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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 : 8/10

vs
industry
vs
history
Cash to Debt 0.75
AAPL's Cash to Debt is ranked lower than
62% of the 2175 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.37 vs. AAPL: 0.75 )
Ranked among companies with meaningful Cash to Debt only.
AAPL' s 10-Year Cash to Debt Range
Min: 0.71   Max: No Debt
Current: 0.75

Equity to Asset 0.49
AAPL's Equity to Asset is ranked lower than
63% of the 2083 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.57 vs. AAPL: 0.49 )
Ranked among companies with meaningful Equity to Asset only.
AAPL' s 10-Year Equity to Asset Range
Min: 0.28   Max: 0.7
Current: 0.49

0.28
0.7
Interest Coverage 136.73
AAPL's Interest Coverage is ranked lower than
54% of the 1273 Companies
in the Global Consumer Electronics industry.

( Industry Median: 468.50 vs. AAPL: 136.73 )
Ranked among companies with meaningful Interest Coverage only.
AAPL' s 10-Year Interest Coverage Range
Min: 4.32   Max: 9999.99
Current: 136.73

4.32
9999.99
F-Score: 7
Z-Score: 5.69
M-Score: -2.90
WACC vs ROIC
8.90%
39.33%
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 (%) 30.15
AAPL's Operating margin (%) is ranked higher than
98% of the 2167 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.43 vs. AAPL: 30.15 )
Ranked among companies with meaningful Operating margin (%) only.
AAPL' s 10-Year Operating margin (%) Range
Min: -12.24   Max: 35.3
Current: 30.15

-12.24
35.3
Net-margin (%) 22.53
AAPL's Net-margin (%) is ranked higher than
97% of the 2167 Companies
in the Global Consumer Electronics industry.

( Industry Median: 2.81 vs. AAPL: 22.53 )
Ranked among companies with meaningful Net-margin (%) only.
AAPL' s 10-Year Net-margin (%) Range
Min: -14.76   Max: 26.67
Current: 22.53

-14.76
26.67
ROE (%) 39.51
AAPL's ROE (%) is ranked higher than
98% of the 2146 Companies
in the Global Consumer Electronics industry.

( Industry Median: 5.87 vs. AAPL: 39.51 )
Ranked among companies with meaningful ROE (%) only.
AAPL' s 10-Year ROE (%) Range
Min: -64.15   Max: 42.84
Current: 39.51

-64.15
42.84
ROA (%) 20.20
AAPL's ROA (%) is ranked higher than
97% of the 2188 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.07 vs. AAPL: 20.20 )
Ranked among companies with meaningful ROA (%) only.
AAPL' s 10-Year ROA (%) Range
Min: -21.78   Max: 28.54
Current: 20.2

-21.78
28.54
ROC (Joel Greenblatt) (%) 340.74
AAPL's ROC (Joel Greenblatt) (%) is ranked higher than
99% of the 2182 Companies
in the Global Consumer Electronics industry.

( Industry Median: 8.19 vs. AAPL: 340.74 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
AAPL' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -90.87   Max: 538.7
Current: 340.74

-90.87
538.7
Revenue Growth (3Y)(%) 21.80
AAPL's Revenue Growth (3Y)(%) is ranked higher than
93% of the 1448 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.60 vs. AAPL: 21.80 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
AAPL' s 10-Year Revenue Growth (3Y)(%) Range
Min: -23.7   Max: 51.8
Current: 21.8

-23.7
51.8
EBITDA Growth (3Y)(%) 23.00
AAPL's EBITDA Growth (3Y)(%) is ranked higher than
83% of the 1135 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.90 vs. AAPL: 23.00 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
AAPL' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -55   Max: 122.4
Current: 23

-55
122.4
EPS Growth (3Y)(%) 17.80
AAPL's EPS Growth (3Y)(%) is ranked higher than
72% of the 1008 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.80 vs. AAPL: 17.80 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
AAPL' s 10-Year EPS Growth (3Y)(%) Range
Min: -60.3   Max: 217.5
Current: 17.8

