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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 1.22
AAPL's Cash to Debt is ranked lower than
53% of the 2543 Companies
in the Global Computer Systems industry.

( Industry Median: 4.46 vs. AAPL: 1.22 )
AAPL' s 10-Year Cash to Debt Range
Min: 0.9   Max: No Debt
Current: 1.22

Equity to Asset 0.54
AAPL's Equity to Asset is ranked higher than
56% of the 2512 Companies
in the Global Computer Systems industry.

( Industry Median: 0.57 vs. AAPL: 0.54 )
AAPL' s 10-Year Equity to Asset Range
Min: 0.28   Max: 0.7
Current: 0.54

0.28
0.7
Interest Coverage 360.29
AAPL's Interest Coverage is ranked higher than
64% of the 1455 Companies
in the Global Computer Systems industry.

( Industry Median: 105.08 vs. AAPL: 360.29 )
AAPL' s 10-Year Interest Coverage Range
Min: 4.32   Max: 9999.99
Current: 360.29

4.32
9999.99
F-Score: 5
Z-Score: 5.78
M-Score: -2.70
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 (%) 28.67
AAPL's Operating margin (%) is ranked higher than
98% of the 2403 Companies
in the Global Computer Systems industry.

( Industry Median: 3.75 vs. AAPL: 28.67 )
AAPL' s 10-Year Operating margin (%) Range
Min: -12.24   Max: 35.3
Current: 28.67

-12.24
35.3
Net-margin (%) 21.67
AAPL's Net-margin (%) is ranked higher than
96% of the 2405 Companies
in the Global Computer Systems industry.

( Industry Median: 3.08 vs. AAPL: 21.67 )
AAPL' s 10-Year Net-margin (%) Range
Min: -14.76   Max: 26.67
Current: 21.67

-14.76
26.67
ROE (%) 29.98
AAPL's ROE (%) is ranked higher than
99% of the 2375 Companies
in the Global Computer Systems industry.

( Industry Median: 5.84 vs. AAPL: 29.98 )
AAPL' s 10-Year ROE (%) Range
Min: -87.08   Max: 35.3
Current: 29.98

-87.08
35.3
ROA (%) 17.89
AAPL's ROA (%) is ranked higher than
99% of the 2410 Companies
in the Global Computer Systems industry.

( Industry Median: 2.93 vs. AAPL: 17.89 )
AAPL' s 10-Year ROA (%) Range
Min: -24.69   Max: 23.7
Current: 17.89

-24.69
23.7
ROC (Joel Greenblatt) (%) 295.23
AAPL's ROC (Joel Greenblatt) (%) is ranked higher than
99% of the 2402 Companies
in the Global Computer Systems industry.

( Industry Median: 11.83 vs. AAPL: 295.23 )
AAPL' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -69.04   Max: 434.49
Current: 295.23

-69.04
434.49
Revenue Growth (%) 37.50
AAPL's Revenue Growth (%) is ranked higher than
97% of the 1831 Companies
in the Global Computer Systems industry.

( Industry Median: 2.60 vs. AAPL: 37.50 )
AAPL' s 10-Year Revenue Growth (%) Range
Min: -23.7   Max: 51.8
Current: 37.5

-23.7
51.8
EBITDA Growth (%) 42.90
AAPL's EBITDA Growth (%) is ranked higher than
95% of the 1488 Companies
in the Global Computer Systems industry.

( Industry Median: 1.90 vs. AAPL: 42.90 )
AAPL' s 10-Year EBITDA Growth (%) Range
Min: -55   Max: 122.4
Current: 42.9

-55
122.4
EPS Growth (%) 38.00
AAPL's EPS Growth (%) is ranked higher than
90% of the 1341 Companies
in the Global Computer Systems industry.

