3
Current: 30.28
12.7
35.3
Net-margin (%) 22.87
AAPL's Net-margin (%) is ranked higher than
97% of the 2196 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.01 vs. AAPL: 22.87 )
Ranked among companies with meaningful Net-margin (%) only.
AAPL' s Net-margin (%) Range Over the Past 10 Years
Min: 10.3  Med: 21.55 Max: 26.67
Current: 22.87
10.3
26.67
ROE (%) 42.94
AAPL's ROE (%) is ranked higher than
97% of the 2175 Companies
in the Global Consumer Electronics industry.

( Industry Median: 6.04 vs. AAPL: 42.94 )
Ranked among companies with meaningful ROE (%) only.
AAPL' s ROE (%) Range Over the Past 10 Years
Min: 22.85  Med: 33.42 Max: 46.25
Current: 42.94
22.85
46.25
ROA (%) 19.47
AAPL's ROA (%) is ranked higher than
95% of the 2220 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.07 vs. AAPL: 19.47 )
Ranked among companies with meaningful ROA (%) only.
AAPL' s ROA (%) Range Over the Past 10 Years
Min: 13.85  Med: 19.79 Max: 28.54
Current: 19.47
13.85
28.54
ROC (Joel Greenblatt) (%) 345.43
AAPL's ROC (Joel Greenblatt) (%) is ranked higher than
99% of the 2215 Companies
in the Global Consumer Electronics industry.

( Industry Median: 10.53 vs. AAPL: 345.43 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
AAPL' s ROC (Joel Greenblatt) (%) Range Over the Past 10 Years
Min: 233.84  Med: 364.21 Max: 538.7
Current: 345.43
233.84
538.7
Revenue Growth (3Y)(%) 19.50
AAPL's Revenue Growth (3Y)(%) is ranked higher than
91% of the 1972 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.40 vs. AAPL: 19.50 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
AAPL' s Revenue Growth (3Y)(%) Range Over the Past 10 Years
Min: -23.7  Med: 27.10 Max: 51.8
Current: 19.5
-23.7
51.8
EBITDA Growth (3Y)(%) 17.80
AAPL's EBITDA Growth (3Y)(%) is ranked higher than
73% of the 1528 Companies
in the Global Consumer Electronics industry.

( Industry Median: 4.40 vs. AAPL: 17.80 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
AAPL' s EBITDA Growth (3Y)(%) Range Over the Past 10 Years
Min: -55  Med: 58.00 Max: 122.4
Current: 17.8
-55
122.4
EPS Growth (3Y)(%) 13.50
AAPL's EPS Growth (3Y)(%) is ranked higher than
62% of the 1348 Companies
in the Global Consumer Electronics industry.

( Industry Median: 4.40 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: 58.80 Max: 192.1
Current: 13.5
-56.3
192.1
» AAPL's 10-Y Financials

Financials


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

» Details

Guru Trades

Q1 2015

AAPL Guru Trades in Q1 2015

Ken Heebner 95,000 sh (New)
Caxton Associates 69,317 sh (New)
Lee Ainslie 2,030 sh (New)
John Burbank 406,500 sh (+302.02%)
Steve Mandel 6,838,522 sh (+213.10%)
Ray Dalio 732,997 sh (+182.47%)
Joel Greenblatt 240,210 sh (+36.23%)
Jim Simons 2,218,933 sh (+26.46%)
Robert Olstein 84,000 sh (+21.74%)
Diamond Hill Capital 2,362,076 sh (+12.90%)
First Eagle Investment 7,536 sh (+2.73%)
David Rolfe 4,349,043 sh (+0.81%)
Julian Robertson 324,500 sh (+0.81%)
Ken Fisher 10,810,557 sh (+0.43%)
Ronald Muhlenkamp 151,008 sh (+0.12%)
Chris Davis 3,290 sh (unchged)
Caxton Associates 150,000 sh (unchged)
Jeff Auxier 6,325 sh (unchged)
Ruane Cunniff 13,406 sh (unchged)
Ron Baron 76,907 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
Bill Nygren 2,883,000 sh (unchged)
Leon Cooperman Sold Out
T Rowe Price Equity Income Fund Sold Out
NWQ Managers Sold Out
Richard Snow Sold Out
John Buckingham 97,228 sh (-0.27%)
Mario Gabelli 137,638 sh (-0.38%)
PRIMECAP Management 1,034,000 sh (-0.87%)
Pioneer Investments 6,796,104 sh (-1.19%)
Mairs and Power 17,094 sh (-1.72%)
Signature Select Canadian Fund 195,600 sh (-2.98%)
Dodge & Cox 27,466 sh (-6.31%)
David Dreman 15,640 sh (-6.31%)
David Einhorn 7,437,171 sh (-13.58%)
Manning & Napier Advisors, Inc 305,659 sh (-16.22%)
Murray Stahl 2,657 sh (-28.58%)
RS Investment Management 84,098 sh (-30.14%)
Jeremy Grantham 9,253,508 sh (-30.57%)
Jim Chanos 53,532 sh (-32.64%)
Paul Tudor Jones 5,800 sh (-46.14%)
Chuck Royce 110,000 sh (-47.29%)
Louis Moore Bacon 44,938 sh (-53.87%)
Steven Cohen 12,700 sh (-57.24%)
» More
Q2 2015