-60.3
217.5
» AAPL's 10-Y Financials

Financials


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

» Details

Guru Trades

Q2 2014

AAPL Guru Trades in Q2 2014

Paul Tudor Jones 1,312,050 sh (New)
Leon Cooperman 1,264,690 sh (New)
Andreas Halvorsen 2,286,178 sh (New)
John Burbank 125,788 sh (New)
RS Investment Management 137,381 sh (+2247.59%)
Louis Moore Bacon 1,136,774 sh (+1293.60%)
George Soros 1,833,764 sh (+195.44%)
Ray Dalio 572,197 sh (+88.91%)
Chuck Royce 159,500 sh (+34.03%)
Mario Gabelli 147,968 sh (+9.36%)
Bill Frels 16,108 sh (+9.01%)
Julian Robertson 17,500 sh (+8.70%)
Ken Fisher 10,744,159 sh (+5.86%)
Ruane Cunniff 13,409 sh (+3.83%)
Bill Nygren 2,863,000 sh (+2.00%)
PRIMECAP Management 1,041,950 sh (+1.36%)
John Buckingham 98,651 sh (+0.67%)
Chuck Akre 637,238 sh (+0.01%)
Dodge & Cox 14,189 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
First Eagle Investment 7,336 sh (unchged)
Steven Cohen 82,800 sh (unchged)
John Griffin Sold Out
Mario Cibelli Sold Out
Richard Snow 120,547 sh (-0.03%)
Jeremy Grantham 12,398,136 sh (-0.19%)
Ron Baron 77,308 sh (-0.89%)
Chris Davis 3,290 sh (-1.26%)
Pioneer Investments 7,533,176 sh (-2.13%)
Jim Simons 5,573,433 sh (-3.06%)
David Tepper 1,686,146 sh (-3.79%)
Ronald Muhlenkamp 96,614 sh (-4.05%)
Diamond Hill Capital 2,069,758 sh (-7.49%)
David Rolfe 6,026,684 sh (-10.06%)
Jeff Auxier 6,125 sh (-18.60%)
Manning & Napier Advisors, Inc 4,301,645 sh (-20.98%)
Brian Rogers 3,500,000 sh (-23.08%)
Wallace Weitz 4,200 sh (-25.00%)
David Dreman 26,149 sh (-26.83%)
Jim Chanos 131,035 sh (-29.64%)
David Einhorn 9,452,342 sh (-32.27%)
Robert Olstein 64,000 sh (-42.86%)
Joel Greenblatt 215,632 sh (-45.88%)
» More
Q3 2014