( Industry Median: 2.40 vs. AAPL: 38.00 )
AAPL' s 10-Year EPS Growth (%) Range
Min: -60.3   Max: 217.5
Current: 38

-60.3
217.5
» AAPL's 10-Y Financials

Financials


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

» Details

Guru Trades

Q3 2013

AAPL Guru Trades in Q3 2013

Chris Davis 470 sh (New)
Carl Icahn 3,875,063 sh (New)
Paul Tudor Jones 128,533 sh (New)
Manning & Napier Advisors, Inc 1,005,999 sh (+1210.2%)
Louis Moore Bacon 16,049 sh (+1004.54%)
Richard Snow 17,221 sh (+329.34%)
Ray Dalio 24,271 sh (+143.42%)
RS Investment Management 32,495 sh (+70.08%)
Mario Gabelli 21,142 sh (+23.35%)
Brian Rogers 650,000 sh (+18.18%)
Larry Robbins 335,990 sh (+11.28%)
Bill Frels 1,583 sh (+9.78%)
Ruane Cunniff 1,785 sh (+8.18%)
Pioneer Investments 1,244,053 sh (+6.95%)
David Rolfe 837,328 sh (+5.53%)
Joel Greenblatt 41,754 sh (+5.16%)
John Buckingham 13,738 sh (+2.49%)
Signature Select Canadian Fund 13,500 sh (+1.5%)
Ron Baron 11,983 sh (+0.63%)
Ken Fisher 1,540,133 sh (+0.51%)
Diamond Hill Capital 303,826 sh (+0.18%)
PRIMECAP Management 141,850 sh (+0.04%)
Mario Cibelli 13,000 sh (unchged)
Jeff Auxier 1,075 sh (unchged)
Dodge & Cox 2,018 sh (unchged)
Jean-Marie Eveillard 948 sh (unchged)
Wallace Weitz 800 sh (unchged)
David Einhorn 2,397,706 sh (unchged)
Andreas Halvorsen Sold Out
Whitney Tilson Sold Out
Jim Simons Sold Out
Leon Cooperman Sold Out
Chuck Akre 91,004 sh (-0.11%)
David Dreman 5,243 sh (-1.04%)
Zeke Ashton 16,750 sh (-1.47%)
George Soros 65,400 sh (-2.1%)
Mark Hillman 5,147 sh (-4.49%)
Chuck Royce 15,400 sh (-4.94%)
Bill Nygren 381,000 sh (-9.5%)
Robert Olstein 17,000 sh (-10.53%)
Jeremy Grantham 986,739 sh (-21.55%)
Jim Chanos 31,785 sh (-24.94%)
Ronald Muhlenkamp 13,495 sh (-26.57%)
David Tepper 244,120 sh (-36.26%)
Steven Cohen 34,826 sh (-46.55%)
Lee Ainslie 371,822 sh (-52.6%)
» More
Q4 2013