AAPL Guru Trades in Q2 2015

David Tepper 2,518,167 sh (New)
Tom Gayner 6,000 sh (New)
Scott Black 28,777 sh (New)
Joel Greenblatt 514,180 sh (+114.05%)
Paul Tudor Jones 9,115 sh (+57.16%)
RS Investment Management 110,658 sh (+31.58%)
David Dreman 20,437 sh (+30.67%)
Diamond Hill Capital 2,507,963 sh (+6.18%)
Chuck Royce 112,800 sh (+2.55%)
Ken Fisher 11,012,326 sh (+1.87%)
Mario Gabelli 140,113 sh (+1.80%)
John Buckingham 97,631 sh (+0.41%)
David Rolfe 4,366,559 sh (+0.40%)
Ronald Muhlenkamp 151,058 sh (+0.03%)
Jeff Auxier 6,325 sh (unchged)
PRIMECAP Management 1,034,000 sh (unchged)
First Eagle Investment 7,536 sh (unchged)
Chris Davis 3,290 sh (unchged)
Jana Partners 250,000 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
Lee Ainslie 2,030 sh (unchged)
Ruane Cunniff 13,406 sh (unchged)
Steve Mandel Sold Out
Ken Heebner Sold Out
David Einhorn 7,382,571 sh (-0.73%)
Pioneer Investments 6,700,542 sh (-1.41%)
Dodge & Cox 26,997 sh (-1.71%)
Bill Nygren 2,807,000 sh (-2.64%)
Ron Baron 73,821 sh (-4.01%)
Julian Robertson 310,000 sh (-4.47%)
Robert Olstein 78,000 sh (-7.14%)
Jeremy Grantham 7,921,306 sh (-14.40%)
Mairs and Power 13,923 sh (-18.55%)
Jim Chanos 43,392 sh (-18.94%)
Murray Stahl 2,111 sh (-20.55%)
Jim Simons 1,712,733 sh (-22.81%)
Ray Dalio 531,497 sh (-27.49%)
Louis Moore Bacon 23,636 sh (-47.40%)
Caxton Associates 19,400 sh (-72.01%)
Steven Cohen 3,400 sh (-73.23%)
Manning & Napier Advisors, Inc 27,660 sh (-90.95%)
John Burbank 30,032 sh (-92.61%)
» More
Q3 2015

AAPL Guru Trades in Q3 2015

Richard Snow 66,077 sh (New)
Larry Robbins 301,778 sh (New)
John Griffin 2,250,000 sh (New)
Manning & Napier Advisors, Inc 2,606,845 sh (+9324.60%)
John Burbank 100,642 sh (+235.12%)
Tom Gayner 18,000 sh (+200.00%)
Murray Stahl 3,808 sh (+80.39%)
David Einhorn 11,227,274 sh (+52.08%)
Julian Robertson 369,000 sh (+19.03%)
David Rolfe 5,058,297 sh (+15.84%)
Diamond Hill Capital 2,863,365 sh (+14.17%)
Bill Nygren 3,107,000 sh (+10.69%)
Mairs and Power 15,278 sh (+9.73%)
Lee Ainslie 2,190 sh (+7.88%)
David Dreman 22,008 sh (+7.69%)
Ruane Cunniff 14,316 sh (+6.79%)
Robert Olstein 80,000 sh (+2.56%)
Ken Fisher 11,122,218 sh (+1.00%)
PRIMECAP Management 1,043,000 sh (+0.87%)
Chuck Royce 113,500 sh (+0.62%)
Ronald Muhlenkamp 151,074 sh (+0.01%)
Chris Davis 3,290 sh (unchged)
Jeff Auxier 6,325 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
David Einhorn 516,100 sh (unchged)
Jim Chanos 3,500 sh (unchged)
First Eagle Investment 7,536 sh (unchged)
Steven Cohen 650,000 sh (unchged)
Louis Moore Bacon 30,000 sh (unchged)
Steven Cohen Sold Out
Caxton Associates Sold Out
Louis Moore Bacon Sold Out
Jim Simons Sold Out
Ron Baron 73,631 sh (-0.26%)
John Buckingham 97,090 sh (-0.55%)
Dodge & Cox 26,528 sh (-1.74%)
Jim Chanos 42,610 sh (-1.80%)
Scott Black 28,099 sh (-2.36%)
Jeremy Grantham 7,669,980 sh (-3.17%)
Mario Gabelli 134,278 sh (-4.16%)
Pioneer Investments 6,311,869 sh (-5.80%)
Signature Select Canadian Fund 179,700 sh (-8.13%)
RS Investment Management 88,784 sh (-19.77%)
Paul Tudor Jones 6,900 sh (-24.30%)
Joel Greenblatt 331,797 sh (-35.47%)
David Tepper 1,309,000 sh (-48.02%)
Ray Dalio 274,852 sh (-48.29%)
» More
Q4 2015