AAPL Guru Trades in Q3 2014

NWQ Managers 31,237 sh (New)
Murray Stahl 3,038 sh (New)
Steven Cohen 426,400 sh (+414.98%)
Dodge & Cox 29,379 sh (+107.05%)
Chuck Royce 195,600 sh (+22.63%)
RS Investment Management 161,021 sh (+17.21%)
Robert Olstein 72,000 sh (+12.50%)
Bill Frels 17,277 sh (+7.26%)
Signature Select Canadian Fund 201,600 sh (+5.11%)
Ronald Muhlenkamp 99,829 sh (+3.33%)
Ruane Cunniff 13,720 sh (+2.32%)
Jeremy Grantham 12,633,168 sh (+1.90%)
Bill Nygren 2,883,000 sh (+0.70%)
Diamond Hill Capital 2,082,856 sh (+0.63%)
John Buckingham 98,990 sh (+0.34%)
Chuck Akre 637,338 sh (+0.02%)
Pioneer Investments 6,528,805 sh (unchged)
Jeff Auxier 6,125 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
Chris Davis 3,290 sh (unchged)
First Eagle Investment 7,336 sh (unchged)
PRIMECAP Management 1,041,950 sh (unchged)
Andreas Halvorsen Sold Out
Wallace Weitz Sold Out
Jim Simons Sold Out
Ken Fisher 10,741,185 sh (-0.03%)
Richard Snow 120,477 sh (-0.06%)
Ron Baron 76,907 sh (-0.52%)
David Einhorn 9,172,042 sh (-2.97%)
Mario Gabelli 142,683 sh (-3.57%)
Leon Cooperman 1,191,790 sh (-5.76%)
Ray Dalio 535,897 sh (-6.34%)
Julian Robertson 15,900 sh (-9.14%)
Joel Greenblatt 182,803 sh (-15.22%)
David Rolfe 4,878,650 sh (-19.05%)
David Tepper 1,160,705 sh (-31.16%)
Brian Rogers 2,400,000 sh (-31.43%)
David Dreman 17,517 sh (-33.01%)
George Soros 1,139,991 sh (-37.83%)
Jim Chanos 63,115 sh (-51.83%)
John Burbank 52,165 sh (-58.53%)
Louis Moore Bacon 236,931 sh (-79.16%)
Paul Tudor Jones 133,000 sh (-89.86%)
Manning & Napier Advisors, Inc 381,377 sh (-91.13%)
» More
Q4 2014

AAPL Guru Trades in Q4 2014

Steve Mandel 2,184,122 sh (New)
Jim Simons 1,754,633 sh (New)
Julian Robertson 321,900 sh (+1924.53%)
John Burbank 101,115 sh (+93.84%)
Ronald Muhlenkamp 150,828 sh (+51.09%)
Jim Chanos 79,467 sh (+25.91%)
Murray Stahl 3,720 sh (+22.45%)
Chuck Royce 208,700 sh (+6.70%)
Jeremy Grantham 13,327,168 sh (+5.49%)
Pioneer Investments 6,877,885 sh (+5.35%)
Jeff Auxier 6,325 sh (+3.27%)
Bill Frels 17,394 sh (+0.68%)
Diamond Hill Capital 2,092,191 sh (+0.45%)
Ken Fisher 10,763,949 sh (+0.21%)
PRIMECAP Management 1,043,050 sh (+0.11%)
First Eagle Investment 7,336 sh (unchged)
Ron Baron 76,907 sh (unchged)
Bill Nygren 2,883,000 sh (unchged)
Carl Icahn 52,760,848 sh (unchged)
Chris Davis 3,290 sh (unchged)
David Tepper Sold Out
George Soros Sold Out
Chuck Akre Sold Out
Dodge & Cox 29,316 sh (-0.21%)
John Buckingham 97,490 sh (-1.52%)
Ruane Cunniff 13,406 sh (-2.29%)
Mario Gabelli 138,163 sh (-3.17%)
Joel Greenblatt 176,324 sh (-3.54%)
Robert Olstein 69,000 sh (-4.17%)
Manning & Napier Advisors, Inc 364,857 sh (-4.33%)
David Dreman 16,694 sh (-4.70%)
David Einhorn 8,605,542 sh (-6.18%)
NWQ Managers 27,790 sh (-11.03%)
David Rolfe 4,314,062 sh (-11.57%)
Richard Snow 100,077 sh (-16.93%)
RS Investment Management 120,386 sh (-25.24%)
Brian Rogers 1,750,000 sh (-27.08%)
Ray Dalio 259,497 sh (-51.58%)
Louis Moore Bacon 97,419 sh (-58.88%)
Leon Cooperman 383,790 sh (-67.80%)
Paul Tudor Jones 10,769 sh (-91.90%)
Steven Cohen 29,700 sh (-93.03%)
» More
Q1 2015