AAPL Guru Trades in Q4 2013

Daniel Loeb 100,000 sh (New)
Caxton Associates 2,647 sh (New)
Julian Robertson 2,300 sh (New)
John Griffin 320,000 sh (New)
Louis Moore Bacon 118,192 sh (+636.44%)
George Soros 290,551 sh (+344.27%)
Ray Dalio 41,371 sh (+70.45%)
Jeremy Grantham 1,209,959 sh (+22.62%)
Carl Icahn 4,730,739 sh (+22.08%)
Bill Frels 1,783 sh (+12.63%)
Jean-Marie Eveillard 1,048 sh (+10.55%)
Ronald Muhlenkamp 14,153 sh (+4.88%)
David Rolfe 876,762 sh (+4.71%)
PRIMECAP Management 146,850 sh (+3.52%)
RS Investment Management 33,395 sh (+2.77%)
Chris Davis 477 sh (+1.49%)
Mario Gabelli 21,256 sh (+0.54%)
John Buckingham 13,806 sh (+0.49%)
Chuck Akre 91,029 sh (+0.03%)
Wallace Weitz 800 sh (unchged)
Dodge & Cox 2,018 sh (unchged)
Brian Rogers 650,000 sh (unchged)
Steven Cohen 30,000 sh (unchged)
Richard Snow 17,221 sh (unchged)
Ruane Cunniff 1,785 sh (unchged)
Bill Nygren 381,000 sh (unchged)
David Einhorn 2,397,706 sh (unchged)
Mario Cibelli 13,000 sh (unchged)
Jeff Auxier 1,075 sh (unchged)
Lee Ainslie Sold Out
Zeke Ashton Sold Out
Larry Robbins Sold Out
Mark Hillman 5,140 sh (-0.14%)
Diamond Hill Capital 300,636 sh (-1.05%)
Chuck Royce 15,200 sh (-1.3%)
Pioneer Investments 1,220,169 sh (-1.92%)
Ron Baron 11,598 sh (-3.21%)
Robert Olstein 15,000 sh (-11.76%)
David Tepper 215,320 sh (-11.8%)
Joel Greenblatt 36,500 sh (-12.58%)
Jim Chanos 27,145 sh (-14.6%)
Ken Fisher 1,289,647 sh (-16.26%)
Manning & Napier Advisors, Inc 771,579 sh (-23.3%)
David Dreman 3,289 sh (-37.27%)
Steven Cohen 17,964 sh (-48.42%)
Paul Tudor Jones 10,300 sh (-91.99%)
» More
Q1 2014

AAPL Guru Trades in Q1 2014

Jim Simons 821,362 sh (New)
Brian Rogers 650,000 sh (+600%)
Signature Select Canadian Fund 27,400 sh (+102.96%)
Carl Icahn 7,537,264 sh (+59.33%)
Joel Greenblatt 56,921 sh (+55.95%)
David Dreman 5,105 sh (+55.21%)
Jeremy Grantham 1,774,486 sh (+46.66%)
Bill Frels 2,111 sh (+18.4%)
David Tepper 250,378 sh (+16.28%)
Ken Fisher 1,449,969 sh (+12.43%)
Chuck Royce 17,000 sh (+11.84%)
David Rolfe 957,303 sh (+9.19%)
Robert Olstein 16,000 sh (+6.67%)
Diamond Hill Capital 319,622 sh (+6.32%)
Bill Nygren 401,000 sh (+5.25%)
Ray Dalio 43,271 sh (+4.59%)
Ruane Cunniff 1,845 sh (+3.36%)
Ronald Muhlenkamp 14,384 sh (+1.63%)
John Buckingham 13,999 sh (+1.4%)
Manning & Napier Advisors, Inc 777,693 sh (+0.79%)
Dodge & Cox 2,027 sh (+0.45%)
Richard Snow 17,226 sh (+0.03%)
Caxton Associates 65,000 sh (unchged)
John Griffin 320,000 sh (unchged)
PRIMECAP Management 146,850 sh (unchged)
Julian Robertson 2,300 sh (unchged)
David Einhorn 85,500 sh (unchged)
Jean-Marie Eveillard 1,048 sh (unchged)
Jeff Auxier 1,075 sh (unchged)
Wallace Weitz 800 sh (unchged)
Chuck Akre 91,029 sh (unchged)
Daniel Loeb Sold Out
Paul Tudor Jones Sold Out
Caxton Associates Sold Out
Chris Davis 476 sh (-0.21%)
Jim Chanos 26,605 sh (-1.99%)
Ron Baron 11,143 sh (-3.92%)
Mario Gabelli 19,329 sh (-9.07%)
Pioneer Investments 1,099,592 sh (-9.88%)
David Einhorn 1,993,706 sh (-16.85%)
Mario Cibelli 10,800 sh (-16.92%)
Steven Cohen 13,770 sh (-23.35%)
George Soros 88,670 sh (-69.48%)
Louis Moore Bacon 11,653 sh (-90.14%)
RS Investment Management 836 sh (-97.5%)
» More
Q2 2014

AAPL Guru Trades in Q2 2014

Ken Fisher 10,744,159 sh (+5.86%)
Manning & Napier Advisors, Inc 4,301,645 sh (-20.98%)
Brian Rogers 3,500,000 sh (-23.08%)
» More
» Details