AAPL Guru Trades in Q4 2015

Jim Simons 4,463,233 sh (New)
Pioneer Investments 7,819,671 sh (+23.89%)
Ray Dalio 327,452 sh (+19.14%)
Jeff Auxier 7,070 sh (+11.78%)
RS Investment Management 97,543 sh (+9.87%)
Diamond Hill Capital 2,937,258 sh (+2.58%)
Ken Fisher 11,276,489 sh (+1.39%)
Ronald Muhlenkamp 151,323 sh (+0.16%)
Chris Davis 3,290 sh (unchged)
John Buckingham 96,455 sh (-0.65%)
Mario Gabelli 129,078 sh (-3.87%)
Jeremy Grantham 7,368,407 sh (-3.93%)
Chuck Royce 95,000 sh (-16.30%)
Robert Olstein 44,000 sh (-45.00%)
Richard Snow 32,077 sh (-51.46%)
» More
» Details

Insider Trades

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Guru Investment Theses on Apple Inc

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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Diamond Hill Capital Comments on Apple Inc - Oct 17, 2014

Mobile communication and media device company Apple, Inc. (AAPL) reported strong earnings for the quarter primarily due to the strength in its iPhone segment, which was driven by high growth in China and other emerging market countries. The stock price also appreciated in anticipation of the new products and product categories that were announced late in the quarter.

From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Third Quarter 2014 Commentary.

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Diamond Hill Capital Comments on Apple Inc - Jul 25, 2014

Mobile communication and media device company Apple, Inc. (AAPL) reported strong earnings with revenue growth and healthy gross margins, primarily as a result of better than expected iPhone sales.

From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Second Quarter 2014 Commentary.

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David Rolfe Comments on Apple - Jul 25, 2014

Apple (AAPL), circa 2012-2014, is Exhibit A on how investing with the conviction of a successful business owner is a prerequisite for repeatable investment success. Before we explain, we would like to offer up pop quiz. Quick, off the top of your head, what is the 1-year, 2-year and 3-year return (roughly) of Apple stock (and the S&P 500 too) as of the end of the second quarter? Here is a graphic hint:



We have had the opportunity to do this quiz with more than a few clients of late and the most common response is surprise on how well Apple (the stock - +95%) has done versus the perception of how not-so-well Apple (the company) has been doing over the past couple of years - particularly against the backdrop of a gain of nearly 50% in the S&P 500 over the trailing three years. Over the past twelve months Apple has gained +60% versus a gain of +22% in the S&P 500. However, in a reversal of fortunes, Apple has only gained 10% over the past 24 months versus a gain of +45% in the S&P 500 Index.

With the benefit of hindsight, the roller coaster stock ride in Apple over the past few years could have been ripe (NPI) for a clairvoyant speculator to make a killing on the upside - and downside. Similarly, the long-term Apple investor has nearly doubled their money in the stock - if only they had the courage of their conviction to tune out the cacophonous consensus view that rang daily last summer purporting that Apple was without question a permanently broken growth company.

Now, to be fair, from the fall of 2012 through the spring of 2013, Apple game was certainly guilty of disappointing Wall Street. The Secretariat of Silicon Valley (see here) was becoming a distant memory as Apple began a course of failure – at least in the eyes of Wall Street. Act I was Apple’s failure of their once prodigious growth rate to crush Wall Street’s quarterly earnings estimates. Act II was Apple’s failure to crush their laughably conservative earnings guidance. Act III was Apple’s failure to even offer quarterly earnings guidance at all. Act IV was Apple’s failure to release new products with the same meter as once before.

Act IV was complete by last summer. Wall Street’s critics had had their say. In just eight short months Apple stock had plummeted -45%. In fact, the crash of the stock was worse than that. Even though Apple’s earnings growth rate had ground to a halt, the Company was still generating billions in cash each and every quarter. If balance sheet cash is excluded, the enterprise value had in fact crashed by more than -60%.