AAPL Guru Trades in Q1 2015

Caxton Associates 69,317 sh (New)
Ken Heebner 95,000 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%)
Carl Icahn 52,760,848 sh (unchged)
Jeff Auxier 6,325 sh (unchged)
Bill Nygren 2,883,000 sh (unchged)
Caxton Associates 150,000 sh (unchged)
Ruane Cunniff 13,406 sh (unchged)
Chris Davis 3,290 sh (unchged)
Ron Baron 76,907 sh (unchged)
Brian Rogers Sold Out
NWQ Managers Sold Out
Richard Snow Sold Out
Leon Cooperman 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%)
Bill Frels 17,094 sh (-1.72%)
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
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Guru Investment Theses on Apple Inc

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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David Rolfe Comments on Apple Inc. - Jan 27, 2014

Our thesis that innovation is alive and well at Apple – a minority position to be sure over the past year – has been vindicated, in our view, given that the Company refreshed their entire suite of hardware and operating software systems in the second half of 2013.  Apple (AAPL) continued to expand its iPhone franchise, selling close to 34 million units during the September quarter, representing a 25% increase over the year ago period.  Much of this growth can be attributed to the successful roll-out of the iPhone 5S and 5C, Apple’s most recent updates to this key business line.  The Company also continues to upgrade the broad array of services that make up the platform in support of the iPhone (as well as the iPad and Mac), including content (iTunes, App Store, iCloud) and software (iOS).  We think Apple’s platform approach drives a differentiated user experience which leads to a “stickier” customer, which in turn drives customer intentions to repurchase Apple products at significantly higher rates –and profits - than their competitors.  As smartphones proliferate, we expect consumers will become increasingly critical and demanding of their user experience - a trend that we expect Apple will be able to capitalize upon as competitors continue to maintain their focus on selling an experience that is only “good enough” for smartphone newbies.  We expect the Company to generate renewed earnings growth over the course of calendar 2014 approaching $50 per share.  Even after the +45% advance in the stock from past summer, we view the current risk/reward in the shares (and in consideration of the cash build on the balance sheet) quite favorable.

 

From David Rolfe (Trades, Portfolio)’s Wedgewood Partners Fourth Quarter 2013 Commentary.

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Baron Funds Comments on Apple - Nov 25, 2013

Apple (AAPL) finally makes an appearance on the right side of the ledger, as the shares rose 21% during the quarter. The iPhone 5S debuted to generally enthusiastic reviews and early indications suggest a robust upgrade cycle. Our investment thesis continues to be that Apple has created a platform and an eco-system that will be leveraged to distribute additional products and services and allow the company to maintain a premium brand (and premium pricing and margins) over time.

From Ron Baron's Baron Funds third quarter 2013 commentary.


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David Einhorn Comments on Apple - Oct 16, 2013

Apple (AAPL) shares advanced from $397 to $477 as earnings estimates stopped falling and the market turned its attention to AAPL’s new products. The newly introduced iPhone 5s gives customers a compelling reason to upgrade. It looks like it will be a hit, and we believe that AAPL will find novel ways to use Touch ID and iBeacon to monetize its user base and ecosystem via new service offerings and apps. AAPL’s current non-hardware e-commerce business (sales from iTunes, AppStore and iBook Store, plus software and services) is $16 billion a year and growing. Not only is it growing faster than Amazon, AAPL makes more money in non-hardware e-commerce alone than Amazon makes in its entire business. That gap will likely widen in AAPL’s favor as AAPL rolls out new offerings and services. We believe that near-term share performance will track the success of the new phones, while the longer-term share price will reflect the market’s eventual understanding of AAPL’s strong ability to earn high-margin and recurring revenue streams.

From David Einhorn’s Greenlight Capital third quarter 2013 letter.