Insider Trades

Latest Guru Trades with AAPL

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Carl Icahn 2014-03-31 Add 59.33%4.58%$71.4 - $80.15 $ 98.1529%52760848
Daniel Loeb 2014-03-31 Sold Out 0.97%$71.4 - $80.15 $ 98.1529%0
George Soros 2014-03-31 Reduce -69.48%0.97%$71.4 - $80.15 $ 98.1529%620690
Mario Cibelli 2014-03-31 Reduce -16.92%0.66%$71.397 - $80.146 $ 98.1529%75600
Joel Greenblatt 2014-03-31 Add 55.95%0.17%$71.4 - $80.15 $ 98.1529%398447
David Dreman 2014-03-31 Add 55.21%0.07%$71.4 - $80.15 $ 98.1529%35735
Lee Ainslie 2013-12-31 Sold Out 2.4%$68.71 - $81.44 $ 98.1530%0
John Griffin 2013-12-31 New Buy1.8%$68.71 - $81.44 $ 98.1530%320000
Carl Icahn 2013-12-31 Add 22.08%1.57%$68.71 - $81.44 $ 98.1530%4730739
George Soros 2013-12-31 Add 344.27%1.08%$68.71 - $81.44 $ 98.1530%290551
Daniel Loeb 2013-12-31 New Buy0.97%$68.71 - $81.44 $ 98.1530%100000
Julian Robertson 2013-12-31 New Buy0.4%$68.71 - $81.44 $ 98.1530%2300
David Dreman 2013-12-31 Reduce -37.27%0.09%$68.71 - $81.44 $ 98.1530%3289
Ray Dalio 2013-12-31 Add 70.45%0.08%$68.71 - $81.44 $ 98.1530%41371
Carl Icahn 2013-09-30 New Buy7.5%$59.29 - $72.53 $ 98.1548%3875063
Lee Ainslie 2013-09-30 Reduce -52.6%2.21%$59.29 - $72.53 $ 98.1548%371822
Ronald Muhlenkamp 2013-09-30 Reduce -26.57%0.4%$59.29 - $72.53 $ 98.1548%13495
Leon Cooperman 2013-09-30 Sold Out 0.19%$59.29 - $72.53 $ 98.1548%0
Ray Dalio 2013-09-30 Add 143.42%0.06%$59.29 - $72.53 $ 98.1548%24271
Mario Gabelli 2013-09-30 Add 23.35%0.01%$59.29 - $72.53 $ 98.1548%21142
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Guru Investment Theses on Apple Inc

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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David Einhorn Comments on Apple - May 13, 2013

(AAPL) shares fell from $532 to $443 during the quarter. The biggest problems with our AAPL investment are disappointing earnings and a diminished forecast. When AAPL announced its year-end result, it made clear that it would earn less in the March quarter than it did a year ago. Forward estimates have been falling for a while. Last July, consensus estimates for fiscal 2014 were $64 per share; estimates now stand at $44. When we thought the company would earn $64 per share, the shares seemed cheap even as they reached $700 in September. Of course, that required AAPL to meet that forecast.

Our thesis is that AAPL has a terrific operating platform, engendering a loyal, sticky and growing customer base that will make repeated purchases of an expanding AAPL product offering. Unfortunately, there have been a series of disappointments including slower sales growth, lower margins, and increased competition. There have also been delays in new carrier wins, next generation product introductions, and new product category launches. While all of these have had an understandably negative impact on AAPL’s share price, we take a longer view and believe our thesis is intact.

As shareholders, we watched AAPL accumulate a cash stockpile greater than the market capitalization of all but 17 companies in the S&P 500, and recognized that its high cost of capital and shareholder-unfriendly capital allocation were depressing the stock price. AAPL’s management and Board, either unconcerned or unaware of the detrimental effects of AAPL’s all common equity capital structure, seemed uninterested in finding a solution.