By then the critic’s reviews came pouring in: Apple was nothing without the irreplaceable Steve Jobs. CEO Tim Cook was the wrong person for the big chair. Innovation was no longer possible without Steve Jobs. $150 billion of cash on the balance sheet was irrelevant because the Company will no doubt squander it on foolish capex or acquisitions. The high-end smartphone market was saturated. Other smartphones have caught up to the iPhone’s best-in-class features. Samsung had indomitable smartphone market share. iMac innovation? Who cares? iPad innovation? Who cares? Apple will be nothing more than The iPhone Company. Apple’s only salvation (said the legions of bears) is for the Company to compete on price, which in turn, will crush margins and earnings even further. Game over said the bears…

Well. Here is a recent, yet perfect headline that reflects Wall Street’s and tech punditry’s 180 degree reversal on Apple (the company): “How Apple Got it’s Groove Back” (see here). In the past six quarterly Client Letter’s we have had a running commentary in five of those Letter’s on the soap opera that Apple has become. In those Letters we offered our thoughts - and hopefully plenty evidence - that Apple was not a broken growth company, nor lost it’s groove.

You’ve seen how our operating systems, devices, and services, all work together in harmony. Together they provide an integrated and continuous experience across all of our products, and you’ve seen how developers can extend their experience further than they’ve ever done before and how they can create powerful apps even faster and more easily than they’ve ever been able to.

Apple engineers platforms, devices, and services together. We do this so that we can create a seamless experience for our users that is unparalleled in the industry. This is something only Apple can do. You’ve seen a few people on stage this morning, but there are thousands of people that made today possible.

Tim Cook, CEO, Apple

2014 Apple WWDC

So, speaking of groove, Apple’s groove in the summer of 2014 may be the grooviest in years. In our opinion, far too many still focus solely on Apple’s hardware products without enough regard to the critical role software plays in both the Company’s user experience and ecosystem growth. To that end, the Company’s recent Worldwide Developers Conference was a must see tour de force (see here).

Without question Apple’s hardware and software vertical innovation is alive and kicking, but the speed on innovation was new charted territory for the Company. The Company unveiled to near rave reviews both a new computer operating system (OS X Yosemite) and a new mobile operating system (iOS 8). Among the numerous new features of each new operating system, the most ground breaking was a significant stride in the evolutionary integration of each operating system with one another. A key new revolutionary feature called Continuity will forever change how Apple devices automatically communicate with one another. Here are Continuity’s key features”

• Initiate a phone call while using your iMac or MacBook. Your iMac or MacBook just became a big speakerphone.

• A new feature called Handoff allows a yet to be completed email or text message on your iPhone start an email or SMS message to be completed on your Mac. The immediate syncing of your iPad or iPhone via Handoff allows for example for your currently composed email on an iPad, but you desire to attach a photo stored on your Mac hard drive. With Handoff, you simply pick up where you left off on the Mac, attaching the photo file.

• Airdrop – long a favorite application – is now synched between iOS and OS X.

• Instantly create a hotspot link with your iPhone’s 3G or 4G connection with your Mac. No configuration required. There’s no need to enter a password or fiddle with your iPhone or Mac settings. Your OS X and iOS devices now know each other and automatically configure with each other without the mess of changing each devices settings or remembering a whole new set of passwords.

Key to making such advancements in user experience possible is, of course, best-in- class hardware and software, but also providing the means to access and update latest software advancements to Apple customers as cheap and easy as possible. Apple no longer charges their customers for Mac OS X software upgrades. In addition, the frequency of iOS upgrades is at such a rapid pace, as compared to the Company’s main competitors, that Apple has by far the largest percentage of adoption by their customers of their latest software. The graphic below speaks volumes of Apple’s “closed” ecosystem versus Android’s “open” ecosystem.



More on software. In 2007 and early 2010 Apple received just plaudits and industry awards for both the iPhone and iPad. If we could go back in time to the launch of the Company’s App Store in 2008, we think the Company would have hit the Product of the Year trifecta in those three short years. Recall that the App Store – released with the iPhone OS 2.0 in summer of 2008 - officially introduced third-party app development and distribution to the iOS platform. Through the lens and landscape of 2014 the App Store has been nothing but revolutionary. This is what we wrote (and predicted) back in the fall of 2009 in iCash:

App Store: Time Magazine’s 2009 Product of the Year (a prediction)

“I would now like to talk about the App Store for a few minutes. One area we completely changed the value proposition from mobile devices is the App Store. Customers will download the 200 millionth application from the App Store tomorrow. Only 102 days since its launch on July 11th - the 200 millionth App! We've never seen anything like this in our careers. There are now over 5,500 applications offered on the App store in 62 countries around the world, and the rate of new applications being submitted is increasing every week. Competitors are scrambling to keep up with our App store, but it's not as easy as it looks, and we are far along in creating the virtuous cycle of cool applications begetting more iPhone sales, thereby creating an even larger market, which will attract even more iPhone software development. It is clear that customers are now attracted to iPhone if only for its amazing functionality and revolutionary multi-touch user interface, but also for its unique ability to let users easily purchase, download, and use thousands of different applications, ranging from free games to financial planning and health management. All of this in only 102 days!”