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Wedgewood Partners David Rolfe Comments on Apple - Jul 19, 2013

Apple (AAPL)'s stock continued its streak of absolute and relative underperformance during the second quarter. However, in our view, the Company's long term competitive positioning is strong and intact , particularly due to their aggressive, multi billion dollar re investment in its supply chain, which should bear fruit over a multi year period. While much has been said about Samsung since it recently surpassed Apple in terms of units sold, we think "units sold" is a poor proxy for competition, at the very least, until we figure the profits generated by those units. As of the first calendar quarter 2013, we estimate Apple generated $215 in operating profit per iPhone, compared to Samsung, which generated about $90 per smartphone. Clearly, Apple's collective smartphone value proposition is superior to Samsung and considerably more than the rest of their rival peer group which collectively continue to generate losses. However, Apple's profitability per iPhone during all of 2012 averaged about $265 , while Samsung averaged about $80. So at the margin, Apple ceded roughly $50 of profitability per iPhone relative to its 2012 average. This per unit profit decline could suggest that Apple's competitive edge has eroded. However, Samsung only picked up about $10 per unit, and the rest of the competitive field narrowed their losses by about $5 to $10 per unit, which begs, where did the other $30 35 of profit per iPhone go?

Given that Apple's average iPhone prices have not changed in proportion, it is certainly not accruing to Apple's customers. Perhaps some of that value accrued to customers of Apple's competitors? But if that were true, Apple's competitive cohort probably would have exercised some pricing power by now, but they have not done so, considering prices by smartphone segment have been relatively flat.

Now, as we have noted in the past, Apple's capital expenditure budget has risen rapidly over the years, meaning Apple is aggressively reinvesting into its business. Apple's "cost of sales" as a percent of revenues has risen nearly ten percentage points compared to the first calendar quarter of 2012. As a result of this dramatic rise in costs over a relatively short period of time, we suspect that much of the profitability per unit has gone to Apple suppliers. While it is unsettling to see per unit iPhone profitability decline, we believe that Apple will eventually realize returns on these expenditures, particularly by increasingly exercising more scale over its asset and supplier base.

So we realize that Apple's rival peer group is making competitive inroads, but we do not think they are as dramatic, nor as sustainable, as the market seems to be implying and that the majority of Apple's lower profitability represents current investments in future returns. Indeed, considering that the stock ended the quarter at close to just a 4 X Enterprise Value to EBITDA multiple, and although the past few quarters have been difficult for Apple shareholders, we believe patience and a focus on Apple's long term growth of their best in class ecosystem will be rewarded in due course.

From Wedgewood Partners' second quarter 2013 letter.

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Ratios

vs
industry
vs
history
P/E(ttm) 16.20
AAPL's P/E(ttm) is ranked higher than
59% of the 1639 Companies
in the Global Consumer Electronics industry.

( Industry Median: 20.30 vs. AAPL: 16.20 )
Ranked among companies with meaningful P/E(ttm) only.
AAPL' s 10-Year P/E(ttm) Range
Min: 9.32   Max: 94.1
Current: 16.2

9.32
94.1
Forward P/E 13.25
AAPL's Forward P/E is ranked higher than
99% of the 977 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.46 vs. AAPL: 13.25 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 16.40
AAPL's PE(NRI) is ranked higher than
57% of the 1523 Companies
in the Global Consumer Electronics industry.

( Industry Median: 19.00 vs. AAPL: 16.40 )
Ranked among companies with meaningful PE(NRI) only.
AAPL' s 10-Year PE(NRI) Range
Min: 9.33   Max: 92.22
Current: 16.4

9.33
92.22
P/B 6.00
AAPL's P/B is ranked lower than
86% of the 2378 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.63 vs. AAPL: 6.00 )
Ranked among companies with meaningful P/B only.
AAPL' s 10-Year P/B Range
Min: 2.31   Max: 11.32
Current: 6

2.31
11.32
P/S 3.70
AAPL's P/S is ranked lower than
87% of the 2433 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.86 vs. AAPL: 3.70 )
Ranked among companies with meaningful P/S only.
AAPL' s 10-Year P/S Range
Min: 1.42   Max: 6.95
Current: 3.7

1.42
6.95
PFCF 12.20
AAPL's PFCF is ranked higher than
66% of the 1328 Companies
in the Global Consumer Electronics industry.