As shareholders who believe in AAPL’s core business, we wanted to help AAPL resolve its cash problem in a way that satisfied AAPL, the market, and its shareholders. Based on years of observation and many discussions, we believed that AAPL would not issue debt under any circumstances, and especially not to return cash to shareholders. With this in mind, coupled with our awareness that AAPL was loath to repatriate (and thereby pay taxes on) its overseas cash, last year we suggested iPrefs to Peter Oppenheimer, AAPL's CFO. We had no better luck than any of the many other investors and analysts who for years have pressed Apple to return excess capital to shareholders. Our concerns fell on deaf ears.

In February, CalPERS came out in loud support of a proposal aimed at improving AAPL’s corporate governance that inexplicably bundled several measures into a single voting measure. The proposal, which included an unwarranted provision prohibiting AAPL from issuing preferred stock, was in direct violation of SEC rules, and we filed a lawsuit insisting that AAPL allow the shareholders to vote on each measure separately. We believed this would generate a public dialogue around AAPL’s capital allocation strategy.

When Tim Cook later called the lawsuit a sideshow, it was understandable. Whereas we chose to focus on the very real issue of Apple’s capital structure, others seemed more intent on turning things into a circus. A lawyer known mostly for preserving the autonomy of Boards to act in any manner they wish wrote a piece titled Bite the Apple; Poison the Apple; Paralyze the Company; Wreck the Economy. Given the hysteria implied in the title, one would think we had suggested that AAPL hire Steve Ballmer to run new product development. A retired Fortune 500 CEO said, “I’d give Einhorn the back of my hand,” prompting us to wonder why he wouldn’t give us the front of his hand. Perhaps most startling was the reaction from CalPERS, who vigorously defended the proposal.

The essence of corporate governance is form over substance. The belief is that properly-made decisions will lead to better decisions, so it was odd to watch self-identified corporate governance advocates support a proxy proposal that violated SEC rules. Incongruously, CalPERS believes good corporate governance is unnecessary when approving policies that purport to improve corporate governance.

Others ignored the circus and focused on the balance sheet. We received feedback from many AAPL shareholders, including some of AAPL’s largest institutional investors, thanking us for initiating the public discussion. Even some who disagreed with our idea helped further the public debate. Respected NYU finance professor Aswath Damodaran wrote a critical piece that pushed us to refine our presentation of the iPrefs idea. These thoughtful responses reinforce the value of speaking publicly, despite the more obvious drawbacks.

In the end, the judge sided with us, and AAPL withdrew the proposal from consideration. Once the shareholder meeting passed, there was nothing left for a court to do, so the case became moot and was dropped. Not long after, we met with AAPL management and its investment bankers to further discuss AAPL’s options. We believe that our thoughts were given a fair hearing.

Ultimately, the Board and AAPL decided to abandon their “no debt” philosophy and gave birth to iBonds. As rejections go, AAPL’s bond issuance ($17 billion in bonds were issued at about a 2% average interest cost) was as good as anything shareholders could have hoped for and the market seems to agree. AAPL announced that it will return $100 billion to shareholders by the end of 2015 and will evaluate returning additional capital annually. This vastly more shareholder-friendly capital allocation policy is a dramatic shift from where AAPL stood just a few months ago. We have added to our AAPL position. We now await the release of Apple’s next blockbuster product.

From David Einhorn's first quarter 2013 letter.
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Baron Funds Comments on Apple Inc. - Dec 07, 2012

Lastly, before the end of the quarter, we finally sold Apple, Inc. (AAPL), one of the Fund's most successful investments since inception. This was a tough judgment call that has worked out well, at least on a short-term basis. Our reasons included concerns about the ultimate market cap the market would allow the company to achieve, rising competition from Android devices, the release of the iPhone 5 with a sub-par mapping application and concerns about the ability of the company to hold together its management team in the post-Steve Jobs era (a concern that was validated when the company announced management changes).