Steve Jobs, earnings conference call, October 2008

“The rate of App Store downloads continues to accelerate with users downloading a staggering two billion apps in just over a year - including more than half a billion apps this quarter alone. The App Store has reinvented what you can do with a mobile handheld device, and our users are clearly loving it.”

Steve Jobs, September 2009

As we mentioned earlier, we predict Apple will again grace the cover of Time magazine - for a sixth time. And the reason for the accolade will be the mighty App Store. The App Store now offers nearly 100,000 apps - written by over 125,000 developers in the iPhone Developer Program – to the installed base of over 50 million iPhone and iPod touch users. The global reach for this massive installed base is 77 countries. Can anyone say, “game over” for the competition?!

Wedgewood View. 3rd Quarter 2009 iCash

Steve Jobs’ succinct explanation of Apple’s ecosystem circa-2009 was without a doubt powerful then. Fast-forward just a half of a decade in the future from 2009 and Apple’s App Store size, scale and scope of the Company’s ecosystem would make John D. Rockefeller green with cash-envy. Consider the following metrics (Company and industry sources):

• 600 million paid iTunes customer accounts.

• 1.2 million apps – up from 5,500 in 2009.

• 75 billion apps downloaded – up from 200 million at the three-month post- launch mark in 2009 – and a 50% increase over the last twelve months.

• 300 million people visit the App Store every week.

• Cumulative iOS platform App revenue has reached $25 billion - +$10 billion more than cumulative Android.

• Cumulative payout to App Store developers by January 2014 - $15 billion and $7 billion over the past twelve months and $5 million in calendar 2013.

• iOS users spend 3 to 4 times Android users.

• According to App analytics firm App Annie, Apple mobile app developers earned around 2.6 times more revenue than Android developers in the first quarter of this year.

• According to App analytics firm Distimo, among the top 200 grossing apps in both Apple and Google App Store stores, Google Play applications brought in $1.1 million in daily revenue, compared with $5.1 million in the Apple App Store by April 2013.

The root of our long-term growth thesis on Apple continues to be buttressed by Apple’s competitively advantaged ecosystem size, scale and scope. The result of both repeat and new customer hardware purchases, growth in apps, app purchases and app developers, growth in iTunes accounts and growth in new services (iCloud) continues to foster and grow the current crop of iOS users, which has now exceeded 700 million. The focus of just three hardware platforms (iPhone, iPad and Mac), with relatively few iterations of each, is a growing competitive advantage as well. Apple is so large now that if they choose to offer, say, a cutting-edge 64-bit processor to drive a cutting edge user experience, so be it. Apple circa-2014 need not marshal the support of a complex global supply chain of component manufacturers and product assembly, who most likely in turn are conflicted with other customers which too have great demands on scare resources. No, circa-2014 finds Apple’s supply chain partners most willing to do business with Apple first. In the Company’s 2013 Annual Report, $18.6 billion was listed in future non-descript purchase obligations. In later reporting periods zero purchase obligations were listed. Apple has the fattest wallet on the planet – bar none. In the six months ending in March, the Company sold 95 million iPhones and 42 million iPads. Given such numbers of essentially just two products, the Company’s vendors cannot be fatted more by Apple’s competitors.

Over the course of the next six months Apple’s customers will be feted with significant hardware upgrades across all of their product categories. The advantage of larger phone sizes – woefully missing from Apple’s iPhone lineup – which the Company’s competitors have enjoyed is set to be significantly challenged with the expected release of larger iPhones. The Company’s recent hires over the past twelve months certainly point to a new product category. The eponymous iWatch – or other biometric sensor rich “smartwearables” - is the expected new health and fitness hardware product that developers have been kick started to write new apps for in conjunction with the Company’s just released HealthKit development app. The resultant ecosystem and I-device tie-ins are innumerable to ponder.