( Industry Median: 17.76 vs. AAPL: 12.20 )
Ranked among companies with meaningful PFCF only.
AAPL' s 10-Year PFCF Range
Min: 7.84   Max: 64.19
Current: 12.2

7.84
64.19
POCF 10.27
AAPL's POCF is ranked higher than
57% of the 1535 Companies
in the Global Consumer Electronics industry.

( Industry Median: 12.35 vs. AAPL: 10.27 )
Ranked among companies with meaningful POCF only.
AAPL' s 10-Year POCF Range
Min: 6.69   Max: 44.65
Current: 10.27

6.69
44.65
EV-to-EBIT 12.10
AAPL's EV-to-EBIT is ranked higher than
62% of the 1559 Companies
in the Global Consumer Electronics industry.

( Industry Median: 15.29 vs. AAPL: 12.10 )
Ranked among companies with meaningful EV-to-EBIT only.
AAPL' s 10-Year EV-to-EBIT Range
Min: 5   Max: 66.2
Current: 12.1

5
66.2
PEG 0.40
AAPL's PEG is ranked higher than
90% of the 508 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.57 vs. AAPL: 0.40 )
Ranked among companies with meaningful PEG only.
AAPL' s 10-Year PEG Range
Min: 0.13   Max: 0.57
Current: 0.4

0.13
0.57
Shiller P/E 25.50
AAPL's Shiller P/E is ranked higher than
50% of the 970 Companies
in the Global Consumer Electronics industry.

( Industry Median: 25.10 vs. AAPL: 25.50 )
Ranked among companies with meaningful Shiller P/E only.
AAPL' s 10-Year Shiller P/E Range
Min: 17.06   Max: 135.86
Current: 25.5

17.06
135.86
Current Ratio 1.16
AAPL's Current Ratio is ranked lower than
84% of the 2105 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.98 vs. AAPL: 1.16 )
Ranked among companies with meaningful Current Ratio only.
AAPL' s 10-Year Current Ratio Range
Min: 1.08   Max: 3.39
Current: 1.16

1.08
3.39
Quick Ratio 1.12
AAPL's Quick Ratio is ranked lower than
67% of the 2105 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.47 vs. AAPL: 1.12 )
Ranked among companies with meaningful Quick Ratio only.
AAPL' s 10-Year Quick Ratio Range
Min: 1.05   Max: 3.38
Current: 1.12

1.05
3.38
Days Inventory 5.82
AAPL's Days Inventory is ranked higher than
98% of the 2128 Companies
in the Global Consumer Electronics industry.

( Industry Median: 71.89 vs. AAPL: 5.82 )
Ranked among companies with meaningful Days Inventory only.
AAPL' s 10-Year Days Inventory Range
Min: 1.66   Max: 35.85
Current: 5.82

1.66
35.85
Days Sales Outstanding 18.76
AAPL's Days Sales Outstanding is ranked higher than
93% of the 1864 Companies
in the Global Consumer Electronics industry.

( Industry Median: 70.88 vs. AAPL: 18.76 )
Ranked among companies with meaningful Days Sales Outstanding only.
AAPL' s 10-Year Days Sales Outstanding Range
Min: 18.1   Max: 58.67
Current: 18.76

18.1
58.67

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.50
AAPL's Dividend Yield is ranked lower than
60% of the 1897 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.82 vs. AAPL: 1.50 )
Ranked among companies with meaningful Dividend Yield only.
AAPL' s 10-Year Dividend Yield Range
Min: 0.38   Max: 2.78
Current: 1.5

0.38
2.78
Dividend Payout 0.23
AAPL's Dividend Payout is ranked higher than
98% of the 1291 Companies
in the Global Consumer Electronics industry.