From Baron Funds third quarter letter.


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Ratios

vs
industry
vs
history
P/E(ttm) 15.80
AAPL's P/E(ttm) is ranked higher than
80% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 31.80 vs. AAPL: 15.80 )
AAPL' s 10-Year P/E(ttm) Range
Min: 9.32   Max: 112.73
Current: 15.8

9.32
112.73
P/B 4.90
AAPL's P/B is ranked lower than
64% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 1.64 vs. AAPL: 4.90 )
AAPL' s 10-Year P/B Range
Min: 1.68   Max: 11.32
Current: 4.9

1.68
11.32
P/S 3.40
AAPL's P/S is ranked lower than
62% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 0.99 vs. AAPL: 3.40 )
AAPL' s 10-Year P/S Range
Min: 1.08   Max: 6.95
Current: 3.4

1.08
6.95
PFCF 12.70
AAPL's PFCF is ranked higher than
84% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 82.23 vs. AAPL: 12.70 )
AAPL' s 10-Year PFCF Range
Min: 7.84   Max: 64.19
Current: 12.7

7.84
64.19
EV-to-EBIT 11.30
AAPL's EV-to-EBIT is ranked higher than
82% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 23.84 vs. AAPL: 11.30 )
AAPL' s 10-Year EV-to-EBIT Range
Min: 5   Max: 66.2
Current: 11.3

5
66.2
PEG 0.30
AAPL's PEG is ranked higher than
97% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. AAPL: 0.30 )
AAPL' s 10-Year PEG Range
Min: 0.15   Max: 0.46
Current: 0.3

0.15
0.46
Shiller P/E 22.90
AAPL's Shiller P/E is ranked higher than
91% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. AAPL: 22.90 )
AAPL' s 10-Year Shiller P/E Range
Min: 17.11   Max: 135.86
Current: 22.9

17.11
135.86
Current Ratio 1.47
AAPL's Current Ratio is ranked lower than
52% of the 2530 Companies
in the Global Computer Systems industry.

( Industry Median: 1.96 vs. AAPL: 1.47 )
AAPL' s 10-Year Current Ratio Range
Min: 1.47   Max: 3.39
Current: 1.47

1.47
3.39
Quick Ratio 1.44
AAPL's Quick Ratio is ranked higher than
61% of the 2530 Companies
in the Global Computer Systems industry.

( Industry Median: 1.44 vs. AAPL: 1.44 )
AAPL' s 10-Year Quick Ratio Range
Min: 1.24   Max: 3.38
Current: 1.44

1.24
3.38

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 1.80
AAPL's Dividend Yield is ranked higher than
56% of the 1669 Companies
in the Global Computer Systems industry.

( Industry Median: 1.64 vs. AAPL: 1.80 )
AAPL' s 10-Year Dividend Yield Range
Min: 0.38   Max: 2.78
Current: 1.8

0.38
2.78
Dividend Payout 0.39
AAPL's Dividend Payout is ranked higher than
84% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. AAPL: 0.39 )
AAPL' s 10-Year Dividend Payout Range
Min: 0.07   Max: 0.41
Current: 0.39

0.07
0.41
Yield on cost (5-Year) 1.80
AAPL's Yield on cost (5-Year) is ranked higher than
51% of the 1708 Companies
in the Global Computer Systems industry.

( Industry Median: 1.80 vs. AAPL: 1.80 )
AAPL' s 10-Year Yield on cost (5-Year) Range
Min: 0.38   Max: 2.78
Current: 1.8

0.38
2.78
Share Buyback Rate -0.20
AAPL's Share Buyback Rate is ranked higher than
77% of the 1323 Companies
in the Global Computer Systems industry.