The current State of Apple post-Steve Jobs is in full flower under CEO Tim Cook. Cook’s earlier career path at Apple – starting as SVP of worldwide operations in 1998, to EVP of worldwide operations, to COO in 2007 – built the global logistics infrastructure that is the envy of the Company’s competitors. Under Cook’s CEO leadership, since he took the reins in August 2011, the combined competitive advantages of Apple have never been better on all key fronts: user experience, product design and focus, hardware and software integration, ecosystem growth, new product and service introductions, unmatched scale in global logistics and a fortress balance sheet. Even through the growth pause in fiscal 2013, the Company still generated +$53 billion in operating cash flow and a return on equity of 30%, as well as initiating a huge $130 billion capital return program. Apple circa-2014 is Tim Cook’s Apple.

Apple's reaccelerated growth and heightened competitive advantage has certainly not gone unnoticed by the market. After peaking in March 2012 at 47.4% - and relentlessly falling to 36.9% in June 2013 - gross margins have increased three quarters in a row and are currently back to 39.3%. Given stock's 25% gain over the past three months (and 60% over the past twelve months) we have trimmed back our position in the stock.

From David Rolfe (Trades, Portfolio)’s Wedgewood Partners Second Quarter 2014 Client Letter.

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Meridian Funds Comments on Apple Inc - Jun 20, 2014

Apple, Inc. (AAPL) also generated solid returns for the Fund during the period. Due to negative investor sentiment as earnings growth slowed, we were able to invest in the company at an attractive yield. We believe Apple’s cash-rich balance sheet and low payout ratio indicates an ability to grow dividends even if earnings growth does not return to its historic rate.



From Meridian Funds's semi-annual report ended December 31, 2013.



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Diamond Hill Capital Comments on Apple Inc. - Mar 07, 2014

Mobile communication and media device company Apple, Inc. (AAPL) reported revenue and earnings that were higher than consensus expectations, indicating a good start to the sale of the newly launched iPhone 5S. Additionally, Apple also announced that it has reached an agreement with China Mobile - China's largest wireless carrier - to sell iPhones on its latest network in China.

From Diamond Hill Capital (Trades, Portfolio)'s Select Fund Commentary for fourth quarter 2013.

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Ratios

vs
industry
vs
history
P/E(ttm) 10.00
AAPL's P/E(ttm) is ranked higher than
74% of the 1992 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.00 vs. AAPL: 10.00 )
Ranked among companies with meaningful P/E(ttm) only.
AAPL' s P/E(ttm) Range Over the Past 10 Years
Min: 9.32  Med: 16.59 Max: 49.21
Current: 10
9.32
49.21
Forward P/E 9.19
AAPL's Forward P/E is ranked higher than
94% of the 916 Companies
in the Global Consumer Electronics industry.

( Industry Median: 13.85 vs. AAPL: 9.19 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 10.00
AAPL's PE(NRI) is ranked higher than
73% of the 1668 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.40 vs. AAPL: 10.00 )
Ranked among companies with meaningful PE(NRI) only.
AAPL' s PE(NRI) Range Over the Past 10 Years
Min: 9.33  Med: 16.57 Max: 48.8
Current: 10
9.33
48.8
P/B 4.06
AAPL's P/B is ranked lower than
90% of the 2547 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.25 vs. AAPL: 4.06 )
Ranked among companies with meaningful P/B only.
AAPL' s P/B Range Over the Past 10 Years
Min: 2.71  Med: 5.29 Max: 11.28
Current: 4.06
2.71
11.28
P/S 2.29
AAPL's P/S is ranked lower than
72% of the 2548 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.75 vs. AAPL: 2.29 )
Ranked among companies with meaningful P/S only.
AAPL' s P/S Range Over the Past 10 Years
Min: 1.86  Med: 3.48 Max: 6.94
Current: 2.29
1.86
6.94
PFCF 8.58
AAPL's PFCF is ranked higher than
72% of the 1422 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.34 vs. AAPL: 8.58 )
Ranked among companies with meaningful PFCF only.
AAPL' s PFCF Range Over the Past 10 Years
Min: 7.84  Med: 14.14 Max: 64.19
Current: 8.58
7.84
64.19
POCF 7.17
AAPL's POCF is ranked higher than
68% of the 1887 Companies
in the Global Consumer Electronics industry.

( Industry Median: 10.69 vs. AAPL: 7.17 )
Ranked among companies with meaningful POCF only.
AAPL' s POCF Range Over the Past 10 Years
Min: 6.69  Med: 12.04 Max: 42.79
Current: 7.17
6.69
42.79
EV-to-EBIT 7.42
AAPL's EV-to-EBIT is ranked higher than
74% of the 2068 Companies
in the Global Consumer Electronics industry.