( Industry Median: 0.35 vs. AAPL: 0.23 )
Ranked among companies with meaningful Dividend Payout only.
AAPL' s 10-Year Dividend Payout Range
Min: 0.13   Max: 0.41
Current: 0.23

0.13
0.41
Yield on cost (5-Year) 1.50
AAPL's Yield on cost (5-Year) is ranked lower than
61% of the 1942 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.98 vs. AAPL: 1.50 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
AAPL' s 10-Year Yield on cost (5-Year) Range
Min: 0.38   Max: 2.78
Current: 1.5

0.38
2.78
Share Buyback Rate 2.30
AAPL's Share Buyback Rate is ranked higher than
90% of the 1019 Companies
in the Global Consumer Electronics industry.

( Industry Median: -1.60 vs. AAPL: 2.30 )
Ranked among companies with meaningful Share Buyback Rate only.
AAPL' s 10-Year Share Buyback Rate Range
Min: 2.3   Max: -12.6
Current: 2.3

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 6.40
AAPL's Price/Tangible Book is ranked lower than
81% of the 2433 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.90 vs. AAPL: 6.40 )
Ranked among companies with meaningful Price/Tangible Book only.
AAPL' s 10-Year Price/Tangible Book Range
Min: 1.26   Max: 10.6
Current: 6.4

1.26
10.6
Price/DCF (Projected) 1.10
AAPL's Price/DCF (Projected) is ranked higher than
64% of the 1105 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.50 vs. AAPL: 1.10 )
Ranked among companies with meaningful Price/DCF (Projected) only.
AAPL' s 10-Year Price/DCF (Projected) Range
Min: 0.19   Max: 4.26
Current: 1.1

0.19
4.26
Price/Median PS Value 1.10
AAPL's Price/Median PS Value is ranked higher than
72% of the 2391 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.20 vs. AAPL: 1.10 )
Ranked among companies with meaningful Price/Median PS Value only.
AAPL' s 10-Year Price/Median PS Value Range
Min: 0.07   Max: 1.92
Current: 1.1

0.07
1.92
Price/Peter Lynch Fair Value 0.70
AAPL's Price/Peter Lynch Fair Value is ranked higher than
87% of the 421 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.30 vs. AAPL: 0.70 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
AAPL' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.4   Max: 1.77
Current: 0.7

0.4
1.77
Price/Graham Number 2.10
AAPL's Price/Graham Number is ranked lower than
68% of the 1689 Companies
in the Global Consumer Electronics industry.

( Industry Median: 1.30 vs. AAPL: 2.10 )
Ranked among companies with meaningful Price/Graham Number only.
AAPL' s 10-Year Price/Graham Number Range
Min: 0.63   Max: 4.48
Current: 2.1

0.63
4.48
Earnings Yield (Greenblatt) 8.20
AAPL's Earnings Yield (Greenblatt) is ranked higher than
73% of the 2280 Companies
in the Global Consumer Electronics industry.

( Industry Median: 3.70 vs. AAPL: 8.20 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) only.
AAPL' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.5   Max: 19.8
Current: 8.2

1.5
19.8
Forward Rate of Return (Yacktman) 37.47
AAPL's Forward Rate of Return (Yacktman) is ranked higher than
93% of the 823 Companies
in the Global Consumer Electronics industry.

( Industry Median: 4.91 vs. AAPL: 37.47 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) only.
AAPL' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 0.9   Max: 118.5
Current: 37.47

0.9
118.5

Analyst Estimate

Sep15 Sep16 Sep17
Revenue(Mil) 232,453 249,617 265,765
EPS($) 9.05 9.98 11.22
EPS without NRI($) 9.05 9.98 11.22

Business Description

Industry: Computer Hardware » Consumer Electronics
Compare:HPQ, DELL, LNVGY, NIPNF, SSYS » details
Traded in other countries:APC.Germany, AAPL34.Brazil, AAPL.Mexico, AAPL.Argentina, AAPL.Chile, 0R2V.UK, AAPL.Switzerland,
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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