( Industry Median: -1.00 vs. AAPL: -0.20 )
AAPL' s 10-Year Share Buyback Rate Range
Min: -0.2   Max: -12.6
Current: -0.2

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 5.20
AAPL's Price/Tangible Book is ranked lower than
61% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 1.99 vs. AAPL: 5.20 )
AAPL' s 10-Year Price/Tangible Book Range
Min: 1.26   Max: 10.6
Current: 5.2

1.26
10.6
Price/DCF (Projected) 1.10
AAPL's Price/DCF (Projected) is ranked higher than
91% of the 2656 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. AAPL: 1.10 )
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 1.00
AAPL's Price/Median PS Value is ranked higher than
71% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 1.17 vs. AAPL: 1.00 )
AAPL' s 10-Year Price/Median PS Value Range
Min: 0.01   Max: 2
Current: 1

0.01
2
Price/Peter Lynch Fair Value 0.60
AAPL's Price/Peter Lynch Fair Value is ranked higher than
97% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 9999.00 vs. AAPL: 0.60 )
AAPL' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.15   Max: 1.77
Current: 0.6

0.15
1.77
Price/Graham Number 1.90
AAPL's Price/Graham Number is ranked higher than
65% of the 2657 Companies
in the Global Computer Systems industry.

( Industry Median: 2.33 vs. AAPL: 1.90 )
AAPL' s 10-Year Price/Graham Number Range
Min: 0.86   Max: 4.48
Current: 1.9

0.86
4.48
Earnings Yield (Greenblatt) 8.80
AAPL's Earnings Yield (Greenblatt) is ranked higher than
75% of the 2171 Companies
in the Global Computer Systems industry.

( Industry Median: 6.50 vs. AAPL: 8.80 )
AAPL' s 10-Year Earnings Yield (Greenblatt) Range
Min: 1.5   Max: 19.8
Current: 8.8

1.5
19.8
Forward Rate of Return (Yacktman) 46.55
AAPL's Forward Rate of Return (Yacktman) is ranked higher than
98% of the 1579 Companies
in the Global Computer Systems industry.

( Industry Median: 3.06 vs. AAPL: 46.55 )
AAPL' s 10-Year Forward Rate of Return (Yacktman) Range
Min: 0.4   Max: 115
Current: 46.55

0.4
115

Business Description

Industry: Computer Hardware » Computer Systems
Compare:HPQ, DELL, LNVGY, NIPNF, SSYS » details
Traded in other countries:APC.Germany
Apple Inc is a California corporation established in 1977. The Company designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players and sell a variety of related software, services, peripherals, and networking solutions. It sells its products through its online stores, retail stores, direct sales force, and third-party wholesalers, resellers, and value-added resellers. 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 StoreSM, iBookstoreSM, and Mac App Store. 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 consumer, small and mid-sized business (SMB), education, enterprise, government and creative customers. Its reportable operating segments consist of the Americas, Europe, Japan, Asia-Pacific and Retail. The Americas segment includes both North and South America. The Europe segment includes European countries, as well as the Middle East and Africa. The Asia-Pacific segment includes Australia and Asian countries, other than Japan. The Retail segment operates Apple retail stores in 13 countries, including the U.S. Each operating segment provides similar hardware and software products and similar services. It offers its own software products, including iOS, the Company's mobile operating system; OS X, the Company's Mac operating system; and server and application software. The Company currently holds rights to patents and copyrights relating to certain aspects of its computer systems, iPhone and iPod devices, peripherals, software and services. The Company is subject to federal, state and international laws relating to the collection, use, retention, security and transfer of PII.
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User Comments

Tdimo
ReplyTdimo - 7 months ago
Soros bought AAPL Aug 2013 at $460. He belives that price will go up.
Tdimo
ReplyTdimo - 7 months ago
Priyenka1,
Priyenka1
ReplyPriyenka1 - 7 months ago
Should I still buy Apple and Microsoft at current price.Need a good advice.
Tanjensung
ReplyTanjensung - 8 months ago
Dear gurufocus support, there seems to be an issue with the interactive chart data. The ROC metric simply reflects price, while there are a series of empty spaces in the valuation and quality section.
Mashooriyan@google
ReplyMashooriyan@google - 9 months ago
749

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