( Industry Median: 12.09 vs. AAPL: 7.42 )
Ranked among companies with meaningful EV-to-EBIT only.
AAPL' s EV-to-EBIT Range Over the Past 10 Years
Min: 5  Med: 11.55 Max: 34.4
Current: 7.42
5
34.4
EV-to-EBITDA 6.41
AAPL's EV-to-EBITDA is ranked higher than
66% of the 2258 Companies
in the Global Consumer Electronics industry.

( Industry Median: 8.88 vs. AAPL: 6.41 )
Ranked among companies with meaningful EV-to-EBITDA only.
AAPL' s EV-to-EBITDA Range Over the Past 10 Years
Min: 4.8  Med: 10.60 Max: 32.1
Current: 6.41
4.8
32.1
PEG 0.31
AAPL's PEG is ranked higher than
90% of the 725 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.25 vs. AAPL: 0.31 )
Ranked among companies with meaningful PEG only.
AAPL' s PEG Range Over the Past 10 Years
Min: 0.13  Med: 0.29 Max: 0.57
Current: 0.31
0.13
0.57
Shiller P/E 22.87
AAPL's Shiller P/E is ranked higher than
54% of the 420 Companies
in the Global Consumer Electronics industry.

( Industry Median: 9999.00 vs. AAPL: 22.87 )
Ranked among companies with meaningful Shiller P/E only.
AAPL' s Shiller P/E Range Over the Past 10 Years
Min: 22.8  Med: 58.74 Max: 187
Current: 22.87
22.8
187
Current Ratio 1.00
AAPL's Current Ratio is ranked lower than
91% of the 2185 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.93 vs. AAPL: 1.00 )
Ranked among companies with meaningful Current Ratio only.
AAPL' s Current Ratio Range Over the Past 10 Years
Min: 1  Med: 2.45 Max: 3.39
Current: 1
1
3.39
Quick Ratio 0.97
AAPL's Quick Ratio is ranked lower than
75% of the 2184 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.45 vs. AAPL: 0.97 )
Ranked among companies with meaningful Quick Ratio only.
AAPL' s Quick Ratio Range Over the Past 10 Years
Min: 0.97  Med: 2.41 Max: 3.38
Current: 0.97
0.97
3.38
Days Inventory 5.98
AAPL's Days Inventory is ranked higher than
97% of the 2146 Companies
in the Global Consumer Electronics industry.

( Industry Median: 73.25 vs. AAPL: 5.98 )
Ranked among companies with meaningful Days Inventory only.
AAPL' s Days Inventory Range Over the Past 10 Years
Min: 3.26  Med: 6.06 Max: 7.09
Current: 5.98
3.26
7.09
Days Sales Outstanding 20.12
AAPL's Days Sales Outstanding is ranked higher than
91% of the 1813 Companies
in the Global Consumer Electronics industry.

( Industry Median: 77.66 vs. AAPL: 20.12 )
Ranked among companies with meaningful Days Sales Outstanding only.
AAPL' s Days Sales Outstanding Range Over the Past 10 Years
Min: 18.1  Med: 25.90 Max: 34.86
Current: 20.12
18.1
34.86
Days Payable 86.43
AAPL's Days Payable is ranked higher than
86% of the 1905 Companies
in the Global Consumer Electronics industry.

( Industry Median: 58.87 vs. AAPL: 86.43 )
Ranked among companies with meaningful Days Payable only.
AAPL' s Days Payable Range Over the Past 10 Years
Min: 76.58  Med: 89.10 Max: 114.44
Current: 86.43
76.58
114.44

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.20
AAPL's Dividend Yield is ranked lower than
53% of the 2017 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.31 vs. AAPL: 2.20 )
Ranked among companies with meaningful Dividend Yield only.
AAPL' s Dividend Yield Range Over the Past 10 Years
Min: 0.38  Med: 1.79 Max: 2.78
Current: 2.2
0.38
2.78
Dividend Payout 0.22
AAPL's Dividend Payout is ranked higher than
92% of the 1359 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.40 vs. AAPL: 0.22 )
Ranked among companies with meaningful Dividend Payout only.
AAPL' s Dividend Payout Range Over the Past 10 Years
Min: 0.15  Med: 0.26 Max: 0.41
Current: 0.22
0.15
0.41
Dividend Growth (3y) 73.50
AAPL's Dividend Growth (3y) is ranked higher than
98% of the 924 Companies
in the Global Consumer Electronics industry.

( Industry Median: -0.70 vs. AAPL: 73.50 )
Ranked among companies with meaningful Dividend Growth (3y) only.
AAPL' s Dividend Growth (3y) Range Over the Past 10 Years
Min: 0  Med: 0.00 Max: 73.5
Current: 73.5
0
73.5
Forward Dividend Yield 2.22
AAPL's Forward Dividend Yield is ranked lower than
55% of the 1754 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.63 vs. AAPL: 2.22 )
Ranked among companies with meaningful Forward Dividend Yield only.
N/A
Yield on cost (5-Year) 2.20
AAPL's Yield on cost (5-Year) is ranked lower than
57% of the 2049 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.67 vs. AAPL: 2.20 )
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: 1.79 Max: 2.78
Current: 2.2
0.38
2.78
3-Year Average Share Buyback Ratio 4.30
AAPL's 3-Year Average Share Buyback Ratio is ranked higher than
96% of the 1481 Companies
in the Global Consumer Electronics industry.

( Industry Median: -1.30 vs. AAPL: 4.30 )
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: -12.6  Med: -1.30 Max: 4.3
Current: 4.3
-12.6
4.3

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 4.37
AAPL's Price/Tangible Book is ranked lower than
80% of the 2528 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.56 vs. AAPL: 4.37 )
Ranked among companies with meaningful Price/Tangible Book only.
AAPL' s Price/Tangible Book Range Over the Past 10 Years
Min: 1.28  Med: 4.08 Max: 10.64
Current: 4.37
1.28
10.64
Price/Projected FCF 0.68
AAPL's Price/Projected FCF is ranked higher than
73% of the 1271 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.05 vs. AAPL: 0.68 )
Ranked among companies with meaningful Price/Projected FCF only.
AAPL' s Price/Projected FCF Range Over the Past 10 Years
Min: 0.19  Med: 1.46 Max: 4.26
Current: 0.68
0.19
4.26
Price/DCF (Earnings Based) 0.35
AAPL's Price/DCF (Earnings Based) is ranked higher than
91% of the 113 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.07 vs. AAPL: 0.35 )
Ranked among companies with meaningful Price/DCF (Earnings Based) only.
N/A
Price/Median PS Value 0.66
AAPL's Price/Median PS Value is ranked higher than
82% of the 2548 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.98 vs. AAPL: 0.66 )
Ranked among companies with meaningful Price/Median PS Value only.
AAPL' s Price/Median PS Value Range Over the Past 10 Years
Min: 0.07  Med: 0.75 Max: 1.93
Current: 0.66
0.07
1.93
Price/Peter Lynch Fair Value 0.40
AAPL's Price/Peter Lynch Fair Value is ranked higher than
87% of the 599 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.07 vs. AAPL: 0.40 )
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: 0.4  Med: 0.61 Max: 1.77
Current: 0.4
0.4
1.77
Price/Graham Number 1.39
AAPL's Price/Graham Number is ranked lower than
60% of the 1958 Companies
in the Global Consumer Electronics industry.

( Industry Median: 9999.00 vs. AAPL: 1.39 )
Ranked among companies with meaningful Price/Graham Number only.
AAPL' s Price/Graham Number Range Over the Past 10 Years
Min: 0.9  Med: 2.01 Max: 5.32
Current: 1.39
0.9
5.32
Earnings Yield (Greenblatt) (%) 13.50
AAPL's Earnings Yield (Greenblatt) (%) is ranked higher than
74% of the 2190 Companies
in the Global Consumer Electronics industry.

( Industry Median: 4.50 vs. AAPL: 13.50 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
AAPL' s Earnings Yield (Greenblatt) (%) Range Over the Past 10 Years
Min: 2.9  Med: 8.70 Max: 19.8
Current: 13.5
2.9
19.8
Forward Rate of Return (Yacktman) (%) 34.49
AAPL's Forward Rate of Return (Yacktman) (%) is ranked higher than
93% of the 1137 Companies
in the Global Consumer Electronics industry.

( Industry Median: 6.14 vs. AAPL: 34.49 )
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: 0.9  Med: 65.90 Max: 115
Current: 34.49
0.9
115

More Statistics

Revenue(Mil) $258086
EPS $ 9.42
Beta1.35
Short Percentage of Float1.15%
52-Week Range $92.00 - 134.54
Shares Outstanding(Mil)5544.58

Analyst Estimate

Sep16 Sep17 Sep18
Revenue(Mil) 231,893 240,804 248,159
EPS($) 9.23 10.20 10.92
EPS without NRI($) 9.23 10.20 10.92

Business Description

Industry: Computer Hardware » Consumer Electronics
Compare:HPQ, DELL, LNVGY, NIPNF, SSYS » details
Traded in other countries:AAPL.Argentina, AAPL34.Brazil, AAPL.Chile, APC.Germany, AAPL.Mexico, AAPL.Switzerland, 0JQ4.UK,
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 primarily in the consumer, SMB, education, enterprise and government markets. Its segments include Americas, Europe, Greater China, Japan, Rest of Asia Pacific and Retail. 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.
» More Articles for AAPL

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